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Fraud scandal costs lender £50m
The insolvency of Market Financial Solutions (MFS) is projected to cost over £50m amid fraud allegations. Alix Partners, the administrator, is investigating claims that £1.3bn of a £2.3bn loan book is missing. Other firms, including Grant Thornton and Teneo, are involved in the complex case. MFS fell into administration in February after a High Court…
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Skycutter warns of UK exit
Skycutter, a UK-based drone manufacturer, may relocate to the US due to slow government support. The company recently secured a $200m (£151m) contract with the US military, prompting concerns about its future in the UK. Skycutter has developed drones for Ukraine and is considering its options. A Ministry of Defence spokesperson said that since July…
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Gambling sector faces tax blow
Stella David, the chief executive of Entain, says the gambling sector is facing a significant challenge due to a near doubling of the Remote Gaming Duty to 40%. This tax increase, she warns, threatens regulated operators, adding: “As regulated firms are forced to retreat, the vacuum is being filled by a mushrooming black market, sometimes…
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Couples missing out on £1,260 tax relief
Analysis shows that around 2m married couples are missing out on the Marriage Allowance, which offers tax relief of up to £252 annually. This allowance can be backdated for four years, potentially yielding a rebate of £1,260. To qualify, one partner must earn below £12,570, while the other must be a basic rate taxpayer. Laura…
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Bank of England warns of ‘overlapping’ financial shocks
The Bank of England has warned of increasing risks to the financial system due to ongoing market volatility and the Middle East conflict. The Bank’s Financial Policy Committee said the conflict was “likely to interact with vulnerabilities” in the UK economy, adding that while the financial system has been “resilient so far… the shock will…
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Hospitality sector faces tax hike hit
Two-thirds of hospitality businesses may cut jobs due to significant tax increases, according to a survey of over 20,000 firms. The changes, including higher minimum wage rates and increased business rates, will add £1.4bn annually to costs. Many firms plan to cancel investments and reduce trading hours. It was shown that 64% plan to cut…
