Stagecoach wins £87.8m tax battle
Long-running dispute with taxman results in £87m windfall for transport company Stagecoach
Long-running dispute with taxman results in £87m windfall for transport company Stagecoach
Transport giant
Stagecoach has won
an £87.8m windfall after settling a long-running dispute with the tax-man.
The FTSE 250 company said sticking points with HM Revenue & Customs on
tax issues had been settled.
Stagecoach disclosed in its annual report that it had made a ‘gain of £87.8m
in respect of the resolution of a number of historic tax matters with the tax
authorities’.
In a detailed breakdown of its tax affairs, the company also reported a
credit of £1.5m after corporate tax was cut to 28p in the pound. A source close
to the company said the issue had been running for up to five years after the
company underwent a major restructuring.
The tax win will be seen as a key victory for finance director Martin
Griffiths. The annual report disclosed that Griffiths’ pay rocketed by more than
40% to £821,000 compared to £575,000 in 2006/07.
A former chairman of the Group of Scottish Finance Directors, Griffiths’ pay
packet was made up of a basic salary of £360,000, cash and share bonuses, and
non-pensionable allowances.
UK plcs often make large provisions in their accounts for unresolved disputes
with HMRC. Vodafone set aside more than £2bn to cover the possibility of losing
its controlled foreign companies wrangle with the government.
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe amount of tax saved by businesses through HMRC’s Patent Box scheme has increased by 23% over the last five years, from £1.14 billion in 2017/18 to...
View articleUK Chancellor Jeremy Hunt has hinted at the possibility of further tax cuts in the upcoming spring Budget, during his time at the World Economic Forum...
View articleThe legislation, which introduces a global minimum tax of at least 15% for multinational enterprises, aims to limit tax competition and ensure large c...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleAccountants must stay vigilant, adapt their tax strategies to evolving regulations, prioritize transparency, and foster collaboration with tax authori...
View articleAs the government prepares for re-election, PM Sunak promises to control spending in order to bring forth tax cuts next year Read More...
View articleThe Office for National Statistics revealed that the UK economy shrank by 0.3% in March after the economy grew by 0.1% in the previous three months Re...
View articleAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View article