Electrician jailed after VAT scam short-circuits

An Suffolk electrician has been jailed for 10 months for an £80,000 VAT fraud following an investigation by HM Revenue and Customs (HMRC). Steve Newman, 37, of Sudbury Suffolk, owner of electrical company SN Electricians, registered for VAT in 2006 but paid nothing to HMRC despite claiming £40,000 in repayments. He claimed business had been poor but when investigators looked at his records they...

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Volkswagen reveals prices for new all-electric e-up!

The all-electric Volkswagen e-up! goes on sale on Monday 2 December priced at £19,250 (including £5,000 Government grant or £24,250 on the road). Customers wishing to take the lead with this innovative city specialist will be able order their e-up! from one of 24 Volkswagen EV specialist retailers across the UK, with the first deliveries expected at the end of January. Based on the...

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China Becomes the Worlds largest Economy in 2013

By most estimates, in 1990 China’s GDP was about one quarter of the size of the United States. By 2006, China’s GDP was about half that of America. By 2011, the gap was minor. In 2012, the title of Worlds’ largest country as measured by GDP no longer belonged to the United States, but was a shared crown as the GDP figures achieved rough parity. At the end of 2013, it is clear that the Chinese...

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Mobile and e-wallet transactions set to account for more than 10% of all payments in Europe by 2020

Only 1% of all payments were made via mobiles or e-wallets in 2010 across Europe. This is set to change rapidly with over 10% of transactions being made by mobiles or NFC transmission by 2020. The highlight online banking penetration in Europe is reported to be sourced in Norway, Finland and the Netherlands with each market reporting online banking shares of more than 80% in 2013. Turkey, Spain...

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HMRC responds to PAC report

HM Revenue and Customs (HMRC) has responded to today’s Public Accounts Committee (PAC) report on its Annual Report & Accounts 2012-13. “HMRC strongly disputes the conclusions in the Public Accounts Committee report and challenges the Committee’s selective and misleading use of figures. “HMRC seeks to collect the tax that is due from all taxpayers, so that everyone pays their fair share in...

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