News & Events
The department for environment, food and rural affairs (Defra) is now inviting applications for grants of up to £25,000 to enable businesses to buy new machinery and develop green projects. The grants total £40 million and arise from the second round of the Rural Community Broadband Fund and the publication of guidance to a second […]
‘UHY International Business’ Issue 28 – Now available
As a member of the global accountancy network UHY, we introduce the latest edition of UHY International Business – Issue 28.
1 in 2 HMRC VAT fines against businesses ruled incorrect
HMRC has disclosed that one in two penalties it issues against businesses for the late filing of VAT are incorrect.
1.5 million more taxpayers forecast to pay Higher or Additional rate tax this year than in 2010
The number of people falling into the Higher and Additional rate tax bands will have increased by 32% over the last five years from 3.26 million in 2010-11 to 4.79 million in 2014-15.
28 out of top 30 highest income tax areas are stockbroker belt-towns
Publications that covered this story include City AM, 21 July, The Times, 21 July, The Daily Telegraph, 21 July, The Evening Standard, 21 July and The Daily Mail Online, 21 July.
29% increase in extra tax collected by HMRC through investigations into High Net Worths
The amount of extra tax collected by HMRC through investigations into High Net Worths and other wealthy individuals jumped 29% to £1.2bn* last year, up from £919m in 2016/17, our research shows.
HMRC has been ramping up its investigations into High Net Worths following a 2017 Parliamentary report which found that HMRC’s crackdown on this taxpayer group was not as successful as it could have been.
35 of UK’s Top 100 restaurant groups now loss-making – up 75% in just a year
35 of the UK’s Top 100 restaurant groups are now loss-making, up 75% from just 20 last year. Trading conditions have become increasingly difficult for restaurant chains dealing with oversaturation in the market.
43% increase in tax taken from Capital Gains to £5.5 billion in just one year
Taxpayers saw a 43% jump in their Capital Gains Tax (CGT) bills last year paying £5.5 billion in CGT in the last year* up from £3.4 billion the year before, according to our research.
48% rise in new wine producers in last year as wine industry benefits from UK’s food and drink renaissance
We note that 80% more wine producers applied to register with HMRC last year compared to 2009/10 when there were just 26 applications.
5,400 estates investigated by HMRC for underpayment of IHT in the last year
HMRC is treating Inheritance Tax as an increasingly lucrative source of income. Rising asset prices such as property means that the amount of IHT at stake can be very substantial.