LSBF Blog - Global Matters

Scottish tax authority praised by Audit Scotland

December 11 ,2015 | by Helen Gould

The introduction of the new Scottish land and property tax regime has been handled well by The Scottish tax authority, says Audit Scotland.

According to a report, which considered how Revenue Scotland performed in delivering the Land and Buildings Transaction Tax (LBTT) and the Scottish Landfill Tax, Revenue Scotland had successfully managed the process and dealt with all the problems that occurred.

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Rise in new companies due to landlord tax changes

December 10 ,2015 | by Thiago Kiwi

According to research from Kent Reliance, there has been a surge in the number of people incorporating a new company, with the main reason being the changes to the tax treatment of buy to let landlords.

The third 'Buy To Let Britain' report from the lender claims that changes in the Budget earlier in the year had already caused more landlords to incorporate. It cites an immediate increase in applications from limited companies following the July Budget.

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Revenues leap in China for global accountancy services network BDO

December 10 ,2015 | by Erin O’Neill

BDO, the global accountancy and advisory services network with a firm of more than 8,500 employees in China, has seen its revenues in the country grow by 28% in the year to 30 September.

The company also reported growth across the rest of Asia Pacific, especially in India where revenue was up 50% over the year.

 

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Tax transparency in listed companies' annual reports encouraged by FRC

December 10 ,2015 | by Claire Payne

The Financial Reporting Council (FRC) has said that UK listed companies should be clearer about their tax reporting to ensure that it is done as transparently as possible.

They recommended that the link between accounting profit and tax paid should be a part of a company’s annual reporting process. This should be presented in a way that helps others understand how the relationship between the two could change.

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UK retail sales slowed in November, reveals BRC

December 09 ,2015 | by Claire Payne

A survey by the British Retail Consortium and Big 4 accountants KPMG has found that retail sales fell 0.4% on a like-for-like basis in the UK in November.

In the same month last year, they had increased 0.9% from the previous year. However, on an overall basis, total sales were up 0.7% last month, but that is to be measured against a 2.2% rise in November of last year.

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Construction work demand falls to lowest level this year

December 09 ,2015 | by Thiago Kiwi

According to new data from Big 4 firm KPMG and Markit, last month saw the lowest demand for workers in the construction industry since May of this year.

The permanent workers index for the sector fell to 54.9 in November, marking the lowest level for the past six months.

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Cyber security is critical business risk, says ICAEW

December 09 ,2015 | by Erin O’Neill

According to research from The Institute of Chartered Accountants in England and Wales (ICAEW), company auditors are reporting that companies still do not recognise cyber security as a risk to their business.

The ICAEW report 'Audit Insights: Cyber Security' uses observations and the expertise of auditors from across the spectrum of industry to highlight the need to close the gap between business operations and cyber security strategy.

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New Scotland tax rates may be bad for employers, say advisors

December 08 ,2015 | by Erin O’Neill

The new rates of income tax for those living in Scotland will apply from 6 April 2016, and their introduction will cause headaches for businesses, say financial advisors.

Corporate clients need to adapt their payroll procedures to deal with the changes, and many are still unsure of exactly what is in store.

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FRC consults on changes to the Audit Firm Governance

December 08 ,2015 | by Hari Sri

The Audit Firm Governance Code, which oversees transparency and quality, is undergoing a consultation by the Financial Reporting Council (FRC).

This new consultation reflects feedback from investors and other respondents who took part in the first consultation review earlier in the year.

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Potential impact of Storm Desmond is costly, says PwC

December 08 ,2015 | by Claire Payne

The recent decision by the Met Office to name storms follows the American trend, and some feel it takes away the serious nature of the consequences that can follow in their wake.

With Storm Desmond being the latest to bring torrential rain and flooding to areas of the UK, Big 4 firm PwC has commented on how weather incidents such as this can impact on the wider UK economy.

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Fax phased out by HMRC for SA302 tax calculations

December 07 ,2015 | by Erin O’Neill

Agents who still use faxed copies of SA302 tax calculations from HM Revenue and Customs (HMRC) as evidence of a client’s income for mortgage purposes will soon need another method.

The Council of Mortgage Lenders has been working with HMRC to define what documentation is acceptable as evidence for mortgage and loan applicants to prove their income. This will mean an end for copies sent by fax.

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Green light for employment review

December 06 ,2015 | by Claire Payne

The Office of Tax Simplification’s call for a task force with the job of coming up with a universal definition for employment status will be met, Treasury secretary David Gauke has confirmed.

A departmental letter made the announcement that is likely to be welcomed by both freelance contractors and those working in the UK accountancy sector on their behalf.

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Network Rail plans assets sale to pay debts

December 05 ,2015 | by Hari Sri

Network Rail has asked Big 4 firm KPMG to look into the viability of selling off electricity assets in order to tackle the state-backed group's mounting debts.

The organisation, which was set up to look after the nation's Victorian-era railways infrastructure, could make as much as £2bn from a sale of assets.

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5 incredible cities where you can find a career in accounting

December 04 ,2015 | by LSBF Blog Staff

One of the best things about a career in accounting is the wide variety of places around the world you could choose to work in; accounting certainly stands as a global profession.

Although some aspects of accountancy will vary from country to country, the basic principles remain the same - that means a CIMA qualification can take you almost anywhere! Here are just a few of the fantastic cities you could work in...

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UK self-employed turn away from personal pensions

December 04 ,2015 | by Hari Sri

With the self-employed sector continuing to grow in the UK, new research shows that millions are risking their retirement by ignoring their pensions.

According to a new analysis from insurance specialist Prudential, the number of self-employed workers who contribute to personal pension pots is at its lowest since 2001.

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Higher taxes hit individuals more than corporations, says OECD

December 04 ,2015 | by Thiago Kiwi

The Organisation for Economic Co-operation and Development (OECD) has claimed that individual taxpayers are paying a bigger share of tax than businesses and that changes are needed to get corporations to pay their fair share.

The situation has come about due to the need for governments to fund their financing requirements in the wake of the global economic crisis, according to the OECD.

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HMRC digital accounts backed by freelancers' accounting firm

December 04 ,2015 | by Claire Payne

FreeAgent, an accounting firm for freelancers, has issued a statement of support for HM Revenue & Customs' new digital tax accounts for the self-employed.

The company says it is “glad” that the 2015 Autumn Statement included the extension of plans for the digitisation of HMRC's methods and that a £1.3billion investment had been set aside to fund it.

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How to deal with ACCA exam failure

December 03 ,2015 | by Rob Sowerby

It’s common for students to feel disappointed by exam results; but the real test is how you react to it.

In this article, LSBF Director of Professional Courses, Rob Sowerby, gives you advice on how to pick yourself up after failing an ACCA exam.

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Charity Commission gets new governance framework

December 03 ,2015 | by Helen Gould

A revised and updated governance framework has been published by The Charity Commission following an independent review.

The effectiveness of the existing governance framework was the focus of the review, which came about after a recommendation from the National Audit Office.

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Financial Reporting Council wants transparent disclosure of risks in corporate reports

December 03 ,2015 | by Erin O’Neill

The Financial Reporting Council (FRC) is set to conduct a review into how companies report tax risks, focusing on the transparency of tax reconciliation disclosures.

The aim is to encourage greater transparency in the way the relationship between accounting profit and tax charges is recorded.

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Insurers and government bodies watching online behaviour

December 03 ,2015 | by Claire Payne

Big businesses and government authorities are checking up on people by looking at their online activity, including checking out social network profiles.

"Social media is already an important tool for industry to engage with customers and its use is only likely to grow," explained Tracey McDermott, from the Financial Conduct Authority (FCA).

 

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HMRC issues new briefing on Scotland income tax rate

December 02 ,2015 | by Thiago Kiwi

HM Revenue and Customs (HMRC) has issued a new briefing outlining the details surrounding the new system, which comes in from April 2016 regarding Scottish income tax.

From next April, the Scottish Parliament will have new powers allowing it to set a separate rate of income tax, which will then fund spending by the Scottish government.

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UK ‘gig economy’ set to be worth £2bn by 2020, shows research

December 02 ,2015 | by Hari Sri

According to new research, the so-called 'gig economy' (in which people buy and sell services and jobs via online platforms) may be worth nearly £2bn in the UK and $63bn globally by 2020.

The report from Big 4 firm PwC reveals that the connected work market - professional networking, freelancing and global web conferencing platforms, as well as remote working apps - will become an increasingly important part of the wider UK economy.

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European Commission proposes overhaul of prospectus rules

December 02 ,2015 | by Helen Gould

An overhaul of the prospectus rules is being proposed by The European Commission, which says cutting the amount of paperwork required and increasing the thresholds will make things easier for small and medium-sized companies.

Simplifying information for investors to access funding when issuing shares will lead to a lighter regime for smaller companies with less complex prospectuses, the Commission says.

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EU approval for bank loans provisioning rule coming soon, says IASB

December 01 ,2015 | by Hari Sri

Hans Hoogervorst, Chairman of the International Accounting Standards Board (IASB), has said that the EU will soon approve a delayed accounting rule forcing banks to book losses on loans much earlier than they do at the moment.

The International Accounting Standards Board (IASB) has written the "IFRS9" rule and the EU must endorse it in order for it to become mandatory across the 28 member states.

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