Diamond: We have to stop saying sorry January 11, 2011 BARCLAYS boss Bob Diamond came out fighting at a high-profile public hearing yesterday, insisting it was time for banks to stop apologising for the financial crisis. Appearing before an influential group of MPs, Diamond said “the period of remorse and apology” that followed the banking meltdown needed to end. “The biggest issue is ‘How do [...]
SPOT THE BALL FIRM HUNTS MISSING MONEY January 11, 2011 SPORTECH has lodged an appeal over its claim for over £40m in VAT repayment. The firm submitted a claim in April 2009 for the repayment of VAT overpaid in respect of the “Spot the Ball” game from 1979 to 1996. Sportech claims the VAT was paid in error and should be repaid, possibly with interest. [...]
Number of insolvencies drops from record levels January 10, 2011 CORPORATE insolvencies plummeted by over 17 per cent last year, it was revealed yesterday. The figures show that industry recovered from record high levels of insolvency in 2009. Around 21,000 businesses declared corporate insolvency last year, down from 25,432 in 2009, according to consultants RSM Tenon. “We have seen a record decrease in corporate insolvency [...]
Shock, horror: UK needs rich people January 9, 2011 BRITAIN doesn’t just need more jobs – over time, it also needs them to be better, higher productivity and hence higher paying jobs. This would be good for everybody: for the millions concerned and their families; and also for the public finances, which desperately need an overall rise in prosperity. Such a scenario is, however, [...]
Tribunals cost firms £8,500 each, says BCC January 5, 2011 EMPLOYERS face costs of thousands of pounds from spurious employment claims, the British Chambers of Commerce (BCC) claimed yesterday. Tribunals are “overwhelmingly weighted in favour of the employee,” causing companies to pay large settlements even for claims with no substance, the BCC’s report said. The average cost for an employer to defend themselves at tribunal [...]
Fewer closures in 2010 but many firms are still walking an economic tightrope January 5, 2011 FAR fewer struggling UK companies fell into administration in 2010 compared with 2009, Deloitte research showed yesterday. Insolvencies fell by 35 per cent, or by 1,102 companies last year, to 2,086 in 2010 from 3,188 in 2009, analysis of notices in the London Gazette over the year showed. Policymakers have worked to keep the business [...]
Small shops to gain as sales tax hits big retailers January 4, 2011 NOT all retailers face a painful squeeze from the VAT rise to 20 per cent. Smaller companies such as independent retailers, corner shops and convenience stores that fall below the threshold at which VAT is paid will not have to accommodate the change. Retailers that generate turnover of £70,000 or less per year do not [...]
Report fuels tax protests against HSBC December 19, 2010 THE campaign group UK Uncut has chosen its latest target, HSBC, as a result of suggestions from a former tax inspector that the banking giant is negotiating with the Inland Revenue to withhold around £2bn in tax. The protest group yesterday said the bank is “next in line” for a fresh wave of protests, after [...]
Offshore trusts attacked by government tax plans December 9, 2010 THE GOVERNMENT plans to crack down on offshore trusts used to avoid tax on bonuses, it revealed yesterday, as part of its plan to shake up tax rules. Money kept in trusts for employees will be treated as payments to workers and taxed at a higher rate under the government’s 2011 budget plans published yesterday. [...]
Firms up in arms at £2bn tax raid December 6, 2010 THE government yesterday announced a clampdown on tax avoidance which it said would raise £2bn, drawing fierce criticism from business groups. David Gauke, the Treasury minister in charge of taxation, announced a raft of measures, including two that will come into force with immediate effect. He said the changes would raise £2bn by the end [...]