What’s new in the world of tax?

Bizarre excuses given for late Companies House filings

Companies House has analysed the recent most unusual explanations provided by bosses for their inability to file their company accounts on time. In no particular order;

  • “I was distracted by the fact I found my wife in the bath with my accountant”
  • “Pirates stole my documents”
  • “Slugs ate my accounts”
  • “ My goat ate my paperwork”
  • “My company was more successful than I thought it would be, so I was too busy to file”
  • “We delivered the accounts to the betting office next door to Companies House”
  • “A volcano erupted and prevented me from filing”

So if you too are looking for an excuse (although we are not advocating late filing in any way, shape or form!) see if you can beat those above!

Now that’s what I call a shopping spree! Woman who spent £16m in Harrods revealed

A woman who spent £16m at Harrods in a decade has been the subject of the UK’s first Unexplained Wealth Order. Zamira Hajiyeva lost a legal battle to stay anonymous after the media argued the public should know the full facts. She risks losing her £15m home near the London store if she fails to explain the source of her wealth to the High Court. She was arrested on embezzlement charges, has now been released on £500,000 bail and will have an electronic tagging device installed in her Knightsbridge home. She is the subject of the UK’s first Unexplained Wealth Order (UWO) and has been asked to explain how she was able to afford two UK properties worth a combined £22m, and that infamous shopping spree at Harrods.

One Direction’s biggest hit

One Direction have been hit with a £24.7m tax bill. The boyband have appealed the ruling, which is believed to be one of the biggest such debts in pop history.

Property sale to clear Dwight Yorke’s tax debts

Former Manchester United and Aston Villa striker Dwight Yorke is hoping the sale of a £2m property will allow him to clear a £1.5m tax debt and avoid bankruptcy.

 

 


Stephen Hawking’s archive to be donated to the nation

A large part of the archive of Stephen Hawking is to be donated to the nation to help his family pay millions in IHT. Professor Hawking’s estate was valued at around £15m after his death in March. His family have now asked Christie’s to value his archive so that a large proportion can be donated to the nation through the Acceptance in Lieu of IHT process.

Ed pays up…

Ed Sheeran paid £5.3m in tax last year – which equates to £14,560 every day!!

Fraudster fled Britain during flying lesson

Tax fraudster Jamie Colwell escaped justice for a few months after persuading a flying instructor to drop him off in France during a lesson. His father and co-conspirator Brian was driven to France by a friend but their decision to have their furniture delivered to a hideout in Spain meant HMRC could track them.

Say it with flowers – £10,000 worth!

The Telegraph reported that HMRC has spent more than £10,000 on flowers to apologise to taxpayers for mistakes over the past five years.

87 days to go to online tax return deadline for 2017/18 (at 4th Dec)

HMRC is urging taxpayers to avoid the last-minute rush.  Last year, more than 11m people completed a 2016/17 self assessment tax return, with 10.7m completing on time. There were 4,852,744 who filed in January 2018 (44.8% of the total), and 758,707 on 31 January, the deadline day. In 2017 a record 93% of taxpayers did their return online.

Angela MacDonald, HMRC’s director general for customer services, has said:

‘We want to help people get their tax returns right – starting the process early and giving yourself time to gather all the information you need will help avoid the last minute, stressful rush to complete it on time.’

If taxpayers miss the deadline, they can face a minimum £100 penalty for late submissions. So why not complete it before Christmas? Then you can enjoy the festive period secure in the knowledge that your tax return is all sorted and when your friends and neighbours come round for a mince pie (or two), and moan about how they have yet to sort out their tax returns, you can be thoroughly smug about yours!

Please click here to go back to other Taxing Times stories…

 

<Dec 2018>
MTWTFSS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31

Dec 10

No events today
What's the best thing about Dodd & Co? Without doubt - Dean and Jonathan.  Great guys - fun to be with and very knowledgeable. And the worst? Not got one - only have good things to say.
-- Tim Gerrard