For all their charm, digital banks still leave me tearing my hair out Opinion I admire London’s digital banks. But three events in the past month have made me realise I’m not parting ways with my high street bank any time soon. The first was dodgy transactions that started showing up on my Revolut account. I was being charged for random TfL tube journeys. I had a feeling this [...]
Family-owned Tottenham brewer falls into administration as industry pressures mount Hospitality A beloved family-owned Tottenham brewery that was a key player in London’s craft beer renaissance has fallen into administration amidst mounting cost pressures on the industry. Redemption Brewing Company, which was the first commercial brewery to open in Tottenham in nearly 100 years, is officially listed on the formal register of new insolvency appointments as [...]
Wes Streeting’s capital gains tax plan risks ‘disrupting’ growth Politics Wes Streeting’s plans to align capital gains taxes while introducing an investment allowance could be “disruptive” for growth as City advisers have become divided over the benefits of sweeping reforms. Streeting told the BBC last week that he backed a plan, first proposed by the Centre for the Analysis of Taxation (Centax) and later adopted [...]
Starling’s profit slides as falling interest rates bite May 21, 2026 Starling’s profit took a dip in the latest financial year as the lower interest rate environment took a chunk out of the digital bank’s bottom line. The UK fintech notched a £217m pre-tax profit, down three per cent from the £223m secured in the prior year. This came as revenue slipped 5.6 per cent to [...]
Bezos calls taxing low-paid Amazon workers ‘absurd’ May 20, 2026 Jeff Bezos has said low-paid Americans should pay no federal income tax, describing the idea of taxing some Amazon workers as “absurd”, as the billionaire founder renewed his criticism of the US tax system. Speaking to CNBC on Wednesday, Bezos said the “bottom half” of US taxpayers should pay zero federal income tax, arguing the [...]
Taxpayers on the hook over ‘dangerously outdated’ government IT systems May 20, 2026 One in four government computer systems are running on outdated technology, a new report has found, with taxpayers having to pay more for failures across Whitehall. The findings, published by Westminster think tank Re:State and supported by Ark Data Centres, reveal that nearly a quarter of the 319 central government systems assessed as of January [...]
Quantexa boss: ‘Britain can build global AI winners’ May 19, 2026 Vishal Marria is not short of reasons to be cheerful about Britain. At a time when the UK’s tech sector is once again debating listings, capital flight and whether founders inevitably end up scaling overseas, the Quantexa boss remains notably bullish about building and scaling in London. “Yes, we’re HQ’d in London, in the UK, [...]
HMRC fights to close Bolt’s VAT loophole May 19, 2026 Ride-hailing platform Bolt faces the tax authorities in court today over how it calculates and pays its VAT bill. At the centre of this dispute was the question of whether Bolt could use the tour operators’ margin scheme (TOMS). Under this scheme, businesses only pay VAT on the profit margin they make between buying a [...]
Premier League clubs’ success could earn HMRC £40m windfall May 19, 2026 Premier League clubs’ unprecedented success in Europe this season could earn HMRC a £40m windfall, according to tax experts. Bonuses paid out to players for winning domestic and continental trophies could hit £70m, generating a lucrative pot for the taxman, if Arsenal, Aston Villa and Crystal Palace clean up in the next two weeks. The [...]
Tax judge criticises ‘fabricated AI cases’ cited in appeal against HMRC May 18, 2026 A former West Sussex restaurateur has avoided contempt of court after using AI hallucinations as evidence in his £51,000 tax battle against HMRC. HMRC had sent letters to Omar Rafique, former director of Karma Lounge in Worthing, in 2024 demanding payment of over £51,200 and warning that he could face bankruptcy if the debt was [...]