HMRC fails to reel in millionaire in fishing expedition
It is common for taxpayers to believe they should provide any information requested by HMRC in a tax investigation. However, a recent case involving the son of multi-millionaire proves otherwise, as HMRC may not be legally entitled to it.
Tax could foul up football transfers
The football transfer season is upon us again but whilst many countries offer preferential tax treatment to try and attract the best players to their leagues, the UK’s tax regime for football players is becoming ever more stringent and costly. Could HMRC’s approach result in more players seeking moves overseas?
Reporting residential property sales – taxpayers in limbo
Taxpayers are currently in limbo as they await guidance from HMRC on what to do if they have failed to fulfil their reporting obligations when disposing of UK residential property - but they may be subject to increased penalties as a result.
HMRC adds to cost of living woes for the self-employed
HMRC has started to issue assessments to collect overpaid self-employed income support scheme (SEISS) payments. These repayments are due within 30 days of notification from HMRC otherwise penalties and interest may apply. This is an additional cost of living pressure for the self-employed although certain tax reliefs may come to the rescue.