HMRC makes £440m on flood damage
HMRC made close to £440m in profit on last summer’s flood damage from VAT on repairs
HMRC made close to £440m in profit on last summer’s flood damage from VAT on repairs
UK householders who were forced to carry out repairs to their flood damaged
properties last summer paid £525million in VAT for the work, figures from
insurers show, but the government contributed only £86m, netting £439m for HM
Revenues & Customs (HRMC).
Research based on figures from the
Association of British
Insurers shows householders affected in June paid £5250 VAT on an average
repair of £30,000, while those hit the following month paid £7000 for £40,000 of
work, the Daily Mail reports.
‘If the Government really wanted to help get these flood-damaged communities
back on their feet, cutting VAT would be a very good place to start,’ Brian
Berry of the Federation of
Master Builders, said.
‘It is clearly very wrong that the Government should be profiting so
handsomely from other people’s misfortune.’
Further reading:
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn 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 resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleUHY Hacker Young and audit engagement partner Martin Jones face fines of more than £300,00 following Laura Ashley audit breaches. Read More...
View articleIt is hard to argue that the Taxes Management Act 1970 (TMA), wouldn’t benefit from some substantial updating. It came into force back in the mists of...
View articleMorton became Tax Director of the Office of Tax Simplification, an independent office of HM Treasury, in 2017 Read More...
View articleThe Low Income Tax Reform Group believes the government should have included tax initiatives in its plans for disabled people and employment Read More...
View articleThe Upper Tribunal has rejected an appeal from HMRC in a case relating to the taxation of termination payments made to football player employees of To...
View articleThe revised guidance sets out the circumstances under which trustees need to disclose the identities of beneficiaries to HMRC Read More...
View articleAlthough the concept of a £1,000 tax-free allowance sounds very simple, there are a number of complexities of which taxpayers and advisers need to be ...
View article