Churchill Tax Advisers blogs and news

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Family Investment Companies

What is a Family Investment Company or FIC? In many ways, a FIC is nothing more than a company which holds a pool of investments for a family. Now that trusts are not tax-efficient, a FIC can offer the same sort of structuring but without the tax costs. A FIC also...

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“Furlough Fraud” – 20 October Deadline

As the Coronavirus Job Retention Scheme (CJRS) payments scheme comes to an end HMRC’s investigations of alleged fraud will increase. Media reports estimate that £3.5 Billion of payments have been made by the Government to fraudulent claims or errors.  There have...

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Peterborough Plant Sales Limited v HMRC

The FTT rejected the company’s appeal against HMRC’s refusal to allow input tax to be credited in relation to the purchase of plant and machinery. Nine purchases had been made from vendors who had subsequently become “missing” and who had not declared the VAT that had...

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SC CF SRL. V Romanian Tax Authorities

This case has been recently released by the ECJ. It seeks to address some of the issues around the implementation of the Kittel principle. Although the case started in relation to a  criminal investigation that went nowhere, the subsequent civil litigation where there...

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£3.5billion Furlough Loans Could Be Errors Or Fraud

Up to £3.5 billion could have been paid out in wrong or fraudulent claims for the Coronavirus Job Retention Scheme, the government suspects. Jim Harra, the top civil servant at HMRC, said that his staff believe between five per cent and 10 per cent of CJRS cash might...

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Four arrested in HMRC phone scam

Two men and two women have been arrested as part of an investigation into a suspected multi-million pound HMRC phone scam set up to target UK taxpayers. HM Revenue and Customs officers carried out searches at five addresses in East and West London on 28th July. They...

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Tax credits deadline, don’t lose out

Tax credits customers have until the 31st July 2020 to tell HM Revenue and Customs (HMRC) about changes to their circumstances or income. If you have received a letter to reconfirm their income details must contact HMRC if your circumstances have changed. Failure to...

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Finance Bill 2020

This year’s Finance Bill received Royal Assent on 22 July 2020 and will now pass into law as the Finance Act 2020. There are a lot of new items, here are the headlines: Loan Charge (Disguised Remuneration) Possible repayments for existing settlements can now start to...

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Furlough Fraud

CJRS (Coronavirus Job Retention Scheme) and SEISS (Self-Employment Income Support Scheme) grants knowingly misused can be a charged as a criminal offence. If HMRC open an enquiry and do not prosecute, the Officers can pursue penalties up to 100% of the tax due. The...

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