Latest news with #AutumnStatement
The Herald Scotland
3 days ago
- Business
- The Herald Scotland
Irvine haulier Maxi Caledonian slams inheritance tax plans
His comments came as new accounts show Maxi Caledonian, which owns firms in property and construction as well as haulage, reported a pre-tax profit of £3.6 million in the year ended September 30, down from from £4.5m the year prior. Turnover increased to £105m from £102.2m in 2023, which was the first time in the history of Maxi Caledonian that revenue had exceeded £100m. The UK Government sparked controversy with proposals to revamp inheritance tax in in the Autumn Statement, part of a package of measures designed by Chancellor Rachel Reeves to raise £2 billion over the next five years. The proposals to reform agricultural property relief and business property relief have led to widespread protests by the farming community, and will see inheritance tax charged on assets valued at more than £1m at an effective rate of 20%. Farming chiefs say the changes will affect up to 70,000 farms but the UK Government insists the figure is much lower, with the Treasury stating that it expects around 500 estates to be impacted. A report published by CBI Economics yesterday found that the reforms could threaten over 200,000 jobs and cut almost £15bn in economic activity by the end of this Parliament. Read more: Maxi said in a statement: 'Whilst we normally avoid such comments, we consider that the current Government's proposed heavy taxation of privately owned companies upon the death of shareholders removes planned essential business capital necessary for stability and continued growth and will adversely affect many private companies and associated employment increases. 'This appears to be the opposite of what the Government is claiming their primary objective is - namely to grow the economy - and successful expansion of private companies must be a major contributor to achieve this objective.' Maxi, which has depots in Scotland, England and Wales and operates across the UK and Ireland, said the period covered by the accounts had been 'another successful year'. However, the accounts note that margins had been reduced in its dominant haulage business, 'in common with the industry's trends'. Accounts filed for the haulage business show that turnover increased to £84m from £80.9m. However, its pre-tax profit tumbled to £1.39m from £2.65m 'as a result of poor trading conditions due to continuing inflation and difficult market conditions'. The accounts state: 'Our strong balance sheet, financial reserves, no borrowings, and our substantial continued investment in a modern fleet coupled with our strong management team puts us in a strong position for continued expansion in a hopefully improving market and we expect to report an increase in margins post-year end.' The company said Maxi Construction performed well over the period, and that the trend had continued into the current year. The division booked an operating profit of £2.5m, up from £1.7m, as turnover dipped marginally to £20.5m from £20.7m, 'reflecting the continued success of the company and the strength of our management team'. The Maxi Construction accounts state: 'Our balance sheet remains strong with significant reserves which supports growth and maintains customer confidence in what remains a very competitive market.' Max Properties, which had been a separate company with a common shareholder, has now been brought into the Maxi Group as a wholly owned subsidiary. The most valuable of the properties in its portfolio are occupied by Maxi Haulage. 'During the year these properties were revalued, resulting in a loss of £0.9m within the profit and loss in respect of those classed as investment properties,' the accounts for Maxi Caledonian state. 'Prior year comparatives reflect the position had it always been part of the group. 'The group balance sheet remains strong and with the addition of the property assets of Maxi Properties Ltd we retain strong financial reserves which are available for investment and expansion. The group had another successful year, but haulage activities resulted in reduced margins, in common with the industry's trends.' The accounts for Maxi Caledonian show the group employed an average of 377 people over the period, down from 384 the year prior, with 341 in haulage and warehousing, and 36 in construction. Payroll costs increased to £17.3m from £16.9m. Alan Miles, managing director of Maxi Haulage, will retire in November after 29 years with the company. Maxi said Mr Miles had "achieved great success and growth" during his time with the company, and noted that he will remain with the business in a consultancy role. Group deputy chairman Richard Atkinson, who has responsibility for the haulage division, said that succession planning was in place to ensure the "continuing successful management and growth" of the haulage and warehousing business.
Scottish Sun
28-05-2025
- Business
- Scottish Sun
Big high street retailer shutting city-centre store TODAY following string of closures
A quarter of the brand's stores are expected to close SHUT DOWN Big high street retailer shutting city-centre store TODAY following string of closures A MAJOR fashion retailer with more than 350 stores will close a city-centre location today. New Look will shutter it's shop in Chelmsford, Essex amid a string of other closures. 1 New Look is planning to close nearly 100 stores Credit: Google The retailer has not confirmed any plans to open another branch in the area. 'Our store in Chelmsford is set to close on 28th May," a New Look spokesperson said. "We would like to thank all of our colleagues and the local community for their support over the years. "We hope customers continue to shop with us online at where our full product ranges can be found.' What's happening at New Look? New Look began ramping up its store closure programme prior top April's National Insurance hike. Approximately a quarter of the retailer's 364 stores are at risk when their leases expire. This equates to about 91 stores, with a significant impact on it's 8,000 strong workforce. The company has restructured its store estate twice in the past six years, reducing its portfolio from around 600 UK stores in 2018. For the time being, stores remain open as usual, and no final decisions regarding closures have been made. The move to accelerate store closures is understood to be driven by the increase in National Insurance, announced by Chancellor Rachel Reeves in October. Shock Closure: Fisher Tours Ends Operations After 22 Years Employers currently pay NICs for most workers earning more than £9,100 a year. The sum they pay is the equivalent of 13.8% of the employee's earnings above that threshold. For an employee earning £30,000, the employer would pay NICs of £2,884.20. However, in the Autumn Statement, the Treasury announced it would increase the tax rate to 15% and reduce the threshold at which firms must pay to £5,000. The British Retail Consortium has predicted that these changes will create a £2.3billion bill for the sector. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." A New Look spokesperson said: "Our store estate is an important part of our business, alongside our best-in-class website and app. "We have recently invested over £3million in our stores in Greater Manchester to trial new omnichannel initiatives to improve customer experience. "We also continue to invest in our thriving online platform which has resulted in a strong online sales performance, with volumes significantly outpacing last year and an improved online margin." "On occasion we do have to close stores, either due to the landlord's request or because the site becomes unviable. "However, we always remain on the lookout for appropriate new opportunities across the country and continue to invest in our existing store estate."
Daily Mail
26-05-2025
- Business
- Daily Mail
Britain can be a NEW Silicon Valley: Former Chancellor JEREMY HUNT made a fortune as a digital entrepreneur. Now, in the final extract from his thought-provoking new book, he says we must cut State spending to unleash the animal spirits of technology
I had been Chancellor of the Exchequer for barely a month when it fell to me to deliver the 2022 Autumn Statement, in which I had to tackle a nightmare £72billion black hole. The short-term necessity was to plug that gap; the longer-term goal was to create stability following the economic upheaval of Liz Truss 's brief period as prime minister and set the scene for growth.
The Herald Scotland
10-05-2025
- Business
- The Herald Scotland
In a noisy world, savers must resist the urge to panic
And safe to say there has been a lot of noise in recent times. So much, in fact, that it can feel like there is an atmosphere of impending panic hanging over everything and we're constantly on the brink of a financial catastrophe. One recent example of why making a knee-jerk decision about money is rarely a good idea happened late last year. Rumours swirled that the Government would scrap tax-free cash on pensions in the Autumn Statement. Spooked by the speculation, some savers began withdrawing money early. But that change to pensions didn't materialise, meaning savers who took their pension cash early may have damaged their long-term money goals or incurred unnecessary charges. The very recent Trump tariffs, which admittedly would have left anyone with an eye on global investment markets feeling dizzy, is another case in point. In times of speculation, volatility, and misinformation, you will likely see a flurry of 'don't panic' messages or 'don't look at your pension now' stories in the media from investment experts and industry commentators. While well intentioned, the cumulative effect of telling people not to do something so many times can often result in them doing exactly the opposite and leaving them more anxious and reactive. While many people are willing to place their money in the hands of investment and advice professionals, there is a balance to be struck. It's not enough for our industry to simply repeat reassurances. This risks coming across as dismissive, like telling people to 'calm down, dear'. Someone nearing retirement, for example, may have very real concerns about how falling markets affect their fund. This is where great financial planners make a huge difference. The best of them understand the individual needs and circumstances of their clients, thanks to close and long-standing relationships built on trust. In uncertain times, they know when a more detailed conversation is needed, and what that conversation should cover. Attention has been growing around the upcoming changes to pensions and inheritance tax (IHT). Pensions were previously excluded from someone's estate for IHT purposes but from April 2027 they will be brought into the IHT net for the first time. People are right to be mindful of the potential impact on their pension. These changes will mean that many more of us could be pushed over the threshold for IHT, especially with rising house prices in many areas of the UK. Before that familiar sense of panic starts to return, let's remember again that the new rules don't come in until April 2027. And, crucially, the important details of the legislation have still to be published before we can know the full implications of the changes. Until then, the same key things about planning your estate and leaving a legacy for loved ones still continue to be true: the earlier you get a plan in place, the better. And if you're unsure about if and how you may be impacted by IHT, speak to a professional who will take the time to understand your individual needs and provide advice you can trust. Jen Paice is chief executive of Aberdein Considine Wealth
Scottish Sun
28-04-2025
- Business
- Scottish Sun
Asda shoppers spot ‘bizarre' change to prices in all UK stores – have you noticed it?
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) ASDA shoppers have pointed out a bizarre switch-up on its price tags in stores. Customers were left scratching their heads after the retailer's products no longer end in round numbers, and are now using odd increments. Sign up for Scottish Sun newsletter Sign up 2 Asda shoppers noticed something strange about the retailer's price tag font Credit: Mirrorpix 2 The supermarket chain recently cut the prices of a third of all the products it stocks Credit: Getty Posting in the Asda subReddit, r/cumulus-crafts said: 'I was walking around the store, and noticed that a vast majority of the products are now priced like £5.63, £9.98, £3.07, ect. Finishing every price on a number that isn't 5 or 0. 'I know it's so that we feel like we're saving more money, but man. It feels weird. It feels like they've added on an extra tax onto the base price of the product and built it into the overall price, and that's why everything now ends in a strange number.' The Redditor wasn't the only eagle-eyed customer who clocked the change, which came about following Asda's Rollback price commitment which was put into action. the end of January. Many shoppers will have seen prices cut across Asda's more than 1,200 stores, with the supermarket looking to restore its reputation for good value. User mist3rdragon wrote on a separate forum: 'I want to know what's up with their prices in general recently? "So many random prices that aren't near a round number. It's like they're trying to make it harder to keep track of your spending while you're walking around.' Items included in the price tweaks include Weetabix packs scanning for £2.62, fresh double cream is £1.68 and Fairy Platinum dishwasher tablets for £8.98 Other prices include Ben & Jerry's ice cream for £2.98, Asda Tikka chicken breast for £2.94 and Lurpak 750g for £7.77. The Sun Online has reached out to Asda for comment. Kat Farmers new George at Asda Collection Rising food prices The rollback comes after a report from the British Retail Consortium (BRC) found food prices rose at their fastest face in nine months in January, with costs jumping 0.5% month-on-month. Experts at the BRC warned the figure suggested prices could continue to rise this year, with recent forecasts predicting an increase of 4.2% in the second half of 2025. Food prices have risen steeply over the past few years due to a number of factors including higher energy costs, supply chain issues caused by the pandemic and rising labour costs. Budget pub chain Wetherspoons has hiked prices on most of its menu, with drinks typically rising by 15p and food by 30p, which boss Tim Martin had warned may happen following the government's Autumn Statement. But while food prices have generally risen, supermarkets are always keen to beat their competitors on price in a bid to keep loyal customers and lure others to switch to them. Tesco made a raft of 200 price cuts to items in its Express stores, which are more expensive than its larger supermarkets, in November last year, lowering prices by an average of 10%. Supermarkets are also making other strategic changes to their offerings in a bid to reinvest the money to keep their prices low. Sainsbury's has cut around 3,000 jobs by closing its remaining in-store cafes and closing its bakery and deli counters. Tesco is also reportedly cutting around 400 roles mostly focused around its bakery team, moving away from having staff bake goods inside the supermarket.
