LSBF Blog - Global Matters

HMRC Charter committee looks for independent members

October 27 ,2015 | by Hari Sri

HM Revenue and Customs (HMRC) are looking for independent members to give an oversight of tax authority by joining the new Charter committee.

The body will be a subcommittee of HMRC's board charged with overseeing how the tax authority adheres to its Charter commitments, which set out taxpayers’ rights in the UK economy. The move is aimed at strengthening governance.

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Europe's top court gives bitcoin VAT exemption

October 27 ,2015 | by Erin O’Neill

Taxpayers that exchange national currencies for bitcoins, the virtual currency, will not have to pay value-added tax says The European Court of Justice.

The long-awaited ruling has clarified the tax treatment of those who use virtual currencies in the European Union.

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Business must be open about tax affairs, says CBI

October 27 ,2015 | by Thiago Kiwi

Businesses must make more effort to show that their tax affairs are legal and above board to the public, says The Confederation of British Industry (CBI).

According to a new CBI survey, 23% of customers over the last year have actively avoided a company because of doubts regarding its tax affairs and whether or not it was paying its fair share.

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Experienced accountants get return to work programme from PwC

October 26 ,2015 | by Thiago Kiwi

A 12-week return to work programme has been launched by PwC to help people with an experienced accountancy background return to work.

The Big 4 firm's ‘Back to Business’ initiative will focus on women who have had an extended break, but it is open to anyone.

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HMRC to auction 150kgs of gold worth over £2.5m

October 25 ,2015 | by Erin O’Neill

The treasury does not only benefit from chasing outstanding amounts due on taxes, but it also has various other methods of topping up the coffers.

In the latest unusual move, HMRC will be auctioning almost 150 kilos of gold that was smuggled into the UK by criminals, with the results expected to be worth in excess of £2.5m.

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British gender pay gap bonuses to be revealed

October 24 ,2015 | by Claire Payne

Businesses in England, Wales and Scotland will have to publish amounts awarded to both men and women as bonuses in a new initiative aimed at combating the gender pay gap.

The new regulations will apply to larger employers with more than 250 employees in a move that women and equalities minister, Nicky Morgan, said was a "first step." 

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Accountancy giant Grant Thornton reports £521m UK fee income

October 23 ,2015 | by Thiago Kiwi

The financial year ending 30 June 2015 saw UK accountancy firm Grant Thornton report a 1.6% year-on-year increase, achieving a £521m total.

This means profit before tax for the company hit £82m, with a figure of £398,000 distributable profit per partner - a rise of 3.4%.

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Electric vehicles reimbursement rules ‘partially’ clarified by HMRC

October 23 ,2015 | by Claire Payne

There has been some confusion surrounding HM Revenue and Customs (HMRC) guidelines regarding how fleets can reimburse drivers who use electric company cars.

The distinction between business and private miles is a main issue, because rules that apply to petrol and diesel company cars - advisory fuel rates (AFRs) - do not apply to electric fleet vehicles (EVs).

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SMEs may face challenges in tax avoidance clampdown

October 23 ,2015 | by Hari Sri

HMRC’s clampdown on tax avoidance schemes could mean that small businesses in the UK are at risk of demands for hundreds of thousands of pounds.

HMRC is stepping up repayment demands and has said it expects to issue 40,000 more nationally by the end of next year.

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Shake up at ICAEW with new independent regulatory board

October 22 ,2015 | by Hari Sri

The Institute of Chartered Accountants in England and Wales (ICAEW) is shaking up its regulatory arrangements to highlight issues surrounding oversight and governance.

The ICAEW aims to ensure a fully independent approach by setting up a new regulatory board that will feature menders who are not accounting professionals.

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Taxation body welcomes HMRC scrapping Business Record Checks

October 22 ,2015 | by Erin O’Neill

The announcement that HM Revenue and Customs (HMRC) is getting rid of Business Record Checks has been welcomed by the Chartered Institute of Taxation (CIOT).

The checks were used by HMRC to confirm that detailed data is being kept by a business on both sales income and expenses needed to produce an accurate tax return. 

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UK SME investment affected by European worries, says survey

October 22 ,2015 | by Claire Payne

Investment plans for almost a third of SMEs in the UK have been put on hold because of continued uncertainty in Europe.

Smith & Williamson's latest quarterly Enterprise Index survey found that macro-economic issues are having a direct effect on growth plans in the small business sector of the UK economy.

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Capital requirements might be doubled for investment firms

October 21 ,2015 | by Hari Sri

According to new research from KPMG, nearly half of all investment firms could be forced to double their capital requirements.

The new study looked at responses and mandatory Internal Capital Adequacy Assessment Process (ICAAP) documents from 32 firms, finding that insurance mitigation and diversification are often used to reduce capital requirements.

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Grocery industry sees ‘green shoots of recovery’, says report

October 21 ,2015 | by Claire Payne

New research from business recovery specialists Begbies Traynor says that the UK’s grocery sector is showing signs of returning to stability.

According to the company's Red Flag Alert research for Q3 2015, UK retailers operating in the food and grocery sector posted a quarterly decline in ‘significant’ financial distress over the last three months.

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Cash flow management essential for start-ups says ICAEW

The Institute of Chartered Accountants in England and Wales (ICAEW) says that start-ups should be more frugal and avoid "burning through resources too quickly" by using more careful cash flow management.

The professional body has pointed out that many entrepreneurs who are starting a new business find the reality very different to what they had in mind.

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New research says advisers want to work with accountants

October 20 ,2015 | by Erin O’Neill

Closer collaboration with accountants is the way forward for advisers, says new research from Prudential.

The pension provider found that more than two-thirds of the advisers who took part thought that working more closely with accountants would help their business, both in terms of individual directors and big companies.

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HMRC taskforces add £109m to public purse in 6 months

October 20 ,2015 | by Hari Sri

The specialist taskforces set up by HMRC to target sectors identified as being at the highest risk of tax fraud have netted £109m in the last six months.

HMRC figures reveal that the first three months of this year saw £64.9m brought in, which was more than twice the amount for the same period in the previous year.

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Deloitte reports growth in US investment into North West

October 20 ,2015 | by Thiago Kiwi

According to new research from Deloitte, US investment into companies in the North West of the UK has seen a big increase this year.

The regional deals market is the focus for the Big 4 firm's latest Cross Border Deals Radar report, which reveals that so far there have been 36 inbound transactions in 2015, and US based companies were responsible for 14 of them.

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FTSE 100 remuneration arrangements face less opposition

October 19 ,2015 | by Erin O’Neill

New research by Deloitte shows that this year, fewer FTSE 100 companies have changed their remuneration arrangements than the year before.

The study found that only 17% of FTSE 100 companies have changed their arrangements in substantial terms. Last year, thirty-five companies implemented new incentive arrangements, but this year only 11 followed suit.

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Reporting guidance concerns raised by accounting regulator

October 18 ,2015 | by Hari Sri

The Financial Reporting Council (FRC) is consulting on draft guidance regarding on going concerns about the quality of information that investors receive about businesses.

The new consultation will focus on the assessment and reporting of accounting, solvency, and liquidity risks over the longer term.

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Business rates a hurdle for regional growth, says accountancy firm

October 17 ,2015 | by Thiago Kiwi

Bishop Fleming, a leading regional UK accountancy firm, has urged greater focus on plans to devolve business rates.

With new plans for local councils to have the power to keep and spend the money raised through business rates, certain issues may affect the viability of local businesses across the wider UK economy.

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Tax receipts from inheritance rise by 15%

October 16 ,2015 | by Thiago Kiwi

According to new analysis by Prudential of the latest HMRC data, there was a 15% increase in inheritance tax paid in the 2012 to 2013 tax year.

Almost 18,000 estates faced an average bill of more than £170,000, and the total paid was £3.05bn - as opposed to £2.65bn in the previous tax year.

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HMRC nets more than £50 million with landlord campaign

October 16 ,2015 | by Erin O’Neill

HM Revenue and Customs (HMRC) has brought in more than £50 million through a campaign aimed at residential landlords.

According to HMRC, The Let Property Campaign, which launched in September 2013, has become one of the most successful voluntary disclosure opportunities the tax authority runs.

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Increase in starting salaries expected for accounting jobs

October 16 ,2015 | by Claire Payne

According to the Robert Half 2016 Salary Guide, starting salaries for professionals in the UK, including finance and accounting staff, will grow on average by 3 per cent over the next 12 months.

This figure is particularly impressive when judged against the current inflation rate of -0.1 per cent.

 

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Campaign group proposes VAT MOSS interim threshold

October 15 ,2015 | by Thiago Kiwi

With the third VAT MOSS return looming for businesses on 20th October, a campaign group has issued a stark warning about potential effects on the European digital single market.

EU VAT Action has highlighted how the time involved in implementing new regulations will cause problems and has asked for an ‘interim’ threshold to help SMEs in the transition period.

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