Japanese restaurant in Glasgow to close next month
Director Nathan Sparling said: 'Closing Mikaku was not an easy decision.
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"It has been a truly special place for both our team and our guests, and we are incredibly proud of what Mikaku has achieved.
"From celebrating Ramen Week with £1 bowls, to launching one of Glasgow's most innovative cocktail menus, to introducing a real Robata Grill to the city for the first time – Mikaku has been about bringing something bold, different, and authentic to Queen Street, seven days a week.
"The memories created here, and the community that has grown around it, will always be a huge source of pride.
"But like so many venues in Glasgow and across the UK, we've faced the well-documented challenges in hospitality – from rising costs and staffing pressures, to shifts in consumer behaviour.
"The recent rise in National Insurance contributions has added even more pressure, strangling independent operators like us at a time when the sector is still recovering. These wider challenges have been a significant factor in the decision to close, allowing us to refocus our efforts and resources on the exciting opportunity ahead at Clydeside Containers.'
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Scotsman
an hour ago
- Scotsman
Mikaku: ‘End of an era' as Tokyo-inspired Glasgow restaurant to shut due to National Insurance rise
A 'much-loved' Scottish restaurant that brought a colourful and innovative experience of Japan is set to close in September. Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... A Japanese bar and restaurant in Glasgow will close its doors for the final time next month, citing the 'strangling' National Insurance rise as a key reason. Mikaku, known for its immersive 'slice of Tokyo' experience, colourful interiors and innovative menu, will shut on Sunday, September 14. Advertisement Hide Ad Advertisement Hide Ad The Queen Street restaurant has been a staple of Glasgow's hospitality landscape since it opened in 2018. Over the years, it has built a loyal customer base and welcomed thousands of guests through its doors. The decision to close Mikaku comes as the team behind the venue shifts focus to their next chapter – the launch of Clydeside Containers, a new riverside street food and drink destination opening on Glasgow's waterfront. Restaurant director Nathan Sparling said: 'Closing Mikaku was not an easy decision. It has been a truly special place for both our team and our guests, and we are incredibly proud of what Mikaku has achieved. 'From celebrating Ramen Week with £1 bowls, to launching one of Glasgow's most innovative cocktail menus, to introducing a real Robata Grill to the city for the first time – Mikaku has been about bringing something bold, different and authentic to Queen Street, seven days a week. The memories created here, and the community that has grown around it, will always be a huge source of pride. Advertisement Hide Ad Advertisement Hide Ad "But like so many venues in Glasgow and across the UK, we've faced the well-documented challenges in hospitality – from rising costs and staffing pressures, to shifts in consumer behaviour. Mikaku 'The recent rise in National Insurance contributions has added even more pressure, strangling independent operators like us at a time when the sector is still recovering. These wider challenges have been a significant factor in the decision to close, allowing us to refocus our efforts and resources on the exciting opportunity ahead at Clydeside Containers.' Mikaku will adjust its opening hours for the final weeks of service. From Wednesday, August 20, the restaurant will open Wednesday to Sunday, before moving to a Thursday to Sunday schedule from August 28 until the final day of service on September 14.
Scottish Sun
an hour ago
- Scottish Sun
All the new tax raids Rachel Reeves is planning on YOUR cash to fill £50bn blackhole – how to protect yourself
We explain what you can do to protect YOUR cash now TAX GRAB All the new tax raids Rachel Reeves is planning on YOUR cash to fill £50bn blackhole – how to protect yourself Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) RACHEL Reeves is under pressure to fill a £50billion blackhole with an all-new tax raid in the Autumn Budget. Experts have suggested a raft of tax changes could be announced in the speech - but how could they affect you? And what can YOU do now to protect your finances. We explain. Sign up for Scottish Sun newsletter Sign up 2 Rachel Reeves could announce a raft of tax changes in the Budget to plug a £50billion black hole in the public finances Credit: Reuters The Chancellor is under increasing pressure after slow economic growth, U-turns on spending and a weak jobs market have all pushed the government finances further into the red, the National Institute for Economic and Social Research has warned. Among the ideas on the table are changes to stamp duty, capital gains tax and council tax. Labour has already pledged not to raise income tax, national insurance or VAT in its manifesto, which means it is considering other options. Of course, the full details of the Budget will remain under wraps until the day it is unveiled. Read more on the Chancellor TAXING TIMES Rachel Reeves rules out raising rates of income tax, National Insurance or VAT But here we explain what could be on the cards and what it might mean for you. Inheritance tax Reeves is said to be eyeing up inheritance tax changes as part of plans to fix the nation's finances. Some of the options on the table are stopping parents from making unlimited tax-free gifts to kids by capping the value of gifts that someone can pass on to loved ones. Currently, you can give away unlimited amounts of money and assets to friends or family members without paying inheritance tax, as long as you do so seven years before you die. If you give money away and then die within seven years then the amount of tax you pay is charged at a tapered rate. Capping the amount relatives can give to their loved ones could raise millions of pounds for the Treasury. 2 The tax raised a record £8.2billion last year alone. Experts have warned that if the measure was brought in it could cause 'a fundamental change to the way families pass on wealth". Rachael Griffin, tax and financial planning expert at Quilter warned the change 'could capture not just large transfers designed to reduce tax bills but also modest, routine support between family members." Stamp duty It has also been suggested this week that the Chancellor is considering plans to replace the current stamp duty thresholds with a new property tax. Earlier this week The Guardian published a story about how the Chancellor Rachel Reeves is considering a new levy on houses over £500,000. It said the Treasury has been considering suggestions from a report by thinktank Onward. In it, Onward recommended that if a property is worth more than £500,000 it would incur an annual tax of 0.54%. Meanwhile, any home worth more than £1million would pay 0.81% on the proportion of its value over the threshold. This would replace the current stamp duty thresholds, which are tiered depending on the value of your home. Currently there is no stamp duty to pay on a home worth less than £125,000. On homes worth between £125,001 and £250,000 stamp duty is charged at a rate of 2%. But this rises to 5% for homes worth between £250,001 and £925,000. The Government has not yet confirmed how the proposals would work but did not rule them out. It is understood that only homeowners who buy a property after the tax is brought in could be affected by the change, so the tax would not be applied to properties retrospectively. This means homeowners who already paid stamp duty when they bought their home would not be charged again. The extra stamp duty for homeowners with more than one property would remain in place and this group would not have to pay the new tax. Experts have described the change as 'designed to radically overhaul stamp duty'. David Hollingworth, of L&C Mortgages, said: 'Many have called for a rethink of stamp duty which can act as a barrier to buying, moving and downsizing. 'Buyers won't shed any tears for stamp duty but may have to rethink the likely annual cost of owning their own home. 'If that sees a big increase it will have a knock on impact for affordability.' Meanwhile, property expert Kirstie Allsopp said the Chancellor's plans to reform stamp duty would have a 'destabilising' effect and added it's 'not the place to fly kites.' Speaking on Times Radio she warned: "It's not Rachel's to go after because it's their homes. "It's the roof over their head. And this Government seems to want to punish people for making the sacrifices they've made to buy their own homes." Council tax Officials are also said to be considering whether to replace council tax with a local property tax. This would mean a total overhaul of the current council tax system, which came into effect in 1993. Currently council tax is an annual fee that is paid to the local council to fund services such as road upkeep and state schools. People pay more or less depending on where they live and the size of their home. There have been fears that council tax will be reformed after several councils declared themselves bankrupt and others warned they have just months left before they run out of funds. But a total reform of the council tax system could take years, so it is unlikely to happen in this parliament. Capital gains tax Homeowners with expensive properties could be hit with capital gains tax when they decide to move house, recent reports suggest. Rachel Reeves is said to be considering ending private residence relief, which stops people from having to pay capital gains tax when they sell their main home. The change would mean that properties worth over a certain amount would be subject to the tax. Higher rate taxpayers would pay 24% of the value of any gains they make, while basic rate taxpayers would have to pay 18%, The Times has reported. If the levy was brought in with a threshold of £1.5million then it would affect around 120,000. These wealthy homeowners would be hit with a bill of £200,000 if they tried to move house. It is not clear from when this change could be introduced or if it would be phased in. Pensions Another option that could come under the microscope is tax relief on pensions. The Chancellor has previously shied away from this option but is said to be reconsidering it as an easy option to raise cash. Currently you get tax relief on any money you pay into your pension. This is done through rebates from the Government and the exact amount you get depends on your income tax rate. For example, basic rate taxpayers get 20% tax relief on any money they pay into their retirement pot. However, for higher rate taxpayers the relief rises to 40%, or 45% for additional rate taxpayers. As a result, the system is currently tilted in favour of more wealthy people as they pay more tax. But reports have suggested that the Chancellor could introduce a flat rate of tax relief. This would cut the amount of cash higher and additional taxpayers get back from the Government. However, it could also hit hardworking teachers, nurses and public sector workers who are on modest incomes. This move could raise billions of pounds for the Chancellor each year. Official figures show the total cost of providing pension tax relief was £52.5billion in 2023/24, up from £50.1billion the year before, official figures reveal. Most of this money went to higher and additional rate taxpayers. Former pensions minister Baroness Ros Altmann thinks the measure is likely to appear in the Budget. She said: "With a desperate need for more money to be invested in this country, it is inevitable that the Chancellor will be looking at whether this money could be better used in Britain directly, and I do think she will find ways to reduce its generosity." But overhauling the pension system would be a major reform, so it cannot be brought in overnight. This means the Government is unlikely to be able to use it to raise the cash it needs in the short term. What should YOU do now None of the potential changes being tabled have been confirmed yet. The Government has not yet ruled them out but any measures it introduces will not happen until after the autumn Budget at the earliest - and a date has not been set yet. Don't make any rash decisions based on the current Budget speculation. If and when the changes are announced you can decide to act to stop your finances from being hit. For example, if the changes to stamp duty are brought in from a certain date then you cold move house before this deadline to avoid being hit. Or if the Government decides to charge Capital Gains tax on high value properties then you could downsize to a smaller house before the change is implemented. Most of the suggestions on the table will only affect the very wealthy, so you may not even be hit by the tax changes. There are some things you can do if you're worried. Get financial advice If you are worried about your finances then you should speak to a financial adviser. They will be able to offer you advice about your situation and explain if any of the measures will affect you. You can find one using - but remember, you will pay a fee. Make a will First, you should ensure your money gets to the right place by making a will, according to Ms Young. 'If you die without a will, your estate will fall under the rules of intestacy, which could mean a higher IHT bill. 'This is especially key for couples who aren't married, as unmarried partners will not automatically inherit from one another, even if they have lived together for many years.' Check how to make one in our guide. Give your finances a makeover It's good practice to sit down and take stock of your finances every six months and work out a plan. Work out all your bills and outgoings and what income you have and factor in any changes, such as bills going up or new income streams. Think about what you need to do to make the most of your money. For example, do you need to prioritise paying off debts or saving for a house deposit. Our guide to paying less tax legally could help you avoid giving away more cash to the tax man than necessary. Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
The National
3 hours ago
- The National
Labour 'lose control' as gilt yields rise above worst of Liz Truss era
Earlier this week, UK Government borrowing costs rose to their highest in months; the yield on conventional 30-year gilts touched its highest since April 9 at 5.625%, while the yield on two-year government bonds was also up at 3.990%, the highest since June 9. The real yield on 30-year inflation-linked debt – the return investors get from 30-year government bonds that protect against inflation – rose to its highest since at least 2010 at 2.571%, according to data from LSEG. This meant the rate had pushed past a previous high of 2.547% set on September 28, 2022 during turmoil after former prime minister Truss's disastrous 'mini-budget'. READ MORE: Seamus Logan: Scotland is wealthy but GERS makes it look poor. Time for a rethink Official figures on Wednesday then showed that UK inflation rose to 3.8% in the 12 months to July, almost double the Bank of England's 2% target and 0.1% above the widely expected 3.7%. The bank has forecast inflation will peak at 4% in September and remain above its target until mid-2027. Reuters reported that investors are starting to think ahead to Reeves's Budget in the autumn, when many economists think she will have to raise taxes by tens of billions of pounds to stay on track to meet her self-imposed fiscal rules. Responding to the figures, SNP economy spokesperson Dave Doogan MP said: 'Prices are up again because the Labour Party has lost control over the economy – they promised stability and promised 'change' but the truth is that things have only got worse under their watch.' Doogan said the spike in the cost of food and drink – inflation in that area rose to 4.9% in July, from 4.5% in June – was 'particularly painful for households' Chancellor Rachel Reeves is under fire after a week of poor economic data'After a year in government the only thing that has risen faster than prices under the Labour Party is their list of broken promises,' he went on. 'Economic stat after economic stat, figure after figure, month after month confirms what people already know – Brexit Britain is broken – and Scots now know that the cost-of-living crisis will never end under Westminster control. 'As the Chancellor prepares another brutal Budget this autumn that will directly hit people in the pocket, Rachel Reeves should be laying the ground to help households with their family finances instead of blatantly laying the ground to fill the financial black hole in the UK Treasury.' LibDem MP Susan Murray also said that while the Tories had left a 'toxic economic legacy', Reeves has 'made things worse for herself'. "The markets clearly don't have a lot of faith in Labour's economic plans,' Murray went on. 'That's no wonder because her National Insurance hike is already hurting businesses and making them less willing to take on new staff. READ MORE: Just 7 per cent of Edinburgh TV Festival panellists based in Scotland "The UK needs to invest in getting people who are inactive back to work by getting them the mental health care and support they need. 'It also needs a serious programme of investment in the key industries of the future to ensure that we are at the forefront of fields like renewable technology and biosciences." The Treasury declined to comment on market movements in gilt yields. However, addressing the inflation figures on Wednesday, Reeves said: 'We have taken the decisions needed to stabilise the public finances, and we're a long way from the double-digit inflation we saw under the previous government, but there's more to do to ease the cost of living. 'That's why we've raised the minimum wage, extended the £3 bus fare cap, expanded free school meals to over half a million more children and are rolling out free breakfast clubs for every child in the country.'
