Starbucks’ European arm paid just 2.8 per cent tax in the UK September 19, 2018 Starbucks' European business paid 2.8 per cent tax in the UK on profits of $213m (£162m) in the year ending October 2017. The coffee chain's Europe, Middle East and Africa (EMEA) division, based in London, paid $5.9m in UK corporation tax, its accounts reveal. Its profits were boosted by a dividend payment of $150m, which [...]
Retail giants to be hit by £190m business rate bill as industry fears ‘tipping point’ September 19, 2018 UK retailers are set to face a fresh tax bill worth hundreds of millions of pounds if today’s inflationary figures remain similar next month, with embattled high street businesses fearing another hefty levy could push the sector to its limits. The British Retail Consortium (BRC) predicts that the retail sector will be slapped with a £190m [...]
Shop Direct swings to a loss as rising costs and PPI claims hit profits September 19, 2018 Littlewoods owner Shop Direct has moved into the red in the last 12 months, as rising construction costs for new distribution centres and mounting PPI mis-selling claims mount up for the online retailer. Pre-tax losses hit £24.7m in the year leading up to the end of June 2018, compared with profits before tax of £24.9m [...]
Time for the government to set out the details of its post-Brexit immigration policy September 18, 2018 Inch by inch, the government is creeping closer to a new immigration policy. With the publication yesterday of the Migration Advisory Committee's (MAC) report, there are no reasons left not to set out a vision for this complicated and contentious area of policy. The expectation is that Theresa May will use her speech to [...]
Ireland finally collects Apple’s €13.1bn disputed tax bill September 18, 2018 Ireland has fully collected the €13.1bn (£11.7bn) owed to it by Apple in unpaid taxes, plus €1.2bn in interest, its finance minister confirmed today. Apple paid the sum into an escrow fund awaiting the outcome of two appeals launched by the tech giant and the Irish government. Read more: Brexit Britain could be new sweetheart [...]
DEBATE: Is it fair to judge entrepreneurs like Amazon’s Jeff Bezos for their philanthropic efforts? September 18, 2018 Is it fair to judge entrepreneurs like Amazon’s Jeff Bezos for their philanthropic efforts? Sarah Turner, managing director of Carter Wong, says YES. We live in a world where the “haves” and “have nots” grow ever further apart. It’s also a world where big brands are waking up to the power of investing in social good [...]
Blistering summer puts the heat on Zalando September 18, 2018 Online shopping giant Zalando suffered a 17 per cent drop in its share price this morning, as the firm cut its 2018 outlook for the second time in as many months. The German-based retailer now expects adjusted earnings before interest and tax (EBIT) between €150m and €190m (£133m-£197m), compared with the previous guidance at the low [...]
Social care funding crisis could be solved by new pensions-style payments, says health secretary September 17, 2018 A social care insurance scheme is being considered by the Conservatives to help tackle the crisis in elderly health provision. The scheme, first revealed by City A.M. in July, would see workers paying in to a dedicated national care fund to help cover the growing cost of social care. Read more: The government has a [...]
Unilever shareholder in ‘revolt’ over tax risks associated with Amsterdam move September 15, 2018 A shareholder in Unilever has hinted it could vote against the consumer giant's plan to move its headquarters to Amsterdam to simplify its corporate structure. The Times reported that Lindsell Train, Unilever's third largest shareholder, could vote against the move on the grounds that it would result in the forced sale of Unilever shares and mean [...]
Archbishop of Canterbury to lead effort to tackle £400m Wonga bill September 15, 2018 The archbishop of Canterbury Justin Welby is to lead an effort to pay for the £400m loan bill left by Wonga after the payday loan provider collapsed last month. The Guardian reported that Welby will meet investors and charitable foundations at Lambeth Palace next week to co-ordinate an effort to rescue around 200,000 customers who are faced [...]