HMRC disputes backlog grows as new tax complaints soar June 5, 2012 DISPUTES between taxpayers and HM Revenue and Customs (HMRC) hit a record high in the final quarter of 2011, according to new data out today, as the agency struggles to deal with a growing backlog of tribunal cases. The three-month period saw 3,400 new cases – a quarterly high taking the year’s total to 11,000, [...]
City joins in with Jubilee pageant festivities June 5, 2012 THE DUST had barely settled and coffee machines had hardly cooled when City workers flocked back to their desks on Sunday to get a better – and drier – view of the Jubilee river pageant. Insurance firm Aspen were one of such group of revellers, hosting a party for more than 100 staff and family [...]
Schroders set to move into property market June 5, 2012 SCHRODERS has begun talks to enter property lending as banks cut their exposure to the sector. The blue-chip money manager is looking at setting up a division to provide debt finance to property owners and developers. It has not made a final decision on the size of the scheme, which could be wrapped into its [...]
William Hill cheers Spain rules June 5, 2012 BETTING group William Hill welcomed Spain’s new gambling laws and licences yesterday, saying the plans to tax gaming firms “will be beneficial for all” as the industry expands. Cash-strapped Spain hopes to raise money by taxing firms 25 per cent of their gross gaming revenue, having already raised €70m (£56.7m) by collecting back-taxes in recent [...]
GYM GROUP SWEATS OUT RECORD REVENUES June 5, 2012 The Gym Group, the low cost gym, has grown annual turnover by 88 per cent to £13.5m in what it said was an “outstanding” year. Chief executive John Treharne said membership at its gyms rose 67 per cent to 96,000. With six new sites now open, The Gym Group expects 35 centres to be open [...]
CITY MOVES WHO’S SWITCHING JOBS June 5, 2012 VAT Consultancy The VAT and customs duty advice firm has appointed Julie Park (right) as its new managing director, responsible for the daily running of the business and corporate expansion. Park is a former director at Deloitte and will work alongside VAT director Steve McIntyre. RSM Tenon Tim Ingram has been appointed as chairman at [...]
BEST of the BROKERS June 5, 2012 JOHNSON MATTHEY Deutsche Bank rates the chemicals group “buy” with a target price of £24.50. The broker expects good second-half results when the firm reports tomorrow, with a 14 per cent rise in pre-tax profit driven by higher demand for automotive products and precious metals. NEXT Nomura rates the high street retailer “buy” and has [...]
EUROPE REPORT June 5, 2012 THE euro fell and German bond prices gained yesterday as the Eurozone debt crisis showed signs of escalating after Spain said it was being shut out of credit markets. The treasury minister of Spain, the Eurozone’s fourth biggest economy, said high borrowing costs meant credit markets were closing to his country, and he made an [...]
NEW YORK REPORT June 5, 2012 US stocks rose yesterday, recovering some ground from last week’s sharp selloff as investor angst about the Eurozone’s fiscal crisis was offset by data showing the US economy’s services sector grew faster than expected in May. However the technical rebound was expected to be temporary and weak. Financial stocks ranked among the best performers. The [...]
Singaporean feng shui firm to list on Aim June 5, 2012 A SINGAPORE-BASED consultancy firm that advises blue-chip companies using the ancient Chinese philosophy of feng shui is to float on London’s junior stock market to raise £1.5m. New Trend Lifestyle Group, which counts Citibank and Standard Chartered among its clients, announced yesterday its intention to float on Aim at the end of June to fund [...]
