LSBF Blog - Global Matters

UN calls for leisure tax to fund humanitarian aid

January 20 ,2016 | by Hari Sri

Countries should consider introducing a voluntary tax on leisure activities, a new United Nations (UN) study says.

Football matches or music concerts could have a levy that raises funds needed by the organisation for its humanitarian operations, the international body suggests.

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Deloitte offers programme to improve employment prospects

January 20 ,2016 | by Claire Payne

Deloitte's Society Partnership initiative is on the lookout for up to 40 charity partners in its ongoing efforts to provide services to improve people's employment prospects.

The company has offered to support charities and social enterprises on a new three-year corporate social responsibility programme, and applications are open now.

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National insurance contributions allowance reform needed, believes CIOT

January 19 ,2016 | by Hari Sri

The Chartered Institute of Taxation (CIOT) has called for a rethink on the new UK National Insurance contributions (NICs) allowance reform.

The professional body has questioned proposals that will exclude one-person businesses from claiming the National Insurance Employment Allowance (EA).

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Grant Thornton tops Experian Corpfin league again

January 19 ,2016 | by Thiago Kiwi

The Experian CorpFin league table is a respected metric for the UK accountancy and financial sectors, and this year Grant Thornton UK has come out on top for the fourth time running.

The position recognises the firm's standing as the number one financial adviser to UK companies by deal volume, having advised on 128 publicly disclosed deals last year.

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Temporary workers draft legislation and guidance published

January 19 ,2016 | by Claire Payne

Under proposed changes to taxation laws in the UK, from 6th April 2016 certain temporary workers will no longer be able to claim relief for travel and subsistence expenses.

The current tax relief and disregard for National Insurance contributions (NIC) on travel and subsistence expenses rules allow for expenses claims incurred by these workers on their commute.

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BHP Billiton to write down £5bn shale assets

January 18 ,2016 | by Helen Gould

In a move that could have repercussions for the UK economy in its own drive towards expanding shale extraction operations, leading firm BHP Billiton has written down the value of its US shale assets by £5bn ($7.2bn).

The news comes on the back of the company having already had to deal with a fatal dam collapse in Brazil and other falling commodity prices.

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Benefits of the new Personal Savings Allowance

January 17 ,2016 | by Hari Sri

A new tax exemption on savings income comes into force on 6th April and will bring a range of benefits with it to many taxpayers.

The Telegraph reported that The Personal Savings Allowance (PSA) will be one of the most significant changes to personal finances in the year ahead as it gives every basic-rate taxpayer £1,000 of savings income free of tax. 

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SMEs no longer immune from UK GAAP reporting

January 16 ,2016 | by Thiago Kiwi

From the beginning of this year, small companies in the UK are no longer immune from generally accepted accounting principles (GAAP) reporting.

Larger private companies already experienced the changes last year, and now SMEs face major changes to their financial reporting as new and revised standards for accounting periods come into effect.

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Video: Great Minds series - LSBF interviews Eric Salama, CEO of Kantar Group

January 15 ,2016 | by LSBF Blog Staff

Increased access to data is changing the way companies are looking at the market, believes Kantar Group CEO Eric Salama.

In an interview with LSBF, Mr Salama noted that greater emphasis on market research is improving the way businesses are using data to better understand their customers.

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Majority of Millennials planning to change job, shows research

January 15 ,2016 | by Claire Payne

According to a report from Deloitte, 71% of the UK's millennials intend to leave their current job within the next five years.

The age group 18 to 24 also sees two-thirds (63%) believing their leadership skills are not being fully developed in their current roles.

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2.5 trillion photos to be shared online in 2016, estimates study

Big Four firm Deloitte has estimated that almost 2.5 trillion photos will be shared by people online during this year.

Dr Danny McConnell, the accountancy and advisor firm's Belfast technology partner, also predicted that of those, 90% would be taken using smartphone cameras.

 

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Major new accounting standard – IFRS 16 Leases

January 14 ,2016 | by Claire Payne

A major new accounting standard called IFRS 16 Leases has been issued by the International Accounting Standards Board (IASB).

Previous accounting requirements covering the way in which companies account for leases have now been replaced. The older methods, introduced more than 30 years ago, were considered unfit for purpose.

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Falling oil prices could force new Russian budget

January 14 ,2016 | by Erin O’Neill

Russian Prime Minister Dmitry Medvedev has warned that the continued fall of global oil prices could force the country to revise its 2016 budget.

The continued slide in the value of oil means that Russia must be prepared for a "worst-case" economic scenario, Medvedev said.

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Gigabit age coming for broadband, says Deloitte

January 14 ,2016 | by Helen Gould

Big Four accountancy firm and business advisors Deloitte say that broadband speeds will get much faster this year, with Gigabit per second connections set to increase by a factor of ten.

Deloitte predicts the changes in the 16th edition of its Global Media Trends publication from the firm's technology, media and telecommunications (TMT) practice.

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Midlands accountancy powerhouse created by merger

January 13 ,2016 | by Helen Gould

Two prominent accountancy firms in the Midlands have merged to create a new firm that is likely to have a significant impact on the region.

The move, which was first announced in November, has now been completed and sees the merging of PKF Cooper Parry with historic Birmingham accountancy firm Clement Keys.

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Company beneficial ownership rules confirmed by BIS

January 13 ,2016 | by Hari Sri

The government’s response to a consultation on new rules for companies has been published by the Department for Business, Innovation and Skills (BIS).

Company beneficial ownership information that sets out a record of a ‘person with significant control’ (PSC) will need to be registered when new legislation is announced later this month.

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BRC-KPMG monitor data reveals flat December retail figures

January 13 ,2016 | by Erin O’Neill

Recent figures have shown that UK retail sales remained flat in December, with total sales up by only 1.0%.

The latest monthly BRC-KPMG retail sales monitor data revealed that non-food sales had their weakest month of growth since January 2013, increasing by just 1.5% on a three-months basis, and total food sales grew only 0.2%.

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HMRC issues interim peer-to-peer loans tax rules

January 12 ,2016 | by Thiago Kiwi

HM Revenue & Customs (HMRC) has clarified the tax treatment of interest payments from peer-to-peer (P2P) loans by issuing interim rules on the subject.

The Treasury has decided that these payments will not be subject to income tax deductions at source until any amendments to legislation designed to address the matter are put in place.

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R&D tax relief for SMEs goes live

January 12 ,2016 | by Hari Sri

UK small and medium-sized businesses with a turnover of less than £2 million and which employ fewer than 50 people can now apply to HM Revenue & Customs (HMRC) for advanced approval on their R&D tax relief claim.

A new publication called “Making R&D Easier: HMRC’s plan for small business R&D tax relief” sets out the details of the measure that is being introduced following a period of consultation.

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Irish tax revenues exceeded 2015 target

January 12 ,2016 | by Claire Payne

The Irish fiscal deficit has been reduced by €5.2 billion after tax revenues received by the Government were greater than expected, the latest Exchequer Returns show.

The country's deficit fell to approximately €3.4 billion, down from the €8.6 billion level it had been at in 2014.

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December jobs growth fuels recovery for US economy

January 11 ,2016 | by Erin O’Neill

The recovery of the US economy has taken another major step forward with the news that job growth remained solid in December with the addition of another 292,000 jobs, the BBC reports.

The data comes from the Bureau of Labor Statistics, which also revealed that the jobless rate held at 5%, a seven-and-a-half-year low. Following the recent move by the Federal Reserve to increase rates in the US, the latest figures may have implications for a similar move in the UK.

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Self-assessment tax return deadline approaches

January 10 ,2016 | by Claire Payne

More than 10 million tax payers in the UK are required to complete and return their self-assessment tax filing by the end of the month, and almost four million have yet to do so, according to The Guardian.

This time last year, 890,000 taxpayers missed the end of January deadline and incurred a fine of £100 and faced further penalties if they continued to delay.

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Pension auto enrolment could catch out 500,000 employers

January 08 ,2016 | by Hari Sri

Up to half a million small and micro employers will need to take action to meet new workplace pensions regulations this year.

Any that do not comply with new rules governing auto enrolment pension provision for all employees will risk a fine, warns a new campaign from The Pensions Regulator.

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Travel tax relief reforms warning from ATT

January 07 ,2016 | by Erin O’Neill

The Association of Tax Technicians (ATT) has issued a warning about the impact of changes to the tax rules governing travel expenses, saying that those that work from home could be hardest hit.

Tax News reported that the ATT said the new proposals would deny homeworkers the opportunity to choose their home as their main base of operations if they also have a base elsewhere, for instance at their employer's head office. 

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Deloitte's inbound deals worth £2bn

January 07 ,2016 | by Claire Payne

Deloitte’s 2015 M&A Update has revealed that the number of inbound UK deals the Big 4 firm is involved in has gone up by 10.6% in the last twelve months.

Manchester Evening News reports that the accountancy giant has had deal values treble over the same period. The company's Transaction Services team completed 18 transactions in the past year, totalling in excess of £2bn worth of business.

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