HMRC “sweetheart” deals

HMRC has issued an interesting press release stating that ‘Fact: HMRC does not do ‘sweetheart deals’. HMRC makes sure every taxpayer, no matter what their size, pays everything they owe.’ This denial could be in response to many claims that have

HMRC has issued an interesting press release stating that ‘Fact: HMRC does not do ‘sweetheart deals’. HMRC makes sure every taxpayer, no matter what their size, pays everything they owe.’

This denial could be in response to many claims that have been made over the years in Parliament and the press suggesting that HMRC offers better settlement terms when dealing with certain taxpayers (usually the largest UK businesses and multinationals). HMRC refutes these claims saying they seek to collect the right amount of tax due under UK law and that they make sure every taxpayer, no matter what their size, pays everything they owe.

The press release also states that at any given time HMRC has around half of the UK’s 2,000 largest businesses under investigation. This compares with around one in ten small businesses. This rate of investigation is because the largest companies often pose the biggest tax risks. 

HMRC has also said that robust measures were put in place to control error and fraud in the key coronavirus support schemes and that HMRC's customer service has not been impacted by staff working from home during the pandemic.

Source: HM Revenue & Customs Tue, 18 Jan 2022 00:00:00 +0100

Latest INSIGHTS

Check out our latest Insights for useful accounting tips and information.

Income excluded from a property business

HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in your own home, extra services to tenants and

Read More

Structures and Buildings Allowances

The Structures and Buildings Allowances (SBA) allows for tax relief on qualifying capital expenditure on new non-residential structures and buildings. The relief applies to the qualifying costs of building and renovating commercial structures.

The

Read More

ISAs 2022-23

The maximum amount that can be invested in an ISA in the current (2022-23) tax year is £20,000.

ISA’s are a valuable and flexible relief and should be considered as an option for most investors.

An ISA is a tax-exempt savings account available to

Read More