Tax

Matalan founder returns as chairman

Matalan has announced that its founder, John Hargreaves, will return to the company as chairman, effective immediately. In this role, Hargreaves replaces Steve Johnson, the Matalan’s executive chair, who is stepping down from the board. Johnson first joined the business as non-executive chair, and he agreed to step into an…

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Matalan lenders eye up advisers amid talks over retailer’s future

Matalan lenders are reportedly eyeing up appointing advisors ahead of talks about the retailer’s future financing in the face of current economic uncertainty caused by the cost of living crisis. According to Sky News, Matalan’s senior bondholders are in talks with Perella Weinberg Partners to discuss options with them set…

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Retail Jobs Alliance demands business rates reform

An alliance of retail companies including Tesco, Sainsbury’s, Greggs and Waterstones are forging a new coalition to urge Rishi Sunak to move ahead with reforms to Britain’s decades-old business rates regime, according to Sky News. The group, which is calling itself the Retail Jobs Alliance, has written to the chancellor…

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13 Spring Statement predictions

With both the global and UK economies coming under pressure from the rising cost of living crisis, which has only been exacerbated by Russia’s invasion of Ukraine, all eyes will be on the chancellor when he makes his Spring Statement speech on 23 March 2022. Here, Christy Wilson, tax associate…

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Matalan founder Hargeaves loses 20-year court battle over tax bill

Matalan founder John Hargreaves has lost a long-running court battle with HMRC as he attempts to avoid a tax bill that may reach up to £135m.  He has now been ordered to pay the tax bill after the Upper Tier Tribunal ruled he owes Capital Gains Tax in relation to…

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On the move – retail supply chain trends for 2022

Following a year of supply chain disruption and uncertainty, Lee Thompson, managing director of international fulfilment services provider fulfilmentcrowd looks at the trends set to impact retail supply chains this year. Re-energised exports Exports have been something of a headache for UK-based retailers during the last 12 to 18 months. Disruption and…

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Plastic Packaging Tax revenues should be reinvested in retail

It’s now less than 12 months until UK retailers face paying a new levy on plastic packaging, with this set to raise hundreds of millions in tax revenues. This money should be shared with retailers to help further improve recycling and sustainability. UK Plastic Packaging Tax explained From 1 April…

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A look at what an online sales tax means for businesses

In last year’s Business Rates Review: Call for Evidence, Jesse Norman MP, financial secretary to the Treasury, said the government would explore the potential options of “alternative” property and online taxes which could act as “possible replacements” for rates to tackle the increases in businesses online presence. The proposition would…

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850 retail jobs lost a day so far in 2021

New research has found that 850 retail jobs have been lost every working day so far in 2021, with experts warning that this could be just the “tip of the iceberg”. Analysis from The Centre for Retail Research has revealed that administrations by large multiple retailers, those with 10 or…

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Amazon’s tax to turnover ratio dropped to 0.37% in 2020

Amazon saw its tax to turnover ratio fall to 0.37% last year, despite sales rising by more than 51% in the UK. In comparison, the Centre for Retail Research reported bricks-and-mortar retailers paid around 2.3% of annual retail sales overall in business rates. The online retailer’s sales for 2020, ending…

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