Language/Country

NEWS - ACCOUNTANCY & FINANCE

Green light for employment review

December 06 ,2015 | by Claire Payne

Green light for employment review

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.

Read more >>

Share on Facebook Share on LinkedIn +1

UK self-employed turn away from personal pensions

December 04 ,2015 | by Hari Sri

UK self-employed turn away from personal pensions

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.

Read more >>

Share on Facebook Share on LinkedIn +1

Higher taxes hit individuals more than corporations, says OECD

December 04 ,2015 | by Thiago Kiwi

Higher taxes hit individuals more than corporations, says OECD

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.

Read more >>

Share on Facebook Share on LinkedIn +1

HMRC digital accounts backed by freelancers' accounting firm

December 04 ,2015 | by Claire Payne

HMRC digital accounts backed by freelancers' accounting firm

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.

Read more >>

Share on Facebook Share on LinkedIn +1

Charity Commission gets new governance framework

December 03 ,2015 | by Helen Gould

Charity Commission gets new governance framework

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.

Read more >>

Share on Facebook Share on LinkedIn +1

Financial Reporting Council wants transparent disclosure of risks in corporate reports

December 03 ,2015 | by Erin O’Neill

Financial Reporting Council wants transparent disclosure of risks in corporate reports

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.

Read more >>

Share on Facebook Share on LinkedIn +1

HMRC issues new briefing on Scotland income tax rate

December 02 ,2015 | by Thiago Kiwi

HMRC issues new briefing on Scotland income tax rate

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.

Read more >>

Share on Facebook Share on LinkedIn +1

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

December 01 ,2015 | by Hari Sri

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

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.

Read more >>

Share on Facebook Share on LinkedIn +1

Fund sector in Guernsey registers strong Q3 growth

December 01 ,2015 | by Thiago Kiwi

Fund sector in Guernsey registers strong Q3 growth

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.

Read more >>

Share on Facebook Share on LinkedIn +1

Rough guide to the Autumn Statement

November 30 ,2015 | by Thiago Kiwi

Rough guide to the Autumn Statement

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.

Read more >>

Share on Facebook Share on LinkedIn +1

Digitisation of tax returns – what it actually means

November 28 ,2015 | by Hari Sri

Digitisation of tax returns – what it actually means

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.

Read more >>

Share on Facebook Share on LinkedIn +1

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

November 27 ,2015 | by Thiago Kiwi

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

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.

Read more >>

Share on Facebook Share on LinkedIn +1

British pension withdrawals could add up to £4.7bn

November 27 ,2015 | by Thiago Kiwi

British pension withdrawals could add up to £4.7bn

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.

Read more >>

Share on Facebook Share on LinkedIn +1

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

November 26 ,2015 | by Erin O’Neill

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

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.

Read more >>

Share on Facebook Share on LinkedIn +1

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

November 26 ,2015 | by Claire Payne

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

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.

Read more >>

Share on Facebook Share on LinkedIn +1

Young professionals face ethics challenge, says ICAEW

November 25 ,2015 | by Erin O’Neill

Young professionals face ethics challenge, says ICAEW

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.

Read more >>

Share on Facebook Share on LinkedIn +1

Audit quality endorsed by FTSE 350 firms

November 24 ,2015 | by Hari Sri

Audit quality endorsed by FTSE 350 firms

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.

 

Read more >>

Share on Facebook Share on LinkedIn +1

Possible changes ahead for 'personal services company' tax arrangements

November 22 ,2015 | by Hari Sri

Possible changes ahead for 'personal services company' tax arrangements

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.

Read more >>

Share on Facebook Share on LinkedIn +1

PwC issues guide with World Bank to global tax systems

November 21 ,2015 | by Thiago Kiwi

PwC issues guide with World Bank to global tax systems

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.

Read more >>

Share on Facebook Share on LinkedIn +1

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

November 20 ,2015 | by Hari Sri

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

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.

Read more >>

Share on Facebook Share on LinkedIn +1

UK improves position in effective tax system rankings

November 20 ,2015 | by Thiago Kiwi

UK improves position in effective tax system rankings

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.

Read more >>

Share on Facebook Share on LinkedIn +1

FCA to study if investment managers offer good value

November 18 ,2015 | by Claire Payne

FCA to study if investment managers offer good value

The Financial Conduct Authority (FCA) has announced an investigation into whether consumers are being well served by companies investing savings and administering pensions.

The UK's financial regulator wishes to ensure that consumers are getting good value for money from asset managers, as well as professional individuals, who provide financial advice.

Read more >>

Share on Facebook Share on LinkedIn +1

‘Affluent’ taxpayers unit manpower increased by HMRC

November 18 ,2015 | by Hari Sri

‘Affluent’ taxpayers unit manpower increased by HMRC

Accountancy firm Moore Stephens has noted how the wage bill for HMRC's Affluent Unit inspectors rose 68%, from £7.8m to £13.1m, across the time period 2012/13 to 2014/15.

Over the same period, the specialist unit's headcount increased by 54%, from 213 to 327, as part of increased efforts by the authority to tackle tax avoidance crackdown.

Read more >>

Share on Facebook Share on LinkedIn +1

VAT rules for crowdfunding agreed upon by EU states

November 18 ,2015 | by Thiago Kiwi

VAT rules for crowdfunding agreed upon by EU states

Representatives from EU member states and the EU Commission making up the EU VAT Committee have agreed on a framework for rules on the value-added tax treatment of crowdfunding.

The term, which covers the process of raising funds for a specific project via an online open call for contributions, is run over specialist peer-to-peer sites that put entrepreneurs and contributors in touch with one another.

Read more >>

Share on Facebook Share on LinkedIn +1

“Balanced approach” needed for open book accounting, says outsourcing association

November 17 ,2015 | by Thiago Kiwi

“Balanced approach” needed for open book accounting, says outsourcing association

The National Outsourcing Association (NOA) has criticised a recommendation from the National Audit Office and CIPFA in a submission to ministers.

According to the NOA, the government should take a “balanced approach” to Whitehall outsourcing reforms, which includes moves to open book accounting to ensure the continued provision of public services.

Read more >>

Share on Facebook Share on LinkedIn +1
1 2 3 4 5 6 7 8 9 10 11 12 13 14