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HMRC

HMRC loses more than £800m to small business 'phoenixing'
By City AM
The tax authority lost £836m to the practice in the 2022-23 tax year, the latest for which data is available, 45 per cent higher than the £570m estimated in previous reports
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Newcastle life sciences firm AMLo Biosciences collapsed owing £1.89m, documents show
Insolvency and Administration
Administration documents show an investment round at the end of April was unsuccessful, after a new lead investor pulled out
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Thousands of pensioners claim back more than 10k after being overcharged
By City AM
It comes as HMRC has vowed to overhaul the way it collects tax on pension withdrawals from April this year
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Rachel Reeves HMRC shake-up will see agency ramp up pension tax relief scrutiny
By City AM
HMRC will be 'lowering the threshold' from 1 September for requiring evidence to support pension tax relief requests
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Welsh building societies want clarity on the future of cash ISAs
Finance
Principality and Swansea building societies have warned against any diversion between what people can invest in cash versus stocks and shares ISAs
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Business failures on the rise in England and Wales
Insolvency and Administration
Bethan Evans Wales chair of R3 said the latest figures are of concern.
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North East set for Government jobs boost as Whitehall roles move out to the regions
property news
The Government wants 50% of º£½ÇÊÓƵ-based senior civil servants to be based in regional offices by 2030
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The amount the former owners of Cardiff Rugby failed to invest and what creditors are owed
Wales
Joint administrators with PwC estimate that over a 100 unsecured creditors are owed collectively £2.4m.
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HMRC sees º£½ÇÊÓƵ firms overpaying billions in corporation tax as complex system hits businesses
By City AM
The complex º£½ÇÊÓƵ tax system is causing problems for businesses, with hundreds of thousands of firms having overpaid corporation tax in the last tax year
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Hull tech firm launches wearable band to help hospitality workers manage tips
Technology
Hull's thankyü also says it will help businesses with the new increased National Insurance contributions
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Jobs saved as Washington smart meter provider sold out of administration
Insolvency and Administration
Bespoke Metering Solutions was an installer of smart meters but encountered difficulties amid a significant amount owed to HMRC
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Harry Potter star's fortune swells to £30m in year before he was hit by tax bill
By City AM
Rupert Grint, who is best known for playing Ron Weasley in the Harry Potter series, saw his fortune rise to £30.6m in the 12 months to 31 March, 2024
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Rise in corporate insolvencies in England and Wales
HMRC
The rise comes ahead of an increase in the National Minimum Wage and employer NI contributions in April
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HMRC files winding up petition against Newcastle property firm Hadrian Real Estate
property news
The firm - which is linked to the collapsed High Street Group - says it is in the process of settling tax bills
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North East economy 'under siege' as number of firms in financial distress rockets by 75%
Finance
The Begbies Traynor research shows financial services, property and food and beverage production firms are suffering the most
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KPMG faces probe over audit of Ladbrokes-owner Entain amid bribery scandal
By City AM
The Financial Reporting Council (FRC) said on Monday that it commenced an investigation in relation to the audit conducted by KPMG of the consolidated financial statements of Entain for the year ended 31 December 2022
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Wales needs to be wary of becoming fixated with employee-ownership trust businesses
Deals
Partner of corporate advisory firm Gambit Frank Holmes said while transitioning to an EOT ownership model makes sense for certain types of companies, there are growing concerns over financial pressures created post deals leading in some cases to them collapsing
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HMRC doubles amount it pays out in tax fraud tip-offs – but accountants say it needs to do more
By City AM
£1m total is the highest figure of at least the past seven years
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Jobs saved at Grimsby fish supplier D&A Seafood Solutions which collapsed with debts of £1.5m
Deals
All 32 staff transfer over to new owners Ramus (Grimsby) Ltd
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Britishvolt administrators move to liquidate failed gigafactory firm
HMRC
It had been hoped that the project would create thousands of jobs in Northumberland but the plans never came to fruition
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Budget 24: key points from the Autumn statement for businesses
The Budget
The top headlines from today's far-reaching Budget at a glance, including National Insurance contribution changes
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Hospitality sector hits out at 'sickening' HMRC loophole costing venues 'tens of thousands'
HMRC
Venues say they're being punished for getting staff home safely
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Welsh Government forced to give £19m to Natural Resources Wales in HMRC tax probe
HMRC
HMRC is continuing to investigate the environmental regulator with regards taxes paid by contractors
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Quickbooks accounting software is 90% off as Frank Lampard becomes brand ambassador
business support
Businesses can save up to £240 with the the HMRC-recognised Intuit software offering payroll services, real-time insights and bank feeds in a new deal
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