Tax bosses say Starbucks has not been abusing the system February 4, 2013 STARBUCKS’ tax arrangements are perfectly legitimate under international tax rules and do not represent abuses of the system, tax heads from HM Revenue and Customs (HMRC) and the Treasury said yesterday. The coffee chain had come in for criticism for recording no UK profits and so not paying corporation tax in Britain, despite large sales [...]
Recession and higher tax taking toll on Britain’s top earners February 3, 2013 The rich are getting poorer. Yes, you read that right. The top one per cent of income taxpayers – an individual needs to earn £150,000 per year to qualify – will account for 11.7 per cent of total taxable income this year, down from 12.2 per cent in 2011-12. Their income share peaked at 13.9 [...]
Big four tax bosses defend their firms during grilling from MPs January 31, 2013 TAX heads at the big four accountancy firms clashed with MPs yesterday over their role in helping large companies to reduce their tax bills. Margaret Hodge, who chairs the public accounts committee, called for PwC, KPMG, Deloitte and Ernst & Young to be banned from doing work for the government in light of the loopholes [...]
Letters to the editor January 31, 2013 The Nordic model [Re: How Sweden reformed its state to lay the foundations for future growth, yesterday] All those on the left who look to Sweden as the ideal society should read this article. The common image of a socialist nation, with all-encompassing state provision, needs refining. Not only is Sweden weathering this recession better [...]
HSBC on hiring spree to beef up crime team January 30, 2013 HSBC yesterday hired more ex-regulators to set up a new unit to fight crime in a drive to show it is striving to clean up its tarnished image. The bank paid fines totalling $1.9bn (£1.2bn) to settle accusations lax money laundering controls allowed drugs gangs and terrorists to funnel money through the institution. Its new [...]
Taxing times for tobacco as smokers count the change January 30, 2013 THERE were more bleak economic figures out of Spain yesterday, with its output in the last quarter of 2012 down 1.8 per cent year-on-year. That won’t have been much of a surprise for Imperial Tobacco, which produced an interim management statement for the last quarter of 2012 that announced its six month adjusted operating profit [...]
Letters to the editor January 21, 2013 North Africa crisis [Re: Does the crisis in North Africa represent the start of a new wave of global instability, yesterday] Media portrayals of recent events in Mali and Algeria paint a picture of a high-risk continent, blighted by radical jihadists, chronic instability and incompetent governments. But Africa is far larger and more varied than Europe, [...]
HMRC closing down firms left right and centre to claw in tax January 20, 2013 HER MAJESTY’S Revenue and Customs ratcheted up its tough stance on tax in the last tax year, according to data released this morning. HMRC tried to shut down 5,302 firms during the 2011-12 tax year, Wilkins Kennedy revealed, an explosion of 57 per cent compared to 2010-11’s 3,367 applications. “When businesses run into trouble, often [...]
There are pitfalls to avoid when filing your tax return January 20, 2013 THE online tax return deadline – the paper return deadline has long since past – is at the end of this month (31 January). The process is a dreaded one, but it is important to get it right. Recently the number of people who are self-employed has been on the rise – but they’re not [...]
Tying the knot can help you maximise your allowances January 20, 2013 WHEN it comes to tax, we don’t often have a lot to cheer about. That is unless you have tied the knot, since married couples and civil partners have some juicy advantages. Planning in advance, and seeking expert advice, can prove an efficient way of maximising your joint tax allowances. INVESTMENT INCOME The income tax [...]