Latest news with #HMRC
Sunday World
9 hours ago
- Sunday World
Couple who run heating oil company caught with 160,000 counterfeit cigarettes
SMOKED OUT | While Laura Murphy walked free after her four month jail sentence was suspended, her husband William was ordered to serve six months in prison Fraudsters William and Laura Murphy who were sentenced today While 32-year-old Laura Murphy walked free from Antrim Crown Court after her four month jail sentence was suspended for three years, her husband William (49) was ordered to serve his six month sentence in prison. Judge Alistair Devlin said he was distinguishing between the pair because Mrs Murphy had 'played a somewhat lesser role' in the offending. At an earlier hearing the couple, both from Craig's Road in Cullybackey, admitted that on 4 July 2023 they acquired possession of prohibited goods, namely 160,018 cigarettes, 'with intent to defraud His Majesty of any duty payable on the goods, or to evade any such prohibition or restriction.' They also admitted to being 'knowingly concerned in carrying, removing, depositing, harbouring, keeping or concealing, or in any manner dealing with the goods and that you did so so with intent to defraud His Majesty of any duty payable on the said goods, or to evade any such prohibition or restriction with respect to the said goods.' They further admitted they were 'knowingly concerned in, or in the taking of steps with a view to, the fraudulent evasion of VAT.' In his sentencing remarks today, Judge Devlin outlined that when HMRC officers attended the couple's business Town Fuels Ltd to test fuels they had stored, one of the officers spotted a blue Ford Transit van parked in a shed. 'It appeared to contain 15-16 boxes stored in the rear,' said the judge adding that when the couple were asked about it, Mr Murphy said it was 'nothing' while his wife said she was just about to the their children out in the van. The court heard when the HMRC officers examined the van however, they uncovered 16 boxes of Lambert & Butler cigarettes and Judge Devlin added that as well as not having duty paid stamps on them, it also transpired the cigarettes were 'entirely counterfeit.' In total, HMRC seized 160,000 cigarettes and the judge told the court that taking into account duty and VAT payable, there was a total loss to the Exchequer of £80,728. Despite their claims the cigarettes were for personal use, Judge Devlin said even if the pair smoked day after day, the haul 'would have lasted more than 10 years.' Fraudsters William and Laura Murphy who were sentenced today News in 90 seconds - June 2nd The judge was scathing in his comments regarding the approach taken by the couple, highlighting how they had given little cooperation to the investigation or of how they came to have the cigarettes or what they intended to do with them. He said while Mr Murphy claimed to a probation officer, after he admitted his guilt, that he was to be paid £400 to store the illegal cigarettes, 'the truth of that is completely impossible for the police to investigate or accept, given the grossly late stage that has been offered.' Describing the claim as potentially a 'cynical attempt to minimise his own role,' Judge Devlin said despite Mr Murphy's efforts to persuade the court 'just to take his word for it…the problem with that is that this defendant has shown himself as an individual whose word cannot be trusted.' 'Lies were told by the defendants,' the judge added so in circumstances where there is a doubt, 'that doubt should not be taken in their favour.' He told the court that apart from the loss to the Exchequer, the cigarettes in this case were counterfeit so while lawful cigarettes are harmful enough, 'manufacturers of counterfeit cigarettes are not likely to use quality materials' so they would be even more harmful. Judge Devlin said the authorities were clear in that deterrent sentences were called for in all but exceptional cases. In Mr Murphy case, he told the court 'I can find no such exceptionality' so he ordered him to serve his six month sentence in jail but Mrs Murphy, who is the primary carer of their children and her mother and who played a lesser role, had her four month sentence suspended for three years.
Time Business News
15 hours ago
- Business
- Time Business News
Can a Non-UK Resident Open a UK Company? 2025 Guide
If you're based outside the UK but want to expand your business into the British market, you're not alone. Every year, thousands of international entrepreneurs choose to establish UK companies. The UK offers a stable legal framework, global business credibility, and a relatively straightforward company formation process — all without requiring residency or citizenship. In this guide, we'll walk through the key steps and requirements for non-UK residents looking to open a UK company in 2025. Why Set Up a Company in the UK as a Non-Resident? The UK is one of the most business-friendly countries in the world. It allows foreign nationals to fully own and operate a private limited company — no visa, UK address, or prior UK business activity required. Some of the benefits include: 100% foreign ownership is allowed Limited liability protection through a Private Limited Company (Ltd) Rapid registration process — most companies are formed within 24 hours Enhanced credibility for dealing with clients in the UK and EU Potential tax advantages when structured correctly Whether you're a freelancer, e-commerce seller, investor, or startup founder, the UK is an attractive jurisdiction for global business operations. What Type of Company Can You Register? As a non-UK resident, the most common structure is a Private Limited Company (Ltd). This structure is flexible, low-cost, and separates your personal assets from business liabilities. Many overseas entrepreneurs begin the process by setting up a limited company, which is the fastest and most recognised structure for business owners abroad. Once registered, your company gains access to the UK market, along with options to scale and hire locally if needed. What Are the Legal Requirements? Despite being open to non-residents, there are still specific rules you'll need to follow. Here's a breakdown of the essentials: UK Registered Office Address Every UK company must have a registered office address within the UK — this is where official correspondence from HMRC and Companies House will be sent. If you don't have a UK residence, you can use a registered office service provider. Director and Shareholder You must appoint at least one director aged 16 or over. There's no requirement for them to live in the UK. One person can be both director and shareholder. Tax Registration After formation, your business must register for Corporation Tax. Depending on your business activities and turnover, you may also need to register for VAT. Annual Filings You'll be required to submit: A Confirmation Statement (to keep company records up to date) (to keep company records up to date) Annual Accounts to Companies House Corporation Tax return to HMRC What About Opening a UK Business Bank Account? Opening a traditional business bank account can be a hurdle for non-residents, as most banks require in-person verification. That said, there are alternatives: Online banking platforms such as Wise, Payoneer, and Revolut Business offer UK account details and international payment support. such as Wise, Payoneer, and Revolut Business offer UK account details and international payment support. Some UK banks may still allow non-resident directors to apply, particularly with the help of an accountant or formation agent. Compliance Considerations for 2025 UK companies are now under tighter scrutiny due to economic crime reforms. As a director, you're expected to maintain transparent records and adhere to anti-money laundering requirements. If you're unsure about your responsibilities or how to structure your company properly, registering a business in the UK through a formation service ensures you stay compliant and efficient right from the start. Summary: Can You Open a UK Company from Abroad? Yes — as a non-UK resident, you can legally register a UK limited company, provided you meet a few simple requirements. The process is efficient, affordable, and widely accessible, even if you've never done business in the UK before. UK company formation offers a powerful platform for growth, especially when you have expert guidance and the right infrastructure in place. Whether you're expanding an existing business or launching a new venture from abroad, the UK remains a globally trusted destination for entrepreneurs. TIME BUSINESS NEWS
Wales Online
16 hours ago
- Business
- Wales Online
Workers to receive millions after being underpaid by employers
Workers to receive millions after being underpaid by employers HM Revenue and Customs has forced employers to repay a total of £7.4million to 59,000 members of staff after investigations found they had been underpaid Nearly 60,000 UK workers have been underpaid (Image: Getty Images ) Thousands of workers who have been short-changed are set to receive a collective repayment of over £7.4 million. This is the outcome of HM Revenue and Customs (HMRC) investigations that ran from 2015 to 2022 and identified 518 employers and businesses as having underpaid close to 60,000 staff members. It includes more than 20 Welsh companies. These employers have since settled their debts with employees and have also been slapped with financial penalties that could reach up to 200% of the owed amount. This restitution arrives in the wake of the minimum wage increasing by 6.7% this April. The hike has seen the hourly minimum wage for those aged 21 and above rise from £11.44 to £12.21, while those between 18 to 20 years old saw an increase from £8.60 to £10, and under-18s and apprentices from £6.40 to £7.55 per hour. For money-saving tips, sign up to our Money newsletter here . The boost comes alongside a major upgrade to the National Living Wage and National Minimum Wage, which has effectively put an extra £1,400 in the pockets of full-time workers on the National Living Wage and provided substantial support to millions of families throughout the nation. Alongside this, there has been the introduction of the most consequential enhancements to workers' rights in decades through the Employment Rights Bill. Commenting on the issue, Minister for Employment Rights Justin Madders stated: "There is no excuse for employers to undercut their workers, and we will continue to name companies who break the law and don't pay their employees what they are owed.", reports the Mirror. Article continues below He further emphasised government commitments, saying that "Ensuring workers have the support they need and making sure they receive a fair day's pay for a fair day's work is a key commitment in our Plan for Change. This will put more money in working people's pockets, helping to boost productivity and ending low pay." Baroness Philippa Stroud, Chair of the Low Pay Commission, remarked: "We welcome today's publication. Underpayment leaves workers out of pocket and disadvantages the majority of employers who do abide by the rules. "These naming rounds play an important part in ensuring that all workers receive their full wages and that they are aware there is support for them to ensure that they do." What to do if you've been underpaid To determine if you've been underpaid, scrutinise your payslips against the current minimum wage rates. If your wages appear short, firstly approach your employer to seek a resolution. Failing that, lodge a complaint with HMRC via who will examine your case and ensure any owed pay is reimbursed. Should an employer default on payment, HMRC can issue an arrears notice plus a penalty for not observing the minimum wage requirements. In extreme cases where an employer continues non-compliance, HMRC can initiate court proceedings on the worker's behalf. Additionally, employees can report underpayment by contacting the Advisory, Conciliation and Arbitration Service (ACAS) via their pay and work rights helpline at 0300 123 1100. Article continues below
The Herald Scotland
18 hours ago
- Business
- The Herald Scotland
What is the seven year rule in Inheritance Tax for UK?
Not all inheritances happen once you've died. Gifting larger sums of money to loved ones while you're still alive is both a practical and tax-smart way to get money flowing between generations. Some people call this a 'living inheritance', since they're passing on money that would have been inherited – just sooner, rather than later. As long as you're aware of the seven year rule. If you die within seven years of making a substantial gift, the value of the gift will be counted as part of your estate (if not covered by an IHT exemption), and will therefore potentially be liable for IHT if you do not have sufficient nil rate band available on death to protect the gift. These are the essentials you need to know. 1. The seven year gifting rule Two thirds (68%) of UK adults say it's important to them to leave an inheritance, and 65% of retired people plan to pass property or money on. However, changes which will potentially bring more assets into scope for IHT and proposed amendments to the IHT treatment of pensions announced in the Autumn Budget, mean that thousands of taxpayers may find themselves facing a much higher tax bill – and leaving a much lower legacy. As a result, many people are considering gifting money or assets during their lifetime. Under the seven year gifting rule, however, you need to live for seven years from the date of the gift. Otherwise, your beneficiaries may end up returning some of the gift back to HMRC. 2. What counts as a gift? HMRC defines a gift as anything you give away. This includes money, property or land, stocks and shares listed on the London Stock Exchange, household and personal goods, furniture, jewellery or antiques. It also covers unlisted shares if you held them for less than two years before your death. These gifts are called Potentially Exempt Transfers or PETs (unless they fall under an IHT exemption, such as the £3,000 annual exemption). The name sounds more complicated than it actually is. Essentially, your gift is 'potentially exempt' from IHT – an outright gift from one person to another, and you'll only pay IHT on a PET if you do not survive for 7 years from the date of the gift, and the gift is not covered by your available nil rate band on death. A gift over £3,000 could also be considered a Chargeable Lifetime Transfer (CLT). A CLT is most commonly a gift made into a discretionary trust, where you pay the IHT upfront –at 20% on any amount over the Nil Rate Band (currently £325,000 per person). Gifting and IHT can seem complex – it certainly has its fair share of financial jargon. We do strongly advise that you talk to a financial adviser if you're considering a CLT or any kind of Trust, so you can check that it's the right choice for you and your family. Read more: Money HQ | Retirement planning: how to maintain your living standards 3. The 'tapering off' rule The good news is that the rate of IHT on gifts made above the available nil rate band tapers off on a sliding scale. This is known as taper relief; and it ranges from 32% to 8% if you die six years after rule of thumb is, longer you live, the more you'll give. Survive for seven years, and your gift is IHT tax-free. How taper relief works: If you die 3 to 4 years after gifting, the rate of IHT on your gift reduces to 32% If you die 4 to 5 years after gifting, the rate of IHT reduces to 24% If you die 5 to 6 years after gifting, the rate of IHT reduces to 16% If you die 6 to 7 years after gifting, the rate of IHT on your gift to 8%. 4. Can I protect my gift from IHT? If the amount of your gift exceeds you're available nil rate band, you can protect it by taking out a 'gift inter vivos policy'. This is a form of life insurance that protects the recipient from Inheritance Tax (IHT) should you not live for seven years. These policies are designed to mirror the tapering effect of your liability. So that, for example, if you die in year six, it'll pay out the exact amount you'd need. It's a less commonly known insurance, but a financial adviser will be happy to help if you'd like to know more. It is also possible to protect gifts which are made within the available nil rate band using a level term assurance policy, with the term arranged to match the period until the gift falls outside of the estate – this would be 7 years if the gift had just been made. 5. What other gifts can I make tax-free? You can make tax-exempt gifts of up to £3,000 every tax year. Your annual gifting allowance can be split between several people or given in full to one person. When making your first gift, you can roll the gifting allowance from the previous year, so you can gift £6,000. Smaller gifts under £250 are tax free. And any gift to your civil partner or spouse is automatically tax exempt too. Regular gifting each year can steadily reduce the size of your estate, while increasing the financial security and wellbeing of the rest of the family. 6. What's the best age to start making larger gifts? Generosity is good at any age! But building gifting into your long-term plans over several decades means that, statistically, you're less likely to need to worry about the seven year rule. If you're in your early sixties, with children and grandchildren, a substantial gift to help with a house deposit or school fees means you can enjoy seeing the difference it makes while you're still around. Making bigger gifts earlier in your lifetime means you stand a better chance of your gift passing in its entirety to the next generation tax free. 'Gifting between generations keeps money going where it's needed most.' Tony Clark, Senior Propositions Manager, SJP Keeping track of your gifts Keep a written record of each and every gift you make – it could save? your family time, energy and tax. If you can't prove when you made a gift, for example, you may end up paying some IHT whether you like it or not. We're sometimes asked how HMRC actually know what gifts you've made if no record or receipt existed. The short answer is – they don't. However, your executors must sign a legal declaration that all information provided must be full, accurate and truthful when they settle your estate. That includes all gifts made. Keeping a written gifting record, including when you made it, how much it was worth, and who you gave it to will set the record straight. HMRC have a specific form, "IHT403", you can use to record the details of all gifts you make. Planning your gifting In the first chapter of our recent consumer survey, The Real Life Advice Report, over 47% of those in receipt of regular advice said that their adviser had helped them pass money on to loved ones. If you start gifting annual lump sums or regular amounts in good time, you can make a substantial difference to your family's financial wellbeing in the here and now – and their IHT bill in the future. That's an invaluable legacy to leave. Trusts are not regulated by the Financial Conduct Authority. Ben Stark is a chartered financial planner with over a decade of experience advising businesses and families. He is partnered with St. James's Place Wealth Management.
Scottish Sun
20 hours ago
- Business
- Scottish Sun
HMRC issues urgent letters to 1.5million parents to avoid having £1,354 payment stopped ahead of new school year
Read below to see the exact date you need to take action by TO YOUR BENEFIT HMRC issues urgent letters to 1.5million parents to avoid having £1,354 payment stopped ahead of new school year HMRC will issue urgent letters to 1.5 million parents to avoid having a £1,354 payment stopped ahead of the new school year. Parents of children aged 16 to 19 years old should expect a reminder from the taxman to extend their Child Benefit claim. 1 Parents should expect a letter from the taxman to remind them to extend their child benefit claim Credit: Alamy Child benefit is worth up to £1,354 a year for the first or only child, and up to £897 per a year for each additional child. However, payments automatically stop on August 31 or after the child has turned 16 unless parents renew their claim when their child is continuing in education. The parents of children who are furthering their education have until this date to tell HMRC or their payments will cease. Parents can continue to receive the cash boost up until their child is 19, and enrolled in an apprenticeship program or the following education schemes: A levels or similar, for example International Baccalaureate T levels Scottish Highers NVQs and most vocational qualifications up to level 3 home education - if it started either before your child turned 16 or after 16 if they have a statement of special educational needs study programmes in England a pre-apprenticeship Your child must be accepted onto the course before they turn 19. The payment works out at £26.05 per week for one child and £17.25 per week for each additional child, so it is important to respond to the HMRC if you want to receive the benefit in September. HMRC will be delivering letters up until July, so don't worry if you have not received yours yet. The letters will include a QR code which, when scanned, directs them straight to so parents can update online. Parents can also extend their child benefit claim via or the HMRC app. What Does My Tax Code Mean? A Simple Guide to Your HMRC Letter However, it is important to remember to do this before August 31 or you could risk losing out. Myrtle Lloyd, HMRC's Director General for Customer Services, said the benefit is an "important boost" to families. She said: "As soon as you know what your teenager is planning to do, extend your claim in minutes to guarantee your payments continue in September. Simply go to or the HMRC app to confirm today." What is child benefit? You get child benefit if you're responsible for bringing up a child who is under 16 or under 20 if they are in approved education or training The payment is used to help parents cover the costs of childcare. It is paid at two weekly rates - £26.05 per week for your eldest or only child and £17.25 for any additional children. Payments are usually made every four weeks, on a Monday or Tuesday, but sometimes are made weekly. If you are claiming child benefit for a child under 12, you also receive National Insurance (NI) credits. NICs count towards your State Pension so claiming the benefit can be useful if you are missing any. The reason NICs are so important is because you need 35 NIC years to receive a full new State Pension. You are considered a parent, or responsible for a child if you live with them and are paying at least the same amount as the Child Benefit rates to look after them - for example for food, clothes or pocket money. It's important to note that eligibility changes if a child goes into hospital or care and if your child starts to live with someone else. If you're not sure about your eligibility, you can contact the child benefit office. You must contact the Child Benefit Office if you think you are paid too much or too little.
