NEWS - ACCOUNTANCY & FINANCE
Monizo, a startup set up by former PwC staff Samuel O’Connor and Adam Goodall, will allow entrepreneurs to set up an account within a few minutes.
The new banking service will offer a wide range of services to freelancers for a monthly fee.Read more >>
NatWest is launching a £1 billion lending fund to help small businesses grow.
The fund will be available to businesses across England and Wales with a turnover of under £2 million.Read more >>
Research conducted by the Asset Based Finance Association (ABFA) has found that invoice lending is an increasingly popular way for SMEs to access funding.
The report showed that invoice lending is now one of the main ways of funding the growth of small businesses across the UK.Read more >>
The Association of Certified Chartered Accountants (ACCA) has partnered with a cloud hosting company to provide cloud services to accountants in the UK.
Cobweb Solutions, a leading UK cloud hosting provider, will be working with ACCA to provide productivity tools to 70,000 accountants.Read more >>
Entrepreneurs are most likely to underestimate accountancy fees when it comes to costs, according to a study from business services company Geniac.
The study looked at the costs involved with running a business and identified the most expensive areas for starting up a business.Read more >>
The accountancy bonus pot has reached a record high, increasing by £200 million to £2.4 billion in 2015/2016 since the 2014/2015 financial year, according to financial recruitment company Marks Sattin.
Figures showed an increase of £800 million since 2009/2010, when the overall bonus pot stood at £1.6 billion.Read more >>
The demand for alternative financing is rising, according to research from lender Amicus Finance. The UK’s alternative finance industry is now worth £3.2 billion, up from £1.74 billion in 2014.
The research, which surveyed 400 small business owners, revealed the types of alternative financing that are now being used by businesses.Read more >>
The Association of Chartered Certified Accountants (ACCA) has teamed up with the Big Four to launch a new apprenticeship tax scheme.
The accountancy body will be working with KPMG, PwC, EY and Deloitte to develop a scheme for the audit, accountancy and tax professions. The scheme, known as Accountancy/Tax Technician Standard, will enable school leavers to qualify with a higher apprenticeship and is linked to the Government’s Trailblazer scheme.Read more >>
The Institute of Chartered Accountants in England and Wales (ICAEW) has partnered up with PwC to launch the ICAEW IPSAS Certificate, an online learning programme for public sector accountants.
The “practical and user friendly” programme will enable accountants to develop their skills, providing them with technical guidance, revision aids and practical examples. There are no entry requirements for the programme.Read more >>
Salaries for part-qualified accountants are expected to rise in Milton Keynes, which could indicate a high demand for accountancy skills according to recruitment company Robert Walters.
A survey by the company showed that salaries are expected to increase by seven per cent for part-qualified accountants compared to four per cent for all accountants, whilst CIMA-qualified accountants will see an increase of ten per cent.Read more >>
Businesses in the finance sector cut staff bonuses but increased their salaries last year, according to a survey by consulting firm Mercer.
Banks, insurers and investment managers cut bonuses by around 5% whilst increasing salaries by more than 5%. The research follows recent news that fund managers are fighting to block bonus cap extension.Read more >>
Grimsby has become an ideal location for those looking for a career in management accountancy.
Members of the Chartered Institute of Management Accountants (CIMA) in the Yorkshire and Humber area earned almost double the UK national average salary in 2015.Read more >>
Preparations now need to be made by accountants and other professionals who may be responsible for maintaining the statutory registers of companies and LLPs.
The new register of people with significant control (the PSC register) will come into effect for companies from 6th April and will be extended to LLPs later in the year.Read more >>
The Eurozone's interest rates remain unchanged after the European Central Bank (ECB) decided to keep them at 0.05% at its latest meeting.
The decision was widely expected, as was the choice to leave the overnight deposit rate at -0.3% after its change last December.Read more >>
The trade association for mortgage lenders in the UK, the Council of Mortgage Lenders (CML), has reported that annual mortgage lending is at a seven-year high.
According to the latest CML estimates, gross mortgage lending in the UK reached £19.9 billion in December.Read more >>
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).Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>