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Giant marshmallows beat second £470k VAT appeal

Giant marshmallows beat second £470k VAT appeal

HMRC has lost a long running case over the VAT status of giant marshmallows with the Upper Tribunal ruling that they are not confectionery Innovative Bites has won its appeal over a disputed VAT bill for £472,928 as tribunal agreed that the giant mallows are not...

Siblings made up movie in £1m film tax fraud

Siblings made up movie in £1m film tax fraud

Brothers who tried to steal £1,027,773 in a ‘staggering and audaciously dishonest’ film tax and VAT fraud have been jailed for seven years Craig Rees, 50, and his 52-year-old brother Carl made fraudulent film tax relief and VAT claims to HMRC. They were found guilty...

Accountants fined £99k for breaking AML rules

Accountants fined £99k for breaking AML rules

Tax advisers and accountancy firms have been fined £98,870 for breaches of anti money laundering (AML) regulations with just one company appealing the fine The latest HMRC report on businesses that failed to comply with anti-money laundering (AML) regulations from 1...

Beware tax trap of 53-week leap year

Beware tax trap of 53-week leap year

Workers who are paid on a weekly basis could face an unexpected tax bill due to the leap year creating a 53-week pay cycle, warn tax experts The issue arises due to the incidence of a leap year, when employees can see themselves paid for an extra week of the year,...

National minimum wage up 10%

National minimum wage up 10%

In a boost for workers and a headache for businesses, the national living wage hourly rate has risen to £11.44 Additionally, the national living wage will be extended so that it applies to workers aged 21 and over and to live in domestic workers. The increase will see...

Kebab restaurant owner jailed for £30k loan fraud

Kebab restaurant owner jailed for £30k loan fraud

The owner of two Turkish restaurants has been jailed for two and a half years after faking turnover to apply for a covid loan on a new business before dissolving the company Just months into the pandemic, in May 2020, Ilhan Kekec of Waltham Abbey, Essex, applied for...

Chancellor vows to keep pension triple lock

Chancellor vows to keep pension triple lock

Pensioners will see an extension of the triple lock in the Conservative manifesto, the Chancellor has confirmed Jeremy Hunt indicated that the Conservatives are planning to keep the pension triple lock, which sees the state pension rise by the highest of either...

TaxAssist Accountants refreshes brand to drive growth

TaxAssist Accountants refreshes brand to drive growth

The UK’s largest professional services franchisor, TaxAssist Accountants, has unveiled a new look brand to highlight that the network offers more services than traditional accountancy and tax The nationwide franchise group said the ‘newly evolved branding maintains...

Tax avoidance promoter Hyrax did not pay £1m penalty

Tax avoidance promoter Hyrax did not pay £1m penalty

Hyrax Resourcing has been given a winding up petition after the promoter failed to pay a £1m penalty to HMRC over illegal tax avoidance scheme In July 2022 the tax avoidance promoter was given a £1,076,400 fine by the First Tier Tribunal for failing to notify HMRC of...