News from City A.M.
What is your interest today?
Cosmetic surgery businesses in firing line for HMRC clampdown
HMRC’s increasing scrutiny of cosmetic surgery companies for potential VAT non-compliance could result in substantial financial liabilities and increased enforcement costs for busi...
Read Full Article →Uber rivals handed major VAT boost by Supreme Court
The Supreme Court's decision exempts certain private-hire taxi companies from a 20 percent tax on earnings outside London, potentially improving their financial position relative t...
Read Full Article →Axe The Racing Tax: British Horseracing Authority launches petition
The British Horseracing Authority has initiated a petition to oppose a proposed tax increase that could reduce annual revenues by £66 million and threaten the livelihoods of thousa...
Read Full Article →Rightmove demands stamp duty overhaul
Adjusting the current property tax thresholds to align with recent market changes could reduce costs for new buyers, potentially increasing activity and liquidity within the housin...
Read Full Article →Rachel Reeves’ tax raid leads to thousands of job losses as wage growth cools
Recent official figures reveal significant employment declines amid slowing wage increases, intensifying challenges for monetary policymakers to address the economic impact of subs...
Read Full Article →Soaring beef and butter prices drive food inflation in June
Rising costs for key dairy and meat products have contributed to elevated food price increases, significantly impacting overall consumer inflation and reflecting broader economic p...
Read Full Article →HMRC doesn’t know how many billionaires are in Britain
A report highlights that the tax authority lacks precise data on the number and tax contributions of extremely wealthy individuals, raising concerns about the challenges of impleme...
Read Full Article →OBR chief says higher tax is ‘not good’ for growth – or the government
Increasing taxes as proposed in the upcoming budget may reduce economic expansion and diminish long-term government revenue, according to a leading fiscal authority’s assessment of...
Read Full Article →Rachel Reeves ducks ‘speculation’ despite tax pledge confusion
Chancellor Rachel Reeves avoided detailed responses regarding upcoming fiscal policies while reaffirming the government’s commitment to maintaining current income tax, national ins...
Read Full Article →HMRC under pressure as underpaid tax by US firms surges
The increase in tax shortfall attributed to US businesses has created a substantial financial challenge for the UK tax authorities, reflecting a significant rise in potential reven...
Read Full Article →London hiring plunges as Rachel Reeves’ tax grab weighs
London’s job market experienced a notable decline in permanent hires recently, reflecting increased financial pressures on businesses associated with recent tax policy changes.
Read Full Article →Wilkin & Sons: King’s jam maker returns to profit despite Reeves’ tax hikes
Wilkin & Sons, known for producing the Tiptree brand and supplying royal clientele, managed to regain profitability despite financial challenges posed by increased wage requirement...
Read Full Article →Week in Business: The tragedy of Labour’s tax addiction
Government plans to increase various taxes could impact investment and economic growth, highlighting ongoing debates about the balance between revenue generation and market stimula...
Read Full Article →Page Group profit tumbles amid job market woes and tariff uncertainty
Page Group experienced a substantial decrease in half-year earnings due to challenging employment conditions and unpredictable international trade policies, resulting in a signific...
Read Full Article →Labour’s tax addiction will end in tears
The upcoming budget is anticipated to introduce substantial new taxes, potentially raising £10 billion to £20 billion, which could have significant implications for public finances...
Read Full Article →OBR warns unfunded spending to damage UK finances amid ‘daunting’ risks
The Office for Budget Responsibility has highlighted that increased expenditure without corresponding revenue could strain the UK’s fiscal health, especially given ongoing internat...
Read Full Article →Stephen Kinnock says Reeves looking ‘very carefully’ at wealth tax
Health Minister Stephen Kinnock indicated that the government is seriously considering implementing a tax targeting accumulated assets, reflecting increased political support follo...
Read Full Article →Business confidence hit by tax fears as Rachel Reeves’ headroom crumbles
Concerns about potential increases in taxation have significantly affected company optimism, with many firms expressing worry over their future financial obligations amid ongoing p...
Read Full Article →Jeremy Hunt ‘made mistake’ in taxing non doms
The decision to eliminate the special tax status for non-domiciled residents resulted in increased government revenue by billions, impacting both tax policy and contributions from...
Read Full Article →Sandwich or Confectionery? M&S strawberry sandwich raises VAT questions
The launch of M&S’s strawberry treat has sparked discussion about how it should be classified for tax purposes, potentially affecting the value-added tax applied to similar food it...
Read Full Article →Week in Business: Is the jobs market in crisis?
Rising operational costs and regulatory challenges are coinciding with a decline in entry-level employment and the growing impact of automation on skilled professions, affecting ov...
Read Full Article →Have developed countries discovered the ideal corporate tax rate?
Many developed nations appear to have converged on a moderate corporate tax level near 25 percent, reflecting a significant shift toward harmonized fiscal strategies with substanti...
Read Full Article →Higher tax ‘inevitable’ as PM makes defence spending pledge
Increasing defence expenditure to a larger portion of the country’s economic output is likely to require additional revenue generation through taxation, according to economic analy...
Read Full Article →Tax experts question Reform’s £250K non-dom plan
Financial analysts have expressed concerns that the proposed £250,000 flat tax for non-domiciled residents might lead to substantial reductions in government revenue, potentially r...
Read Full Article →UK services sector in ‘fragile recovery’ as employment fears linger
Despite growth in the UK services sector during June, increased taxes and reduced employment contributed to economic uncertainty, reflecting challenges that may influence business...
Read Full Article →Top private school faces job cuts after Reeves’ tax grab
The introduction of VAT on school fees by the Labour government has created financial challenges for a well-known private institution, potentially leading to reductions in staff to...
Read Full Article →Labour is locking Britain into a high-tax, low-growth doom loop
Rising taxes, increased borrowing costs, higher unemployment, and inflation are contributing to slower economic growth, prompting concerns about the long-term financial challenges...
Read Full Article →‘You’ll have to wait and see’: Reeves’ deputy can’t rule out autumn tax rises
The Treasury chief secretary indicated that future fiscal decisions, including potential tax increases in the autumn, will depend on upcoming economic forecasts and will be careful...
Read Full Article →UK firms dodge Reeves’ tax raid with WFH roles abroad
Some UK businesses are employing remote workers based overseas to reduce expenses and minimize the impact of new tax measures and regulations targeting domestic employers.
Read Full Article →Council tax spike to pay for Reeves spending plans
A recent analysis indicates that local tax contributions will increase significantly to fund upcoming municipal expenditures outlined in government financial strategies, marking th...
Read Full Article →