Affluent tax dodgers pay out £373m as HMRC tightens net February 16, 2010 HM REVENUE & Customs’ (HMRC) crackdown on wealthy tax evaders is gathering pace after investigators clawed back £373m last year, an increase of 21 per cent on 2008’s haul. Hedge fund managers and investment bankers were among those targeted by HMRC teams who examined the affairs of more than 50,000 people earning in excess of [...]
Two offers push Portsmouth survival bid into extra time February 10, 2010 PORTSMOUTH pulled off their most significant victory of the season yesterday when they succeeded in obtaining an extra seven days to fight a winding-up order. The Premier League’s bottom club, who have debts of around £60m, were granted more time to prove they can afford to pay creditors at a hearing at the High Court. [...]
Portsmouth given stay of execution February 10, 2010 PORTSMOUTH have been given seven days to provide documents proving they can pay their creditors. The club now have until 4pm on 17 February to file a “statement of financial affairs” or face going out of business. Her Majesty’s Revenue and Customs (HMRC) took Portsmouth to court over an unpaid tax bill of £7.4m. They [...]
Pompey bid to cut deal over winding-up hearing February 9, 2010 DESPERATE Portsmouth appeared to lurch closer to becoming the first top flight club to go into administration last night when talks with HM Revenue and Customs were believed to have broken down. The south coast outfit is expected to ask for an adjournment when they appear in the High Court this morning to face a [...]
New Pompey owner applies for stay of execution February 4, 2010 PORTSMOUTH have appealed for next week’s potentially fatal winding-up hearing to be delayed after being taken over by Hong Kong businessman Balram Chainrai. Chainrai’s company Portpin was yesterday confirmed as the financially-stricken club’s fourth owner in the space of six months. The 51-year-old took charge after previous owner Ali Al-Faraj defaulted on a loan repayment, [...]
Paternity leave threat to firms February 4, 2010 FOR years employers have been wary about giving jobs to women of child-bearing age, but they might soon be casting nervous glances at the males in their offices, too. As of 6 April next year a father will be allowed to take up to 26 weeks additional paternity leave in the first year of their [...]
Brokers stuck in limbo over the bonus tax February 2, 2010 UK TAX authorities have demanded access to fresh information about the risk profiles of the City’s independent stockbrokers to determine if they will be hit by the government’s Bank Payroll Tax (BPT), City A.M. has learned. Brokers are still in limbo as they await a decision on the tax, two months after it was first [...]
Gunners reach the summit January 20, 2010 ARSENAL (4) vs. BOLTON WANDERERS (2) ARSENE WENGER’S young Arsenal side showed the character of champions as they clawed their way back from two goals down to hit the Premier League summit. Gary Cahill and a Matthew Taylor penalty fired the visitors into a shock 2-0 lead inside the opening 28 minutes to leave the [...]
Portsmouth suffer High Court defeat January 19, 2010 PORTSMOUTH’S battle to avoid administration suffered another blow yesterday when they lost their High Court bid to have a winding-up order struck out. Pompey failed to convince Mr Justice Newey that Her Majesty’s Revenue and Customs had overcalculated the VAT portion of their mammoth tax bill by £7.5m. The Premier League’s bottom club hinted last [...]
Insolvencies to peak in 2010 as state props are withdrawn January 18, 2010 THE rate of corporate failures will accelerate in the second half of 2010 as government stimulus measures are unwound, insolvency specialist Begbies Traynor warned yesterday. The firm said 140,000 British companies suffered significant financial problems in the fourth quarter despite measures such as quantitative easing and the 2.5 per cent VAT cut. Begbies Traynor executive [...]