The HMRC collected an additional £140 million via investigations into unpaid Capital Gains Tax (CGT) over the last year* shows data provided by HMRC to Collyer Bristow. Collyer Bristow explains that £55 million of the extra CGT related to investigations into ‘wealthy individuals’ and mid-sized businesses, whilst the remaining £85 million was obtained from everyday taxpayers and small businesses. “The statistics make clear that this area…

The £15 million supplementary levy imposed on mortgage brokers by the FSCS will hit the best-qualified brokers hardest, says the National Association of Commercial Finance Brokers (NACFB). Rob Lankey, CEO of the NACFB, said “Of course we welcome any move that protects borrowers. The steps we’ve taken to embrace regulation have not been cost-free and our…

The Forum of Private Business (FPB) has welcomed the announcement from the Department for Business, Energy & Industrial Strategy (BEIS) that late payment of small business invoices is to be a focus of the Minister for Business. They claim that the issuance of guidance to large businesses on how to pay on time is probably…

The Finance & Leasing Association (FLA) has called for a more user-friendly regulatory system from the Financial Conduct Authority (FCA), in its response to the regulator’s ‘Future Mission’ consultation. Fiona Hoyle, head of Consumer and Mortgage Finance at the FLA, said: “Consumer credit firms now account for at least 35,000 of the 56,000 regulated by…

Ofgem has announced that  British Gas Business is to pay £9.5 million in redress, following failings in its registrations, complaints handling and billing processes for business customers. British Gas Business implemented a new IT billing system in March 2014 which left tens of thousands of its business customers with delayed and inaccurate bills. Over 6,000…

HMRC recovered an extra £3.17billion in underpaid VAT from large businesses as a result compliance investigations undertaken by the Large Business Directorate over the last year* says Pinsent Masons.  Pinsent Masons says that although this is slightly less than the £3.38billion it collected the previous year, VAT enquiries are by far the highest yielding area…

The Competition and Market’s Authority, (CMA) has conducted a market study into legal services and found that businesses looking to employ legal help often don’t have all the information they need to make an informed choice. This can lead to poor quality service or consumers paying over the odds. Small businesses are disproportionately affected by…

The Chartered Institute of Credit Management (CICM) has welcomed draft regulations that will require large companies to publish details on their payment practices, and the recognition of the Prompt Payment Code (PPC) as the ‘gold standard’ in the fair treatment of suppliers. Philip King, Chief Executive of the CICM, believes that Government has clearly listened…

Scottish laws on insolvency have been brought together for the first time in a generation as the new Bankruptcy (Scotland) Act 2016 comes into force. The Act captures all of the amendments made to the primary legislation governing bankruptcy in Scotland, the Bankruptcy (Scotland) Act 1985, including the wide-ranging reforms introduced in April 2015 through…