HM Revenue and Customs (HMRC) confirmed today that it is working with the United States and Australian tax administrations (the IRS and ATO) on data which reveals extensive use of complex offshore structures to conceal assets by wealthy individuals and companies.
A man who was jailed for eight and half years for his involvement in a £1.4 million tax credit fraud where he stole the identities of over 350 people has been told to pay back more than £740,000 or face a further three years in jail.
Bristol and West, owned by the Bank of Ireland, has lost an attempt at Tax Tribunal to avoid paying around £30 million tax on a £91 million gain. The company transferred a swap contract to another Bank of Ireland subsidiary in a flawed attempt to exploit what it thought was a loophole in the tax rules.
From April this year, the way that employers report PAYE (Pay As You Earn) tax, national insurance and other payroll deductions to HMRC is changing. This briefing provides background information about the changes and explains what we are doing to help employers get ready for the new way of reporting PAYE.