From stamp duty to the triple lock, Andy Haldane says bold Burnham leadership can usher ‘vibe change’ for UK economy
Uber rival Kapten partners with Citymapper on London travel July 17, 2019 Citymapper has teamed up with rival Kapten to offer a £10 credit to some of its users. Users of Citymappers’ pass, which was launched in March, will receive a free £10 weekly credit for rides via Kapten, the only private hire firm to have teamed up with the transport app. Read more: French ride-hailing app [...]
Massive airport email scam blocked by UK spooks July 16, 2019 An attempt to scam hundreds of thousands of people using a spoof UK airport email address was one of a string of major cyberattacks prevented by spooks last year. Criminals sent more than 200,000 emails impersonating an airport from a fake gov.uk address last August in a bid to defraud people, but the messages were [...]
Why don’t banks care about SMEs? July 9, 2019 For a service sector dealing almost solely with numbers and structured data, the world of small business lending could not be better suited to disruption by digital machines. But recently, Bank of England governor Mark Carney rightly pointed out that, despite small and medium sized enterprises (SMEs) facing a £22bn funding gap, almost half don’t [...]
Facebook’s cryptocurrency Libra could run into tax trouble say lawyers July 1, 2019 Facebook’s new cryptocurrency Libra could face serious tax issues that could hamper its widespread takeup, according to City lawyers. Earlier this month, the social media giant confirmed plans to launch Libra which is intended to be a new global currency that can improve access to the financial system. Tax lawyers from Magic Circle law firm [...]
Fraudsters target children as young as 11 to launder money June 18, 2019 Identity fraud reached record highs last year and criminals targeted children as young as 11 to launder money. Criminals targeted younger people and pensioners, the UK’s fraud prevention service Cifas revealed in its annual report. The figures showed more than 189,000 fraud cases were reported last year with plastic card fraud proving the most common. [...]
Credit Suisse prepares to sue HMRC over tax on bonuses June 16, 2019 Lawyers representing Credit Suisse are preparing for a battle to reclaim more than £200m from the taxman over bankers’ bonuses. The bank was forced to pay a 50 per cent tax on bonuses above £25,000 in 2010. However, it is now looking to claim back at least £239m, claiming the temporary tax unfairly affected its [...]
More than five million fall victim to financial scams, Lloyds Bank warns June 14, 2019 More than five million people in the UK have fallen victim to a financial scam as fraudsters use more sophisticated techniques to dupe the public. A Lloyds Bank and YouGov survey revealed 10 per cent of adults had been scammed while a quarter said they knew someone who had conned. Read more: HMRC cracks down [...]
Tax investigations into large UK companies now taking three and a half years June 12, 2019 Government tax investigations into large UK businesses are now taking more than three and a half years, according to international law firm Pinsent Masons. Read more: G20 vows to crack down on tech giant tax havens by 2020 The figure represents a 10 per cent rise from the time it took HM Revenue & Customs [...]
Uber under investigation by US and foreign tax authorities June 4, 2019 Uber has revealed it is under investigation by a string of tax authorities in the US and abroad. The ride-hailing firm said in a filing today that the Internal Revenue Service (IRS) has launched a probe into its taxes for 2013 and 2014. Read more: Uber loses $1bn in first quarterly results since stock market [...]
HMRC increasingly targeting individual executives in tax crackdown June 3, 2019 HM Revenue and Customs (HMRC) is increasingly targeting C-suite executives personally as it looks to hold businesses to account. The number of chief financial officers and other senior finance directors fined has increased 22 per cent in the year to 31 March to hit 152. In 2017-18 HMRC levied 125 fines against individuals while in 2012-13 – [...]