Budget 2021: Bank surcharge slashed but lenders still stung by higher taxes October 27, 2021 UK banks will still be stung by a higher tax rate on their profits even though Chancellor Rishi Sunak confirmed he will slash the bank surcharge. Sunak told the House of Commons today that the bank surcharge will drop to three per cent from eight per cent in 2023. However, the increase in the headline [...]
Budget 2021: Retail chiefs disappointed after no decision on online sales tax October 27, 2021 Retail bosses have said the Chancellor’s silence on an online sales tax in the Budget comes as “another blow” to the beleaguered high street. While Rishi Sunak did not mention the mooted sales tax at the dispatch box, the autumn budget and spending review stated ministers will “continue to explore the arguments for and against” [...]
HMRC: Accountants urge Brits to fight taxman as penalties spike to new record January 10, 2024 The value of HMRC tax penalties surged by 25 per cent between 2022 and 2023 to its the highest level on record, new data has shown, as the government faces criticism for unfairly fining struggling businesses.
Tory MPs call for UK government to pull out of global tax deal October 25, 2021 A pair of Tory MPs have called for the UK government to pull out of the global corporation tax deal, claiming it could cost the Exchequer billions in tax revenues. Backbenchers Greg Smith and Andrew Bridgen called for Rishi Sunak to reconsider his commitment to the deal, after he helped broker it at this year’s [...]
Lib Dems call for bank tax hike to plug TfL funding gap November 18, 2021 The Liberal Democrats have called for taxes on banks to be hiked to help fill Transport for London’s (TfL) £6.6bn funding gap. The party called the long-running TfL funding saga between the government and mayor of London Sadiq Khan a “a ridiculous macho battle”, while urging them to “sort this mess out”. Khan last night [...]
Sir Martin Sorrell’s S4Capital hits stormy waters after breakneck growth March 27, 2024 Operational earnings before interest, tax, deprecation and amortisation (EBITDA) for the year came in at £93.7m, down 24.6 per cent on a reported basis or 36.6 per cent on a like-for-like basis.
Ithaca Energy hesitates over stake in controversial Rosebank oil field April 3, 2023 Ithaca Energy is hesitating over plans to develop Rosebank, unless a price floor is brought into the windfall tax, City A.M. understands.
UK seals deal to end Digital Services Tax and transition to global system October 21, 2021 The UK has agreed to scrap its Digital Services Tax on online giants like Amazon in a move that will stop Joe Biden slapping tariffs on British goods. An agreement was struck with the EU and US yesterday on how to transition from the Digital Services Tax to a new global system agreed by G20 [...]
Accounting body urges government to scrap tax reform plans September 1, 2021 The Institute of Chartered Accountants in England and Wales (ICAEW) has today called for the government to drop tax reform plans which, the accounting body says, “will likely to create as many problems as it might solve”. The ICAEW today published a response to the UK government’s consultation on basis period reform. It reiterated the [...]
Labour claims Sunak will not have the ‘fiscal headroom’ to cut taxes before next election November 14, 2021 New UK growth forecasts from the Bank of England show that Rishi Sunak will not have the “fiscal headroom” to cut taxes before the next election, according to shadow chancellor Rachel Reeves. The central bank now forecasts the UK economy will grow by 1.5 and 1 per cent in 2023 and 2024 respectively, compared to [...]