Pinsent Masons

Kreston Reeves advises Fortuna on Holyhead Towing acquisition

Kreston Reeves has advised Fortuna Ltd on its acquisition of Holyhead Towing Company Ltd. The Falkland Islands-based Fortuna is the leading company in the Falklands fishing industry, with an international reputation for wild-caught and sustainably fished seafood.  Holyhead Towing, based on the Isle of Anglesey in North Wales, has strong and…

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Begbies Traynor advises Elite Emergency Medical Services on administration

Begbies Traynor has advised on the administration of Elite Emergency Medical Services LTD, a provider of patient transport services, event medical cover and training services to the healthcare industry, NHS Trusts, private companies and individuals.  The business and assets have been sold during a pre-packaged administration process of the company…

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HMRC confirms 45-strong team dedicated to IR35 cases

HMRC’s specialist compliance team, which is focused on IR35 investigations, reportedly has a headcount of 45 full-time staff, according to Pinsent Masons.  According to information provided by HMRC, that team also has access to additional manpower and resources outside its core team. Using the IR35 rules, HMRC has led a…

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HMRC opened 1,091 serious tax investigations in 2023

HMRC has opened 1,091 serious tax investigations in the last year to March 31 2023, according to multinational law firm Pinsent Masons.  Known as ‘COP8’ and COP9’ investigations, these probes reportedly provide an opportunity for taxpayers to avoid the heaviest penalties, including prison sentences, if they cooperate fully with HMRC. …

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Grant Thornton among top employers for working families

The national charity for working parents and carers, Working Families, has announced that Grant Thornton UK has been awarded a place on its list of the top family-friendly and flexible employers for the third consecutive year.   Now in its 14th year, small and large employers from across the public, private…

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HMRC collects over £70m in extra tax from profit-diverting firms

HMRC has collected over £70m in extra tax in the past year from multinational businesses who voluntarily admitted diverting profits overseas, according to law firm Pinsent Masons.  It also opened 147 new investigations last year into businesses’ use of what is known as ‘transfer pricing’ – the allocation of costs…

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HMRC investigations yield £34bn this year

HMRC’s annual report has revealed that its investigations into tax evasion and tax avoidance have yielded a total of £34bn in extra tax revenue over the last year, up from £30.8bn the year before. According to law firm Pinsent Masons, £2.7bn of that total came from income tax investigations into…

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HMRC’s Wealthy North team collects most extra tax each year

HMRC’s specialist ‘Wealthy North’ team brings in more extra tax from investigating wealthy people in the North than its specialist wealth investigation teams anywhere else in the UK, according to Pinsent Masons.  During the financial year of 2021/2022, it is reported that the Wealthy North team collected £138m in compliance…

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HMRC’s OCW unit opened 25 tax fraud investigations last year

HMRC’s Offshore, Corporate and Wealthy (OCW) unit opened criminal investigations into 25 wealthy individuals over suspected serious criminal tax frauds last year, according to findings from Pinsent Masons.  The OCW unit, which comprises roughly 500 staff, has a wide range of criminal and civil powers at its disposal, yet reserves…

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Big businesses are HMRC’s ‘best bet’ for tax yields, says Pinsent Masons 

Every pound spent on investigating large businesses yielded £56 in extra tax for HMRC last year, according to law firm Pinsent Masons.  The yield per pound spent on investigations into large businesses was much higher than for any other type of investigation HMRC undertakes. Steven Porter, partner and head of…

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