7 Westmoreland House, Cumberland Park, Scrubs Lane, London NW10 6RE
+44 20 8962 3400
info@capitalaccountants.co.uk

Author: admin

HMRC WILL ONLY BE PAID £…

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

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

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 PRESIDENT IN…

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 WARNUNG

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…

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 £3…

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…

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?

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 £7…

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