Watt Busfield Tax Investigations LLP

Good to see my quote in the Best of FT Money 2017. HMRC are getting better and catching tax evaders and avoiders. If you need to make a disclosure to HMRC or are under enquiry feel free to get in touch wattbusfield.co.uk

#HMRC to clamp down on employee #car ownership schemes removing the tax benefits from 6 October 2026, moving them into the benefits in kind regime. The schemes were particularly attractive in the #automotive sector where trade discounts on vehicles could mean significant savings.…

#HMRC’s 3-pronged approach to tackling #taxavoidance: cracking down on promoters, tax advisers and umbrella #companies. HMRC is arming themselves to shut down the endless cat-and-mouse game that has plagued our sector. #Agencies that continue to chase the lowest cost or highest…

Economists at the EY Item club said the impact of #Reeves’s #employers #NationalInsurance raid is now severely impacting the jobs market. #Unemployment is predicted to rise from 4.7% to 5% by the end of the year. That would represent the highest unemployment rate since February…

A #business which operated a pier (under a licence in #Kensington + #Chelsea) has been denied #entrepreneurs relief because the income was derived from exploiting the land. The taxpayers were lucky to succeed with their appeal of the penalties for carelessness. It is better to…

#HMRC backs down on £60k #eBay trading enquiry. Over time, the scale + frequency of the online sales increased. What was a casual hobby evolved into a side income. HMRC charged deliberate penalties because the individual had agreed to ebay's terms + conditions. HMRC would not…

From classroom to career: next generation #accountants. nearly half (41%) of young people have less than £8 a day to cover costs associated with work experience like travel, lunch and suitable clothing. While 40% of #employers host work experience candidates in greater #London,…

The '#IBOR two' judgment raises questions over #jury-less trials and #SFO #prosecutions. ‘The recent recommendations from #LordLevenson, to bring the #criminal justice system back from the brink of collapse, which include single judge trials for serious + complex #fraud cases, is…

A closer look into the latest #MTD legislation. #HMRC will be able to cancel individual late filing penalty points or reset a #taxpayer’s penalty points total to zero at their discretion. They will also be able to waive financial penalties for either late filing or late payment.…

#Taxpayer appeal dismissed. He argued £1m was an unexpected gift and had not been invoiced. The #FTT decided that the payment, while perhaps non-contractual or expected, was paid in connection with the #business activities and therefore taxable income. The taxpayer made several…

#HMRC cancels record 46k late #taxreturn penalties. #Taxpayers urged to appeal fines as experts warn many could be wrongly penalised if they filed late through no fault of their own or were mistakenly asked to complete a #tax return. HMRC asks individuals who no longer need to…

#HMRC has set out more than 50 measures to improve the #UK’s #tax, #PAYE, #childbenefit, #inheritance tax and customs system under its Transformation Roadmap - reducing paper post, increasing the use of AI to save costs and increase self service, using voice biometrics,…

#Jaguar #employee sentenced to 8 months in #prison (suspended for 21 months) over £32k #taxfraud. He claimed £32k via a #tax scheme, allegedly run by an internal #accountant at the #company, who received a £13k commission payment. He claimed for expenses back from 2016-2021 tax…

#Ethics and #AI hazards for #accountants and #auditors - including professional competence, judgement and scepticism, training, confidentiality and addressing ethical threats from technology. This would also apply to #tax advice. #ICAEW #CIOT accountancydaily.co/ethics-and-ai-… via…

Unused #pensions and death benefits could be taxed from 2027. However, death in service payments will remain out of the scope of Inheritance tax for now. #probate #tax #HMRC #uk #wealth #IFA accountancydaily.co/unused-pension… via @accountancylive

#UK Court of Appeal confirms #HMRC’s #VAT deregistration powers in #fraud linked cases even where part of the business is legitimate.. This case strengthens HMRC’s ability to tackle VAT fraud by targeting not just direct evaders but also those who are knowingly or negligently…

Some #Accountants were paid commission to place clients into #taxavoidance schemes targeted by #HMRC. In some cases, the #tax demands have been crippling. It's a campaign that has driven people to the brink of #bankruptcy, devastated families and has been linked to 10 #suicides.…

"#Wealth taxes: high risk, unworkable and anti-growth". An unexpected statement from a #Labour supporter. "A non-dom can leave the #UK without selling their UK assets and business interests, because once they become non-resident they won’t be taxed on those assets/business…