News Roundup Thursday 28th June 2018

NEWS ROUNDUP

TAX NEWS

Nine in 10 lawyers don’t understand stamp duty

The Telegraph’s Sam Meadows reports that home buyers are routinely paying too much stamp duty because their solicitors fail to understand complex rules. Research by Nimesh Shah, a partner at Blick Rothenberg, found that as many as nine in 10 solicitors were incorrect in the advice they gave. Paul Falvey of BDO, said many “high street” conveyancers limited their research to simply completing the HMRC online calculator. Marc Selby, of law firm Laytons, who is also a member of the CIoT, said large firms were making errors too. He had recently won a client a refund of around £70,000 after the original solicitor failed to realise they were entitled to “multiple dwelling relief”.

The Daily Telegraph, Money, Page: 1, 2

US tax ruling hits online stores

Online retailers such as Asos and Boohoo have been hit by the decision from the US Supreme Court to allow individual states to collect more sales tax from ecommerce firms. Web firms were on Thursday put on the same footing as their bricks-and-mortar rivals, meaning they will have to charge consumers the rate of sales tax which applies in the state where they buy the product.

Daily Mail, Page: 106 The Daily Telegraph, Business, Page: 36 Daily Express, Page: 62 The Times, Page: 51

How to cut tax on your dividends

The Times’ Mark Atherton provides readers with advice on how they can reduce taxes on their dividends, after the Government slashed the annual dividend allowance from £5,000 to £2,000. Tips include: using your Isa allowance; using your spouse’s allowances; using the pension allowance and allocating some of the personal income allowance to dividends in your tax return.

The Times, Page: 58

Taxman probes transfer deals at Premier League clubs

HMRC is coming down hard on Premier League football clubs, the Mirror says, with the taxman probing big-money players transfers across the League, with one club facing investigations into three deals.

Daily Mirror, Page: 66

INDUSTRY NEWS

Creditors approve HoF CVA plan

Creditors have backed department store chain House of Fraser’s plans to close more than half its stores and also impose huge rent cuts on 10 others that it intends to keep. Up to 6,000 jobs are set to go as a result of the closures. High Street landlords were unhappy with the plan as they will have to shoulder the burden of financial losses. Mark Fry of Begbies Traynor and Charlotte Coates of JLL, who had been advising a group of the affected landlords, said: “It is disappointing that the CVA has been agreed without proper engagement”.

The Daily Telegraph, Business, Page: 37 Daily Mail The Independent Financial Times, Page: 17 Daily Express, Page: 62 The Times, Page: 51

PROPERTY NEWS

Buy-to-let landlords cool on property purchases

Research by Residential Analysts shows a dip in sales of homes typically favoured by landlords, with a 10% year-on-year fall in the number of flats purchased in England and Wales in the year to December 2017.

Financial Times, Page: 3

SMEs NEWS

Late payment crackdown

The Sun reports that Cabinet Office Minister Oliver Dowden has promised to consider a raft of measures to halt the late payment culture that is so damaging to small businesses, including splitting up huge contracts and stopping late payers getting work.

The Sun, Page: 2

ECONOMY NEWS

Britain more exposed to China than thought

Britain’s financial links to Hong Kong make the UK economy more exposed to a downturn in China, Bank of England analysis has asserted. The ties to Hong Kong and Britain’s links with the eurozone, which does more trade with China, means the risk a Chinese recession poses to the UK is around 50% bigger than previously thought.

The Daily Telegraph, Business, Page: 37 Financial Times, Page: 2 The Guardian, Page: 40 The Times, Page: 47

Contact Paul Southward if you have any queries.

Paul Southward