HMRC utilising AI tools

HMRC is utilising sophisticated AI tools alongside its £80M Connect database when investigating taxpayers. Connect collects data from numerous sources, including offshore taxpayer’s information, under the Common Reporting standard. HMRC then cross-reference this against tax returns and other sources to flag up individuals and businesses for investigation
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ECD outlines timetable for reaching agreement on digital taxation of multinationals

The Organisation for Economic Co-operation and Development (OECD) has outlined a new timetable for reaching an agreement on the digital taxation of multinational businesses. EU member states have been unable to reach an agreement on plans for an international Digital Services Tax (DST). Consequently, the OECD now plans to introduce a global digital tax framework. [&hellip
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HMRC launches consultation on the operation of Insurance Premium Tax

HMRC has launched a new consultation on how the administration and collection of Insurance Premium Tax (IPT) can be ‘modernised’. The consultation also aims to review the extent to which there are emerging practices leading to ‘unfair tax outcomes’. HMRC has stressed that the consultation focuses on the operation of IPT, and does not, therefore, [&hellip
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DIT launches online tool for international investors

The Department for International Trade (DIT) has launched an online tool to help potential international investors set up and expand their operations in the UK. The new tool, termed the UK Investment Support Directory, enables international investors to connect with a range of businesses across the UK. The directory allows potential investors to find an [&hellip
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HMRC introduces new system to tackle scam phone calls

HMRC has introduced a new system designed to prevent criminals from spoofing government helpline phone numbers. According to HMRC, criminals often use ‘official’ helpline numbers to convince taxpayers to depart with large sums of money. In 2018, HMRC received 104,774 reports of so-called ‘phone scams’ – a significant rise when compared to 2017’s figure of [&hellip
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Research suggests data protection fines have ‘risen by 14% in a year’

Research carried out by law firm RPC has suggested that the average data protection fine levied by the Information Commissioner’s Office (ICO) has risen by 14% in the year since the introduction of the General Data Protection Regulation (GDPR). The GDPR came into effect on 25 May 2018, placing additional obligations on businesses in regard [&hellip
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Investment Association calls for ‘greater transparency’ on dividends

The Investment Association (IA) is urging businesses to ‘improve the transparency of their approach to paying dividends’. According to the IA, companies not seeking a shareholder vote on dividend payments ‘risk depriving shareholders of the opportunity to have a say on a matter that is pivotal to the organisation’s attractiveness to investors’. The IA has [&hellip
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MPs urge government to make ‘radical improvements’ to apprenticeship programme

MPs have urged the government to make ‘radical improvements’ to its apprenticeship programme, after finding that small employers are ‘missing out’ on the benefits associated with apprenticeships. In a new report, the Public Accounts Committee (PAC) revealed that the number of apprenticeship starts fell by 26% following the introduction of the Apprenticeship Levy. The Committee [&hellip
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Millennials living in ‘relative poverty’, according to think tank

A report published by think tank the Resolution Foundation has suggested that 22% of ‘millennials’ – those born between 1981 and 2000 – are living in ‘relative poverty’. ‘Relative poverty’ is defined as living on less than 60% of median income. The report stated that government policies on housing have seen housing costs absorb ‘an [&hellip
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Banking code offering ‘increased protection from criminals’ takes effect

From 28 May 2019, a new ‘banking code’ designed to offer consumers ‘increased protection from criminals’ takes effect. Consumer group Which? recently revealed that £674 is lost every minute via bank transfer scams. The new code requires banks and payment providers to follow a ‘new set of standards’ in order to offer ‘better protection’ to [&hellip
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