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Two Thirds of the 800 biggest businesses in UK under enquiry

HMRC have announced that the majority of the UK's largest businesses are currently under enquiry.

Jennie Granger, Director General of Enforcement and Compliance at HMRC said:

'We are enquiring into two out of three of the largest corporations operating in the UK - many of which are multinationals.

That is not to say that most large businesses are on the make. But it does highlight both the complexity of the international tax system in which they operate and our need to be very actively scrutinising how they negotiate their way through that system.'

HMRC's large business strategy has generated £31 billion in additional revenue over the last four years. Large businesses account for a quarter of the £34 billion estimated tax gap, and contribute around 60% of UK tax receipts.

Internet link: Gov News

02 Aug 2018

Bank of England raise interest rate

The Bank of England has raised the interest rate from 0.5% to 0.75%.

02 Aug 2018

Making Tax Digital for VAT

HMRC has published further information on Making Tax Digital for VAT (MTDfV).

02 Aug 2018

Scotland introduces relief for first time buyers

First-time buyers in Scotland will be helped to purchase their first home through a new tax relief which applies to Scottish Land and Buildings Transaction Tax (LBTT).