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NEWS - BUSINESS & ECONOMY

NEWS - BUSINESS & ECONOMY

Company beneficial ownership rules confirmed by BIS

January 13 ,2016 | by Hari Sri

Company beneficial ownership rules confirmed by BIS

The government’s response to a consultation on new rules for companies has been published by the Department for Business, Innovation and Skills (BIS).

Company beneficial ownership information that sets out a record of a ‘person with significant control’ (PSC) will need to be registered when new legislation is announced later this month.

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BRC-KPMG monitor data reveals flat December retail figures

January 13 ,2016 | by Erin O’Neill

BRC-KPMG monitor data reveals flat December retail figures

Recent figures have shown that UK retail sales remained flat in December, with total sales up by only 1.0%.

The latest monthly BRC-KPMG retail sales monitor data revealed that non-food sales had their weakest month of growth since January 2013, increasing by just 1.5% on a three-months basis, and total food sales grew only 0.2%.

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December jobs growth fuels recovery for US economy

January 11 ,2016 | by Erin O’Neill

December jobs growth fuels recovery for US economy

The recovery of the US economy has taken another major step forward with the news that job growth remained solid in December with the addition of another 292,000 jobs, the BBC reports.

The data comes from the Bureau of Labor Statistics, which also revealed that the jobless rate held at 5%, a seven-and-a-half-year low. Following the recent move by the Federal Reserve to increase rates in the US, the latest figures may have implications for a similar move in the UK.

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Deloitte's inbound deals worth £2bn

January 07 ,2016 | by Claire Payne

Deloitte's inbound deals worth £2bn

Deloitte’s 2015 M&A Update has revealed that the number of inbound UK deals the Big 4 firm is involved in has gone up by 10.6% in the last twelve months.

Manchester Evening News reports that the accountancy giant has had deal values treble over the same period. The company's Transaction Services team completed 18 transactions in the past year, totalling in excess of £2bn worth of business.

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Could record car registrations point to economic recovery?

January 07 ,2016 | by Claire Payne

Could record car registrations point to economic recovery?

The UK economy is showing real signs of recovery if sales of new cars are considered to be a pointer.

Registrations for new vehicles hit are cord high of 2.63 million in 2015, up about six per cent on 2014, according to the Society of Motor Manufacturers and Traders (SMMT).

December 2015 looks to have been the best December on record too, with 180,000 new cars registered.

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Insolvents owed money to 113,000 UK businesses in 2015, shows research

January 06 ,2016 | by Thiago Kiwi

Insolvents owed money to 113,000 UK businesses in 2015, shows research

Suppliers and customers who entered into an insolvency procedure last year ended up owing money to more than 100,000 UK businesses.

New research from insolvency trade body R3 revealed that 6% of all UK businesses became creditors in an insolvency procedure over the last year, which means 113,000 companies were affected.

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Support for EU membership falls from UK CFOs

January 05 ,2016 | by Claire Payne

Support for EU membership falls from UK CFOs

According to a survey from the Big Four firm Deloitte, some of the UK's top finance professionals have decided that exiting the EU (Brexit) may not be a bad thing for the country.

Support for EU membership has fallen among chief financial officers (CFOs), with the EU's weak economic recovery, the continuing migrant crisis and uncertainties about the stability of the euro being the main factors.

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Britain top for business optimism, shows study

January 05 ,2016 | by Thiago Kiwi

Britain top for business optimism, shows study

According to a new study by accountancy firm Grant Thornton, British businesses are amongst the most optimistic in the world, being beaten in Europe only by Ireland.

The new research surveyed more than 10,000 companies across the world and found that almost three quarters of UK-based businesses were hopeful for the year ahead.

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UK economy sees December house price rise

December 31 ,2015 | by Helen Gould

UK economy sees December house price rise

The price of the average house in the UK rose strongly in December, according to the latest survey from Nationwide.

The building society's research revealed a 0.8% increase in value, compared to only 0.1% in the previous month of November.

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UK to become world’s 4th largest economy, survey reveals

December 28 ,2015 | by Erin O’Neill

UK to become world’s 4th largest economy, survey reveals

The UK is to become the fourth largest economy in the world, jumping ahead of Germany and Japan over the next twenty years, according to a report by the Centre for Economics Business and Research.

The report revealed the UK will become the “best performing economy” over the next 15 years, and is currently the world’s fifth largest economy as a result of its total Gross Domestic Product, overtaking France in 2014.

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Business leaders need to be mindful to be effective, says ACCA report

December 23 ,2015 | by Helen Gould

Business leaders need to be mindful to be effective, says ACCA report

Business leaders need to have “mindfulness” over mathematics skills in order to be effective and avoid scandals, according to a report conducted by the Association of Chartered Certified Accountants (ACCA).

The report, titled “CFOs and the c-suite - leadership fit for the 21st century”, stated that traditional leadership training is “out of touch” with the senior business executives of today and that leaders need to be mindful in order to make decisions in “turbulent circumstances”, support self-regulation and avoid toxic stress.  

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Confidence in UK economy grows following low unemployment

December 23 ,2015 | by Hari Sri

Confidence in UK economy grows following low unemployment

The UK economy is improving following lower unemployment numbers and improved wage growth. According to the Lloyds Bank Spending Power Report, “perception of employment situation and own job security” increased in November, corresponding with a seven year low in the unemployment rate.

The report also showed lower figures for spending growth, with spending in November being 1.6% lower than it was at the same time in 2014. Recently, concerns have been voiced over Britain’s high streets as sales hit a low. However, recent figures did show that retail sales growth exceeded expectations in November. 

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Free trade talks resume between EU and India

December 20 ,2015 | by Thiago Kiwi

Free trade talks resume between EU and India

Discussions aimed at working out a bilateral free trade agreement between the EU and India will start up again in January, senior EU officials have announced.

The EU's new ambassador to India, Tomasz Kozlowski, told reporters that negotiations will take place next month, and a date is being arranged for the next India-EU summit, which will be held in the first half of the year.

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HMRC gets £8.1m in UK corporation tax from Starbucks

December 18 ,2015 | by Claire Payne

HMRC gets £8.1m in UK corporation tax from Starbucks

The UK arm of multinational coffee chain Starbucks has handed over £8.1m in corporation tax to the Treasury in 2015 after changing the complex tax structures that had seen it pay a similar sum in total over its first 14 years of operations in the UK.

The company bowed to pressure and relocated its European HQ to the UK after research in 2012 had revealed that the multinational had only paid £8.6m in tax on £3bn in sales since 1998.

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Businesses will pay out “more than £1bn” for National Living Wage

December 17 ,2015 | by Helen Gould

Businesses will pay out “more than £1bn” for National Living Wage

The introduction of the National Living Wage next year is likely to cost UK businesses more than £1bn, according to Government advisors.

The change to the minimum wage laws will mean that companies will have to pay out £804.4m in extra wages and staff costs if estimates by Government advisory body the Regulatory Policy Committee (RPC) are correct.

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10p introductory level for Scottish Rate of Income Tax

December 17 ,2015 | by Claire Payne

10p introductory level for Scottish Rate of Income Tax

The new Scottish Rate of Income Tax (SRIT), which marks a major overhaul of the UK tax system, won't actually affect those living in the country when it is introduced next year.

Scottish resident taxpayers will still be paying the same as their counterparts in England, Wales, and Northern Ireland after Scotland’s finance minister John Swinney set the rate at 10 per cent.

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UK house prices are increasing faster, reveals ONS

December 16 ,2015 | by Claire Payne

UK house prices are increasing faster, reveals ONS

October saw annual house prices increase at a faster rate for the third month in a row, according to the latest statistics from the Office for National Statistics (ONS).

However, the news came with a warning that there could be a surge in buy-to-let purchases before April when new regulations covering landlords come into force, which may have serious knock-on effects for the wider UK economy.

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£80.5bn tax bill paid by big UK business, analysis shows

December 16 ,2015 | by Helen Gould

£80.5bn tax bill paid by big UK business, analysis shows

The Treasury's coffers gained £80.5bn in tax contributions from big business in the UK this year, according to analysis by Big 4 firm PwC.

The report, which was made for the 100 Group of finance directors, noted that companies are paying higher rates of tax in spite of the continued reduction in the rate of corporation tax.

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Fall in confidence will hit UK economic growth, says ICAEW

December 15 ,2015 | by Thiago Kiwi

Fall in confidence will hit UK economic growth, says ICAEW

The Institute of Chartered Accountants in England and Wales (ICAEW) expects the UK economy to have grown by 2.4% this year before slowing to 2.1% in 2016.

The accountancy body warns that a slowdown in the wider economy could undermine Government plans for public spending and the aim to hit a budget surplus by 2020.

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‘Stealth tax’ will cost contractors £16.6bn, shows research

December 15 ,2015 | by Erin O’Neill

‘Stealth tax’ will cost contractors £16.6bn, shows research

Contractors in the UK will suffer under new plans to scrap tax relief on travel and subsistence expenses, claims a national accountancy firm.

Research by Danbro shows that more than one and a half million workers could be affected, leading to negative effects for the continued growth of the UK economy.

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UK retail sales slowed in November, reveals BRC

December 09 ,2015 | by Claire Payne

UK retail sales slowed in November, reveals BRC

A survey by the British Retail Consortium and Big 4 accountants KPMG has found that retail sales fell 0.4% on a like-for-like basis in the UK in November.

In the same month last year, they had increased 0.9% from the previous year. However, on an overall basis, total sales were up 0.7% last month, but that is to be measured against a 2.2% rise in November of last year.

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Construction work demand falls to lowest level this year

December 09 ,2015 | by Thiago Kiwi

Construction work demand falls to lowest level this year

According to new data from Big 4 firm KPMG and Markit, last month saw the lowest demand for workers in the construction industry since May of this year.

The permanent workers index for the sector fell to 54.9 in November, marking the lowest level for the past six months.

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Potential impact of Storm Desmond is costly, says PwC

December 08 ,2015 | by Claire Payne

Potential impact of Storm Desmond is costly, says PwC

The recent decision by the Met Office to name storms follows the American trend, and some feel it takes away the serious nature of the consequences that can follow in their wake.

With Storm Desmond being the latest to bring torrential rain and flooding to areas of the UK, Big 4 firm PwC has commented on how weather incidents such as this can impact on the wider UK economy.

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Network Rail plans assets sale to pay debts

December 05 ,2015 | by Hari Sri

Network Rail plans assets sale to pay debts

Network Rail has asked Big 4 firm KPMG to look into the viability of selling off electricity assets in order to tackle the state-backed group's mounting debts.

The organisation, which was set up to look after the nation's Victorian-era railways infrastructure, could make as much as £2bn from a sale of assets.

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UK ‘gig economy’ set to be worth £2bn by 2020, shows research

December 02 ,2015 | by Hari Sri

UK ‘gig economy’ set to be worth £2bn by 2020, shows research

According to new research, the so-called 'gig economy' (in which people buy and sell services and jobs via online platforms) may be worth nearly £2bn in the UK and $63bn globally by 2020.

The report from Big 4 firm PwC reveals that the connected work market - professional networking, freelancing and global web conferencing platforms, as well as remote working apps - will become an increasingly important part of the wider UK economy.

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