HMRC
This coverage examines HMRC’s impact on the UK retail sector, focusing on tax policies, regulatory changes, compliance requirements, and enforcement actions. Reporting highlights how HMRC decisions affect retail operations, financial planning, and workforce management, providing insights for executives, finance managers, and professionals navigating fiscal and legal obligations in the retail industry.
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Nov- 2018 -13 NovemberClothing & Shoes
John Lewis, M&S and Next sign anti-slavery agreement
Retailers John Lewis, M&S, New Look, Next, River Island and Shop Direct have signed a joint agreement to combat labour exploitation in UK textiles manufacturing. The Apparel and General Merchandise Public and Private Protocol commits signatories to work together to eradicate slavery and exploitation in textile supply chains. The retailers…
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Sep- 2018 -24 SeptemberGovernment
Retail found to have second highest number of underpaid staff
The retail sector was estimated to have the second highest number of staff who were paid less than minimum wage, accounting for 51,300 jobs. This is according to a report by HMRC as part of the government’s investigation and initiative to clampdown on employers underpaying their staff. The hospitality sector had…
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Aug- 2018 -31 AugustComment
Can VAT help save the High Street?
There are growing calls for an ‘online sales tax’ (OST) to redress the balance between physical and digital retailing but a fiscal solution may have to be more intricate – and how VAT is levied may be part of the answer. We’re all familiar with being asked in sandwich bars…
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Jul- 2018 -23 JulyGovernment
HMRC proposal to access taxpayers’ bank accounts in secret ‘condemned’
An HMRC proposal that would have allowed secret access to taxpayers’ bank accounts has been condemned as an “unreasonable invasion of taxpayers’ privacy”. David Redfern, director of tax specialists DSR Tax Claims, has denounced the proposal and is urging HMRC to reconsider. He said that although HMRC is “correct to…
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10 JulyGovernment
Home Bargains ‘underpaid staff £272k’
Discount retailer TJ Morris Limited, trading as Home Bargains, has failed to pay the national minimum wage to its staff according to the UK government. Home Bargains appeared second in a government list of nearly 240 employers who had not paid the National Living and Minimum Wage, with the retailer…
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3 JulyGovernment
FRC launches investigation into KPMG’s last Conviviality audit
The Financial Reporting Council (FRC) has launched an investigation into the most recent audit by KPMG of the financial statements of Conviviality. The FRC is investigating the audit of the now defunct off-licence retailer that covered the 52 weeks ending 30 April 2017. The investigation will be conducted under the…
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Jun- 2018 -1 JuneHigh Street
Over 10,000 stores predicted to close in 2018, analysts say
A new report from the Centre for Retail Research (CRR) has predicted that 2018 will be the worst year on record for store closures, with more than 10,000 outlets disappearing from the high street. The ‘Retail At Bay 2018’ study also argues that the developing crisis in the retail sector…
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May- 2018 -10 MayGovernment
Named and shamed: Underpaid retail staff among 200,000 to receive £15.6m back pay
HMRC has identified £15.6m in pay owed to more than 200,000 of the UK’s lowest paid workers, following an investigation from 2017 to 2018. This was an increase from the £10.9m that was owed to 98,000 workers in the previous year. Earlier this year, Karen Millen, Shoe Zone and bedroom…
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Mar- 2018 -29 MarchHigh Street
Conviviality administration announcement puts 2500 jobs in danger
Bargain Booze owner Conviviality has announced plans to file for administration within the next two weeks, after failing to secure a proposed £125m fundraising bid to avert bankruptcy. The unexpected £30m tax bill led to a suspension of the off-licence retailer’s shares on the junior market and the cancellation…
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22 MarchHigh Street
Conviviality launches £125m fundraising bid to avert bankruptcy
Conviviality has announced it urgently needs to raise £125m to avert bankruptcy as it issued its third profit warning in a single month. In a statement the off-licence retail group confirmed that through its broker, Investec Bank, meetings with institutional investors have been arranged for the coming days to effect…
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