FTSE 100 Live: Stocks to tumble as interest rate decision looms; Oil falls as ‘economic catastrophe’ avoided
More than half UK SMEs delay adopting IR35 tax reforms September 6, 2021 More than half of the UK’s small and medium-sized enterprises (SMEs) have not put in formal processes to adhere to changes to the IR35 rules, according to a new survey. A survey from advisory firm BDO found 55 per cent of SMEs using contract workers say they will worry about IR35 reforms when businesses return [...]
Freeports face delay due to ‘lack of tax detail’, experts say September 2, 2021 Tax experts have warned that the opening of England’s eight new freeports would likely be delayed because the government had yet to reveal details of the tax regime for the programme. After the locations for the new free trade zones were announced during March’s Budget the Treasury said that the programme could be up and [...]
Accounting body urges government to scrap tax reform plans September 1, 2021 The Institute of Chartered Accountants in England and Wales (ICAEW) has today called for the government to drop tax reform plans which, the accounting body says, “will likely to create as many problems as it might solve”. The ICAEW today published a response to the UK government’s consultation on basis period reform. It reiterated the [...]
Civil investigations by HMRC fell during lockdown August 28, 2021 HMRC civil investigations into suspected tax evasion have fallen during the pandemic compared to pre-pandemic levels, according to FOI data obtained by national accountancy group UHY Hacker Young. The organisation said HMRC opened 278 civil investigations into suspected tax evasion during the first ten months of the pandemic, between 1 April 2020 to 31 January [...]
Watches of Switzerland poaches Rank Group’s finance boss August 26, 2021 Mecca Bingo and Grosvenor Casino owner Rank Group this morning confirmed its chief financial officer is heading to Watches of Switzerland. Bill Floydd tendered his resignation in order to take up the same role at the FTSE-listed luxury retailer. Rank CEO John O’Reilly said Floydd “helped secure the group’s liquidity and future through the pandemic [...]
Rallying retail stocks lift FTSE 250 to fresh record high August 25, 2021 A rally among retail and consumer goods stocks drove the mid-cap FTSE 250 to a fresh record high today. The domestically-focused mid-cap index pulled back slighlty from morning gains that saw it reach a new summit, but it registered its highest closing score ever, up 0.42 per cent today to 23,986.37 points. Over the last [...]
Mecca Bingo owner Rank Group’s shares rise after win in VAT battle with HMRC August 25, 2021 Shares in Mecca Bingo and Grosvenor Casino owner Rank Group jumped today on the news it’s likely to secure an £80m tax rebate from HMRC. The long-running tax spat looks likely to conclude with the gambling firm nabbing a rebate of up to £80m from a VAT claim after HMRC chaose not to appeal against an [...]
Home sales dropped 63 per cent in July August 24, 2021 Property transactions were 62.8 per cent lower in July compared with the previous month after the stepping down of the temporary stamp duty reduction. The provisional adjusted estimate of UK residential transactions for July was 73,740, up 4.2 per cent on July 2020, the latest data from HMRC has shown. There was a rush to [...]
Extinction Rebellion activists block Westminster roads August 24, 2021 On the second consecutive day of action Extinction Rebellion (XR) activists have occupied roads in Westminster, police have warned. In a tweet, the Met Police said that protestors are blocking roads around Parliament Street, Whitehall and Westminster. Officers are at the scene working to minimise disruption to traffic. At around 11am this morning, green rabble [...]
Tax and accounting bodies call for government to delay reporting reforms August 23, 2021 UK tax and accounting bodies have urged the government to delay reforms to the tax system which would affect how self-employed people and businesses report their profits. In a letter sent to Treasury financial secretary Jesse Norman, representatives from five tax and accounting bodies, including the Institute of Chartered Accountants for England and Wales and [...]