HMRC
This coverage examines HMRC’s impact on the UK retail sector, focusing on tax policies, regulatory changes, compliance requirements, and enforcement actions. Reporting highlights how HMRC decisions affect retail operations, financial planning, and workforce management, providing insights for executives, finance managers, and professionals navigating fiscal and legal obligations in the retail industry.
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Jun- 2021 -24 JuneSupermarkets
Poundland wins £2.15m HMRC VAT case
Poundland has won a £2.15m VAT case against HMRC regarding a stock adjustment dispute on the group’s switch from the old bespoke retail scheme. For businesses that earn an annual turnover of at least £100m, such as Poundland, it is necessary for a bespoke retail scheme to be agreed with…
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May- 2021 -26 MayClothing & Shoes
Ralph and Russo takeover on the rocks
The sale of womenswear brand Ralph and Russo is reportedly in doubt as businesses are unable to commit due to the impacts of Covid-19 on the sector. The company fell into administration in March following the resignation of Tamara Ralph, co-founder and creative director, after a “dispute” with fellow co-founder…
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11 MayAnalysis
Plastic Packaging Tax revenues should be reinvested in retail
It’s now less than 12 months until UK retailers face paying a new levy on plastic packaging, with this set to raise hundreds of millions in tax revenues. This money should be shared with retailers to help further improve recycling and sustainability. UK Plastic Packaging Tax explained From 1 April…
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Jan- 2021 -27 JanuaryHigh Street
Arcadia collapsed owing creditors £750m
Philip Green’s retail empire, Arcadia, reportedly fell into administration while owing its creditors £750m. The debts, first reported by the Telegraph, largely comprised Topshop’s gross liabilities of over £550m, with Outfit also owing £80m. The figure, which is believed to exclude the group’s unsecured debt to HMRC surrounding its retirement…
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Oct- 2020 -7 OctoberEconomy
Businesses must check furlough inaccuracies before HMRC deadline
Businesses using the furlough scheme have been urged to “thoroughly check” their claims for inaccuracies before HMRC’s cut-off date to avoid the risk of fines or prosecution. Accountancy firm Kilsby Williams issued the warning after HMRC sent letters to a growing number of businesses to inform them of potential errors…
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Sep- 2020 -8 SeptemberCoronavirus
Up to £3.5bn furlough claims fraudulent, says HMRC
Up to £3.5bn in payments from the Coronavirus Job Retention Scheme may have been claimed fraudulently or paid in error, according to the HMRC. Jim Harra, HMRC’s permanent secretary, appeared before MPs on the Public Accounts Committee to discuss the tax authority’s estimates that 5-10% of furlough claims have been…
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Jul- 2020 -9 JulyCoronavirus
West Midlands man arrested on suspicion of £495,000 furlough fraud
A West Midlands man has been arrested as part of an HM Revenue and Customs (HMRC) investigation into a suspected £495,000 Coronavirus Job Retention Scheme (CJRS) fraud. HMRC officers executed a search warrant on 8 July 2020 in the Solihull area and arrested the 57-year-old. This is the first arrest…
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Jun- 2020 -30 JuneCoronavirus
Government confirms changes to ‘flexible’ furlough scheme
The UK government has confirmed the latest set of changes to its “flexible” furlough scheme – dubbed CJRS V2 – ahead of its launch of the 1 July. HM Revenue and Customs has set out the new guidance as the current version of the Coronavirus Job retention Scheme (CJRS) ends…
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18 JuneCoronavirus
Employers given 30 days to ‘confess’ to furlough abuses
Legislation is currently being fast-tracked to allow HMRC to reclaim any furlough money overpaid to employers, or not spent on wages as intended. Although we do not have the final version of the legislation, employers should start addressing their minds to the claims they have made to date as soon…
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16 JuneComment
HMRC – our helpful friend in difficult times?
It is true to say HMRC are showing a fair amount of understanding in these difficult times. They have been asked to put together mechanisms to allow furlough payments and business grants to be claimed. However, it is not surprising that given the time frames the system has not been…
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