Pensions: Act now to avoid 55 per cent tax March 31, 2015 Don’t be caught out by the lower lifetime savings allowance. New rules on the total amount of money that can be saved tax-free in a pension are set to come into force in April 2016. The lifetime allowance was £1.8m in 2011-12, but George Osborne reduced this to £1.25m in 2014, and the limit will [...]
French Connection, Conde Nast and Champneys named and shamed for failing to pay minimum wage March 24, 2015 French Connection, Conde Nast and Champneys have been named and shamed by the government for failing to pay their workers the minimum wage. In total, 48 companies spanning fashion, publishing, hospitality, health, car, care and retail have been identified today by the Department for Business, Innovation and Skills. They owed workers £162,000 in arrears between [...]
Startup-friendly? What George Osborne’s Budget means for entrepreneurs March 22, 2015 Small businesses favour certainty over circus tricks, and the announcements made in last week’s Budget have received a generally positive response from entrepreneurs that I have spoken to – especially in the context of a growing economy. FOR THE ENTREPRENEUR Many will be happy that Entrepreneur’s Relief remained largely unchanged, providing a 10 per cent [...]
What does the chancellor’s Budget mean for you? From the single parent to the startup founder March 18, 2015 THE SINGLE PARENT Catherine Gannon, 51Managing partner at law firm Gannons Gannons Commercial Law continues to do well, with profits and earnings up on last year. Catherine is commercially savvy and has restructured the business from an LLP to a limited company, illustrating that she is a smart operator in a segmented legal market. [...]
Budget 2015: George Osborne plays to the crowd with a populist plan March 18, 2015 Despite the chancellor promising not to pull a rabbit from the hat, there were in fact plenty of Budget bunnies to be seen this year. With the UK now growing ahead of its major international competitors and an General Election coming up so soon, it’s clear that George Osborne felt confident enough to splash out [...]
Budget 2015: No more paper tax returns, but how will the new digital system work? March 18, 2015 Could the best thing from the 2015 Budget be the end of tax returns as we know them? In an announcement that had taxes as a central theme, George Osborne announced a new, digitised tax-returns system. From early 2016, gone will be the days of wading through paper tax returns – instead HM Revenue and [...]
Budget 2015: Protestors go into the Crystal Maze to grab tax dodger cash March 17, 2015 Protestors donned costumes and recreated the classic Crystal Maze game in the heart of Westminster yesterday, as part of the campaign against tax dodging. Dressed as George Osborne, Danny Alexander, and Ed Balls, they posed with ministerial red boxes inside a glass dome, with fake bank notes flying around. The flying cash represented the money [...]
BDO: What we expect and hope for in today’s Budget March 17, 2015 Our tax policy over the past decade has largely ignored the UK’s mid-market businesses despite this section of the economy being a significant source of tax revenues and widely regarded as the engine room for future economic growth. This fact needs to be acknowledged, with more targeted reliefs and incentives aimed at stimulating this fundamental [...]
City Moves for 12 March 2015 | Who’s switching jobs March 11, 2015 Edmond de Rothschild Olivier Colom has been appointed head of the private banking and asset management group’s new General Secretariat, responsible for ensuring the Executive Committee’s decisions are implemented. He joined Edmond de Rothschild in 2013 as an international adviser, and has previously served as an adviser to the President of France and in various [...]
Argentina turns up the heat on HSBC with demand for £2.3bn of offshore cash March 9, 2015 Argentina is demanding that HSBC repatriate £2.3bn of its clients' money. The bank stands accused of moving the money offshore for tax advantages. The head of Argentina's tax authority, Ricardo Echegaray, claimed HSBC's actions threatened the stability of the Latin American state. Speaking at the Argentine embassy, Echegaray told a host of journalists "HSBC built [...]