Saturday , February 24 2018
Breaking News


2 Ukrainians jailed in UK for trying to smuggle in 6 migrants on yacht


LONDON: Two Ukrainians, a former ballet dancer and a chef, have been jailed in the UK for trying to smuggle in six of their fellow nationals. The court in Portsmouth sentenced Vladyslav Kurtoglu, 50, to six years in prison on charges of assisting unlawful immigrationn. His accomplice, Dmytro Kruik, 29, will spend three years and nine months in jail, RFE/RL’s ... Read More »

UK minister rebuffs call to make tax havens reveal company owners

australia tax

LONDON: MPs from across the political spectrum have called for action to tackle money laundering, sanctions busting, tax avoidance and tax evasion in the UK’s crown dependencies and overseas territories. Revelations from the Paradise Papers and Panama Papers investigations into offshore finance were cited extensively during a second reading of the sanctions and anti-money laundering bill, which will replace elements of European legislation after the ... Read More »

Fears flood of UK fleet imports will hit your car’s value


LONDON: A potential flood of ‘ex-fleet’ imports from the UK could spell disaster for the value of your secondhand car, an expert warns. He says that a decision by the UK’s Trading Standards Authority could spark a wave of so-called ‘business’ cars coming on to our market. According to chief Jeff Aherne, that would be “disastrous” for used-car values ... Read More »

UK company to survey Sh161bn Kakamega gold


LONDON: The announcement is a signal that the multinational could soon join Goldplat which mines the commodity in Migori.The updated inferred resource estimate completed for the year-end returned … 1 .044 million ounces at Isulu and for Bushiangala 126,600 ounces,” Acacia said of its Kakamega sites in a trading update. A technical study to determine mineability of these deposits was ... Read More »

UK waste exporters in crisis because of China ban


LONDON: China’s ban on the import of recyclable material has pitched exporters in the United Kingdom into a desperate scramble to find new markets for an estimated 80,000 TEU a year in what UK Recycling Association CEO Simon Ellin has labeled a crisis. Finding and developing supply lines to these new markets is urgent as they can accommodate far less ... Read More »

UK announces tax-free childcare allowance

tax authority

LONDON: IPSE, the Association of Independent Professionals and the Self Employed, has welcomed the UK tax authority’s announcement that all working parents – including the self-employed – can now receive a tax-free childcare allowance. The GBP2,000 (USD2,800) allowance is available to all working parents with children under 12, and who are earning the minimum or living wage. HMRC also announced ... Read More »

UK firms want to stay in customs union


LONDON: Most British firms want the UK to remain in the customs union after Brexit, a survey has indicated. The Harvard Kennedy School study was carried out by researchers including former shadow chancellor Ed Balls and involved interviews with more than 80 small and medium-sized firms and trade associations. Mr Balls said: “It is the most detailed, in-depth study of ... Read More »

UK government considers statutory test of employment status for tax


LONDON: The consultation also considers a statutory test for employment rights purposes and whether the test for tax purposes should be aligned with the test for employment law purposes. It also explores whether the current test should be simplified and whether ‘workers’ should be subject to employment taxes.  An employment status test which is easier to apply will be welcomed ... Read More »

UK exports to EU rise as Brexit talks enter next stage


LONDON: British firms are exporting more to the other 27 countries in the European Union, a state of affairs that will linger over the difficult discussions ahead on the UK’s future relationship with the bloc. Official figures released Friday show that seven of the top 10 destinations for British exports in 2017 were EU countries. Selling everything from cars to ... Read More »

UK trade deficit widens as imports surge


LONDON: UK’s global goods trade deficit widened to a significantly worse-than-expected £13.58 billion in December from £12.46bn in November as imports rose faster than exports, official figures show. December’s goods trade deficit was nearly £2bn worse than the £11.6bn figure forecast by the City. Suren Thiru, head of economics at British Chambers of Commerce, said: “The sharp deterioration in the ... Read More »

UK goods trade deficit highest in 15 months due to rise in global oil prices


LONDON: The UK’s trade in goods deficit jumped to its highest level in 15 months in December as rising global oil prices pushing up the prices of fuel imports, official data on Friday showed. The Office for National Statistics separately reported that the shut down of the Forties pipeline in the North Sea disrupted overall UK industrial production in the month, causing a 1.3 per cent decline. The ... Read More »

UK diesel car sales plunge in January


LONDON: Sales of diesel cars have continued to drop significantly, with the first figures of 2018 showing a 25% fall from last January. Overall, the UK’s new car market declined by 6.3% in January with 163,615 cars leaving showrooms. It follows a downward trend that started last April after years of record growth. The Society of Motor Manufacturers and Traders said ... Read More »

Sterling rebound hits construction imports from UK


LONDON: Building firms spent about 35 per cent less on UK goods and services in November than they did for the same month a year earlier, while the final two months of 2017 saw a fall in both the number of import purchases and in the average transaction size. Fexco’s analysis of nearly 3,000 transactions shows the sharp decline in ... Read More »

Brexit negotiators aim to stop UK undercutting EU on tax


LONDON: British government over Brexitahead of a meeting in London on Monday between Theresa May and the EU’s chief negotiator, Michel Barnier. The row within the Conservative Party over future customs arrangements comes as European negotiators are looking at how to stop Britain undercut the EU in tax and regulation after Brexit. The EU task force working on new negotiating guidelines has been engaged in ... Read More »

U.K. coffee drinkers might have to pay a tax for using disposable cups


LONDON: U.K. lawmakers have proposed a controversial ‘latte levy’ on all disposable cups. The 43-cent (25-pence) tax is currently up for debate in British Parliament. Roughly 2.5 billion cups are thrown in the trash annually in the U.K., “that’s enough to circle the planet five and a half times,” the Environmental Audit Committee’s chair. Researchers have determined that the ‘latte levy’ ... Read More »

UK games tax relief in 2017


LONDON: This is a jump from the 189 that were certified in 2016, and a big increase on the 116 certified in 2015. UK spend, and the total budget connected to games certified for tax relief were both higher than 2015 and 2016, too. The scheme appears to be a success, as the government has extended its tax relief initiative ... Read More »

Car imports from India to UK jumped by over 8%


LONDON:Car imports from India to the UK spiked last year with an 8.3 per cent hike in registration of Indian-built vehicles by buyers in Britain, authorities said today. While imports were strong, exports to India declined, according to the latest UK automotive industry figures released here. The Society of Motor Manufacturers and Traders (SMMT) found that the popularity of Indian-built cars ... Read More »

UK’s Britvic Q1 revenue up 3.3%


LONDON: British soft drinks company Britvic Plc said first-quarter sales rose 3.3 percent, helped by demand for its carbonated drinks in the UK. Revenue in Britain rose 1 percent in the quarter on higher sales of drinks such as Pepsi MAX. Carbonates revenue increased 4.9 percent in the period, the company said. Read More »

Wales ready to devolve UK taxes from April


LONDON: The UK Government and the Welsh Government have announced that they have completed preparations for the introduction of the first Welsh taxes for almost 800 years – land transaction tax and a landfill disposal tax. Under an agreement with the UK on the devolution of tax powers, Wales will introduce its own land transaction tax and a landfill disposal tax ... Read More »

UK households ‘facing increase of up to £80’ as ministers relax bill cap


LONDON: Conservative peer Lord Porter, who chairs the Local Government Association, has warned “the majority will have little choice” but to increase bills, in order to protect vital services amid a £2.3billion “funding gap” in the social care system. Some councils have already increased bills by six percent, after ministers lifted the cap on tax hikes from five percent in ... Read More »