Revealed: How the mansion tax could cost taxpayers £175m April 20, 2015 More than 120,000 households could face a bill of up to £4,800 each to have their property revalued thanks to Ed Miliband's mansion tax. The total cost to homeowners of revaluing their properties would come to around £110m, according to upmarket estate agent Savills. But it's not only owners of high-end property who are in [...]
Natalie Bennett struggles to explain how the Green Party will pay for “post-Thatcherite” Britain April 14, 2015 Green Party leader Natalie Bennett has struggled to explain how the massive tax rises proposed in her party's manifesto would generate enough revenue to fund the Greens' extravagant spending plans. The Greens want the top tax rate raised to 60p, introduce a wealth tax of 1-2 per cent on people worth £3m, introduce a financial [...]
Phones 4U creditors to receive up to 24p in the pound says PwC April 14, 2015 Collapsed mobile phone retailer Phones 4U will return up to 20-24p in the pound to senior creditors, but suppliers and the taxman will get relatively little from the administration. PwC, which was appointed administrator in September last year, said super senior noteholders – typically hedge funds and other asset managers – will receive nearly [...]
PwC tells HMRC to pay up 10 years after MG Rover collapse, claiming £56m in overpaid VAT April 8, 2015 PwC is tapping HMRC up for £56m in overpaid VAT, 10 years to the day that the car giant entered administration. The financial services firm, which handled MG Rover's administration and subsequent liquidation, is claiming the taxman received excess payments on vehicles manufactured by the Midlands-based group and supplied to fleet operators “dating back a [...]
Tax break firm leads biotech funding deal April 7, 2015 LONDON digital agency Random42 has received funding from Vespa Capital in a deal overseen by media and technology specialist Ingenious Corporate Finance. Random42, which is focused on the global pharmaceutical and biotech sectors, is hoping to accelerate growth in international markets with the investment. Ben Ramsbottom, the agency’s chief executive, said Ingenious was “instrumental” in [...]
City Moves for 07 April 2015 | Who’s switching jobs April 6, 2015 EMW The commercial law firm has announced several appointments. Caroline Hayward (pictured) and Robin Creek become principals in its real estate team. They both joined EMW from Harvey Ingram Borneos in 2012. Gurpreet Sanghera becomes a principal in its corporate team. In addition, Matthew Holman becomes an associate in the law firm’s commercial team, and [...]
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. [...]