Uber battling HMRC over...
In this week's In the Sheets:
Uber is locked in a battle with HMRC over nearly ￡1bn in VAT payments.
Shein has filed papers with the Financial Conduct Authority (FCA) for an initial public offering on the London Stock Exchange.
The crisis of poverty in the UK has been exposed by two new reports which reveal the devastating impact of low wages and price increases on 900,000 children.
Tax News
Uber battles HMRC over ￡1bn VAT payments
Uber is locked in a battle with HMRC over nearly ￡1bn in VAT payments. Since March 2022, HMRC has charged Uber ￡951m in VAT on its fares and delivery sales. Uber argues that VAT should only apply to its profit, not its revenue. Recent filings with Companies House reveal that Uber has listed ￡631m in VAT paid to HMRC in 2023 as a debt it expects to reclaim. Uber believes it will be successful in its appeal and expects the full amount of its payments to be returned with interest. Uber had previously argued that VAT charges should be applied to each individual driver's revenue, but this changed after a 2021 Supreme Court ruling classified its drivers as "workers." HMRC maintains that 20% VAT should apply to full fares, while Uber argues it should only apply to profits under the Tour Operators' Margin Scheme.
Investment
Shein files papers for London listing
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Shein has filed papers with the Financial Conduct Authority (FCA) for an initial public offering on the London Stock Exchange. A hostile response from lawmakers and regulators in the US prompted the company to abandon plans to list in New York, but questions have been asked in the UK too over Shein’s governance. Many institutional investors, politicians and industry bodies are worried about working conditions for the people in its supply chain. Following news of a potential UK listing, both Labour and Conservative politicians have said Shein would be required to adhere to UK regulations and operate to the highest standards. Separately, industry figures are calling on the next government to close a tax loophole that allows companies like Shein to bypass UK import duties by shipping individual parcels directly to customers from overseas. Labour said it had no plans to change the rules, a move described as short-sighted by one boss, pointing to the massive loss of revenue for the Treasury.
Brainteaser ??????
You have a collection of UK coins consisting of 1p, 2p, 5p, 10p, 20p, 50p, ￡1, and ￡2 coins.?
You need to make exactly ￡3.67 using exactly 10 coins.?
What combination of coins will achieve this?
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