Big Brother is watching or how HMRC can tell if you are avoiding tax

Maybe it’s just the flip side of austerity economics, but there can be no doubt that public tolerance of tax avoidance is at an historic low. HMRC has come under pressure from the government to get tough on the huge sums lost to tax avoidance and the 'black economy' and tax avoidance has become big news.

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Tax Avoidance Schemes & APNs

There has been recent widespread media coverage of aggressive tax repayment demands by HMRC. These demands have caused significant distress, with many individuals facing unexpected payment demands and resulting severe financial difficulty. Unaware that their participation in these schemes might be seen as tax avoidance, this has come as a huge blow to many – and some may never recover financially.

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Student Wanted for Summer Project

MLM solutions is a niche restructuring and insolvency practice dealing with individuals and businesses facing financial difficulty. 

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Formula 1’s Manor team collapse, following administrators fail to find a buyer

Manor, the team which started life as Virgin Racing in 2010, have ceased trading today, Friday 3rd February, after administrators FRP Advisory have failed to find a buyer for their operating company, Just Racing Services.  While this doesn’t definitively spell the end for Manor, who have experienced administration once before in 2014, if a buyer was to come in now, it would be unlikely for the team to be ready to compete in the opening race of the upcoming championship.  There have been calls for stricter regulations into F1, particularly in the distribution of prize money amongst less well-established teams.

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UK faces 5% rise in insolvency levels over the next 12 months

Euler Hermes have conducted an Economic Study in which they find insolvencies in UK business will increase by 5% over the next 12 months.  This prediction sees the biggest rise of any major European market, as well as the first rise in 7 years in the UK.  While the UK may be bucking the trend in Europe, globally insolvencies are set to increase across the board.  Many factors have been blamed for this increase, namely a slowdown in GDP growth, as well as a depreciation in value of Sterling.

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