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HMRC will only be paid £4m of tax owed by Prezzo restaurants – cram down decision in High Court means restaurant chain can restructure but will not be liable for all debts. Court docs show Prezzo owes HMRC a total of £11.8m for PAYE, VAT

Q&A: corporation #tax straddling periods as rate rises to 25% – where accounting period straddles two financial years in which different CT rates or bands apply it is split into separate notional accounting periods

Russian sanctions amended for auditors – as of 30 June 2023 a further exception is provided for a UK undertaking that is part owned by a Russian shareholder – still permitted to be audited by UK auditor

GE Financial deemed US resident in £124m tax appeal – The UT has ruled that a UK resident company was also a US resident for the purposes of the UK/US double tax treaty which meant it could not claim credit of £124m in foreign tax

Tax campaigners issue stooge director warning – individuals are being recruited via social media to act as fake directors to front umbrella companies that are not compliant with tax law – red flag warns

More than 184,000 low-earners crippled by HMRC fines – HMRC handed out fines for over 180,000 low-earners for not filing their self-assessment returns on time, despite many not even making enough to pay tax

AI adoption could see £31bn boost to UK economy – The UK economy could receive a £31bn boost from the adoption of generative AI, with some sectors seeing more of an impact than others, according to research by KPMG

HMRC expands use of COP9 #tax investigations – ‘refreshed Code of Practice is part of wider push to re-establish COP9 as HMRC’s primary civil investigation tool in tackling tax fraud. It has been developed in consultation with agents

Tesco removes VAT on suntan lotion – With temperatures continuing to soar, Tesco plans to pay the VAT bill on store brand sun care products this summer

Hospitality directors banned for £700k tax debt – A couple have been banned from being company directors for three years after owing more than £700,000 to HMRC