Right tax cuts will boost UK economy and unlock SME investment, says City investor October 12, 2021 Prime Minister Boris Johnson recently refused to rule out further tax rises, calling the pandemic a “fiscal meteorite”. Speaking at the Tory Party conference in Manchester, the Prime Minister praised the UK’s economic recovery which is so far ahead of other G7 nations. Meanwhile, Jacob Rees-Mogg highlighted that the country was already at the “upper [...]
Takeaways threatened: Customers may pay extra £2bn after tax hike September 24, 2021 Consumers could end up paying an extra £2bn for takeaways, ahead of rises in VAT, the British Takeaway Campaign has warned. VAT for hospitality is to rise to 12.5 per cent next month, ahead of another hike up to 20 per cent in March next year, to the frustration of beleaguered food bosses. Takeaway operators [...]
To notify or not to notify? The potential perils of uncertain tax treatments June 15, 2021 The Government is proposing that large businesses should be required to notify uncertain tax treatments to HMRC. ICAS has responded to the second HMRC consultation on the proposals – the fundamental flaw in the original proposals has not been addressed. They remain poorly targeted, so will potentially impose a burden on all large businesses. Why [...]
City lobby group presses Sunak to scrap bank tax – CityAM : CityAM October 13, 2021 The City’s chief lobbying group has called on Chancellor Rishi Sunak to scrap the bank surcharge to reinforce the UK’s leading role as a global finance hub. TheCityUK has demanded Sunak remove the eight per cent levy on banks’ profits at the upcoming budget and spending review on October 27. Also Read: Sunak eyes overhaul [...]
PM mulls tax hike U-turn as govt awaits Sue Gray’s report: ‘Boris would now do anything to survive’ January 28, 2022 While questions loom over the future of Boris Johnson’s premiership in light of an official inquiry into partygate allegations, the prime minister is reportedly wavering on controversial plans to raise national insurance. The PM is under pressure from some Tory MPs to scrap the tax hike to win back support as he awaits the findings [...]
Nick Clegg says Facebook is ‘pleased’ with historic tax deal, even if it means paying more October 9, 2021 Nick Clegg, Facebook’s vice president for global affairs, said today the social media giant welcomes the corporate tax agreement that 140 countries around the world agreed this week. “We are pleased to see an emerging international consensus,” Clegg said in a statement sent to City A.M. this afternoon. Under the agreement, countries would enact a [...]
Koinly lays off staff and prepares to close London office as ‘crypto winter’ bites December 7, 2022 Bosses at crypto tax reporting platform Koinly say they are already letting staff go and will be shutting down the London office in the new year.
Exclusive: HMRC plotting crackdown on holiday let tax avoiders after record staycation season October 7, 2021 Owners of UK holiday lets face fresh investigations by HMRC after Britain’s record staycation boom of the last two years, accountants at UHY Hacker Young told City A.M. this morning. HMRC has the power to request information or documents from third parties such as holiday booking sites “for the purpose of checking the taxpayer’s tax [...]
John Lewis posts £29m pre-tax loss after restructuring costs September 16, 2021 John Lewis has reported a pre-tax loss of £29m for the year’s first half, after restructuring costs. However, the high street giant said its half year results ending July 31 marked a significant improvement on last year’s pre-tax loss of £635m. Profit before exceptional items was £69m, up £124m on the comparable period last year, [...]
Autumn Statement: Jeremy Hunt’s bitter medicine may be too harsh November 16, 2022 The City is not worried about a low-tax mujahideen - but economists are concerned this grim budget could choke off much-needed growth