#financial-penalties

#financial-penalties

The construction sector comprises nearly a quarter of deliberate tax defaulters, revealing a troubling trend and evading nearly £15 million in taxes.

'Those who earn over a certain amount of money each year are required to pay tax. Tax is usually deducted from an individual's wage or pension automatically; however, those in receipt of other forms of income, including property and self-employment, will need to report their earnings to HM Revenue and Customs (HMRC) through a Self-Assessment tax return.'

Carl Icahn and his company were charged by U.S. regulators for failing to disclose billions in personal loans secured by Icahn Enterprises' securities, resulting in significant penalties.