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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

As suggested by the fact that its very name has become shorthand for online search, Google’s dominance isn’t in question: if you look at market share, it has no real rivals. In the US, nearly 90 per cent of search queries flowed through Google in 2020, and on mobile that figure was 95 per cent — the next closest, Microsoft’s Bing, accounted for just 6 per cent.

On Tuesday, the US Department of Justice proposed various remedies to break down what a judge has ruled is the search giant’s illegal monopoly. This “high-level framework” offered solutions that ranged from softer approaches, such as Google limiting payments to smartphone makers in return for exclusivity on their devices, up to the most draconian option: forcibly breaking up the company.

A structural remedy could mean spinning off Google’s Chrome browser or Android operating system. But it’s unclear if even this would shake their dominance. We know that when European Android users select a search engine when they set up a new phone, nine out of 10 still use Google.

A hearing is set for April, and Amit Mehta, the judge who branded Google a “monopolist” at the conclusion of the trial in August, has said he will try to rule by August 2025.

So what do you think: should Google be broken up? Tell us your view by voting in our poll or commenting below the line.

UK business owners have fast-tracked their exit plans over the past 12 months, according to new research from Evelyn Partners.

Nearly one in three (29%) have accelerated business exits in the past year, amid rumours CGT rates could take centre stage in the upcoming Budget.

This is an uplift on the 23% who said 18 months ago that they had brought forward business exits over the previous year.

The research found nearly a quarter (23%) of the 500 business owners with turnovers of upwards of £5m surveyed by Evelyn Partners who had fast-tracked their exits in the last year had done so because of worries about an increase in CGT.

In addition, 20% brought forward business exits over the past 12 months because of fears of potential cuts in IHT reliefs.

The government has ruled out increasing the main rate of corporation tax above 25% and has pledged to freeze headline rates of VAT, income tax and National Insurance in the Budget.

However, the Treasury has remained tight-lipped on the outlook for CGT rates and IHT reliefs, as well as the tax rules around workplace pensions.

Other factors are also at play, with 25% of business owners who had fast-tracked business exits saying they had done so because of personal finance challenges resulting in a need to access the capital tied up in their business.

In addition, 24% brought forward plans due to increased costs of accessing capital as a result of rising interest rates.

Laura Hayward, tax partner at Evelyn Partners, said: “As the countdown to the Budget on 30 October ticks away, we have been contacted by an increasing number of business owners worried about what the chancellor will do to CGT and IHT.

“The prime minister’s statement that the upcoming Budget would be ‘painful’ has put owner-managed businesses on edge and this has prompted many to want to exit as quickly as possible.

“The business environment for many owners has already been tough enough in recent years as they have worked hard to rebuild their businesses after the pandemic, against a backdrop of cost-of-living pressures and high inflation.

“Add to that the potential for unfavourable tax changes in the upcoming Budget and it’s completely understandable that some are hoping to realise the gains of their successes sooner rather than later.

Of those owners who are currently working towards a business exit, family succession (22%) is the most popular strategy followed by establishing an employee ownership trust (16%).

Hayward added: “Whatever strategy is used, exiting a business is a really big decision for business owners and it’s important that they put in place a plan that is appropriate for them and their business.

They need to carefully consider a range of factors, with possible changes to the tax regime being just one aspect.

“Holistic advice considering both the business and personal implications of a sale will help make the exit – which can be fast-tracked if need be – as successful as possible.”

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

BP said its third-quarter earnings would be lower than expected when it reports at the end of October, on weak margins at its refineries, lower output from its oilfields and higher exploration write-offs.

Giacomo Romeo, an analyst at Jefferies, said he expected consensus earnings would now be about 10 per cent lower than the $2.3bn previously forecast.

BP said it had taken hits of up to $1.1bn across its businesses and that net debt would be higher than expected, partly because some of its divestment proceeds would fall into the subsequent quarter.

The oil major’s share price has lagged behind its peers and is down more than 12 per cent in the year to date.

This is a developing story

THOUSANDS of taxpayers have been warned not to miss a fast-approaching HMRC deadline or they could face fines of £100.

There are just three weeks left to submit a paper self-assessment tax return with the final cut-off point on October 31.

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The assessment is used by the government body to collect income tax.

This tax is usually deducted automatically from people’s wages, pensions and savings.

However, people and businesses with extra income must report it in a tax return.

Many people choose to complete this process online through the HMRC website as the online deadline is not until January 31, 2025.

But if you want to submit your tax return via the post you must complete it by October 31.

In some instances submitting a physical tax return is your only option, especially if you need to fill in the foreign income and gains, or the trust and estate pages.

This is because these forms are not available online.

If you sell clothes or other items on websites such as eBay or Vinted you might want to make note of the date.

That is because since the beginning of 2024, firms like Vinted have to pass on customer data to HMRC if a user sells 30 or more items, or earns over £1,700, in a year.

While the reporting rules have changed, this is not a new tax.

Those who earn more than £1,000 outside their regular employment were already required to file a Self Assessment tax form with HMRC.

It is worth bearing in mind that HMRC will fine you for failing to file your return by the deadline.

Then, a £10 daily fine applies every day you don’t submit your tax return.

Alastair Douglas, chief executive of TotallyMoney said it is important people do not get “caught out”.

The financial professional said people struggling with learning difficulties such as autism or dyslexia should contact HMRC’s extra support team for assistance. 

He explained: “They’re specially trained, and can guide you through the process with a video appointment or phone call — you’ll just need to mention your situation when contacting the HMRC helpline or webchat.”

Do I have to pay tax on my second-hand sales?

Sellers on apps such as eBay and Vinted my be required to pay tax.

If you have made 30 sales or £1,700 this year you will be contacted by Vinted and asked to submit the seller report form on the app.

This year, the company said it will only approach new sellers who registered in 2024.

If you do not hear from Vinted then you don’t need to do anything, though you may need to file a tax return for other reasons separately.

Users who meet the criteria will be asked to add their National Insurance Number to a pre-filled form and check the details are correct before submitting it.

This will be done on the Vinted app.

You don’t need to calculate or count anything yourself.

A Vinted spokesperson said: “Reporting members’ details to the authorities does not necessarily lead to taxation.

“Taxation is a separate matter that doesn’t depend on HMRC reporting.”

They added: “HMRC requires Vinted to collect information from members who meet the criteria mentioned above, regardless of whether or not their earnings are taxable.”

Vinted said that it will be getting in contact with users who need to fill out these forms towards the end of the year.

What that means in practice is that money you make may be reported to the taxman if it’s over the amounts above.

Whether or not you have to pay tax will depend on your wider circumstances.

The majority of people pay income tax automatically through employment via what’s known as PAYE.