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News

Only a fraction of UK businesses have signed up for Making Tax Digital (MTD), with 1.1 million still holding off ahead of the 1st April deadline, according to new FOI data requested by Float.

 

About 88% of businesses with a turnover above the VAT threshold use an external agent to manage their taxes, but only 13,427 of the businesses that had signed up by the 18th March were signed up by agents, meaning the majority of firms signed up independently.

 

Only 1,679 agents have signed up clients to MTD so far out of the 72,000 agents that are acting for the mandated businesses which equate to just 2%.

 

Failure to meet the deadlines and demands of MTD will result in businesses accruing points and penalties with HMRC, a build-up of these points will result in financial penalties.

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Facebook, the social media giant, is making its own digital currency and could become the largest bank in the world.

 

Between Messenger, WhatsApp and Instagram - all of which Facebook owns - there are a collective 2.7 billion users. If Facebook decides to back the value of its own digital coin with a basket of foreign currencies, then it could potentially become the largest central bank in the world. Currently the two largest credit card companies in the world are Visa and MasterCard. 

 

If Facebook issued its own digital currency, and all its users had a Facebook mobile wallet with Facebook coins in it, then the need for credit cards will continue to diminish.

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Tech Nation has reveals the 24 dynamic, fast-growing, late-stage technology companies selected to join its Future Fifty cohort in 2019.

 

Future Fifty was established in 2013 to champion and support British tech businesses as they scale up their operations nationally and internationally. The programme supports the companies in creating jobs and opportunities across the UK and inspiring the next generation of entrepreneurs.

 

Each company chosen for the 2019 cohort will benefit from access to the world’s experts – a peer network to support and inspire, troubleshoot and collaborate, a tailored programme of masterclasses to help take businesses to the next level, and direct contact to senior decision-makers in Government

 

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Omers Ventures, a multi-stage, multi-sector investor headquartered in Toronto, has launched a €300m European fund.

 

Omers Ventures, the venture capital investment arm of Omers, is an investor in growth-oriented, technology companies. The arm currently manages $800m CAD across more than 35 investments in North America and Europe including breakout companies such as Shopify and Hopper.

 

The fund plans to make long-term investments in some of the continent’s most innovative technology startups. It will target companies at Series A-to-B stage, and will typically invest €5m-€10m per round, while having the capacity to follow on strongly in later rounds.

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Uber, the transportation network company, has confirmed it is acquiring Dubai-based ride-hailing service Careem. This move will help Uber's expansion into the Middle East, Africa and Asia. The deal is worth $3.1b via a combination of $1.4b in cash and $1.7b in convertible notes.

 

With Uber preparing for its upcoming IPO, the San Francisco-based company is seeking new avenues for growth, and Careem offers exactly that.

 

Although Uber is the largest global ride-hailing firm it has struggled with some key markets where local firms have strong user loyalty. Although Uber is acquiring Careem, the company will continue to operate independently, showing the strength of its brand with its customers. 

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BlackCurve, a SaaS pricing optimization platform that helps retailers make smarter pricing decisions, has raised £1.5m in funding.

 

The round was led by Nauta Capital with participation from Mercia Fund Managers. In conjunction with the funding, Carles Ferrer, Nauta Capital’s London-based General Partner will be joining BlackCurve’s board.

 

The company intends to use the funds to accelerate its commercial development, double the size of its team and strengthen its product offering.

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Monzo and Oaknorth, two challenger banks, have partnered up to offer Monzo users access to a high-interest savings account for the first time.

 

 

This fintech collaboration will allow customers to use a variety of different savings accounts which they can open within minutes via the Monzo app. These savings accounts will offer rates of up to 1.55 %. An easy-access cash ISA offering 1.14 % AER will be available on the 25th March, with more products launching over the upcoming weeks.

 

Alongside the Oaknorth partnership, Monzo is also working on additional partnerships with other savings providers to make saving more convenient for its many users.

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Festicket, a UK-based music festival experience marketplace, is now seeking £4 million through its new equity crowdfunding campaign on Crowdcube. Founded in 2012 by Zack Sabban and Jonathan Younes , Festicket states it provides fans of live music a unique, hassle-free, and money-saving service to discover and book ticket/packages for their next festival trips.

 

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Online fashion giant ASOS posted a 13% increase in sales in the three months to 28 February and said it was holding its guidance of 15% for the full year. However its growth was held back by competitive Christmas trading and disruption in its US business.

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Jack Wills, the British preppy clothes retailer, has poached Jigsaw's Chief Finance Director Claire Wain for the same role.

 

Claire Wain had joined Jigsaw, the upmarket clothing chain, in July 2017 as Finance Director and was promoted to Chief Finance Director later that year. She also has prior experience at Mothercare, John Lewis, Harrods, Arcadia and KPMG.

 

Her appointment follows that of Suzanne Harlow to CEO, following a dispute last year between the founder and former chief executive Peter Williams and BlueGem Capital partners, the private equity firm which controls the company.

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