The news came following a review by Customs & Excise into De Vere’s tax treatment of payments.
In the review, which began in July 2000, Customs found that the Warrington company, a De Vere subsidiary operating the Greens and Village Leisure brands, had not charged its customers VAT on subscriptions to its golf and leisure businesses between April 1997 and December 1999. The company had been treating the payments as VAT exempt.
De Vere said yesterday it had decided to make a provision of £9.3m in its 2003 accounts which it would use to pay the charge. It added it would most likely make back-dated payments. The group must pay £7m plus interest, offset by £2.2m of corporation tax credits.
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Government's estimate of a £400m admin saving from Making Tax Digital is way off - and is instead a huge cost burden, warns Lamont Pridmore chief executive Graham Lamont
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year