LSBF Blog - Global Matters

US tax law firm Burt, Staples & Maner LLP merges with E&Y

September 21 ,2015 | by Thiago Kiwi

Ernst & Young (E&Y) has merged with tax law firm Burt, Staples & Maner LLP in a move that sees the Big 4 firm expanding its international tax practice.

The law firm, based in Washington, DC, specialises in information reporting and withholding (IRW) and will be working closely with E&Y's worldwide network on international corporate tax reporting issues.

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£140bn added to UK economy by robots, says Deloitte

September 21 ,2015 | by Erin O’Neill

A new analysis of ONS labour force data by Deloitte has dug deep into the stats involving the effects of automation on the UK economy.

The new study found that in the last 15 years, jobs in sectors such as technology, high-tech manufacturing, and financial and professional services have lost 800,000 jobs to automated process or machines.

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LSBF survey finds nearly 50% of UK workers want to change careers

September 18 ,2015 | by LSBF Blog Staff

Nearly half of the UK work force is looking for a career change, a new report produced by London School of Business and Finance (LSBF) suggests.

The study found that 47% of respondents wanted to change careers, though many were unsure when they would go ahead with it. Of those who did have a concrete plan, most were thinking of leaving their current roles in two years or earlier. 

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New financial reporting standard will lead to fundamental change, says IASB chief

September 18 ,2015 | by Hari Sri

The chairman of the International Accounting Standards Board, Hans Hoogervorst, has said the new IFRS 9 standard will give investors better insight on loan loss risks.

The IASB is the independent standard-setting body of the IFRS Foundation, which works with investors, analysts, regulators and others in the global accountancy sector.

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Oil price too volatile to predict, claims Shell boss

September 18 ,2015 | by Thiago Kiwi

Ben van Beurden, chief executive of Royal Dutch Shell, has admitted that he hasn't a clue what will happen to oil prices in the coming months.

When posed the question by the BBC, Van Beurden replied: "The honest answer to that is I don't know."

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UK public sector employment falls to lowest levels in second quarter

September 18 ,2015 | by Erin O’Neill

New statistics show that the public sector of the UK now only has 5.4 million workers, meaning it is at the lowest levels since records began in 1999.

The Department for Work and Pensions said the labour market figures saw a decrease of 16,000 in the second quarter, and overall public sector employment was down 59,000 over the last 12 months.

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Ernst & Young registers best growth for seven years

September 17 ,2015 | by Hari Sri

Ernst & Young (E&Y) has released figures that reveal the best growth for the company since 2008.

With a strong performance across the width of its business and on a global scale, the UK's Big 4 accountancy giant saw revenues grow by 11.6% to a total of £18.6bn.

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UK inflation falls back to zero per cent

September 17 ,2015 | by Thiago Kiwi

With a Bank of England target of around 2% once again being missed, the latest figures show that the UK economy's inflation level has fallen back down to zero.

Sharp falls in both petrol and diesel prices played a major role, although they were not the only significant factors.

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UK businesses worried about talent pool shortage, reveals survey

September 17 ,2015 | by Erin O’Neill

A new survey conducted over the summer found that UK financial directors are more worried about the negative effects of a skill shortage than anything else.

China's economic slowdown and the possible of a 'Brexit' from the EU were seen as less of a threat to growth than the condition of the UK talent pool.

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PwC announces record £3.1bn revenues in annual report

September 16 ,2015 | by Hari Sri

Big 4 firm PwC has highlighted the contribution it makes to the UK economy in the company's annual report.

The professional services firm has claimed a £4.2bn input to the wider economy alongside £1.1bn in payments it made directly to the exchequer last year.

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Relief for SMEs at proposed VATMOSS threshold

September 16 ,2015 | by Hari Sri

SMEs and sole traders look likely to benefit from proposals to introduce a threshold for compliance with VAT Mini One Stop Shop (VATMOSS) regulations.

Small businesses trading e-services across the EU are currently obliged to charge VAT at the native rates of their customers living in the 28-strong membership, which has meant added workloads operating with several different rates.

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UK SMEs R&D tax reliefs claims rise by a quarter

September 16 ,2015 | by Claire Payne

According to the latest government statistics, the number of UK SMEs that claim tax relief for research and development (R&D) has risen by almost a quarter.

The amount claimed has gone up from £1.4bn last year to £1.75bn as approximately 20,000 small businesses claim the relief, an increase from 16,000 previously.

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New CFO event attracts high profile names

September 15 ,2015 | by Erin O’Neill

A new conference aimed at CFOs brought together some of Britain’s top financial and business personalities at the Royal Society of Arts.

The first CFO Agenda saw a panel of top players in the UK economy analyse issues facing the financial sector and beyond.

The event was aimed at chief financial officers, finance directors, and their finance teams, with the panel of guest speakers including eminent economists.

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Experian audit moves to KPMG from PwC

September 15 ,2015 | by Hari Sri

KPMG has won the £8m contract as external auditor for global information services giant Experian from rivals PwC.

PwC have held the position for the last decade, but Big 4 competitors KPMG will take over for the financial year ending 31 March 2017.

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Sharpest fall since 1992 expected for US oil output

September 15 ,2015 | by Thiago Kiwi

According to The International Energy Agency (IEA), next year US oil production will experience its biggest fall since 1992.

Low oil prices that have seen prices cut by half in the past year are blamed, together with overall slower economic growth.

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Biggest pay rise boom in Europe for UK workers

September 14 ,2015 | by Claire Payne

Workers in the UK are likely to enjoy wage increases in real terms this year after suffering long periods of below inflation increases.

The latest Salary Budget Planning Study from Towers Watson UK workers will see the first real wage rise since 2007 this year, and only Germany will rival the UK level.

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Accountants warn business growth is being stunted by ‘too much regulation’

September 11 ,2015 | by Hari Sri

A new study of accounting, finance and business professionals has warned that too much regulation is holding back business growth.

The IFAC's survey found that two-thirds of the 300 respondents regarded the problem as a global issue that had a significant or very significant impact.

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“The Secret Millionaire” Mike Greene behind Morrisons stores takeover

September 11 ,2015 | by Erin O’Neill

The £25m takeover of Morrisons M Local shops is headed by Mike Greene, who previously starred in Channel 4’s The Secret Millionaire.

Best-known for investing in the Comet chain and now backed by Greybull Capital, Greene is leading the buyout of 140 of the convenience stores from the struggling supermarket retailer.

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Bad advice cost UK businesses £6.4bn this year, shows study

September 11 ,2015 | by Thiago Kiwi

In excess of 320,000 British businesses have lost a total of £6.4bn in the last year due to receiving poor advice, says a new report.

Research conducted by Direct Line for Business revealed that the average SME loses more than £20,000 a year.

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ACCA members encouraged to work toward benefit of society and the profession

September 10 ,2015 | by Hari Sri

Members of the Association of Chartered Certified Accountants (ACCA) have been urged to make sure they are working in the public interest, as stated in a speech by their President at a members' recognition ceremony in Toronto. 

In his keynote address, Anthony Harbinson asked his members to continue to promote responsible and ethical business practises with a wider aim of achieving sustainable global economic performance.

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FTSE 100 sets aside £1.7 billion for tax litigation

September 10 ,2015 | by Thiago Kiwi

Although FTSE 100 companies have earmarked £1.66bn for tax litigation purposes this year, it is actually down 31% from last year according to Thomson Reuters.

In 2014, £2.39bn was set aside for tax disputes, but this year's move by some of the biggest firms in the UK economy is a strong signal that the tax authorities' corporate tax evasion and avoidance policies are working.

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British graduates see 4.2 per cent year-on-year pay rise

September 10 ,2015 | by Claire Payne

Young graduates in Britain have witnessed a year-on-year average wage increase of £1,000, a growth of 4.2 per cent.

The wage growth increase for British employees has brought the nominal median salaries of young graduates up to £25,000. As a comparison, the figure for non-graduates in the same age range was £18,000.

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UK finance directors expect economy to continue positive growth

September 09 ,2015 | by Erin O’Neill

Confidence in the UK economy continues to be positive from the country's finance directors, although their expectations are more modest than last year.

According to a survey of more than 100 FDs and CFOs, 58% of those occupying some of the UK's top financial roles expect to see growth of 1%-2.5% over the next 12 months.

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Conviviality Retail in £200m wholesaler buyout

September 09 ,2015 | by Hari Sri

Conviviality Retail confirmed it is buying wholesaler Matthew Clark from Punch Taverns and Hertford Cellars for £200m.

The company's share price leapt after the announcement about the reverse takeover being struck via Conviviality's subsidiary Conviviality Brands, with Zeus Capital and Investec Bank acting on their behalf.

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Study shows price comparison sector benefits from memorable adverts

September 09 ,2015 | by Thiago Kiwi

New YouGov BrandIndex data has revealed that memorable ad campaigns really work when it comes to companies operating in the price comparison sector of the UK.

The study found that ad campaigns that built momentum and become part of popular culture have distinct effects on the success of a business.

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