Hipsters sending Britain’s wine producers soaring October 27, 2015 The number of new UK wine producers is flying – and it’s all down to your friendly neighbourhood hipster. The HMRC received 65 applications from budding wine producers last year – up 41 per cent from the 46 applications that came in the year before. Looking back, the figure has doubled in the past two [...]
MPs reject a tampon tax bill calling for a reduction in the rate of VAT on women’s sanitary products October 26, 2015 Eurosceptic Tory MPs joined forces with Labour and the SNP in a surprising alliance last night to try to force the government to cut taxes on women’s sanitary products. The coalition failed with MPs rejecting The Finance Bill amendment, which would have forced a negotiation with the EU to reduce VAT rate, by 305 to 287 votes. HM Revenue and Customs [...]
UK wine-production keeps gaining in popularity, with a 41 per cent increase in new labels October 26, 2015 It's been a vintage year for UK wine-makers, with 65 new producers registering with HMRC up 41 per cent from last year. There are currently 470 commercial vineyards in England and Wales, mainly producing sparkling wine as our slightly-damp climate and chalky soil is similar to conditions in Champagne. The growing numbers – more than [...]
UK smugglers’ gold jewellery could fetch £2.5m at action next week in Belfast October 25, 2015 Almost 150 kilos of smuggled gold jewellery, worth more than £2.5m, is set to be auctioned off next week. HMRC seized the loot in 2012 from a gang trying to smuggle it into the UK, as part of a £9m plot. The haul includes Asian gold rings, bangles and necklaces, along with a statue and [...]
Thousands of self-employed people facing HMRC fines for late tax returns, say accountants October 23, 2015 Thousands of self-employed Londoners face fines of up to £1,600 at the start of next month for failing to file their tax returns on time, according to City accountants Perrys. Last year approximately 700,000 people in the UK missed the government’s 31 October submission deadline. This year, the fines are estimated to hit as many as 890,000 people. And with 680,000 London workers registered [...]
Monsoon Accessorize tops government list of minimum wage offenders October 23, 2015 Womenswear retailer Monsoon has topped a government list of companies failing to pay staff the national minimum wage. An HMRC investigation found 115 non-compliant companies, which have today been named and shamed as owning workers nearly £400,000 in the last year, spanning sectors including hairdressing, retail, education, catering and social care. On 1 October 2015, the National Minimum Wage (NMW) [...]
Tax gap falls to record-low, revealing the failings of Corbynomics, claims secretary to the Treasury David Gauke October 22, 2015 The UK's tax gap has fallen to an all-time low, prompting Labour's critics to ramp up their arguments against Corbynomics. Figures released today by HMRC reveal the tax gap – the difference between the amount of tax that should be collected against what is actually collected – in 2013/14 fell to a record low of 6.4 per [...]
Why it’s high time we made private equity less private October 22, 2015 The alternative finance revolution is making waves. There’s been much talk about how it is challenging the banks. Now its impact on the investment world is starting to gather momentum. Private equity and venture capital were once the preserve of the ultra wealthy. But I believe that it is the right time to shake up [...]
Only £4,327 for HMRC despite Facebook UK’s £105m revenues October 11, 2015 FACEBOOK paid just £4,327 in corporation tax last year – less than the annual cost of travel for some people commuting to London from Brighton each day. The social media giant rewarded its UK staff with an average of £210,000 in pay and bonuses, and spent £35.4m on shares for 362 London employees, bringing the [...]
Four actionable tips for starting up a business in 2015 October 8, 2015 We have put together seven actionable tips for SMEs and people thinking of starting up a new business in 2015. As the Chinese proverb says: ‘the best time to plant a tree was 20 years ago. The second best time is now.’ With the right business idea, planning, marketing and execution it is [...]