More industries exempt from isolation and testing sites expanded in effort to ease pingdemic July 26, 2021 More workers are now able to avoid Covid self-isolation after the government expanded a pilot workplace testing scheme in a bid to halt the “pingdemic” causing staff shortages across England. Prison staff, some veterinary staff, telecoms organisations, defence staff such as soldiers, HMRC staff and refuse collectors will now be eligible for exemption. It comes [...]
Swedish drinks firm Kopparberg sues HMRC over tax loophole July 26, 2021 Swedish cider maker Kopparberg has filed a High Court claim against HM Revenue and Customs over allegations of unlawful tax discrimination. The popular booze brand argues that the UK applied excessive duties on imported alcoholic ciders by allowing domestic producers to dilute their products to avoid taxes. The tax loophole, known as post duty point [...]
The wellness tax: providing healthy meals and fitness classes for staff should be tax-free for employers July 25, 2021 Over the last 18 months, we’ve heard a lot about the impact of the pandemic on mental health, and with good reason. According to the Office for National Statistics, around 1 in 5 adults experience some form of depression in early 2021 – more than double the number before the pandemic. More than half of [...]
COVID-19 and the economic impact on UK businesses July 23, 2021 The COVID-19 pandemic has left a lot of business struggling, but how bad is the overall outlook for them? We’ve spoken to Michelle Elliot CA, partner at FRP based in Glasgow, about whether we can expect a tsunami of insolvencies or if UK businesses are coping better than expected. Michelle is a Chartered Accountant and [...]
Property transactions surge to record high in June July 21, 2021 UK monthly property transactions hit a record high in June as prospective homebuyers scrambled to complete purchases before the stamp duty holiday tapered at the end of the month, new figures released today show. HMRC said seasonally adjusted monthly transactions in June reached 198,240, the highest since records began. Read more: House prices surge 5.7 [...]
Exclusive: Sharp drop in fines against finance directors as HMRC has ‘bigger fish to fry’ July 20, 2021 The number of penalties issued personally to finance directors at large businesses by HMRC has dropped from 148 to just 20 in a year, according to new data, shared with City A.M. today. Law firm Pinsent Masons said that much of the fall in the number of fines against finance directors is due to HMRC [...]
Number of new businesses in UK increases by 14 per cent despite pandemic impact July 20, 2021 The number of new businesses started in the UK increased by 14 per cent in the last year despite the impact of the Covid-19 pandemic, outpacing the global average of a 6 per cent increase in business start-ups. A study by UHY, the international accountancy network, shows that there were 726,000 new businesses created in [...]
The outlook for business post-pandemic July 16, 2021 As we work towards exiting the pandemic we’ve spoken to insolvency expert, Blair Nimmo CA, on the outlook for businesses post-pandemic. Blair, the former UK Head of Restructuring and Global Head of Insolvency at KPMG, is Interpath’s Chief Executive Officer. As well as leading the strategic direction of the Interpath business, Blair also takes an [...]
End of an era: Liquidators appointed to wind up Philip Green’s Arcadia empire July 13, 2021 The administrators of Philip Green’s collapsed Arcadia have appointed liquidators to wind up the companies, marking the end of an era for the tycoon’s once-booming retail empire. Arcadia operated a number of high street brands across the UK and globally, including Topshop, Burton and Dorothy Perkins, and employed over 13,000 people at its peak. The [...]
Exclusive: Businesses overpaying corporation tax up by 26 per cent to record £11.5bn July 12, 2021 Businesses claimed back a record £11.5bn in overpaid corporation tax from HMRC last year, a jump of 26 per cent from £9.1bn the year before, according to data by accountancy firm UHY Hacker Young, shared with City A.M. this afternoon. The firm stressed it is “extremely likely” that these refunds are merely “the tip of [...]