As large multinationals like Google are slammed for taking advantage of the tax system, the Office for Tax Simplification vows to untangle tax burden for smaller companies March 3, 2016 Government has today unveiled a slew of recommendations designed to simplify tax for small businesses, including better sharing of data across departments and rejigging filing dates. The Office for Tax Simplification (OTS), which published the recommendations aimed at companies with less than 10 employees, believes a tax system that applies the same set of rules [...]
New Investigatory Powers Bill could cast out legal privilege if laws are not carefully scrutinised, barristers and solicitors warn March 3, 2016 The most recent iteration of the Investigatory Powers Bill may not protect a fundamental right of the legal profession as well as government hopes, legal experts have warned today. Speaking on behalf of the Bar Council, Peter Carter, chair of the Bar Council Surveillance and Privacy Working Group, scoffed at claims that legal privilege was now safely [...]
Abbey Life, Countrywide, Old Mutual, Police Mutual, Prudential and Scottish Widows face further investigation into life insurance exit charges by Financial Conduct Authority March 3, 2016 Six insurance firms face investigation from the Financial Conduct Authority (FCA) into what impact exit charges are having on their customers. The announcement follows today's publication of a review by the watchdog into 11 firms on fair treatment of long-standing life insurance customers. Six of the 11 companies – Abbey Life, Countrywide Assured, Old Mutual, Police Mutual, Prudential [...]
Barnes & Noble sales drop in third quarter ended January 2016 as consumers flock away from the Nook March 3, 2016 Barnes & Noble today revealed that its sales have dipped over for the last three months, as the brand's ereader fails to find favour with consumers. Sales for the bookseller's third quarter ending January 2016 were $1.4bn (£1bn), down 1.8 per cent compared with $1.5bn the year before. Sales of the company's ereader, the Nook, performed particularly poorly, [...]
Government must adopt a radical new post-crisis approach to achieve full employment, focusing on making sure people do not leave the workforce in the first place, says Resolution Foundation report March 3, 2016 A radical new post-crisis approach is needed if government wants to achieve its goal of full employment, a report released today has found. According to the study by the Resolution Foundation, which is based on a nine-month investigation, government should be focusing on labour market participation and bringing those who are currently classed as economically inactive [...]
Cyber crime going underreported as businesses cough up ransoms – often in bitcoin – for hackers to keep their data safe March 3, 2016 Businesses are paying out hefty cash ransoms to cyber criminals as they scramble to prevent online bandits from releasing large caches of their customers’ stolen personal data. Experts believe that several big firms have shelled out to hackers, often in the form of bitcoin, in order to save face and stop the data leaks going [...]
Cyber security: System glitch responsible for displaying customer details to others on Wal-mart’s online pharmacy in the US over a 72-hour period in February March 2, 2016 Some US customers logging onto Wal-mart's online pharmacy last month may have been left scratching their head at their supposed medical history, after a coding error made other users' information visible. The retail giant confirmed today that just under 5,000 customers may have been able to see the wrong set of customer information during a 72-hour period in [...]
American Eagle Outfitters share price up in after-hours trading as fashion retailer sees sales and profits soar in its year ended January 2016 March 2, 2016 Share price in American Eagle Outfitters rose in after-hours trading today, as the company revealed that profits almost trebled in its most recent set of results. The fashion retailer announced revenue of $3.5bn (£2.5bn) for its year ended January 2016, up seven per cent from $3.3bn the year before, and net income of $218.1m, up 172 [...]
Skullcandy share price down in after-hours trading as headphone company reports fall in net income despite higher sales for year ended December 2015 March 2, 2016 Shares in Skullcandy dropped in after-hours trading, as the headphone company revealed a fall in profits in its most recent results despite rising sales. Net income dropped to $5.9m (£4.2m) for the year ended December 2015, down 23 per cent from $7.6m the year before, although net sales rose to $266.3m, up seven per cent from [...]
Parents and grandparents spent £18bn supporting their adult children last year, with almost half of those in London saying their kids are relying on their contributions March 2, 2016 Parents who were secretly hoping the financial burden would ease once their little darlings reached 18 are probably feeling a little hard done by, as UK parents and grandparents shelled out £18bn on their adult children and grandchildren last year. According to research released today by the Post Office Money, nearly one in five (18 per [...]
