Tax
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Mar- 2019 -12 MarchGovernment
Digital Services Tax extended to include 2% ‘Amazon tax’
High streets government minister, Jake Berry, has promised to extend the Digital Services Tax to include a “2% tax on online retail” to save Britain’s high streets. Berry confirmed that the tax, announced at last October’s Autumn Budget, would be extended to online retailers saying if the government cannot secure…
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Feb- 2019 -20 FebruaryAdvice
Shopping for software ahead of Making Tax Digital
The Making Tax Digital (MTD) initiative is designed to be a cost and time saving exercise both for the Exchequer and the small businesses that must comply. Almost three million businesses will be affected by MTD when it comes into effect in April 2019, and it offers a real opportunity…
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Dec- 2018 -4 DecemberDepartment Stores
‘Tax the internet for the good of the high street’, Mike Ashley tells MPs
Sports Direct owner Mike Ashley has said online businesses should be taxed 20% in as soon as six months to save the majority of high street retailers and avoid closures. Ashley appeared in front of MPs at the House of Commons yesterday (3 December) after demanding to meet them in…
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Nov- 2018 -19 NovemberComment
Digital taxation, and what it means for small retailers
The chancellor’s Budget announcements will have certainly set a few pulses racing in the independent retail sector, for several reasons. Among the measures likely to have piqued the interests of British retailers were a property rates reduction for small businesses, a £675m ‘future high street’ investment plan, and a proposal…
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Oct- 2018 -23 OctoberGovernment
New West End Company issues ‘stark’ warning to government over tax-free shopping
The New West End Company (NWEC) has issued a “stark” warning to the government over tax-free shopping in a joint letter to chancellor Philip Hammond, signed by over 300 West End retailers. In the letter, the trade body warned that the UK risked a further loss of international competitiveness post-Brexit…
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9 OctoberAdvice
The Brexit dividend may be nearing an end for UK retailers – so what now?
Much has been made of the potential ‘Brexit dividend’ that the economy may enjoy if the UK parts company with Brussels in March next year, with the argument polarising commentators and economists. One sector of the economy that benefitted initially after the referendum is retail, as international shoppers were able…
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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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Jun- 2018 -14 JuneHigh Street
Majestic Wine sees profit and sales increase
Wine retailer and supplier Majestic Wine has reported an increase in profits and sales for the 52 weeks ended 2 April 2018. The group reported that its sales were up by 2.3% for the year. It said this increase was driven by 11.3% underlying sales growth in its online wine…
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Feb- 2018 -2 FebruaryEntertainment
Amazon’s quarterly profits approach $2bn for first time
Online retailing giant Amazon has enjoyed its best ever quarter with profits almost reaching $2bn (£1.42bn) for the first time in the company’s history. The online retail giant reported that it saw its net income more than double to $1.9bn (£1.33bn) in the fourth quarter ending December 31 2017, up…
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