Multititle mailer Findel has warned of lower
that expected profit for the year ended 2nd April as it continues
its investigation into accounting discrepancies at its
educational division. The group’s full-year results will also
include “intangible impairment charges” of £61
million relating to its I Want One of Those,
Confetti, and Webb
businesses.
Shop Direct, the parent company of
Littlewoods and Very is
involved in a High Court battle with Revenue & Customs “as
it attempts to reclaim a value added tax rebate that could exceed
£1 billion,” reports the
Financial Times. According to the article, the retailer is
one of a number of companies that claim to have overpaid VAT to
HMRC-in Shop Direct’s case from 1973 to 2004-and that refunds
should be calculated using compound, rather than simple
interest.
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