HMRC

Government tax inspectors have slapped a businessman formerly connected to a number of Shropshire venues with a £1.15m fine.

HMRC has issued a penalty of £1,156,856.10 to Prism Payroll Limited and the company’s sole director, Shropshire businessman, Michael James Halford.

In a list published on November 28, the tax authority states the penalty is related to "transactions connected with VAT fraud".

A tax fugitive who was on the run for nearly three years, was finally caught when he ordered a kebab to his hideout.

HM Revenue and Customs (HMRC) officers arrested Robert Kemp at a bedsit in Wales, after the hungry VAT fraudster stumped up £18 for a doner kebab.

Intelligence developed from the kebab order led officers to the 56-year-old who was staying less than half a mile from the takeaway in the seaside town of Rhyl.

The tax agency HMRC has nearly doubled the amount paid out to those making tip-offs, the highest figure of at least the past seven years.

According to Freedom of Information data obtained by accountancy firm Price Bailey, HMRC has paid out nearly £1m for tip-offs over 2023/24, 92 per cent higher than the £508,500 paid over 2022/23.

The number of HMRC investigations into serious tax fraud and avoidance has fallen to the lowest level in six years, new figures show.

Total investigations, known as Code of Practice eight and nine cases, fell from 1,091 in 2022-23 to 480 in 2023-24, according to the Financial Times.

Cop9 probes, which encompass the most serious tax cases such as the Hirst brothers and Bernie Ecclestone, fell from 669 in 2019-19 to 268 in 2023-24.

European Union finance ministers agreed on Tuesday on new rules for value-added tax (VAT) on digital transactions aimed at tackling fraud and boosting competitiveness.

"Today’s agreement makes life easier for taxpayers, tackles fraud and promotes fair competition," said EU Finance Commissioner Paolo Gentiloni.

https://www.msn.com/en-gb/money/other/eu-finance-ministers-agree-on-new-rules-to-tackle-vat-fraud/ar-AA1tyqeB

Research and Development (R&D) tax credits were first introduced for small and medium business enterprises in 2000 to encourage scientific and technological innovation within the United Kingdom.

On 30 October 2024, the Government published its highly anticipated Autumn Budget 2024 (the "Budget"). Among measures promised to "fix the foundations of the economy" is the Government's commitment to implement "the most ambitious ever package to close the tax gap," including by "taking stronger action on the most egregious tax fraud" and "enhancing HMRC's powers and sanctions against tax adviser facilitated non-compliance."

https://www.mondaq.com/uk/tax/1540194/hmrc-rd-fraud-arrests-a-new-era-for-tax-enforcement

A wealthy Cairngorm landowner was caught up in an alleged £800m money laundering and fraud scam that allegedly “cheated” investors out of their money, The Ferret can reveal.

Liechtenstein businessman Alexander Bryan Jeeves and his financial services firm, Jeeves Group, were listed among defendants in a series of US civil court cases spanning from 2007 to 2016.

Apair of Warwickshire brothers have been jailed for a £1 MILLION HMRC tax fraud where they pretended to make three films in the UK. Carl Rees and Craig Rees, aged 52 and 50, were found guilty of submitting fraudulent claims for Film Tax Relief and VAT to HMRC.

The jaw-dropping fraud totalled more than £1m and saw the pair claim the cash for films that were never made in the UK, or at all.HMRC proved in court that the pair had claimed their first film Whispers was made in the UK, when it was an American-made film, while their second film, The Eight, was entirely made up.

A new report shows HM Revenue and Customs (HMRC) has slashed the tax gap on illicit cigarettes and tobacco by more than half since 2005.

Between April 2023 and March 2024 HMRC also secured prison sentences totalling 148 years against 107 cigarette and tobacco fraudsters.

In the same period, more than 1.3 billion illicit cigarettes have been seized, worth more than £678m in tax, along with hand-rolling tobacco worth £41m.

His Majesty’s Revenue and Customs (HMRC), the government department responsible for the collection of taxes and administration of regulatory regimes, has ramped up its anti-fraud initiatives, injecting almost £300m into fraud staff.

The data was collected under the Freedom of Information Act (FOI), and analysed by Basware, observing HMRC’s fraud spending and fraud prevention programmes between 2021 and 2024.