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Conservatives and Labour in spat over VAT hikes

Conservatives and Labour in spat over VAT hikes

In the latest clashes over tax policy, Jeremy Hunt and Rachel Reeves have ruled out any increases to VAT rates after the election VAT is a massive earner for any government, raising £169.25bn in tax year 2023-24 and is the third highest tax generator after income tax...

HMRC advisory fuel rates for company car users from 1 June 2024

HMRC advisory fuel rates for company car users from 1 June 2024

HMRC has cut advisory fuel rates for users of company electric vehicles, while petrol and diesel rates increase The advisory fuel rates that apply from 1 June 2024 have gone up for petrol and diesel engines by between 1p and 2p per mile, while LPG rates remain...

SME threshold change will cut accounting costs

SME threshold change will cut accounting costs

The government has launched a brief six-week consultation on plans to change the threshold size of SMEs and a limited removal of the requirement for a strategic report The biggest change will see an amendment to the definition of a medium-sized company for corporate...

FRP Advisory reports record £128m revenue

FRP Advisory reports record £128m revenue

Restructuring specialist FRP Advisory Group plc has seen double digit growth and profit ahead of expectations as restructuring business buoyed by 22% rise in company administrations In a trading statement, the group said it had ‘achieved another year of strong...

DWP expands benefits fraud team with 2.5k hires

DWP expands benefits fraud team with 2.5k hires

The Department for Work and Pensions (DWP) saved £1.3bn last year from the hands of fraudsters and now plans to continue the momentum The benefits office plans to increase staff numbers by 2,500 and update the legal powers of the DWP as a bid to clamp down own fraud....

Seven football clubs hit with winding up petitions

Seven football clubs hit with winding up petitions

HMRC landed seven UK professional football clubs with winding up petitions for unpaid tax in 2023, the highest figure since the start of the pandemic Coventry City, Southend United, Taunton Town, Wigan Athletic and Chorley Football Clubs were all in receipt of winding...

Portugal and Thailand lure digital nomads with low tax

Portugal and Thailand lure digital nomads with low tax

Nearly three in four remote UK workers are considering relocating and operating from a different country as a digital nomad, partly to reduce tax liability In addition to sunnier climbs and a cheaper standard of living, many countries offer beneficial low tax...

Sunak fortune hits £651m in 2023

Sunak fortune hits £651m in 2023

The Prime Minister and his wife Akshata Murty have risen 30 spots in The Times rich list for 2024, growing their wealth by £122m The technology and hedge fund company Infosys, owned by Murty’s father, has helped the couple reach 245th on the list, with a total net...

Primark suppliers jailed for ‘relentless’ £1.3m VAT fraud

Primark suppliers jailed for ‘relentless’ £1.3m VAT fraud

Two directors of a Leicester clothing company have been jailed after a rag trade taskforce made a surprise visit to their factory Hifzurrehman Patel, 40, and Ehsan-Ul-Haque Dawood Patel, 46, were running a clothing factory, selling to huge high street chains such as...

Oculus feared £1m HMRC fine over failure to file AGG6 form

Oculus feared £1m HMRC fine over failure to file AGG6 form

The High Court has allowed Oculus, which paid contractors through UK umbrella companies, to go ahead with a limited judicial review over a dispute over form AGG6 and a scheme reference number (SRN) Oculus Limited, run by Maltese based director Stuart Brooke, was...