Tax

Virgin Wines targets £100m revenues through ‘turbocharging’ growth plan

Virgin Wines has unveiled plans to “turbocharge” its growth and deliver £100m in annual revenue over the next five years through a new growth strategy, whilst the group hailed a “resilient” performance in its H1 results. The plan, which aims to deliver this revenue growth at a 7% EBITDA margin,…

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Footasylum profits soar by 188% in ‘record’ year of growth

Footasylum has welcomed a year of “record” profits and sales, with pre-tax soaring by 188% to £17.2m, up from £6m the prior year.  In the year ended 25 January 2025, total revenues rose by 9.4% to £349.5m, up from £319.5m in FY24, as the group welcomed its “best-ever financial performance”.…

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John Lewis staff miss out on bonus despite tripled profits

The John Lewis Partnership has confirmed its staff will not receive a bonus for the third year in a row, despite full-year profits tripling from £42m to £126m, with the group instead focusing on investment into employee pay.  For the year ended 25 January 2025, overall sales rose by 3%…

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Pepco explores potential sale of Poundland amid trading challenges

Pepco has announced that it is “actively exploring” a potential sale of Poundland amid rising pressures on the business, and instead plans to focus on the Pepco brand as a single future format. The discount retail group said its “ultimate ambition” is to operate under a single Pepco format, which…

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UK retail sales grow 2.3% in February, BDO reveals

Total retail sales in discretionary spend categories grew by 2.3% in February, compared to a negative base of -1.3% in the same month in 2024, according to BDO’s latest High Street Sales Tracker. The latest report from accountancy and business advisory firm BDO shows that in store sales in lifestyle…

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Budget reaction: Retail warns that higher costs will hamper investment

The retail industry has warned that increased costs following the Autumn Budget may hit businesses hard, with retailers facing higher costs amid new measures that come into place next April, with some warning the sector will face over £2.5bn in new costs in 2025.Yesterday, chancellor Rachel Reeves announced a series…

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Budget: Increases to employers’ NI and minimum wage

The chancellor Rachel Reeves has increased Employers’ National Insurance contributions in a bid to help raise as much as £40bn in taxes, pledging to also boost long-term growth and “mark an end to short term-ism” as part of Labour’s first budget since it came into power. Employers’ national insurance contributions…

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Amazon UK pays corporation tax for first time since 2020

Amazon’s main UK division has paid corporation tax for the first time since 2020 following the end of a ‘super-deduction’ tax break, The Guardian has reported.  The group’s UK services paid £18.7m in “current tax” last year on sales of £27bn. This marks a shift from the £7.8m tax credit…

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Tourist Tax cost retailers £220m in H1, says NWEC

The loss of tax-free shopping cost West End retailers £220m in unrealised sales in the first half of 2024, according to data from the New West End Company (NWEC). NWEC also claimed that the policy change cost West End retailers £400m in 2023. The number of international tourists visiting London…

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Navigating the tax system: a guide for retailers

Taxes are an inevitable aspect of running a retail business in the UK, shaping financial decisions and operational strategies. Business tax rates, including corporation tax, VAT, and business rates significantly impact the profitability and sustainability of retail businesses. Understanding the nuances of business tax rates is essential for retailers to…

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