Domino’s Pizza warns it could be hit with extra slice of retrospective tax April 3, 2016 Domino’s Pizza has warned it could be slapped with a retrospective tax bill related to past bonus schemes dating back to 2003. In its annual report, the fast food chain revealed it is in talks with HM Revenue & Customs over some of its bonus plans between 2003 and 2010, which used trusts to award [...]
HM Revenue & Customs continues quest to develop digital presence by ditching IT contract that cost it £10bn March 30, 2016 The UK's tax authority made another move in its mission to go fully digital today by dropping an IT contract worth £10bn. HM Revenue and Customs (HMRC) has agreed a phased exit from a contract with IT suppliers Aspire in favour of seeking services from a wider range of companies from next month onwards. By [...]
It’s nearly the end of the tax year – but before getting stuck into next year’s investments, do consumers really understand how your Isa works? March 23, 2016 Since its introduction, the Isa has proved to be one of the most popular savings vehicles of choice. Every year, in the run up to the end of the tax year, savers continue to put billions of pounds away. Figures from HMRC show that in 2014/15, around 13 million adults subscribed to an Isa and since they first became [...]
From cuts to capital gains tax to a review of the “salary sacrifice” scheme: Here’s what you missed from Budget 2016 March 23, 2016 Eye-catching schemes like the sugar tax, the lifetime Isa and cuts to corporation tax may have grabbed the headlines following last week’s Budget. But a number of the Treasury’s other announcements could impact directly on employees, savers and investors. Here’s a run-down of the best of the rest. REDUCTIONS TO CAPITAL GAINS TAX In two [...]
HMRC in £1.6bn cigarette and alcohol duty crackdown March 21, 2016 HMRC raked in £1.63bn over the past 12 months from investigations into underpaid cigarette and alcohol taxes, new data shows today. Revenues from investigations into so-called sin taxes are up six per cent on the year ending March 2015, according to figures retrieved by accountants UHY Hacker Young. The UK’s black market in cigarettes and alcohol [...]
London Fields craft brewery is up for sale for £1m after founder Jules Whiteway-Wilkinson charged with fraud March 20, 2016 Craft brewers are hot property right now. First Meantime in Greenwich was snapped up by SABMiller and then Asahi, while AB Inbev tapped Camden Town Brewery last year and there has been huge demand from investors wanting to dip their toe in via crowdfunding. Now on the market is Hackney’s London Fields craft brewery, creator of the Hackney [...]
George Osborne’s tinkering has made the UK tax system more complicated than ever March 18, 2016 After eight Budgets and six Autumn Statements, we have a pretty good idea of what kind of chancellor George Osborne is. According to the Office for Budget Responsibility’s policy measures database, before Wednesday he had made 585 separate tax policy changes at these so-called “fiscal events”. There had been 165 income tax changes, 107 corporation [...]
Budget 2016: Before small businesses celebrate George Osborne’s speech, they should check the small print for details March 16, 2016 The review of the small business rate relief scheme in chancellor George Osborne’s latest Budget is a very welcome one for UK businesses and is a better outcome than many expected. The news that many more qualifying businesses will pay no rates whatsoever from 2017 is also cause for celebration for small business throughout the [...]
Budget 2016: George Osborne reveals richest one per cent of taxpayers paid 28 per cent of income tax in 2013/14 March 16, 2016 A higher proportion of income tax came from the richest one per cent of taxpayers in 2013/14 than in any other year over the last two decades, chancellor George Osborne said today. In his Budget, published today, Osborne highlighted figures from HMRC showing that those in the highest income tax band contributed 28 per cent of the [...]
Budget 2016: George Osborne’s speech in full March 16, 2016 George Osborne has just revealed the Budget for 2016. There was good news for businesses with corporation tax being sliced and business rates being reformed – but bad news for smokers and students who hate maths. Mr Deputy Speaker, Today I report on an economy set to grow faster than any other major advanced economy in [...]