London forex trader sues Citigroup for $112m over ‘malicious’ prosecution October 2, 2019 A London-based former Citigroup trader is suing the bank for over $112m (£91m), alleging the bank made materially false and malicious statements to US prosecutors which led to him being tried in New York on foreign exchange rigging-charges. Rohan Ramchandani, former European head of the US bank’s forex spot market trading desk, is alleging Citigroup [...]
Topps Tiles shares sink on fourth quarter sales dip October 2, 2019 Shares in Topps Tiles dipped this morning as the company revealed political uncertainty hurt fourth quarter trading. The tile retailer said like-for-like sales fell 1.9 per cent in the fourth quarter as uncertainty impacted consumer confidence. Shares fell 6.5 per cent this morning. Read more: Brokers urge investors to buy Topps Tiles shares as sales [...]
Goals Soccer Centres warns HMRC black hole could be higher than £12m September 30, 2019 Goals Soccer Centres has warned that a black hole in its accounts could be “materially higher” than the £12m it had previously disclosed as it officially de-listed from London’s Aim stock market. The company suspended shares in March after saying its financial results had contained a misdeclaration of VAT, which have raised suspicions of tax [...]
Authorities continue to question Airbnb as UK tax bill shrinks September 30, 2019 Enquiries into Airbnb’s UK tax structure have continued to plague the short-term holiday rental giant, even as its payouts to HM Revenue & Customs (HMRC) have decreased. Airbnb said it remains subject to “tax enquiries and proceedings concerning its operations and intracompany transactions”, filings seen by City A.M. reveal. It has also been contacted regarding [...]
Housing market uncertainty persists as property transactions remain flat September 24, 2019 Property transactions in August edged down slightly year-on-year, but buyers and sellers showed some signs of resilience despite the current Brexit uncertainty. There were 99,890 residential deals in August 2019, falling 0.9 per cent from last year but rising 15.8 per cent compared with the previous month, according to new HMRC data published today. Signs [...]
How Kapten is trying to take Uber’s ride-hailing crown September 23, 2019 Uber has an image problem. The ride-hailing app’s popularity has declined on complaints that its drivers are contributing to congestion and pollution on London’s streets. Uber took a big PR hit last year when Transport for London (TfL) took away its operating licence due to issues with the company’s approach to safety and regulation. The [...]
Zac Goldsmith shared in £16m payout before All Star Lanes went bust September 22, 2019 Investors including Tory MP Zac Goldsmith, diamond mogul Anthony Oppenheimer and fund manager Jim Mellon are said to have shared in a £16m payout from a chain of bowling alleys just months before it went bust. All Star Lanes, which owns four bowling alleys in London, was sold to Risk Capital Partners last week as [...]
For the tax avoidance of doubt: In light of the review into the controversial loan charge, what are the options? September 18, 2019 With reports of people losing their homes, going bankrupt, and even committing suicide, it’s clear that the government’s so-called “loan charge” is hugely problematic. Tens of thousands of freelancers and contractors are being chased for retrospective tax, with some expected to pay debts that date as far back as 1999. Why? Because they signed up [...]
Worried about Brexit’s impact on your business? September 18, 2019 London is one of the world’s business capitals – a world-class financial hub, home to leading businesses across finance, professional services, law, technology, and creativity. While Brexit will not change these fundamentals, we know that it will cause new challenges that firms need to address to continue to be successful. Big firms will weather the [...]
John McDonnell pledges crackdown on City ‘enablers’ of tax avoidance September 15, 2019 Shadow chancellor John McDonnell has vowed to clamp down on City advisers engaged in promoting tax avoidance schemes, calling for hefty fines and even jail terms under a future Labour government. McDonnell directed his fire at “big accountancy firms” which he called “enablers” of tax avoidance, the term used to describe legal efforts to minimise [...]