Tuesday, January 22News For London

Business

London housing crisis takes average price to new record

Business, News, Uncategorized
London’s house prices saw the largest monthly growth in more than a year in December as prices rose by 2.1% on November.   It was the biggest monthly increase since August 2014, figures from the Land Registry show, and took the average price for a home in the capital to a new record level of £514,097. The report shows that December prices were also up by more than 12% year-on-year, the fastest rate of growth since last February. The increases were largely fuelled by growth in suburban areas, such as Hillingdon, Croydon and Bexley, as more and more Londoners are forced further out of town to find affordable housing. London mayoral hopeful Sadiq Khan tweeted his reaction to the report. https://twitter.com/SadiqKhan/status/693124526624903169 By contrast, prices in

Ever ‘liked’ a Facebook post? Now you can ‘love’ it, too

Business, International, Social media, Tech
Facebook will soon feature ‘Reactions’, a range of responses which will sit alongside the traditional ‘like’ function, according to media reports.   Since its launch, Facebook users have just been able to ‘like’ pictures, posts and pages published on the site. But they will now be able to react more accurately using Reactions, which include “sad”, “angry”, “love” and “wow”. Facebook announced the move yesterday after the company announced its full-year financial results, which revealed a 44% year-on-year jump in revenues to just under $18 billion. “You can love something, you can be sad about something, you can laugh out loud at something,” said Chris Cox, Facebook’s chief product officer. “We know on phones people don’t like to use keyboards, and we also know that the l

Online rental fraud up – renters at risk

Business
The number of reported cases of rental fraud across England and Wales jumped by nearly 50% last year, latest figures show. With a third of Londoners living in rented accommodation, it means those living in the capital are at higher risk of becoming victims. A BBC investigation, carried out in conjunction with Action Fraud, found 3,193 cases of rental fraud in 2015, up from 2,216 the year before. Fake landlords advertising very cheap accommodation on legitimate websites such as easyroommate.com or spareroom.co.uk demand cash deposits, and then disappear without trace. The BBC cited one case where a Kensington flat was advertised for rent at just £700 per month and the property was already occupied; the ‘owner’ nevertheless tried to convince a researcher to transfer £1,400 to s

Boris Johnson defends Google

Business, Tech
Google is due to pay £130m extra in a decade’s worth of back taxes to the UK. The Mayor of London, however, defended Google in his column for the Daily Telegraph on Monday. Johnson claimed that it is the manager’s job to pay as little tax as possible within the law. He wrote: “It is absurd to blame the company for ‘not paying their taxes’. You might as well blame a shark for eating seals. It is the nature of the beast; and not only is it the nature of the beast – it is the law it is the fiduciary duty of their finance directors to minimize tax exposure.” The Mayor of London further explained that the companies have legal obligations to their shareholders, not to public opinion or to politicians. Boris Johnson is a known advocate of the tech sector. He recently launched a cam

Star Wars: how businesses in the UK benefit from the premiere?

Business, ReportingWeek2
A number of businesses in London, including a shoe manufacturer, have been gearing up for the premiere of The Force Awaken, the latest addition in the Star Wars franchise. The shoes with Yoda and Darth Vader were on display at Schuh, the footwear retailer located in central London, since September. However, UK customers, as Jordan, the salesman at Schuh, told Westminster World are buying them “rarely, despite they are so cool”. Their number is limited, the offer is almost unique, because only two other shops in London sell these shoes, but the price is £209. Jamie Swan, the manager at Irregular Choice, the designer's shop selling these models, said that different people, both young and old, female and male, have actually been buying them, especially close to the premiere. “So

The Death of the Tax Return: blessed relief or nagging pain?

Business, News, Politics, ReportingWeek2
Image Courtesy of Phillip   Today HM Revenue and Customs bought in a new system to help self-employed taxpayers work out how much tax they owe, but opinion is divided over the change. The Personal tax account is an entirely online system that will allow self assed tax payers to manage their payments more regularly online. Tax expert Guy Bridger believes the changes are long overdue and that the old system was “a big panic for people who are self-employed”. He said:  “It’s going to make people’s lives easier. Yes it’s going to be more regular clicking on buttons hitting keypads and calculating things but it’s not rocket science to do these things. If it can be somewhat automated in the sense that it’s all more manageable and things can be assessed more easily then yes it ju

Falling oil prices hit investors

Business, International, ReportingWeek2
The oil price has fallen to a seven year low today as it reached $36.70 a barrel. It comes after prices slumped dramatically - by more than 10% - in just a week. This is good news for motorists, as petrol prices have dipped to below £1 per litre. Last week Simon Williams of the RAC said petrol pricing below £1 would be “a common sight” in the run-up to Christmas. (Picture: Sara Macham) While drivers might be celebrating, falling oil prices are not so good for investors. Today, Royal Dutch Shell has announced it will cut almost 3,000 jobs if it merges, as planned, with BG Group. The news comes after an initial round of job cuts at Shell in July, when the company said 7,500 positions would go. (Picture courtesy of Wikimedia Commons) London’s share price index, the

Skydeck the new first class seats

Business, ReportingWeek2
Windspeed Technology announced its new in-flight entertainment called Skydeck. Credit: Windspeed Technology website. With the announcement of Skydeck, the new in-flight entertainment product for the super rich passengers triggered interest within the aviation industry. The Windspeed Technologies LCC has been offering 20 years of engineering services in the aviation industry and now has offered a new entertainment product. The administrator and inventor of Skydeck, Shakil Hussain, during the National Business Aviation Association event, in Las Vegas, explained why the idea for this new entertainment product: “this new idea has been thought to defeat the boredom on long haul flights.” How it works? Its name is Skydeck and it can be installed on private jets, but also on commerc

Big Tobacco take on government

Business, News, Politics, ReportingWeek2
Image Courtesy of Sophie Riches Plain cigarette packaging regulations due to come into force in May 2016 are being challenged in the high court by four of the world’s largest tobacco companies. Imperial Tobacco Group, British American Tobacco, Philip Morris International and Japan Tobacco International claim that the legislation aimed at discouraging smoking will unlawfully impact their trademark intellectual property by making their packets look the same. The Chief Executive of anti smoking group ASH, Deborah Arnott, said: "This is a desperate last ditch move by the tobacco companies to try to protect their right to promote their products in glitzy brightly coloured packaging, hoping that they will attract children and young people to become the next generation addicted to s

Tax expert says that tax responsibilities are about to be easier.

Business, ReportingWeek2
The complexity of tax calculation. Credit: Pixabay. Guy Bridger, with 20 years experience as a tax advisor, agrees to introduce a series of improvement using online technologies that allow self-employers to pay taxes with a mouse-click. 10 million people who have small businesses and or self employers every year have to book either an accountant or do a self calculation to know how much tax they have to pay. The technology used to declare the taxable income is called self -assessment. It is used annually at the moment. However, the Chancellor, George Osborne, said that in the future it may be used quarterly. Guy Bridger, with a background of 20 years helping people calculate how much tax to pay agrees with government’s decision. The idea is to create a level playing filed and