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....But retail sales fell sharply in the first three months of the year, that was the first quarterly decline since 2013. It was also the sharpest fall since 2010, when a temporary cut in VAT came to an end. ... [Read full article on BBC ]
Friday 21st of April 2017 09:24:52 AM
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...."The chance that the Autumn Budget contains net tax rises - like all of the last six post-election Budgets have done - is very high," Mr Tombs said. Mr Hammond hinted last week the Conservative party may drop its 2015 pledge not to raise income tax, national insurance or VAT. ... [Read full article on BBC ]
Tuesday 25th of April 2017 09:21:26 AM
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....The Conservatives believe that their commanding poll lead, and the fact that most people have less confidence in Labour’s economic competence, creates the political space for them to wriggle out of some of the most costly pledges in the 2015 manifesto. Philip Hammond, the chancellor, created a stir last week when he appeared to suggest that the party would not repeat the sweeping promises it made in 2015 not to increase income tax, national insurance or VAT. ... [Read full article on Guardian ]
Wednesday 26th of April 2017 09:00:47 PM
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. Philip Hammond has given a strong hint that the Conservatives may ditch their pledge not to raise VAT, national insurance or income tax, saying the flagship 2015 policy had constrained his ability to manage the economy. ... [Read full article on Guardian ]
Friday 21st of April 2017 12:58:04 PM
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....A 360g bar of Toblerone cost £4 at Bristol World Duty Free but £3 at Asda, while a 70cl bottle of Tanqueray gin cost £18 at Heathrow Terminal 2 and £15 at Morrisons, the consumer group found. Despite a common assumption that airport shopping will cut out VAT, shoppers could save £21 by buying a 100ml bottle of Eternity for Men eau de toilette on Amazon for £25 rather than at Birmingham World Duty Free for £46. ... [Read full article on Guardian ]
Wednesday 26th of April 2017 06:00:29 AM
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....”. Responding to the latest figures, the OBR cautioned that 2016-17 borrowing was likely to be revised over the coming months, because some of the data at this stage – such as cash VAT receipts – was based on forecasts and estimates. ... [Read full article on Guardian ]
Tuesday 25th of April 2017 10:39:40 AM
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Latest Finance News related to VAT

Theresa May weighing up cheaper 'double lock' for pensions image
Source : Guardian [Read Article] Wednesday 26th of April 2017 09:00:47 PM
....The Conservatives believe that their commanding poll lead, and the fact that most people have less confidence in Labour’s economic competence, creates the political space for them to wriggle out of some of the most costly pledges in the 2015 manifesto. Philip Hammond, the chancellor, created a stir last week when he appeared to suggest that the party would not repeat the sweeping promises it made in 2015 not to increase income tax, national insurance or VAT. ...
Airport duty-free prices not always cheapest, says Which? image
Source : Guardian [Read Article] Wednesday 26th of April 2017 06:00:29 AM
....A 360g bar of Toblerone cost £4 at Bristol World Duty Free but £3 at Asda, while a 70cl bottle of Tanqueray gin cost £18 at Heathrow Terminal 2 and £15 at Morrisons, the consumer group found. Despite a common assumption that airport shopping will cut out VAT, shoppers could save £21 by buying a 100ml bottle of Eternity for Men eau de toilette on Amazon for £25 rather than at Birmingham World Duty Free for £46. ...
UK government borrowing at lowest level since 2008 financial crisis image
Source : Guardian [Read Article] Tuesday 25th of April 2017 10:39:40 AM
....”. Responding to the latest figures, the OBR cautioned that 2016-17 borrowing was likely to be revised over the coming months, because some of the data at this stage – such as cash VAT receipts – was based on forecasts and estimates. ...
Government deficit at lowest since financial crisis, says ONS image
Source : BBC [Read Article] Tuesday 25th of April 2017 09:21:26 AM
...."The chance that the Autumn Budget contains net tax rises - like all of the last six post-election Budgets have done - is very high," Mr Tombs said. Mr Hammond hinted last week the Conservative party may drop its 2015 pledge not to raise income tax, national insurance or VAT. ...
Philip Hammond signals ditching of Tory 'no tax rise' pledge image
Source : Guardian [Read Article] Friday 21st of April 2017 12:58:04 PM
. Philip Hammond has given a strong hint that the Conservatives may ditch their pledge not to raise VAT, national insurance or income tax, saying the flagship 2015 policy had constrained his ability to manage the economy. ...
Biggest fall in UK retail sales in seven years image
Source : BBC [Read Article] Friday 21st of April 2017 09:24:52 AM
....But retail sales fell sharply in the first three months of the year, that was the first quarterly decline since 2013. It was also the sharpest fall since 2010, when a temporary cut in VAT came to an end. ...
Reality Check image
Source : BBC [Read Article] Wednesday 19th of April 2017 01:31:06 PM
....This chart from the Institute for Fiscal Studies shows that about 90% of income tax is paid by the 50% of taxpayers with the highest incomes, while more than a quarter is paid by the richest 1%. Indirect taxes such as VAT and fuel duty are not progressive though - people with lower incomes do not pay lower rates - so we need to consider all taxes. ...
Employment is high, skills are in demand. So why is pay still not rising? | Larry Elliott image
.... Inflation is going to hit 3% later this year and will comfortably outpace earnings growth. For consumers, this will be a rerun of the first half of the last parliament, although the impact is unlikely to be as severe, since back then a combination of rocketing oil prices and higher VAT took the annual inflation rate to 5% at a time when wage growth was struggling to get above 1%. ...
Which charity website should you use? image
Source : Guardian [Read Article] Sunday 9th of April 2017 05:59:00 AM
....45% on credit cards. Fees charged to charity The basic package is free, while an optional premium subscription costs £89 a year plus VAT. ...
Can you guess on which items we pay VAT? image
Source : BBC [Read Article] Thursday 6th of April 2017 12:26:35 AM
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Criminal gangs use UK ports to defraud EU customs image
Source : BBC [Read Article] Wednesday 5th of April 2017 07:02:51 PM
. Systematic failures by UK customs officials have allowed criminal gangs to defraud the European Union of at least £2bn in just four years plus billions more in lost VAT, the EU anti-fraud office OLAF has claimed. ...
Amazon enters business supplies market image
Source : BBC [Read Article] Tuesday 4th of April 2017 09:17:46 AM
....Amazon is targeting companies with a new service selling business supplies, such as laptops, power tools and cleaning products. Called Amazon Business, the online marketplace offers firms VAT-free pricing, VAT invoices, and software to track and limit spending. ...
Amazon expands into UK's £96bn business-to-business market image
Source : Guardian [Read Article] Tuesday 4th of April 2017 05:30:43 AM
....Amazon Business will sell more than 100m products and is targeted at small, medium, and large firms. It includes features that are tailored for the business community including free one-day delivery on orders over £30, VAT-exclusive pricing and in-depth analytics that allow purchasing managers to track how much they are spending on their account. ...
Tory donor Lycamobile in £26m tax dispute image
Source : Guardian [Read Article] Monday 3rd of April 2017 05:30:14 AM
. Lycamobile, the international phone call business and a major donor to the Conservative party, is embroiled in a £26m tax dispute with HMRC over VAT. ...
Why becoming a tax haven would be bad news for Britain image
Source : Guardian [Read Article] Wednesday 22nd of March 2017 06:30:42 PM
.... More commonly, they are keen on indirect taxes: that is, taxes on consumption. Jersey has what it calls a Goods and Services Tax (GST), which is remarkably similar to VAT except it is charged on many things, such as food, that are VAT-free in the UK. ...
Brexit Britain is suddenly debating trade – but it's the wrong talking point | Larry Elliott image
....Other issues that were likely to cause problems were tax, intellectual property protection and the departure of the UK from European Atomic Energy Community (Euratom). Tax is a particularly tricky issue because outside the EU it would be open to Britain to make radical changes to VAT. ...
U-turn over Budget plan to increase National Insurance image
Source : BBC [Read Article] Wednesday 15th of March 2017 12:30:48 PM
....Labour's Jeremy Corbyn said the U-turn showed a government "in chaos". Mr Hammond had faced a backlash by Conservative backbenchers last week, who accused him of breaking a general election manifesto commitment not to put up National Insurance, income tax or VAT. ...
Philip Hammond defends scrapping national insurance rise for the self-employed image
....Both the Treasury and No 10 insisted the decision, which leaves a £2bn hole in the chancellor’s budget plans over the next five years, had been taken jointly by May and Hammond. But at Westminster on Wednesday night some MPs insisted May had ordered her chancellor to drop the plans, fearing that breaking the party’s manifesto pledge to make “no increases in VAT, national insurance contributions or income tax”, would do too much damage to the Conservatives’ reputation. ...
Single market exit: UK construction 'could lose 175,000 EU workers' image
Source : Guardian [Read Article] Wednesday 15th of March 2017 06:30:23 AM
....He added that the controversial rise in national insurance contributions for the self employed, which were announced in the budget, would also hit the sector, where about 40% of the workforce were in that category. He also pointed to a crackdown on VAT avoidance in the construction sector and tax changes to profits of overseas property developers: “All of that coming together will make for challenges for the sector. ...
Boots airport stores to stop charging VAT on items after being caught in tax rip-off image
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Five minute guide to getting the most form home sale image
Source : Daily Express [Read Article] Sunday 12th of March 2017 01:48:00 PM
....“Examine the small print on your agent’s contract. For example, check whether the fees include VAT, otherwise you will pay an extra 20 per cent on top,” she adds. ...
After Brexit, Israel senses a chance to boost trade with UK image
Source : Guardian [Read Article] Saturday 11th of March 2017 04:00:38 PM
.... The tech sector is likely to be prioritised during negotiations, alongside defence and pharmaceuticals – not least because one in seven NHS drugs come from Israel. Ron Atzmon, managing director of the ID authentication tech company Au10tix, wants the UK–Israel relationship to replicate aspects of the EU, with harmonisation of VAT rates and intellectual property regulations. ...
Budget 2017: Self-employed 'tax raid' a 'rookie error' image
Source : BBC [Read Article] Saturday 11th of March 2017 09:22:56 AM
....Chancellor Philip Hammond's "tax raid" on the self-employed in the Budget has been described as a "rookie error" by former Tory chancellor Lord Lamont. He told the BBC the Conservative election pledge not to increase National Insurance, income tax and VAT was a "mistake". ...
It’s not true that the top 1% pay 27% of tax | Letters image
Source : Guardian [Read Article] Friday 10th of March 2017 06:14:35 PM
.... The top 1% of earners pay 27% of income tax, but income tax raises just 27% of the UK’s total tax revenue. This is less than is raised by VAT and other indirect taxes (29%) and not much more than is raised by national insurance (19%). ...
Wetherspoons boss condemns Hammond's 'budget for dinner parties' image
Source : Guardian [Read Article] Friday 10th of March 2017 10:08:26 AM
....He also poured scorn on a £1,000 business rates discount for pubs with a rateable value of less than £100,000, saying “that sum is dwarfed by tax and regulatory increases” and that Wetherspoon is not eligible for it in any case. The outspoken businessman pointed out the disparity between how pubs are taxed compared with supermarkets when it comes to VAT on food sales. ...
Wetherspoons chairman criticises 'dinner party' Budget image
Source : BBC [Read Article] Friday 10th of March 2017 08:04:21 AM
....The chairman of JD Wetherspoons has criticised the Chancellor for a "dinner party" Budget that failed to tackle tax inequalities between pubs and supermarkets. Tim Martin said pubs paid 20% VAT on food sales while supermarkets paid "almost nothing", enabling them to subsidise alcoholic drink prices. ...
May defends 'fair' National Insurance rise amid criticism image
Source : BBC [Read Article] Thursday 9th of March 2017 08:28:31 PM
...." . The Conservatives' last general election manifesto explicitly ruled out rises in National Insurance, VAT and income tax during the lifetime of the current Parliament. ...
May and Hammond face serious Tory revolt over tax on self-employed image
Source : Guardian [Read Article] Thursday 9th of March 2017 04:59:51 PM
....One of these who is understood to have expressed private worries about the proposal is a cabinet minister. The concerns centre both on the perception that such a move unfairly targets the self-employed and entrepreneurial, and also that the 2015 Conservative manifesto specifically ruled out rises to income tax, VAT or NICs before 2020. ...
The shameless Tories have betrayed the self-employed – and themselves | John Harris image
.... And this one does, in spades. First of all, as proved by Hammond’s painful media rounds the morning after the budget, no amount of dissembling can disguise the fact that the NI hike is a brazen breaking of a 2015 Tory manifesto – “We can commit to no increases in VAT, income tax or national insurance” – which blurred out into no end of rhetoric about how the mere idea of pushing up national insurance was the stuff of economic calamity. ...
Institute for Fiscal Studies backs National Insurance increase image
Source : BBC [Read Article] Thursday 9th of March 2017 01:00:13 PM
....He said it was never sensible to pledge no change to taxes: "These were silly pledges. To commit yourself to not raising the three main taxes - income tax, NI and VAT - ties your hands to an absurd extent. ...
Prospect of £1.7bn fine looms large over PM's talks with EU leaders image
Source : Guardian [Read Article] Wednesday 8th of March 2017 10:30:19 PM
.... France, Germany, Spain and Italy are estimated to have lost a combined €3. 2bn in VAT revenues between 2013 and 2016 as a result of British failures in handling imports at its ports. ...
Budget 2017: manifesto row clouds chancellor's attempt at low-key package image
....The chancellor’s attempt at a low-key package threatened to be overshadowed by a row over whether the plan to bring NICs for the employed and self-employed into line would both stifle enterprise and break a commitment made by David Cameron in 2015. The Conservatives vowed there would be no increases in income tax, VAT or NICs for the duration of the 2015-2020 parliament and during the last election campaign senior Tories accused then Labour leader Ed Miliband and his shadow chancellor, Ed Balls, of plotting to raise NICs, “hitting hard-working taxpayers and costing jobs”. ...
Hammond seems to be expecting business rates storm to just blow over image
Source : Guardian [Read Article] Wednesday 8th of March 2017 07:42:51 PM
....Simple alternatives are not easy, of course. We already have VAT and corporation tax applies to profit. ...
Philip Hammond breaks manifesto pledge with budget tax grab image
Source : Guardian [Read Article] Wednesday 8th of March 2017 04:05:32 PM
....A Labour spokesman condemned what he called a “sole traders tax” – though the Treasury pointed out that the changes would only hit those whose profits exceeded £8,000, and many of those were due to benefit from a separate change due to take effect in April, which will see class two NICs, also paid by the self-employed, abolished. The Conservatives’ 2015 manifesto promised four times that the party would “not increase the rates of VAT, income tax or national insurance in the next parliament”. ...
Budget: Does NI rate rise break a pledge? image
Source : BBC [Read Article] Wednesday 8th of March 2017 03:04:52 PM
....Chancellor Philip Hammond has announced increases in the rate of National Insurance paid by self-employed workers. But in the Conservative Party's manifesto for the 2015 general election, it promised: "We will not raise VAT, National Insurance contributions or income tax". ...
Self-employed hit by national insurance hike in budget image
Source : Guardian [Read Article] Wednesday 8th of March 2017 02:24:49 PM
....”. However, the increase has triggered criticisms that the Conservatives are reneging on a 2015 manifesto pledge that committed the government “to no increases in VAT, income tax or national insurance” – while the reception from the business community was less than positive. ...
Budget 2017: £2bn for social care and tax rise for self-employed image
Reality Check image
Source : BBC [Read Article] Tuesday 7th of March 2017 01:31:56 AM
....The government said in the Autumn Statement that the increases in the basic rate threshold in the last parliament had meant four million of the lowest-paid people were not paying it at all. In addition to the taxes included on this chart are fuel duty, which has fallen gradually as successive governments have frozen it, and VAT, which got a boost when the government raised it from 17. ...
Just one in five complaints about potential mis-sold PPI  made so far image
Source : Guardian [Read Article] Thursday 2nd of March 2017 05:36:47 PM
.... He said last week he handled a £16,000 compensation claim relating to a PPI policy sold alongside a storecard. Davies’ firm charges a 29% fee including VAT on any compensation awarded. ...
Delay Brexit if no trade deal reached, say business leaders image
Source : BBC [Read Article] Tuesday 28th of February 2017 03:23:30 AM
...."What's debated in Westminster often isn't what matters for most businesses. "Most firms care little about the exact process for triggering Article 50, but they care a lot about an unexpected VAT hit to their cash flow, sudden changes to regulation, the inability to recruit the right people for the job, or if their products are stopped by customs authorities at the border. ...
The truth about falling gas prices image
Source : Guardian [Read Article] Saturday 25th of February 2017 06:59:05 AM
.... EDF wrote to him in January to say that the unit price of his gas would be increasing from 2. 397p (excluding VAT) to 3. ...
Business rates: this toxic row will return unless we find a fairer alternative | Nils Pratley image
....There are, of course, no easy alternatives to a tax that raises £28bn a year for councils and the government. We already have a sales tax called VAT and corporation tax applies to profit. ...
Tax barrister plans to take Uber to court over alleged £20m black hole image
Source : Guardian [Read Article] Tuesday 21st of February 2017 03:00:09 PM
....A leading tax lawyer is planning to challenge Uber in the courts over what he alleges could be a £20m-a-year black hole in its tax payments in the UK. Jolyon Maugham QC said he was preparing to submit a case to the high court that would argue the US taxi app company should be paying VAT on fares, which he estimated would total almost £20m for 2015. ...
Even with price rises, there’s no place like home for bargain-hungry Brits image
Source : Guardian [Read Article] Saturday 18th of February 2017 07:00:33 AM
....Then there’s the awkward question of bringing stuff back to the UK. Anything brought in from the US (or indeed any country outside the EU) may be subject to VAT, customs and excise duty, unless they’re below £15 in value (£39 if they’re a gift). ...
Viagogo condemned over Ed Sheeran cancer benefit concert tickets image
Source : Guardian [Read Article] Friday 17th of February 2017 05:37:34 PM
....A secondary ticketing website has been accused of “moral repugnance” for seeking to profit from an Ed Sheeran concert that is in aid of teenage cancer patients by reselling tickets for thousands of pounds. Viagogo is advertising stalls seats at next month’s the Royal Albert Hall gig for Teenage Cancer Trust for up to £1,750, rising to £2,330 once £583 for VAT and a booking fee are factored in. ...
Wine lovers face triple whammy Brexit price rise, says UK trade body image
Source : Guardian [Read Article] Tuesday 14th of February 2017 07:01:36 AM
....Duty on a bottle of still wine in the UK is £2. 08, meaning that 55% of the average-priced bottle goes on duty and VAT, while for sparkling wine drinkers duty is 28% higher than still wine. ...
Scottish Power customers to be hit by 7.8% price hike image
Source : Guardian [Read Article] Friday 10th of February 2017 12:26:20 PM
....”. The company broke down the £86 rise, saying £54 was a result of the higher wholesale prices, £18 for government levies for environmental schemes, £10 for smart metering and £4 for VAT. ...
‘A horrendous notion’: small firms object to tourist tax proposals image
Source : Guardian [Read Article] Wednesday 8th of February 2017 07:15:00 AM
....Either way, Shalam believes a tourist tax could have a negative impact on domestic tourists. “Added to VAT, they’ll see it as more expensive to stay in the UK than go abroad. ...
Ticket touts rebrand as investigations put them in spotlight image
Source : Guardian [Read Article] Monday 23rd of January 2017 03:16:42 PM
.... He did not respond to a request for comment. In other cases, tickets are advertised as being sold by companies that are not registered at Companies House, or listed with a non-existent VAT number. ...
Hamilton West End tickets appear on resale sites despite anti-tout measures image
....Lin-Manuel Miranda’s Pulitzer prize-winning show, based on the life of one of America’s founding fathers, Alexander Hamilton, will transfer from the US to the newly renovated Victoria Palace theatre in the West End in November. Less than two hours after tickets for the London run went on early sale, Viagogo listed several tickets at between £999 and £2,500 each, rising to nearly £3,000 once VAT and the company’s booking fee were included. ...
VAT should be cut on healthy food instead of punishing consumers with 'sugar tax', campaigners say image
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Shopper's champion goes on the offensive over UK retail's sexist surcharge image
....This follows Sherriff’s success over the Tampon Tax last year, when she became the first opposition MP to amend a government’s budget. Sherriff was furious that tampons carry 5% VAT – or “vagina added tax” as she memorably described it to the House of Commons – because of European Union rules. ...
After Brexit  image
Source : BBC [Read Article] Thursday 5th of January 2017 03:16:46 PM
....". Surprisingly neither were shouted down and there were even suggestions from the audience that VAT ought to be levied on meat. ...
Trump's tweets keep US manufacturers on their toes image
Source : Guardian [Read Article] Wednesday 4th of January 2017 01:54:38 PM
Tax, not tech, gives Airbnb advantages in UK image
Source : Guardian [Read Article] Tuesday 3rd of January 2017 10:27:41 AM
....According to the Financial Times, around one third of the savings the company offers customers on accommodation in London comes from having a lower tax bill. Where a traditional hotel has to pay expensive business rates on its property, and charge VAT on the entire cost of its stay, individuals and small businesses who let out rooms on Airbnb have a much lighter taxation regime: the service only charges VAT on its service fees, not on the bulk of the cash transferred from guest to host, and homeowners are recipients of a number of tax breaks aimed at encouraging them to take on lodgers. ...
Tesco cuts price of women's razors so they cost the same as men's image
Source : Guardian [Read Article] Sunday 1st of January 2017 01:30:16 PM
.... Daniels also insisted that Tesco had changed its pricing strategy so it was “moving away from large, short-term promotions to focus on prices that are consistently low and affordable, and simpler to understand”. Sherriff’s most significant parliamentary triumph since entering the House of Commons last year was forcing the government to confront the EU over the 5% VAT it makes countries impose on sanitary products. ...
Government borrowing higher than expected in November image
Source : Guardian [Read Article] Wednesday 21st of December 2016 01:23:07 PM
....A bigger interest bill on the government’s debts was another burden on the exchequer, but was offset by lower public investment, which limited the outflow of funds from Whitehall. VAT receipts were up 4. ...
Government borrowing falls less than expected in November image
Source : BBC [Read Article] Wednesday 21st of December 2016 10:21:45 AM
....If your yuletide glass is half-full, that's still broadly in line with the projection at the last Autumn Statement that the government would borrow £68bn over the full financial year (to the end of April). And while government spending is growing, tax receipts from VAT, income tax etc are growing faster. ...
MPs poised to investigate VAT fraud on Amazon and eBay image
Source : Guardian [Read Article] Wednesday 21st of December 2016 12:01:02 AM
. An influential committee of MPs is poised to launch an investigation into Britain’s £1bn online shopping VAT fraud crisis after sellers on Amazon and eBay evaded hundreds of millions of pounds in tax in the run-up to Christmas. ...
Moody's voices concern at 'material delay' in Greece debt relief talks image
Source : Guardian [Read Article] Monday 19th of December 2016 06:43:19 PM
....Fears that Greece’s seven-year debt crisis is about to enter a troubling new phase have been voiced by one of the world’s leading rating agencies. Moody’s said it was worried by the decision by the European authorities to suspend a debt-relief deal for Greece after the government in Athens gave a Christmas bonus to pensioners, promised free school meals for the poorest children and cancelled a VAT increase. ...
Greece passes pension deal in defiance of bailout creditors image
Source : BBC [Read Article] Thursday 15th of December 2016 08:11:24 PM
....The Greek government announced its bonus for pensioners receiving below €800 a month just three days later but without consulting the eurozone representatives. It also scrapped a rise in VAT for residents of Aegean islands to help relieve the economic pressure caused by an influx of migrants. ...
Greece on collision course with lenders as ESM freezes debt relief image
Source : Guardian [Read Article] Wednesday 14th of December 2016 07:41:55 PM
.... This week he added that the Aegean islands would be exempt from a sales tax demanded by creditors. “Following recent proposals by the Greek government to spend additional fiscal resources for pensions and VAT, our governing bodies have put their decisions temporarily on hold,” said a spokesman for the ESM, referring to a deal that would have deferred an interest rate increase on Greece’s debt. ...
Eurozone halts Greek debt relief plan image
Source : BBC [Read Article] Wednesday 14th of December 2016 03:54:04 PM
....The European Stability Mechanism (ESM), the body that helps eurozone governments in trouble, said it would now be scrutinising the proposed handout. "Following recent proposals by the Greek government to spend additional fiscal resources for pensions and VAT, our governing bodies have put their decisions temporarily on hold," a spokesman for the ESM said. ...
Scottish auditors to investigate £9bn private finance bill image
Source : Guardian [Read Article] Wednesday 14th of December 2016 07:00:19 AM
....The joint investigation has also established that the NHS will be charged about three times as much as staff would earn for electricians, joiners and plumbers employed by the private contractors building and running new mental health facilities at the Royal Edinburgh hospital. The contractors, Galliford Try, will charge NHS Lothian £33 an hour for an electrician and £26 for a painter – excluding overheads and VAT. ...
Greece 'boxed in' as EU and IMF fight over nation's debt relief plan image
Source : Guardian [Read Article] Tuesday 13th of December 2016 08:34:40 PM
....Last week, Tsipras announced a one-off special Christmas bonus for pensioners surviving on €800 or less a month – a move that provoked further ire in Brussels. On Tuesday he went a step further, describing IMF staff as “irrational technocrats” and saying that far-flung isles close to Turkey that had borne the brunt of the refugee crisis would henceforth be exempt from a special VAT tax also demanded by creditors. ...
Present danger: trading standards' battle against deadly Christmas gifts image
Source : Guardian [Read Article] Tuesday 13th of December 2016 07:23:09 AM
.... At the opposite end sit the contents of one container that has been emptied completely awaiting inspection. This container was singled out because the far east-based company that despatched the goods had no UK or EU base while a UK residential address had been used for VAT registration. ...
Bermuda is world's worst corporate tax haven, says Oxfam image
Source : Guardian [Read Article] Monday 12th of December 2016 12:01:40 AM
....UK corporation tax is due to fall to 17% by 2020 from its current level of 20%, and the prime minister has suggested there could be further cuts to attract businesses. Oxfam warned that governments that cut corporate tax balance their books by reducing public spending or by raising taxes such as VAT that fall disproportionately on the poorest. ...
Heard the latest Christmas story? It’s about how UK banks pay all their taxes | Prem Sikka image
.... Newspapers sympathetic to the finance industry have latched on to the headline figures, but the fine print of the report tells another story. The report says that it uses “the PwC Total Tax Contribution methodology, which looks at all the different taxes that companies pay and administer, including corporation tax, employment taxes, VAT, and other taxes”. ...
'Disastrous decline' in HMRC customer service predicted due to cuts image
Source : Guardian [Read Article] Friday 2nd of December 2016 12:01:00 AM
....“HMRC’s measure of compliance yield also contains a high degree of estimation and projection, and it is not clear whether these estimates are realised in terms of extra tax being collected,” the report said. Tax officials also told the committee that they expected Brexit to have an impact upon a number of its functions, including customs and excise duties, social security and the administration of VAT. ...
UK petrol prices set to rise after Opec deal image
Source : Guardian [Read Article] Thursday 1st of December 2016 08:35:42 AM
....42 a barrel on Thursday, trading around a six-week high, while New York crude climbed over $50 a barrel for the first time since the end of October. The AA estimates that a rise in crude oil prices to $60 a barrel would push petrol prices including VAT up 9p a litre to about 123p a litre. ...
Amazon and eBay sellers' VAT fraud rife despite crackdown image
Source : Guardian [Read Article] Monday 28th of November 2016 12:46:30 PM
. Huge numbers of VAT fraudsters are illegally selling goods tax-free to British shoppers on Amazon and eBay this Christmas, despite new government efforts to crack down on this ballooning £1bn VAT evasion crisis. ...
Handcuffed in Waitrose: the innocent man in search of justice image
Source : Guardian [Read Article] Saturday 26th of November 2016 07:00:25 AM
....”. As a result, Seddon says he was forced to hire first a solicitor and then a barrister at a cost of £6,000 plus VAT. ...
Best discounts and deals on UK Black Friday 2016 image
Source : Guardian [Read Article] Thursday 24th of November 2016 04:15:30 PM
....Where? Deals can be found here and stores will open with extended hours of 8am to 10pm. What? Customers can get VAT-free prices on all fragrances including gift sets, plus 50% off cookware, electrical products and women’s designer knitwear. ...
The obesity epidemic is an economic issue image
Source : Guardian [Read Article] Thursday 24th of November 2016 01:11:06 PM
.... Agricultural support should be switched away from junk foods and towards producing healthy ones. The low wages and poor training that fast-food outlets rely on should be made a thing of the past, and tax incentives (such as zero VAT) should support the labour-intensive production of “real food” in cafes and restaurants. ...
Flat rate VAT changes for small businesses explained image
Source : BBC [Read Article] Thursday 24th of November 2016 12:07:05 AM
. Significant changes have been announced for the amount of VAT that many small businesses will have to pay. ...
Tax avoidance: Philip Hammond pledges to retrieve £2bn image
Source : Guardian [Read Article] Wednesday 23rd of November 2016 05:45:27 PM
....”. He said he would close salary sacrifice schemes where employees are allowed to pay for perks such as gym memberships out of gross earnings, “shut down inappropriate use of the VAT flat rate scheme” and “introduce a new penalty for those who enable the use of a tax avoidance scheme that HMRC later challenges and defeats”. ...

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