Next boss warns of two cost of living crises after slashing forecasts September 29, 2022 Next has slashed its sales forecasts for the second half of the year today despite a 16 per cent jump in pre-tax profit in the six months to July.
Biden willing to compromise on plans to hike US corporate tax April 8, 2021 US President Joe Biden said last night he is open to compromise on his $2tn (£1.45bn) infrastructure plan amid fiery criticism from businesses over a proposed $2.5tn increase in corporate taxes. Biden faced furious backlash from Republicans, large corporations and members of his own Democratic Party to elements of the proposal he laid last week including major [...]
Khan’s call to re-introduce VAT-free shopping backed by retailers who claim it would lure 1.5 million more tourists to London February 1, 2023 Kay Buxton, chief executive of Marble Arch London BID, said that Chancellor Jeremy Hunt “missed a trick” at the last Budget by not reintroducing tax-free shopping, noting that the move could have increased spending by £2.1bn.
Replace existing property taxes with new proportional system, says think tank May 20, 2021 Bright Blue, a liberal conservative think tank, has proposed replacing the UK’s current property taxation system with a new Annual Proportional Property Tax (APPT) to help “level up” the country. Bright Blue said that some sort of APPT would be the best solution in terms of both economic and political grounds to replace the current [...]
800,000 home workers have claimed up to £125 in tax relief since April June 29, 2021 Nearly 800,000 people who worked from home during the coronavirus pandemic have claimed tax relief on their household-related costs so far this tax year. HM Revenue and Customs (HMRC), which released the figures from its online claims portal, said the saving is worth up to £125 per year per employee. Eligible workers can claim the [...]
Tech giants set to slash UK tax bill after G7 agreement June 8, 2021 American tech giants are set to have their UK tax bills slashed under a new global agreement signed by the G7, a think tank has warned. The global minimum corporation tax, agreed by finance ministers in London over the weekend, is aimed at cracking down on tax avoidance by companies such as Amazon, Facebook and [...]
Rishi Sunak does not back Joe Biden’s global business tax plan May 17, 2021 Rishi Sunak is withholding support for Joe Biden’s draft plan to implement a minimum 21 per cent global business tax rate, with the chancellor wanting more assurances on taxation on US tech giants. Sunak, who is chairing this year’s G7 meetings for finance ministers, has reportedly said he would only support a minimum tax rate [...]
Positive results for PCR titan Randox as profits soar thanks to public contracts June 23, 2022 Covid testing giant Randox revealed it made pre-tax profits of £275m last year as the firm cashes in on PCRs.
Pound slides after Bank of England bats away emergency rate hike pressure September 26, 2022 Sterling collapsed to an all time low this morning as investor confidence evaporated in the wake of the government’s plans to slash taxes and ramp up borrowing in a ‘mini-budget’ last week.
G7 nations ‘one millimetre away’ from agreement on global tax deal June 4, 2021 The G7 nations are close to agreeing a historic global taxation deal after finance ministers met for the first time today. Finance ministers from the countries met for the first time since the start of the pandemic with plans to close the net on large corporates which do not pay their fair share of tax [...]