Budget: Looming tax hike met with shock and horror within the self-employed community March 2, 2021 Chancellor Rishi Sunak is expected to announce new taxes on online deliveries and freelance workers in tomorrow’s Budget, largely aimed at helping to pay off the UK’s Covid spending. Moreover, he may up taxes for self-employed people. The taxes are aimed at targeting online firms like Amazon, Boohoo and Asos, which have seen profits soar [...]
Online sales tax would ‘kneecap’ small retailers, startups warn March 2, 2021 The introduction of a new online sales tax would “kneecap” retailers and have a disproportionate impact on smaller businesses, UK startups have warned. In his Budget tomorrow, chancellor Rishi Sunak is expected to launch a consultation on new levies targeting online retailers such as Amazon and Asos that have seen their profits soar during the [...]
Labour’s Anneliese Dodds hints at support for online sales tax on tech giants March 1, 2021 Shadow chancellor Anneliese Dodds has called for the government to level the taxation playing field between digital and bricks and mortar retail in a potential call for new online taxes. Dodds said at a pre-Budget address on Bloomberg that there was a “big gulf on how businesses based in bricks and businesses based on clicks [...]
Budget 2021: Sunak eyes tax on online deliveries and freelance workers February 28, 2021 Rishi Sunak is reportedly preparing to announce new taxes on online deliveries and freelance workers in Wednesday’s Budget to help pay off the UK’s Covid spending. The tax would likely target online firms like Amazon and Asos who have seen profits soar over the past year, after people spent much of 2020 in lockdown. It [...]
Sunday Sitdown: Time Out boss Julio Bruno on the ‘renaissance’ of cities February 21, 2021 While no one could have predicted the outbreak of coronavirus, few companies have been blighted by worse timing than Time Out. In the face of shrinking revenue from its core events listings business, the media group has spent recent years shifting its focus to a new offering of food and culture markets. But when the [...]
Arcadia collapse leaves bigger than expected £510m pension deficit February 19, 2021 The collapse of high street empire Arcadia has left a £510m pension deficit, some £200m more than previous estimates. Arcadia collapsed in December, becoming the largest casualty of the coronavirus pandemic and leaving thousands jobless. The news of a bigger-than-expected pension deficit, first reported by the Retail Gazette, paints a starker picture for individuals affected [...]
UK’s tech stocks outperform main market by 19 per cent February 17, 2021 Interest in technology stocks has piqued during the pandemic and are now outperforming their FTSE peers, according to exclusive data shared with City A.M. The FTSE techMARK 100, London’s technology index, rose seven per cent last year as the FTSE floundered and shed 12 points, research by Bowmore Asset Management shows. After what has essentially [...]
High street redundancies: Which retailers have cut jobs in the pandemic so far? February 13, 2021 Thousands of high street jobs have evaporated during the coronavirus pandemic, as retail chains have fallen under the pressure of lockdown restrictions on trading. The UK high street, which was already struggling before the pandemic, is set to look very different when shoppers return after lockdown following high profile collapses that have cost many retail [...]
JD Sports eyes EU warehouse as boss warns Brexit ‘worse than feared’ February 9, 2021 JD Sports is set to open an EU-based distribution centre to cope with increased Brexit red tape and tariffs. The decision could see up to 1,000 jobs moved to the continent amid concerns over delays in shipping goods and red tape just a month after post-Brexit trade rules came into effect. Chairman Peter Cowgill told [...]
Arcadia staff gear up for legal action against Philip Green’s retail empire February 9, 2021 Dozens of ex-Arcadia staff have vowed to take legal action against the retail consortium, after it became clear their jobs would not be saved when the Arcadia brands were sold. Arcadia fell into administration in December, becoming the biggest high street casualty of the Covid-19 pandemic. Earlier this week online fashion giant Boohoo announced it [...]