What’s happening in the world? – The HSBC Scandal

Recently the bank HSBC have been in the news over alleged allegations of tax evasion. With this being such a controversial topic, we’ve got the latest information for you in this short blog post.

What have HSBC been accused of?

HSBC is back in the spotlight again over allegedly helping clients evade tax and offering deals to help them stay ahead of the law. As a result, thousands of accounts from HSBC’s private bank in Switzerland have been leaked by a whistleblower, containing details of more than 100,000 clients around the world.

The alleged tax dodging partly happened under Lord Green’s tenure as chairman between 2006 and 2010, putting him under pressure the bank’s behaviour. Since this information came to light, Lord Green has been refusing to answer questions by a Panorama journalist after being approached in the street for a programme investigating HSBC.

How are HMRC handling the matter?

First, HMRC has revealed it is looking to expand the scope of its investigation and is meeting with other law enforcement agencies later to discuss the matter, most likely meeting with the Serious Fraud Office. If the SFO and the police launch separate investigations, that would be a serious escalation for HSBC.

Second, HMRC will also look at money laundering in connection with the HSBC data following discussions with the French authorities earlier this week.

Third, HMRC initially believed that up to 150 of the people on the HSBC data list could face criminal prosecutions.

This story is rapidly still unfolding and we’ll have information on this topic as it goes on. If you need any help and or advice regarding tax policies and so on, you can contact the Finnies team on 01482 861919 or email enquires@finnies.org.uk

Record breaking self-assessment tax return year!

January is always a busy period here at Finnies however this year presented a particularly challenging few weeks. HM Revenue & Customs has confirmed that it had received the highest number of self-assessment tax returns ever with 10.24 million submissions making the January 31^st deadline, 210,000 more than last year. In total, 11.13 million returns were due, meaning that 890,000 applications are now overdue and will face a £100 late penalty. There are further late-filing penalties after three, six and 12 months however our client shouldn’t worry about this.

It may not come as a surprise that the busiest days for HMRC were January 30^th and 31^st, when 980,000 returns were received. The busiest hour was between 1pm and 2pm on January 30^th when almost 50,000 returns were received; that’s around 830 per minute! One of the quieter days for tax returns was Christmas day, on which HMRC unwrapped only 1773 submissions.

HMRC's director-general of personal tax Ruth Owen said: "This is another record-breaking year for self-assessment, with 210,000 more people filing their returns on time than last year.”

If Finnies have helped you complete your tax return on time, we’d love to hear your feedback. Why not leave a review on our Facebook page: https://www.facebook.com/FinniesAccountantsLimited  or recommend/endorse your Finnies team member on LinkedIn?

January proved to be a successful period for the Finnies team as all relevant returns were submitted before the January 31^st deadline. If you’re looking for assistance on your tax return contact us on 01482 861919 or email at enquiries@finnies.org.uk.