Theresa May’s crude policy is the wrong way to manage immigration October 11, 2018 The government's announcement of a new immigration policy post-Brexit has at least the merit of providing a clearer sense of direction – assuming Brexit happens and does so in a reasonably orderly way (which are some big “ifs”). The news also provides an opportunity to think, from first principles, what a sensible immigration policy should [...]
EU pushes for new technology tax on internet giants Facebook, Amazon and Google October 10, 2018 The EU is pushing for a new tax on technology giants such as Facebook, Amazon and Google that it claims could raise £4.4bn a year across Europe. Seven months ago, the European Commission published proposals for a three per cent tax on the revenues of multi-national internet companies with global revenues above £660m a year. [...]
Ten-pin titan Hollywood Bowl Group hopes to score a strike with investors with profit growth October 10, 2018 UK ten-pin giant Hollywood Bowl Group is flirting with the idea of returning a surplus to investors this morning after revealing a rise in annual revenues in a trading update today. The bowling operator reported like-for-like revenue growth of 1.8 per cent in the 12 months to the end of September this year, adding that it expects [...]
Cenkos boss steps down after profits vanish October 9, 2018 Stockbroker Cenkos Securities surprised the City this morning after announcing its chief executive is to step down in the wake of tumbling profits. Boss Anthony Hotson will leave his post at the end of the month, putting an end to a 12-month reign which was dampened last month when Cenkos halved its dividends and posted [...]
Cromwell should fall – and so should all government statues October 9, 2018 For those of us whose first exposure was Monty Python’s song about him, it’s difficult to get animated about whether Oliver Cromwell’s statue should continue to adorn the parliamentary estate. But the legacy of the seventeenth century Lord Protector does seem to upset many, not least Brits of Irish descent. The historian Jeremy Crick recently renewed [...]
DEBATE: Would a scheme encouraging landlords to sell to private renters help solve the housing crisis? October 9, 2018 Would a scheme encouraging landlords to sell to private renters help solve the housing crisis? Will Tanner, director of Onward, says YES. Britain’s housing market has many flaws, but one of its most pernicious is the never-ending treadmill of private renting. The average renter in London today spends 40 per cent of their post-tax income [...]
Give businesses a tax-break to encourage investment, CBI tells Chancellor ahead of Budget October 9, 2018 Philip Hammond is under growing pressure to hand businesses a tax-break in the upcoming Budget to boost competitiveness. The CBI today echoed calls from the British Chamber of Commerce to increase the amount firms can invest without being taxed. The Annual Investment Allowance currently stands at £200,000 a year, but the CBI is calling for [...]
Airbnb facing enquiry from HMRC over UK activity October 8, 2018 Online short-term rentals giant Airbnb is facing enquiries from HM Revenue & Customs (HMRC) about its tax situation. The company said in a note published on Companies House that it had been contacted by HMRC "regarding the application of tax laws or regulations" impacting its business. This is in addition to facing tax inquiries and proceedings about its [...]
Paypal hit by additional UK tax bill after HMRC enquiry October 8, 2018 Paypal has paid out an additional €3.1m (£2.7m) in UK tax, after financial accounts showed the results of a review by HM Revenue & Customs (HMRC). The addition resulted in the US payments giant forking out a total of €4.7m in tax in 2017, up from €181,749 the year before. Paypal said in the filing HMRC had been "reviewing [...]
Facebook triples its UK tax bill to £15.8m October 8, 2018 Facebook paid £15.8m in UK tax last year, tripling the amount it paid in 2016 as tech firms come under increased scrutiny by HMRC. Accounts filed last week on Companies House revealed the social media giant's profits for its UK office, which covers expenses on marketing, sales and engineering support, rose 6.3 per cent to [...]