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9am Lowdown: Royal Mail privatisation underpriced

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18th Dec 2014
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It’s Christmas party time at Sift HQ and as many other firms get in the festive spirit, one accounting firm warns the Christmas party could bring a tax shock. Top news this morning includes the Royal Mail privatisation and the impact of Treasury cuts.

Royal Mail privatisation underpriced by £180m

A new report commissioned by business secretary Vince Cable reveals the government made £180m less from the £2bn sale of Royal Mail than it could have.

But the former City minister Lord Myners, who led the report, said Myners says the sell-off was executed with “considerable professionalism” and the government and taxpayer achieved “significant value”.

Myners told BBC Breakfast it was a “complicated transaction” and that “if any money had been left on the table it was pretty small”

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Chancellor claims cuts will put Britain £23bn in the black

Chancellor George Osborne said he’s targeting a large budget surplus after a poll revealed public unease over the size of his planned cuts.

Plans submitted to the government’s independent budget watchdog suggest he is aiming to have a £23bn surplus by the end of the decade, secured through major cuts, The Times reports.

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Christmas party tax shock

Employers could scupper the season of goodwill by leaving staff exposed to a tax charge after their Christmas party, reports the BBC.

Accounting firm Blick Rothenberg has warned that employees may be liable for a tax charge if their bosses spend more than £150 per head during the year on entertaining staff.

Tax partner said firms should monitor expenditure or face affecting morale.

“Matters could be simplified by there being no taxable benefit on individuals, with the company bearing the tax on parties and celebrations,” he said.

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