A crackdown on VAT fraud could turn business leaders into “pariahs” October 31, 2016 Business leaders could be held personally responsible for employees going behind their back and undertaking fraudulent actions if government proposals are taken forward. An HM Revenue & Customs (HMRC) consultation on VAT reform closes for comments next week and experts are staggered that the plans heighten the bar of the level of detail company directors need to know. Businesses and [...]
Brexit is a chance to reboot Britain’s stagnant productivity performance – as long as we also return monetary policy to normal October 31, 2016 Productivity is the key driver of economic prosperity. From 1945 to 1980 Britain performed poorly on productivity growth, particularly in the 1970s when the UK joined the European Community. The 1980s saw a sharp improvement in UK productivity growth, sustained for much of the 1990s and early 2000s. Alas, the UK’s productivity performance has since [...]
Latest filings by British arm of McDonald’s reveals level of royalty payments to Luxembourg entity October 30, 2016 The British operations of burger giant McDonald's paid £123m for franchise rights last year which are part of a structure that is being investigated by European authorities. The company, whose UK operations are captured in a Luxembourg based company, McD Europe Franchising, reported a profit of $541m for the year to December 2015, almost identical to the $540m it [...]
Here’s how to make the most of investing in Apple, Amazon and major overseas players October 27, 2016 In a globalised world, equity investors need to think big if they want to buy the world’s best companies. “There is no UK equivalent to the likes of Amazon or Facebook. The UK’s own social networking pioneer, Friends Reunited, finally closed its web doors in February this year,” says Michelle McGrade, chief investment officer at [...]
Time is money: Are luxury watches a good investment? October 26, 2016 The current wave of smartwatches, like any new technology, will be outdated by the time you’ve finished reading this article. But certain classic watches not only tell the time, they increase in value with it. While the poorest performing of all the other asset classes (barring furniture), the watch sub-category of the Knight Frank Luxury [...]
Property sales start to stumble following Brexit vote October 21, 2016 The number of people buying and selling homes, flats and offices has dipped in the latest sign of uncertainty in the UK property market. According to transaction figures published by HM Revenue & Customs (HMRC) this morning, sales of both residential and commercial properties are down. There were 93,130 residential transactions rubber-stamped during September, down 4.3 [...]
Parcel delivery giant Hermes face HMRC inquiry after low-pay allegations October 20, 2016 Courier giant Hermes has been referred to HMRC following complaints that they are paying staff less than the national living wage. Employees at the firm, who deliver for John Lewis and Next, were taking home less than the national living wage once petrol costs were taken out, a recent investigation found. Hermes workers also said they received no holidays or [...]
Institute of Directors calls for tax overhaul to help startups soar October 20, 2016 Complications in the tax system are a blocker for startup firms to take on more staff and pitch bigger contracts, a new report has found. Research from the Institute for Directors (IoD), Prelude Group and Grant Thornton calls for an overhaul of the system to make it simpler, including recommendations to merge income tax and [...]
Supreme Court rules HMRC conversation with The Times was ‘a matter of serious concern’ October 19, 2016 The Supreme Court has today ruled that HM Revenue & Customs (HMRC) breached confidence when it hosted an off the record discussion with journalists about a scheme a taxpayer was using. David Hartnett, then permanent secretary for tax at HMRC, told two journalists from The Times in 2012 that he was not a fan of film [...]
The EU’s maddening, opaque, confusing and illogical import tariffs must be scrapped October 18, 2016 As you sit down to read City A.M. today over a perfectly smooth coffee from one of London’s ubiquitous coffee shops, you’re probably well aware that we don’t grow coffee in this country, never will and don’t care either. So why does coffee need seven different types of import tariffs set by the EU? Today we [...]