HMRC Puts Loan Charge Settlements on Hold

 

In a significant development, HMRC has announced that it will put Loan Charge settlements "on pause" by request until the conclusion of an independent review. This decision comes in response to mounting concerns about the detrimental impact of the Loan Charge on individuals' health and finances.

The Damaging Impact of the Loan Charge

The Loan Charge, introduced to tackle disguised remuneration tax avoidance schemes, has been widely criticised for its severe consequences on affected individuals. Many have reported significant financial strain, with some facing insurmountable tax bills that have led to bankruptcy and severe mental health issues. The stress and anxiety caused by the financial burden have been linked to cases of depression and even suicide.

Financial Hardship and Health Crisis

The financial hardship imposed by the Loan Charge has been profound. Individuals who were caught up in these tax avoidance schemes have found themselves facing retrospective tax bills that they are unable to pay. This has resulted in a cascade of financial problems, including the loss of homes, savings, and livelihoods. The mental health impact has been equally devastating, with many individuals experiencing severe stress, anxiety, and depression as they struggle to navigate the complex and often unyielding tax system.

The Independent Review and Its Implications

The independent review, commissioned by the government, aims to address these concerns and ensure fairness for all taxpayers. By pausing settlements, HMRC is acknowledging the need for a thorough examination of the Loan Charge's impact and the potential for reform. This review is seen as a crucial step towards rectifying the injustices faced by those affected and preventing further harm.

Conclusion

The decision to pause Loan Charge settlements is a welcome development for those who have been adversely affected by this policy. It provides a temporary reprieve and an opportunity for a more comprehensive review of the Loan Charge's impact on individuals' health and finances. The hope is that this review will lead to meaningful changes that will prevent such severe consequences in the future.

The pause also affords HMRC a break from negative publicity.

Tax does have to be taxing.

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Robert Venables KC: A Prominent Tax Lawyer Facing Tax Evasion Charges

In a surprising turn of events, Robert Venables KC, a distinguished tax barrister and senior member of Old Square Tax Chambers, is currently facing prosecution by HM Revenue and Customs (HMRC) for allegedly evading tax over a period of nine years. This case has garnered significant attention, not only because of Venables' esteemed reputation in the legal community but also due to the serious nature of the charges.

Background and Career

Robert Venables KC has had a long and illustrious career in tax law. Called to the Bar in 1973, he was appointed as a Queen's Counsel (now King's Counsel) in 1990. Venables has authored several books on tax law, particularly focusing on offshore and inheritance tax issues. He has also served as the chairman of the Revenue Bar Association and is a council member of the Chartered Institute of Taxation.

The Charges

Venables is facing two counts of "cheating the public revenue," a criminal offense that involves dishonestly evading tax. The charges relate to his personal tax returns for two distinct periods: from 2013 to 2022 and from 2018 to 2022. This is believed to be the first case of its kind involving a King's Counsel.

Venables' Response

In response to the charges, Venables has vehemently denied any wrongdoing. Through a statement issued by his chambers, he expressed confidence that he has paid all tax lawfully due and emphasized that the charges pertain solely to his personal tax position, not to any of his clients. Despite the serious nature of the allegations, Venables continues to practice and has the full support of his chambers.

Implications and Reactions

The prosecution of a high-profile barrister like Venables raises critical questions about ethics and integrity within the legal profession. It underscores the importance of legal professionals maintaining the highest standards of compliance and transparency in their personal tax affairs. The legal community is closely watching the case, as its outcome could set a precedent for how similar cases are handled in the future.

Conclusion

As the legal proceedings unfold, the case against Robert Venables KC will undoubtedly have far-reaching implications. It serves as a reminder of the complex interplay between legal expertise and personal responsibility. The legal profession is founded on trust, and incidents like this challenge that foundation. Venables' assertions of compliance with tax laws will be tested in court, and the legal community, along with the public, will be watching closely.

The next hearing is set for 11 May 2025.

Tax does have to be taxing.

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HMRC Spunks £490K Up The Wall on Jets and Taxis in Two Months

 

The recent revelations about HMRC’s lavish spending on plane travel and private taxis are nothing short of scandalous. In July and August alone, HMRC splurged a staggering £490,700 on plane travel. Despite their claims that “the most cost-effective means of travel is always considered prior to bookings of this nature,” this expenditure is a blatant misuse of taxpayer money.

Adding insult to injury, HMRC has also been racking up a £65,703 tab on private taxis since July, costing taxpayers about £6,000 a week. This extravagant spending on private transport is a clear indication that HMRC believes public transport is beneath them. While ordinary citizens are encouraged to use public transport to save costs and reduce environmental impact, HMRC officials seem to think they are above such considerations.

A Double Standard

The hypocrisy is glaring. HMRC’s spending habits reveal a double standard where public transport is deemed suitable for the general public but not for the tax officials themselves. This “public transport is for thee, not for me” attitude is a slap in the face to hardworking taxpayers who fund these luxuries.

Financial Mismanagement

This level of financial mismanagement is unacceptable. At a time when the country is grappling with economic challenges, every penny of taxpayer money should be spent wisely. Instead, HMRC’s reckless spending on plane travel and private taxis shows a complete disregard for fiscal responsibility.

A Call for Accountability

HMRC must be held accountable for this wasteful expenditure. The public deserves transparency and assurance that their money is being used efficiently and effectively. It’s time for HMRC to justify these expenses and take immediate steps to curb such extravagant spending.

In conclusion, HMRC’s excessive spending on plane travel and private taxis is a stark reminder of the need for greater oversight and accountability in public sector spending. Taxpayers deserve better than to see their hard-earned money squandered on unnecessary luxuries.

Tax does have to be taxing.

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HMRC Community Noted For NI Lie on Twitter

 

HMRC recently tweeted a blatant lie about NI payments being a forward payment for the state pension. 

Unsurprisingly HMRC was duly slagged off by all and sundry, and also received a Community Note for their troubles.

Suffice to say, HMRC were forced to delete the tweet!

Tax does have to be taxing.

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Reeves Charges Taxpayers To Complete Her Tax Returns

 

Reeves has charged the taxpayers £1225 to complete her tax returns from 2014 to 2022.

Now if only tax wasn't so complicated, an ex tea lady from the Bank of England wouldn't need to pay an accountant and then charge taxpayers to do this!

Tax does have to be taxing.

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Back To The Future - Back To Paper With HMRC

HMRC is changing the way employees can claim PAYE employment expenses, by going back to paper submissions through the post to reduce fraud 

From 14 October 2024, HMRC will require employees to claim PAYE employment expenses using a P87 form and provide supporting evidence to prove their eligibility before the claim is progressed.

Employees can claim this tax relief through PAYE if the amount claimed is up to £2,500. 

In a bid to crack down on fraudulent claims, HMRC is tightening the rules, requiring claims to be made by post on paper forms with supporting evidence.

Under the new process, HMRC will require employees who want to claim PAYE employment expenses to use a P87 form and provide supporting evidence to prove their eligibility for a claim. 

HMRC is currently writing to claimants (including agents and accountancy firms), whose claims have not been processed since 10 June when the system was halted, to inform them of this new requirement and to ask them to provide evidence to support their claim.

From 12 October, claimants will no longer be able to submit a PAYE employment expense claim using the digital form or make a new claim over the phone.

This approach quite clearly runs counter to HMRC’s digital ambitions. Given the theoretical risk of fraud from online claims, it makes you wonder what other security flaws are in other parts of HMRC's digital systems!

ax does have to be taxing.

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