HMRC

Chancellor resists calls for business relief in Spring Statement

Chancellor Rachel Reeves has resisted calls from businesses for relief ahead of the upcoming tax changes this April, as part of her Spring Statement today (26 March). UK businesses had been hopeful the chancellor would raise the relief rate for retail, hospitality, and leisure after cutting it to 40% in…

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Select Fashion nears collapse, 35 stores to close

Select Fashion is reportedly on the verge of collapse, with 35 stores set to close if it falls into liquidation. According to documents seen by The Sun, the clothing brand has drafted in advisers from Moorfields to oversee the liquidation of the business. Directors at the brand reportedly said Select…

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Today’s news in brief-3/12/24

Boohoo has repaid £50m of its £97m term loan following a £39.3m oversubscribed fundraising effort. The move aligns with its turnaround strategy after half-year losses tripled to £27.4m and revenue dropped 15% to £619.8m. CEO Dan Finley called Boohoo “significantly undervalued” as major shareholders, including the Kamani family, boosted their…

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Mike Ashley ‘met by stone wall’ in HMRC data dispute

Sports Direct boss Mike Ashley has launched legal action against HMRC, saying that the government body made “extensive” breaches of data protection, The Times has reported.  The High Court has heard that Ashley was “met with a complete stone wall”, having requested his personal data after HMRC made him aware…

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THG looks to demerge Ingenuity arm

THG has announced that it is “actively undertaking” work that could lead to the demerger of its technology arm, THG Ingenuity. Whilst structuring tax clearances have now been approved by HMRC, the group said there was no certainty of a timescale for the demerger that it could provide at this point.…

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Today’s news in brief-3/6/24

Shein is reportedly preparing for a landmark London flotation valued at £50bn, marking the city’s most significant public float in over a decade. Sources indicate that the fast-fashion giant will soon file a prospectus with the Financial Conduct Authority, although the exact timing remains uncertain. This move comes after Shein…

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Frasers appoints ex-FRC CEO as NED

Frasers Group has announced the appointment of Sir Jon Thompson, former CEO of Financial Reporting Council, as non-executive director. His expertise in corporate governance, reporting and audit, and experience in large-scale project management, will strengthen the execution of Frasers’ long-term growth strategy and continue to position the group as a…

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Matchesfashion creditors owed £36m following collapse

Burberry, Gucci and Prada are among the creditors owed £36m following the collapse of Matchesfashion last month, the FT has revealed. The luxury brands are among more than 500 creditors to Matches, which was bought by Mike Ashley’s Fraser Group in December.  Administrators at Teneo revealed that the creditors are…

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What are the effects of VAT taxes on the tourism industry?

The term “tourism tax” has recently been used to refer to taxes imposed on goods and services supplied to international tourists. Up until 31 December 2020, VAT-free shopping enabled international visitors in the UK to get a VAT refund on goods purchased in the UK, making them 20% cheaper.  Recently,…

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Frasers appoints four new directors

Frasers Group has announced the appointment of four new directors to its board. David Al-Mudallal, chief operating officer at Frasers and Ger Wright, managing director of Sports, have joined the board as executive directors following their “significant contribution” to Frasers Group in their existing roles. Al-Mudallal joined the group in…

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