HM Revenue & Customs (HMRC) proposes new ways to crack down on offshore tax evasion August 24, 2016 The taxman today laid down the law, announcing plans for tougher new sanctions for offshore tax evasion. Under the proposals announced by HM Revenue & Customs (HMRC), those who do not volunteer to pay outstanding taxes from offshore investments and accounts could be slapped with penalties up to three times the tax they were trying to evade. The [...]
Cheers! High court rules SABMiller shareholder vote over Megabrew can be split August 23, 2016 Megabrew is still fizzing along. The High Court has ruled that SABMiller shareholders can be treated as two classes when they vote on the takeover by Anheuser Busch InBev – dubbed Megabrew. SAB requested the split as the £79bn deal requires 75 percent approval by SAB shareholders – with the largest two stakeholders controlling 40 per cent of the shares. Read more: [...]
Brexit boost not here to stay, warns outgoing Baker & McKenzie chairman, as firm reveals profits and revenue growth August 22, 2016 It will be business as usual for lawyers before too long, warned the outgoing chairman of legal giant Baker & McKenzie, despite an uptick in work following the Brexit vote. The figures The firm, which also announced its results today, has reported revenue of $2.62bn (£2bn) for its year to June, up eight per cent on [...]
Deliveroo chief says employment laws are behind the times August 21, 2016 Deliveroo boss William Shu has said the UK's employment laws need updating, after the food delivery startup tried to temper an ongoing dispute with its riders over a new trial pay structure. Shu says he hasn't had contact with government yet over the issue – although it has issued a warning that the firm needs to [...]
Watch out, big banks: The claims are coming, and here’s the lawyer who’s bringing them August 21, 2016 Before the rigging scandals started to rock the City, most people would have been wholly unfamiliar with the idea of a 4pm fix or the Libor question. Then, in 2012, Barclays’ chief executive Bob Diamond sent shockwaves through the financial centre, as he stepped down from his role. Just days before, the bank had been [...]
Lloyds Banking Group, HSBC and Royal Bank of Scotland in firing line in Australian rate rigging case brought in the US August 18, 2016 Lloyds Banking Group, HSBC and Royal Bank of Scotland are all in legal hot water after a case was filed in the US against a slew of banks on allegations they rigged a key Australian benchmark rate. The US lawsuit claims the lenders manipulated the bank bill swap rate (BBSW), a benchmark used mainly in Australian [...]
Experts fight back against government’s tax avoidance proposals August 17, 2016 Accountants and lawyers have today pushed back against new tax avoidance proposals from the Treasury, arguing they risk punishing people for merely trying to do right by their clients. Earlier today, the Treasury laid out plans which would penalise advisers for offering information on how to sidestep tax, while a consultation run by HM Revenue [...]
Why spreadsheet skills alone won’t make the finance chiefs of the future August 17, 2016 For those looking to climb to the top of the finance career ladder, a good command of pivot tables on its own is no longer going to cut it, research out today shows. A survey of more than 500 finance directors, chief finance officers and senior partners by the Institute of Chartered Accountants in England [...]
Ex-Barclays trio in bid to appeal their Libor convictions August 15, 2016 Former Barclays bankers Jonathan Mathew, Alex Pabon and Jay Merchant have applied to appeal their convictions for Libor-rigging offences, which were handed down last month. City A.M. can reveal that applications have been lodged on behalf of the three men, who were found guilty of one charge each of conspiracy to defraud on grounds they conspired to [...]
HM Revenue & Customs (HMRC) scraps quarterly updates for 1.3m small businesses, and takes next step in plans to make tax digital August 15, 2016 The taxman has this morning confirmed it is no longer planning to have the smallest businesses report back quarterly on their tax affairs. HM Revenue & Customs (HMRC) announced 1.3m unincorporated businesses and landlords with turnover less than £10,000 would be able to use the digital services it’s currently rolling out without having to either [...]