Hedge fund in £32.5m PAYE dispute
Cheyne Capital handed bill by HMRC over PAYE and National Insurance payments
Cheyne Capital handed bill by HMRC over PAYE and National Insurance payments
A LONDON-BASED hedge fund is in a £32.5m dispute with HM Revenue & Customs over alleged unpaid National Insurance and PAYE payments.
The inquiry involving Cheyne Capital dates back seven years and involves £29.8m of PAYE and £5.5m of national insurance payments, the Daily Telegraph has reported. Cheyne has said it is appealing the rulings through the tax tribunal.
Details of the inquiry were included in the company’s 2010 accounts filed at Companies House.
Cheyne said: “We understand that HMRC is looking into a number of financial institutions with similar payment structures. Cheyne and our advisors are comfortable with our position and we believe the HMRC inquiry is without merit.”
A HMRC spokesman said: “HMRC can’t comment on individual cases, but there is no specific clampdown on hedge funds. Ensuring the right tax is paid at the right time is a fundamental HMRC responsibility.”
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View articleStricter controls on VAT compliance is set to shut down the “colossal” VAT tax gap. Read More...
View articleThere has been a percentage increase in the number of claims made by companies, but more needs to be done Read More...
View articleThe Targeted Anti-Avoidance Rule was introduced to prevent individuals lowering their tax liability by converting what would otherwise be a dividend i...
View articleIn 2016-17, the average length of time to settle a tax investigation rose to 34 months, up from 31 months in 2015-16. The tax authority has also incre...
View articleDiverted profits tax revenue collected by HMRC in 2016-17 totalled £281m, leaping from £31m collected in the previous year, according to data released...
View articleThe report suggests a wide range of reforms focussed on bringing together corporation tax and accounts, including creating five year roadmap for CT re...
View articleIn 2012, HMRC made 591 requests to foreign governments. In 2016, this number stood at 1096, a 7% increase on 1025 requests made in 2015 Read More...
View article