In its latest round of investigations, HM Revenue and Customs (HMRC) have named 518 employers who have failed to pay the National Living or National Minimum Wage correctly to their staff.
A total of £7.4 million will be paid by these employers to almost 60,000 workers. In addition, the employers face financial penalties of up to 200% of the amount they underpaid.
Last week, the tax minister responsible for HM Revenue and Customs (HMRC), James Murray, delivered a speech marking the 20th anniversary of HMRC. Previously, the UK’s tax authority was known as Inland Revenue. During the speech he highlighted some simplifications that are planned. Of particular interest was the announcement of plans to increase the Income Tax Self Assessment (ITSA) reporting threshold for gross income from £1,000 to £3,000.
HM Revenue and Customs (HMRC) have plans to use a callers voice as their password in an effort to speed up phone calls. In systems that are being used by banks, a customer’s voice recording is turned into encrypted biometric data, which is then used when they call to clear security checks. HMRC are planning to trial a system like this.
New changes come into effect from January 2025 where online platforms, such as eBay and Airbnb, will start sharing some user sales and personal data with HM Revenue and Customs (HMRC). Although these reporting requirements have caused concern, HMRC have confirmed that there are no changes to the tax rules for someone selling unwanted possessions online.
A new corporate criminal offence of “failure to prevent fraud” is set to take effect from 1 September 2025, following its introduction in the Economic Crime and Corporate Transparency Act. This law holds large organisations criminally liable if they benefit from fraudulent acts carried out by an employee, agent, subsidiary, or other associated person on their behalf.
The Institute of Chartered Accountants in England and Wales (ICAEW) have reported that HM Revenue and Customs (HMRC) are contacting taxpayers they believe may have overclaimed Business Asset Disposal Relief.
Rian O’Keeffe is the latest fraudster brought to justice as part of the ongoing investigations into abuse of the Bounce Back Loan scheme. O’Keeffe applied for and received a £50,000 Bounce Back Loan in July 2020 based on a claim that it would be used within his business called Trainersource. He claimed that his business had been trading since March 2020 and had a turnover of £312,000.
HM Revenue and Customs (HMRC) are running a campaign to help people avoid being caught out by tax avoidance schemes. This is particularly relevant to those who are contractors, agency workers, or are working through an umbrella company.
In a stern move against loan fraud, Ilhan Kekec, the owner of a Turkish restaurant, was sentenced to two-and-a-half years in prison. Mr Kekec, who unlawfully applied for a £30,000 Covid Bounce Back Loan and subsequently attempted to dissolve his company without notifying creditors, was sentenced at Isleworth Crown Court on Monday 18 March.
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