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Gambling firm fined over money laundering checks


The Gambling Commission has fined 32Red, which was taken over by Swedish online betting company Kindred in 2017, £2m for failing to protect one problem gambler who was allowed to deposit £758,000 with the firm with no money laundering or social responsibility checks....

Many adults have no savings


Some 13% of adults in the UK have no savings at all, according to a new report from the Financial Conduct Authority (FCA), based on a survey of 13,000 adults in England, which revealed those in the North had less to fall back on than those in the South. Andrew Bailey, FCA chief executive, noted the...

Use of tech could help micro businesses reach potential


A report from the Enterprise Research Centre has rubbished claims micro businesses are a drag on productivity because they do not have the expertise to make certain tasks efficient. Provided they made use of five key technologies, Britain's 1.1m microbusinesses had the potential to boost output by ...

IR35 reform presents corporate evasion offence potential


The private sector IR35 reform proposal could expose clients to the new corporate criminal evasion offence should they fail to ensure PSCs pay the "right amount" of tax, according to Pinsent Masons. Partner Ian Hyde, who noted the use of agencies as a particular concern, explained: “Turning a blin...

HMRC faces NAO probe into consultancy spend


MPs have called for an investigation into HMRC’s use of external consultants after data revealed that its spend has rocketed amid lower customer service investment. In April 2018, HMRC spent £844,188 on consultants, the highest monthly amount since 2011 and more than HMRC’s entire annual consul...

HMRC ‘hounding’ vulnerable taxpayers


HMRC has been accused of failing to recognise mental health issues after it continued to target vulnerable taxpayers despite being issued with warnings from medical professionals. Phil Manley, of Dow Schofield Watts, said one of his clients had attempted suicide after the Revenue repeatedly contacte...

HMRC owed £600m in IHT


HMRC says it missed out on £600m in inheritance tax payments last year, but still netted a record £5.3bn from the tax. Figures from the Revenue show that the gap between the IHT collected and the amount owed was £200m higher in the last tax year than it was five years ago. James Badcock, a partne...

Bosses urged to be flexible with staff over World Cup


The TUC has urged bosses to be flexible with staff who want to follow the football World Cup. The trade union said that workplaces that operate flexible working can allow staff to put their hours in while still watching crucial fixtures. Frances O’Grady, the TUC’s general secretary, said: “It'...

Government misses out on £33bn in tax


The government failed to collect £33bn of tax last year - £1bn higher than the previous year but unchanged at 5.7% of all tax liabilities. The shortfall is caused by a combination of legitimate errors, crime, illegal tax evasion and legal tax avoidance. The tax gap has fallen sharply since it was...

Divorce tourists bring tax boost


A High Court judge has suggested ‘divorce tourists’ are good for Britain because they pay so much tax. Deputy High Court Judge Richard Todd said hundreds of thousands of pounds sometimes have to be spent on lawyers in divorces where tens of millions of pounds are at stake....

Tax evasion merits more focus, says CIOT


The CIOT has argued that HMRC should direct more resources to tackling illegal tax evasion activity given its persistence in Tax Gap figures. It made the argument in written evidence to the Treasury Sub-Committee’s Tax Avoidance and Tax Evasion Inquiry....

Plumber wins workers' rights battle


Pimlico Plumbers has lost a legal battle in the Supreme Court over workers' rights. The company was told that Gary Smith, a plumber who had been with the company for six years, was entitled to benefits such as holiday and sick pay, despite having been VAT-registered and paying self-employment taxes....



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