An increasingly common theme coming from HMRC is the removal of services in certain areas. This is so that they can prioritise delays in processing correspondence in other areas, and help speed up processes when dealing with backlogs for VAT registration and Option to Tax (OTT) applications. But what effect does this have on the property sector and what are the best ways to work around these changes?

Welcome to our quarterly roundup of Tax Disputes & Resolutions news, updates and more, from April to June 2023.

The UK payments industry, encompassing merchant acquiring, payment gateways, digital wallets, and payment service providers (PSPs), is a rapidly growing sector. The payment industry has experienced impressive growth in recent years, driven by technological advancements, shifting consumer preferences, and the rapid rise of e-commerce. As a result, the global payments market is expected to reach an astounding $8.94 trillion by 2027 (Grand View Research, 2020). Transaction volumes reached £97.1 billion in 2020, with an anticipated CAGR of 8.2% through 2025 (UK Finance, 2021).

However, a contraction was witnessed in the fintech landscape in 2023, with a 12% drop in global deal volume, compared to the previous year (Fintech Global, 2023). Nonetheless, the sector’s growth and innovation potential remains strong. Amidst heightened competition, accurate financial reporting and robust analysis emerged as the decisive differentiator for fintech firms.

As part of its latest attempts to keep up with the rapid expansion of the digital economy, HMRC is sending nudge letters to online content creators who make money or receive gifts for posting material on platforms such as Instagram, TikTok and YouTube.

Katharine Arthur, Partner and Head of Private Client, notes that the Government has made seemingly little progress towards simplifying the UK tax system, following the Chancellor’s decision to dissolve the Office of Tax Simplification (OTS). She shares her thoughts within Accountancy Age.

In 2021, the International Consortium of Investigative Journalists released close to 12 million documents, allegedly involving offshore deals and transactions to conceal wealth; the so called, ‘Pandora Papers’.

The latest edition of our Corporate and Private Client eNews is now available to download.

As part of the Economic Crime and Corporate Transparency Bill (the Bill), the Government plans to introduce identity verification for all new and existing registered company directors, persons with significant control (PSC), and those delivering documents to the Registrar. Currently, the identity of individuals filed at Companies House do not require verification, which leaves the system open to abuse. The aim is to improve the accuracy of Companies House data, to support business decisions and law enforcement investigations.