Month: October 2023

HMRC targets non-payers of high income child benefit charge with letters to accountants saying mistakes on tax returns submitted by £50k plus earners – #HMRC has been cross-referencing child benefit claims

Economic uncertainty creates financial reporting risks, warns FRC as flags issues with impairment and cash flow reporting – 10% of companies reviewed in annual review needed to restate accounts

HMRC clarifies tax on home charging of purely electric company cars – costs of charging now treated as a tax-free benefit and guidance has been updated

Business insolvencies rise 17% on last year – worst hit sectors construction, manufacturing and retail industries, reflecting impact of higher interest rates and a sharp drop in residential house building

HMRC bulks up compliance division – In the past year alone, HMRC has increased the number of its compliance staff by over 3,000 as it looks to reverse a sharp decline in tax revenue, according to Price Bailey

Ex-MP loses appeal against prison sentence – A former MP who was jailed after trying to claim £52,000 of parliamentary expenses through a fictitious autism charity has lost a Court of Appeal bid to challenge his sentence

Dual recognition for UK and New Zealand auditors – ‘ensures a more efficient pathway for senior auditors to work in both countries, boosting access to a wider pool of auditors, while upholding high professional standards

Collapsed high street retailer Wilko had outstanding tax bill of £25.75m when it went into administration in August – HMRC named as a secondary preferential creditor