Public borrowing hits high as tax receipts fall February 18, 2010 THE state of the UK’s public finances got even worse in January after spending rose more than expected while tax revenues declined, according to official figures. Figures from thr Office of National Statistics (ONS) said the government borrowed another £4.3bn last month. Analysts had expected the government to repay about £2.8bn of its debts. January [...]
Affluent tax dodgers pay out £373m as HMRC tightens net February 16, 2010 HM REVENUE & Customs’ (HMRC) crackdown on wealthy tax evaders is gathering pace after investigators clawed back £373m last year, an increase of 21 per cent on 2008’s haul. Hedge fund managers and investment bankers were among those targeted by HMRC teams who examined the affairs of more than 50,000 people earning in excess of [...]
Profits surge at Barclays February 16, 2010 BARCLAYS yesterday lit a firecracker under the UK banking sector as it posted a 92 per cent surge in full-year profits, thanks to a sterling performance in its investment banking division and a one-off windfall from the sale of its asset management arm last year. Pre-tax profit rose to £11.6bn, up from £6.1bn in 2008, [...]
Dax’s big fat Greek boost February 14, 2010 THE prospects for Europe’s southern economies may be fading fast, but what is one country’s loss can be another’s gain. The euro, driven lower by investors’ fears over a Greek debt crisis, could be a boon for German exporters. The single currency has fallen steeply against the US dollar; it is down 9 per cent [...]
Q&A SHARE PLANS February 11, 2010 Q. I am an entrepreneur and I am thinking about a share scheme for my employees. What are the benefits for the employer and employee? A.Typically, employee share ownership schemes, or share option schemes, are used by small businesses for the same reasons that they are used by large multi-national corporations: to incentivise, reward and [...]
Get into the foreign property game at a fraction of the cost February 11, 2010 FOR many people, owning a foreign property would be the ultimate luxury. However, dealing with local authorities, maintaining the place, or renting it out can turn a luxury into a time-consuming, costly hassle. And that assumes you can really afford the place of your dreams, rather than a flat in a high-rise overlooking a crowded [...]
Incentive fees boost Och-Ziff February 11, 2010 HEDGE fund company Och-Ziff Capital Management Group yesterday reported higher-than-expected quarterly earnings because it collected more incentive fees as its portfolios delivered strong returns. The New York-based company, which participated in the Glazer family takeover of Manchester United in 2005, reported distributable earnings of $281.4m (£179m) or 69 cents per share. A year earlier, the [...]
Paradise complete with tax benefits January 28, 2010 WITH taxes for top earners sure to increase in the coming years, there has been much talk of City types moving abroad. Switzerland has been the country mentioned most often. The lure of Geneva, Zurich and Zug, it is supposed, will prove irresistible to London-based bankers because of the low tax regime. But will it [...]
NEWS | IN BRIEF January 20, 2010 Protection for agency workers The government will fast track tougher protection for two million temporary and agency workers. The move follows years of talks between employers and unions on whether non-contracted staff should be given the same rights as full timers. Many Labour backbenchers support tougher regulations to bring Britain into line with European labour [...]
Bermuda’s financial future is rocky January 18, 2010 TEN years ago Bermuda was still drunk on the unprecedented success of its conversion from a tourist haven to an international business centre. Scores of bankers and insurance brokers zipped down its narrow streets on expensive Vespa scooters and tills in local bars rang with money being spent by rich guest workers. But the UK [...]