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Category: HMRC

  • HMRC probes nearly 800 major UK firms over suspected tax underpayments with UK banks suspected of underpaying £7.9bn

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    Investor Empires

    HMRC is actively investigating 791 of the UK’s largest companies for suspected tax evasion, a figure that represents nearly 40% of the country’s largest businesses. These investigations span vital sectors such as banking, telecoms, pharmaceuticals, retail and oil and gas, underscoring HMRC’s increasing focus on ensuring tax compliance among major…

  • HMRC recovers £70m in tax crackdown on footballers and agents

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    Investor Empires

    HMRC has recovered almost £70m of unpaid tax from footballers, agents and clubs over the past year as part of a crackdown on tax avoidance schemes in the sport. This initiative has led to investigations being launched into 20 football clubs, 83 players and 21 agents since April 2023. HMRC’s…

  • HMRC concedes £19bn in unpaid taxes unlikely to be recovered amidst soaring call centre failures

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    Investor Empires

    HMRC has admitted it is unlikely to recover more than £19 billion in unpaid tax, as the department faces a huge rise in uncollected tax debts and a huge increase in customer service failures. According to the latest annual report from HMRC, the total amount of unpaid tax has risen…

  • £4bn lost to fraud and error on flagship HMRC ‘innovation’ scheme

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    Investor Empires

    A government scheme designed to boost innovation and boost the economy has lost more than £4 billion to fraud and error since 2020, due to widespread breaches. The R&D tax credit scheme, which aims to drive world-leading innovation, has been dogged by dubious claims and has turned into what experts…

  • HMRC gains only £14.4m in extra tax from insolvencies since regaining preferential creditor status

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    Investor Empires

    HMRC has collected an extra £14.4m in tax from insolvency cases over the two tax years to 2023 since regaining its “preferential creditor” status. The preferential status known as “coronavirus preference” was reinstated for HMRC in December 2020, giving it priority in recovering tax owed from insolvent businesses ahead of…

  • Uber Faces £1 Billion VAT Showdown with HMRC

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    Investor Empires

    Uber, the ride-hailing and food delivery giant, is bracing for a major tax dispute with HM Revenue & Customs (HMRC) over £1bn VAT payments. Since March 2022, Uber has been required to pay 20 per cent VAT on its fares and delivery sales, resulting in a total charge of £951…

  • HMRC Seeks Another Bite in ‘Mega Marshmallow’ Tax Case

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    Investorempires.com

    After losing twice in the protracted ‘huge marshmallow’ tax case, HMRC has announced its intention to lodge another appeal. Last month, the High Tax Court upheld a lower court ruling that “jumbo marshmallows” sold by London-based wholesaler Innovative Bites are not considered sweets and are therefore exempt from VAT. The…