Archive for the ‘Taxation’ Category

Zavvi, Whittards, Officer’s Club follow Woolies

Saturday, December 27th, 2008

Music, games and DVD chain Zavvi has gone into administration, Ernst & Young has announced, threatening 3,400 jobs.

The troubled chain has been badly affected by the demise of Woolworths, which forced it to stop taking new orders via its website.

Zavvi’s main supplier is Woolworths’ unit Entertainment UK (EUK), which went into administration on 27 November.

All of Zavvi’s stores should be open as normal on Boxing day, for its traditional post-Christmas sale.

The retailer is the latest victim of the slump in High Street sales that has seen the administrators called in at tea and coffee specialist Whittards and menswear chain The Officers Club

VAT expected to fall to 15%

Monday, November 24th, 2008

It is has been widely reported that in an attempt to boost high street sales, Alistair Darling will announce later this afternoon that VAT will temporarily fall from 17.5% to 15%. It will return to current levels in 2010.

Efforts targeted at helping small businesses through the financial crisis are expected to dominate what has been billed Darling’s ‘emergency mini-budget’.

Among the other expected measures are an extension of the Small Firms Loan Guarantee Scheme and the postponement of the planned increases in small business corporation tax and vehicle excise duty.

It is also believed Darling will reveal he has instructed HM Revenue and Customs to give struggling businesses extra time to settle their tax and National Insurance bills.

In addition to deal with mounting concerns over high street bank’s withdrawal of small business finance, it has been predicted by business groups that the chancellor will announce the appointment of a dedicated ‘bank tsar’.

Tax is taxing for Apprentice, Raef Bjayou!

Wednesday, May 14th, 2008

Raef Bjayou, one of the remaining candidates on hit TV show The Apprentice,  might be as smooth-as-silk in the boardroom.  But, behind the scenes, he is facing a fine for failing to missing the accounts filing deadline with Companies House.

Bjayou’s import-export business, called Infinitate, has missed its deadline by three weeks.  A spokesman for the reality TV star said there was nothing untoward about his failure to file the accounts on time, according to newspaper reports.

‘It was simply an oversight that occurred because his business accountant was on holiday. He was completely unaware and will send them in now, but he has done all of his personal tax returns,’ the spokesman said.

HMRC purchases Liechtenstein ‘tax exile’ database for £100,000

Monday, February 25th, 2008

The UK’s tax authority has confirmed that it has paid an informant for data regarding British citizens who have accounts in tax haven Liechtenstein. HM Revenue and Customs (HMRC) confirmed the move after a Sunday Times report, but would not say how much it had paid the informant.

HMRC said it was seeking “to protect the UK exchequer from those who seek to hide behind secrecy laws”.

Separately Germany is involved in its own probe over Liechtenstein accounts.

The Sunday Times newspaper claimed the amount paid to the informant was £100,000 - but that figure has not confirmed.

HMRC said it had made the move in a bid to protect the UK against those trying to “deprive the UK of tax revenues to which it is entitled”.

Meanwhile, Germany has launched a probe into tax evasion using data also from an anonymous informant, who was reportedly paid 5m euros (£3.7m; $7.4m).

In response, the country’s head - Prince Alois von und zu Liechtenstein - has argued that Germany’s move is illegal.

Liechtenstein is now conducting its own investigation on the subject.

The Organisation for Economic Cooperation and Development lists Liechtenstein as one of only three states remaining on its blacklist of “uncooperative tax havens”.

The amount of back taxes and fines owed to the HMRC could total in excess £100m - although this has yet to be confirmed.