debt ceiling, and with luxury goods group Burberry hit by concerns over a slowdown in its sales in China. The U.S. government moved into a second week of shutdown, raising the risk that a compromise will not be reached in time to meet an Oct. 17 deadline for raising the debt ceiling and averting a potential sovereign default. Although most investors still expect the issue to be resolved, nervousness is increasing, with people opting to sell or stay out of the market altogether. “This shutdown is coupled with the debt ceiling issue and, until we see a firm resolution on that, I think we will see a lot of investors wait on the sidelines,” said Jordan Hiscott, trader at Gekko Global Markets. Last week, FTSE volumes were the seventh lowest this year, with activity around 12 percent below the 2013 average. Some of the top year-to-date performers succumbed to profit-taking as implied volatility on the FTSE 100 – a crude barometer of investor risk-aversion – hit three-week highs . Among them were Easyjet, down 2.9 percent to 1,260 pence, and Sports Direct, which fell 4.3 percent to 674.50. Traders said some investors were also liquidating positions in order to free up funds to invest in the privatisation of the Royal Mail postal service, for which order books are due to close on Tuesday. The FTSE 100 index closed down 16.60 points, or 0.3 percent at 6,437.28.
Google UK Ltd’s Tax Rate Was Actually 83.8% Of Profits So What Were The Guardian Talking About?
Margaret Hodge, the chairwoman of the Commons public accounts committee who earlier this year accused Google of breaking its company motto of dont be evil said it had once again shown contempt for its customers and UK taxpayers. Googles complex tax arrangements, under which sales are booked in Ireland but revenues funnelled to a subsidiary in the tax haven of Bermuda, help the group pay minimal tax on the billions it earns outside the US. Google UK said in its latest accounts that it earned pre-tax profits of 37m on a turnover of 506m. The thing is, Google didnt pay 11.6 million in tax on that 37 million profit. Its paid 30.8 million in tax on that profit of 37 million for a tax rate of 83.8%. The actual accounts I have here. And as you can see the numbers The Guardian are using are simply wrong. The reason why theyre wrong is also simple enough to explain. Google was expensing certain of the stock awards that theyve made to staff. HMRC has, possibly correctly, insisted that these are not in fact tax-deductible expenses. They might well be correct under IFRS but theyre not under the tax rules: therefore previous tax deductions taken have to be reversed and the tax paid.
U-Lock-It, UK implements Self Storage Manager at their 3rd Site
7, 2013 /PRNewswire-iReach/ — E-SoftSys, developer of Self Storage Manager one of the leading management software programs for the self-storage industry, announced today that U-Lock-It, headquartered in Northwick, United Kingdom has successfully implemented and gone live on the Self Storage Manager program for their third site located at Runcorn. (Photo: http://photos.prnewswire.com/prnh/20131007/MN92229 ) U-Lock-It has been using Self Storage Manager at two of their sites located in Northwich and Middlewich for several years and are very pleased with the features provided by Self Storage Manager, as well as their 24×7 customer support. E-SoftSys has performed customizations at a rapid pace to meet some unique requirements of U-Lock-It. As the growing self-storage industry in UK and rest of Europe continues to look for ways to reduce costs, increase revenue and improve customer service, Self Storage Manager has become a product of choice for both single and multi-facility operators to streamline their operations and stay competitive. “We decided on implementing Self Storage Manager as it was a great fit for our business due to its advanced features, ease of use,24×7 customer support and compliance with UK statutory requirements. We have been using Self Storage Manager since 2008 and found that the software is very user friendly and helpful in drastically reducing the waiting time for our customers when they move in. Additionally, Self Storage Manager has helped us to automate several of our processes,” said Bill Shipsides, Director of U-Lock-It.”We are also very pleased with the regular software upgrades, cordial and sincere effort by their implementation and support teams in assisting us to quickly implement the software. We would be glad to recommend Self Storage Manager to other storage operators in the UK.” According to Kat Shenoy, President & CEO of E-SoftSys, “We are very pleased with the growing number of satisfied Self Storage Manager customers in the UK. I believe we have the right product offering to cater to the requirements of self-storage operators of any size. More and more self-storage companies across the globe are switching to our management software due to our superior customer support, turnkey software implementation solutions, strong expertise in Microsoft technology and rapid product enhancements. Our focus is on ensuring 100% customer satisfaction and as a result we have achieved significant growth as a management software provider to the self storage industry.