Further delay in Roxy Media winding up case
A hearing at the Insolvency and Companies Court in April heard that the firm owed £377,000 in tax, which had been reduced from an unknown amount.
Lawyers for Roxy Media said last month that the company was seeking to take the case to a tax tribunal.
The company applied for a further adjournment on Wednesday to await the outcome of that appeal.
Jon-Selous Borlace, for HMRC, told the specialist court: 'The company said it filed an appeal to the First-Tier Tribunal.'
ICC Judge Sally Barber allowed the adjournment 'to await the outcome of the appeal', setting the next hearing for November 12.
Willoughby set up the company with her husband to specialise in managing media clients.
Records on Companies House indicate that she was appointed as a director of the company in 2014, and Mr Baldwin in 2008.
The presenter is best known for previously fronting ITV daytime show This Morning and Dancing On Ice.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times
3 hours ago
- Times
Why a capital gains tax raid is the last thing homeowners need
A new tax on the sale of expensive homes would cause the property market to grind to a halt, and would be unlikely to raise much revenue, experts say. The government is said to be considering a shake-up of property taxes in the budget this autumn as it tries to fill a multibillion-pound black hole in the public finances. Many options seem to be under discussion, according to widespread reports this week, but most appear to be aimed at those selling high-value homes. The Times reported on Wednesday that the chancellor, Rachel Reeves, was considering charging capital gains tax (CGT) on the sale of main homes worth £1.5 million or more. This would be on top of stamp duty paid by buyers, which raised £13.8 billion in the 2023-24 tax year. CGT raised £13 billion in that year. Jonathan Brandling-Harris from the London estate agency House Collective said: 'Handing sellers a large CGT bill on sale will simply discourage them from moving.' Geoff Wilford from the estate agency Wilfords London said: 'It would be the single worst decision any government could make for the housing market. It would grind activity to a halt. Instead of boosting Treasury receipts, it would kill them off completely.' At the moment the sale of your main home is exempt from CGT. If it wasn't, the Treasury would make an estimated £31 billion a year. CGT is charged at 24 per cent for higher rate taxpayers and 18 per cent for basic rate taxpayers on the sale of assets including second homes, shares and art, for example. HM Revenue and Customs said that not charging CGT on the sale of main homes costs it £31 billion a year. Heather Powell from the accountancy firm Blick Rothenberg said: 'Abolishing this relief would be hugely controversial and would mean the end of the principle that no tax is payable on the sale of your family home.' Tom Bill from the estate agency Knight Frank said that because CGT is only charged on sales, many homeowners would simply decide to stay put. He said: 'If CGT applied from when the property was last bought, it would divide sellers into two groups: those sitting on a gain and those who are not. 'Anyone with a taxable gain would think twice before selling, which would reduce transaction numbers. That's despite the government seeming to want a predictable flow of revenue that is skewed towards the wealthiest homeowners.' • Ben Wilkinson: This tax policy chaos does not bode well Homes worth more than £1.5 million make up about 1 per cent of the 1.2 million property sales in England every year, and about 5 per cent of the sales in London, according to Hamptons. The average gain on the sale of a £1.5 million-plus home in England and Wales in the past 20 years was £836,219 — a rise of 71 per cent. The CGT bill on that gain for a higher-rate taxpayer would be £199,973. Aneisha Beveridge from the estate agency Hamptons said that when buyers of more expensive homes were last hit by big changes to property taxes, sales fell. Stamp duty moved from a 'slab' system where a single 5 per cent rate was charged to a 'slice' system where bands of the purchase price were taxed at 2 per cent, 5 per cent and 10 per cent. The change left anyone buying a home worth less than £935,000 paying less, but those who bought higher-value homes paying more. Under the old system someone buying a £1.5 million home would have paid 5 per cent across the entire property's value — £75,000. They now pay £93,750. • Read more money advice and tips on investing from our experts In 2014 about 4 per cent of homes sold in London went for more than £1.5 million, according to Hamptons. Last year 2.9 per cent sold at that level, once you accounted for property price inflation, the lowest share on record. Beveridge said: 'What we saw with the stamp duty changes was that demand for those homes at the top end of the market slowed because they became much more expensive, so people did not move as often.' A property sales tax on expensive homes would have a knock-on effect on all those further down a sales chain if the sellers at the top simply decided not to move. Wilford said: 'Imagine finally deciding to move after decades only to be stung with a bigger bill for selling than you would ever have paid for buying. That leaves a very sour taste.' Experts argue that anything that deters older homeowners from downsizing is bad news for the market in general. Some 53 per cent of homes in England and 35 per cent of homes in Scotland have at least two spare bedrooms, according to Nationwide Building Society. Polling of 4,300 people by Barclays suggested that 37 per cent of those with one or more spare bedrooms were over 65. • How could Rachel Reeves reform stamp duty and other property taxes? Barclays said that those who downsize should be given grants or be allowed to offset any moving costs against their stamp duty bill. Brandling-Harris said: 'Downsizers should be helped because every move they make unlocks the housing ladder beneath them — freeing up family homes for those moving up the ladder, and so starter homes for first-time buyers. That's why the focus should be the exact opposite of a sellers' tax: rather than penalising people for moving, we should be encouraging it.' Wilford added: 'Downsizing is already a daunting process. People want to stay near friends, family and their GP yet often suitable homes locally are scarce. 'Add in the emotional attachment to the family home, the slog of clearing out a lifetime of belongings, plus legal fees, removals and surveys, and it is no wonder many decide it is easier to stay put — they just don't want the hassle. Add a seller's tax into the mix and you risk wiping out a whole segment of the market that keeps the housing ecosystem moving.'
Reuters
3 hours ago
- Reuters
Intuit forecasts first-quarter revenue growth below estimates, shares fall
Aug 21 (Reuters) - Intuit (INTU.O), opens new tab forecast first-quarter revenue growth below analysts' estimates on Thursday, a sign of sluggish performance at its marketing platform Mailchimp, sending its shares down nearly 6% in extended trading. The Mountain View, California-based company's board approved a new $3.2 billion share buyback, lifting total repurchase authorization to $5.3 billion. The company provides products such as tax-preparation software TurboTax, personal finance portal Credit Karma and accounting software QuickBooks. Mailchimp, acquired by Intuit in 2021, is currently experiencing challenges that are impacting the company's growth in its Global Business Services segment. CFO Sandeep Aujla told Reuters that Mailchimp is a near-term drag on growth, but the company has initiatives underway and expects it to be performing well by the year-end. With the launch of AI agents — systems capable of taking actions on behalf of users — for its QuickBooks portfolio, Intuit also raised the prices of its QuickBooks Online and Payroll subscription services last month. Intuit expects fiscal 2026 revenue to be between $21 billion and $21.19 billion, largely in line with analysts' average estimate of $21.12 billion, according to data compiled by LSEG. For the fiscal year, its adjusted profit per share forecast of $22.98 to $23.18 was also broadly in line with estimates of $23. The company's projection for first-quarter revenue growth of 14% to 15% came in below estimates of 16.1% growth. Intuit forecast adjusted earnings per share of $3.05 to $3.12 for the first quarter, compared with estimates of $3.07. The fourth-quarter revenue grew 20% to $3.83 billion, beating estimates of $3.75 billion. The adjusted EPS of $2.75 also exceeded estimates of $2.66.
Reuters
3 hours ago
- Reuters
Intuit forecasts first-quarter revenue growth below estimates
Aug 21 (Reuters) - Intuit (INTU.O), opens new tab forecast first-quarter revenue growth estimates below analysts' estimates on Thursday, indicating sluggish performance at its marketing platform Mailchimp. The Mountain View, California-based company's board approved a new $3.2 billion share buyback, lifting total repurchase authorization to $5.3 billion. The company provides products such as tax-preparation software TurboTax, personal finance portal Credit Karma and accounting software QuickBooks. Mailchimp, acquired by Intuit in 2021, is currently experiencing challenges that are impacting the company's growth in the Global Business Services segment. "The one area that we call out, which is a near term temperament to growth, is Mailchimp, but we have plans to make sure that that scores correctly, and that's exiting the year at good pace," CFO Sandeep Aujla told Reuters. With the launch of AI agents — systems capable of taking actions on behalf of users — for its QuickBooks portfolio, Intuit also raised the prices of its QuickBooks Online and Payroll subscription services last month. Intuit expects fiscal 2026 revenue to be between $21 billion and $21.19 billion, largely in line with analysts' average estimate of $21.12 billion, according to data compiled by LSEG. For the fiscal year, its adjusted profit per share forecast of $22.98 to $23.18 was also broadly in line with estimates of $23. The company's projection for first-quarter revenue growth of 14% to 15% came in below estimates of 16.1% growth. Intuit forecast adjusted earnings per share of $3.05 to $3.12 for the first quarter, compared with estimates of $3.07. The fourth quarter revenue grew 20% to $3.83 billion, beating estimates of $3.75 billion. The adjusted EPS of $2.75 also exceeded estimates of $2.66.
