LSBF Blog - Global Matters

Fund sector in Guernsey registers strong Q3 growth

December 01 ,2015 | by Thiago Kiwi

The Guernsey Financial Services Commission has reported an increase in the net asset value of funds managed or administered by closed and open-ended funds in Q3.

The former saw an increase of 2.1% and the latter 0.8%, which means all funds under management and administration in Guernsey grew in net asset value during this period.

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UK female high-earners remain at 27% of British workforce

December 01 ,2015 | by Erin O’Neill

There has been no growth in the percentage of British women who earn high salaries over the past four years, with the figure sticking at 27%.

According to a report from law firm Clyde & Co, which analysed HM Revenue and Customs (HMRC) data, there has been a financial flatlining for females.

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Rough guide to the Autumn Statement

November 30 ,2015 | by Thiago Kiwi

Last week's Autumn Statement contained plenty of new announcements that will have a direct impact on the UK accountancy sector. Even so, it is easy to miss the important news lost among the bigger headline grabbers.

For the UK economy, any changes to rules and regulations surrounding taxation and business practises are likely to have long-lasting effects, so here are some of the most noteworthy aspects of the Chancellor's Statement.

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UK GDP growth slowed by weakening trade

November 29 ,2015 | by Helen Gould

Poor overseas trade figures have caused the UK economy to slow down, with the result that household spending is now the main driving force of the recovery.

Official figures from the Office for National Statistics (ONS) revealed that GDP growth fell in the third quarter, standing at 0.5% at a drop from 0.7% in the second quarter.

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Digitisation of tax returns – what it actually means

November 28 ,2015 | by Hari Sri

With continuing expansion of digitisation by HM Revenue and Customs (HMRC), the way tax is collected is already changing for many, but the near future will see even greater upheavals.

Everyone from the self-employed and small companies right through to low-income individuals and the retired will find that their relationship with the Treasury will soon look very different indeed.

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Autumn Statement puts in place new anti-avoidance measure for capital allowances

November 27 ,2015 | by Thiago Kiwi

With the Autumn Statement bringing in many new measures that affect the UK accountancy sector, one that has an immediate effect is a two-part measure to protect the UK Exchequer by closing a loophole relating to capital allowances and lease payment deductions.

Artificial and contrived arrangements used to circumvent the existing rules have fallen under the spotlight, namely schemes using artificially low disposal values for capital allowances purposes and sale-and-lease-back arrangements that are tax deductible.

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British pension withdrawals could add up to £4.7bn

November 27 ,2015 | by Thiago Kiwi

The changes to pension regulations, which allow savers more flexibility in accessing their funds, could have led to £4.7bn being taken out of pension pots.

Differing reports from HM Revenue & Customs (HMRC) and the Association of British Insurers (ABI) means the picture is still unclear, but there is no doubt that many have taken advantage of the new regime.

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Chancellor Osborne announces tax exemption for charities

November 27 ,2015 | by Hari Sri

As one of a raft of announcements in the Chancellor's spending review and autumn statement, charities have now been partially exempted from rules surrounding "close companies" charges.

The costs occur when trustees extract funds and section 455 of the Corporation Tax Act 2010 comes into play.

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UK companies pay £1bn in total fees to their auditors

November 26 ,2015 | by Erin O’Neill

The UK’s largest companies have paid more in fees this year than last, despite the audit market becoming more competitive.

Total fees paid out to the six firms that carry out audits for FTSE 350 companies broke through the £1bn barrier in the last financial year, according to data compiled from the companies’ 2014/15 annual reports.

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UK buy-to-let stamp duty changes from next year

November 26 ,2015 | by Claire Payne

Buy-to-let investors and holiday home buyers will have to pay stamp duty rates that are three percentage points higher as from April next year.

Special "landlord" stamp duty tax rates will come into force from April 2016, meaning that investors will have to pay thousands of pounds more extra in tax than they do currently. Those buying a property to live in will not be affected.

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Help with costs promised for big energy users

November 26 ,2015 | by Helen Gould

Steel and chemicals industries will be amongst the big users of energy that will benefit from being exempt from paying environmental tariffs.

The announcement was made in Chancellor George Osborne's Spending Review and Autumn Statement and is seen as his response to demands for help for the beleaguered steel industry in the UK. 

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7 tips to succeed in leadership and entrepreneurship

November 25 ,2015 | by LSBF Blog Staff

Starting out in the business world is full of big decisions. By going it alone and setting up your own company you take significant risks that may not always work out, while taking on a leadership or strategic development role in an existing firm comes with expectations and dangers of its own.

Either way, your job is to take a business and make it grow, and then keep making it better. But once you manage to get your foot in the door, how do you become a successful leader?

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Young professionals face ethics challenge, says ICAEW

November 25 ,2015 | by Erin O’Neill

The Institute of Chartered Accountants in England and Wales (ICAEW) has issued new research that indicates millennials working in finance have a strong desire that their profession is recognised as having strong ethics.

This comes above factors such as adding value to the economy in their list of preferences, according to the poll.

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London construction boosts UK economy by £6.2bn, shows study

November 25 ,2015 | by Hari Sri

Billions of pounds have been added to the UK economy by the numerous new construction projects being built in central London, according to new research from Big 4 firm Deloitte.

Around £6.2bn was been added to the wider economy in 2013 alone by way of construction activity in 11 boroughs in inner London, the report found.

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Deloitte uses gaming app to attract broader range of talent

November 25 ,2015 | by Helen Gould

Gaming technology has now been introduced to Deloitte'srecruitment process in an attempt to identify people with certain skills.

Innovation, creativity, and problem solving are the key qualities that the firm looks for in candidates applying for its BrightStart Business Apprenticeship programme. Now an app will play a large role in selecting who is accepted onto the scheme.

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Audit quality endorsed by FTSE 350 firms

November 24 ,2015 | by Hari Sri

Audit quality has improved according to the second year of a survey of the Audit committee (AC) chairs of FTSE 350 firms.

However, the latest study, jointly overseen for the first time by the Financial Reporting Council (FRC), found that the vote of confidence was tempered by concerns about professional scepticism.

 

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UK sees 16% rise in finance and accountancy jobs

November 24 ,2015 | by Thiago Kiwi

New openings in the finance and accounting sector have increased by 16% year on year in the UK, according to new figures.

The good news for the industry comes as part of new research that shows overall professional vacancies have risen by 6%.

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Successful SMEs build upon excellent employees

November 23 ,2015 | by LSBF Blog Staff

Attracting the right employees and having a welcoming atmosphere at work can spell the difference between success and failure for your SME.

To improve your business, you need create the right work environment and find the best team to help develop your firm into a success. If you can keep employees loyal, happy, and develop their skills, they’re more likely to want to stay with you for most of their career. This is especially important if you find an exceptional candidate.

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DVLA pockets revenue from car clamping following tax disc change

November 23 ,2015 | by Claire Payne

Individual drivers and small businesses have been falling foul of the paperless tax disc system introduced by the DVLA, with a reported 60% jump in clampings, leaving some more than £800 out of pocket.

The DVLA have clamped or towed almost 100,000 cars in the past year, a 58% rise on the previous year.

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Possible changes ahead for 'personal services company' tax arrangements

November 22 ,2015 | by Hari Sri

With the UK Autumn Statement expected to change the rules surrounding personal services companies (PSC), questions have arisen concerning how some contractors use them to cut tax bills.

Currently it is a perfectly legal way of using a limited company to lower tax liability, but the way the system works has now come under scrutiny.

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PwC issues guide with World Bank to global tax systems

November 21 ,2015 | by Thiago Kiwi

The tenth annual evaluation comparing tax systems around the world has been issued by Big 4 firm PwC, in conjunction with the World Bank.

The 'Paying Taxes 2016' study is part of the larger 13th edition of the 'Doing Business 2016 - Measuring Regulatory Quality and Efficiency' report, and it looks at 189 different countries to see how each of their systems can affect companies.

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Video: Great Minds Series - LSBF interviews Natural History Museum Director Sir Michael Dixon

November 20 ,2015 | by LSBF Blog Staff

The Director of London’s Natural History Museum, Sir Michael Dixon, has spoken out about the importance of the impact technology can have on visitor experience.

Speaking in the museum’s Darwin Centre as a part of London School of Business and Finance’s (LSBF) Great Minds series, Sir Michael explained that technology is important for both visitor interaction and the scientific happenings behind the scenes.

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Northern Ireland's corporation tax to be cut to 12.5% in 2018

November 20 ,2015 | by Hari Sri

Northern Ireland will see a cut in the rate of corporation tax (CT) to 12.5% in 2018, down from the current rate of 20% in the UK.

The new rate is being introduced a year later than was originally planned after a stalemate between the British government and Northern Ireland executive.

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UK improves position in effective tax system rankings

November 20 ,2015 | by Thiago Kiwi

The global ranking of effective business tax systems has seen the UK climb a position in the latest report published by PwC and the World Bank Group.

The new study shows that Britain is now 15th in the league table of the world's most effective tax systems, based on criteria which judges how easy it is to pay taxes.

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New report shows continued skills shortage in construction

November 19 ,2015 | by Hari Sri

The construction sector plays an important role in the state of the overall UK economy, and a new report produced on behalf of the Recruitment & Employment Confederation and Big 4 firm KPMG has found robust but slower growth in demand for permanent and temporary staff during October.

Markit’s Report on Jobs lists different indexes that have been adjusted for seasonal factors and calculated from the percentages of respondents reporting variation in recruitment and employee earnings.

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