Taxing times for tobacco as smokers count the change January 30, 2013 THERE were more bleak economic figures out of Spain yesterday, with its output in the last quarter of 2012 down 1.8 per cent year-on-year. That won’t have been much of a surprise for Imperial Tobacco, which produced an interim management statement for the last quarter of 2012 that announced its six month adjusted operating profit [...]
Letters to the editor January 21, 2013 North Africa crisis [Re: Does the crisis in North Africa represent the start of a new wave of global instability, yesterday] Media portrayals of recent events in Mali and Algeria paint a picture of a high-risk continent, blighted by radical jihadists, chronic instability and incompetent governments. But Africa is far larger and more varied than Europe, [...]
HMRC closing down firms left right and centre to claw in tax January 20, 2013 HER MAJESTY’S Revenue and Customs ratcheted up its tough stance on tax in the last tax year, according to data released this morning. HMRC tried to shut down 5,302 firms during the 2011-12 tax year, Wilkins Kennedy revealed, an explosion of 57 per cent compared to 2010-11’s 3,367 applications. “When businesses run into trouble, often [...]
There are pitfalls to avoid when filing your tax return January 20, 2013 THE online tax return deadline – the paper return deadline has long since past – is at the end of this month (31 January). The process is a dreaded one, but it is important to get it right. Recently the number of people who are self-employed has been on the rise – but they’re not [...]
Tying the knot can help you maximise your allowances January 20, 2013 WHEN it comes to tax, we don’t often have a lot to cheer about. That is unless you have tied the knot, since married couples and civil partners have some juicy advantages. Planning in advance, and seeking expert advice, can prove an efficient way of maximising your joint tax allowances. INVESTMENT INCOME The income tax [...]
Relax to the sounds of the City January 17, 2013 MOST City workers down a speedy sandwich during their lunch hour, while others make a dash for the gym – but how many actually relax when away from their desk? This is the question being posed by the City of London Festival, which is touting its annual free Winter Concerts programme to encourage us all [...]
HMRC beefs up wealth team January 16, 2013 HM REVENUE & CUSTOMS yesterday announced it will hire 100 additional inspectors to investigate the tax affairs of high earners. They will work alongside the 200 existing members of the Affluent Compliance Team to ensure people with an annual income of more than £150,000 – or wealth of more than £2.5m – pay their tax in full. HMRC claim the [...]
City Moves for 17 January 2013 | Who’s switching jobs January 16, 2013 Lloyds Bank The bank’s commercial banking division has appointed Karin Cook chief operating officer. She joins from HSBC, where she was most recently global chief operating officer for its private bank. Cook has over 20 years’ experience in the industry, and has also held roles at Goldman Sachs and Morgan Stanley. Saffery Champness The accountancy [...]
Goldman Sachs in U-turn over delay to bonus January 15, 2013 GOLDMAN Sachs will pay its bankers’ bonuses before the 50p tax rate is cut to 45p, it emerged yesterday, after an outcry from politicians and regulators angry at plans to delay the payments into the new tax year. The bank’s compensation board considered shifting the payments to April, a source familiar with the discussions told [...]
Subway fights for sandwich tax equality January 13, 2013 FAST food chain Subway is preparing to recommence battle with HM Revenue & Customs over the decision to charge VAT on toasted sandwiches, in a move that could reheat the furious row that surrounded last year’s pasty tax. The company has won the right to take a test case to the Court of Appeal, despite [...]