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NEWS - BUSINESS & ECONOMY

NEWS - BUSINESS & ECONOMY

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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European Commission proposes overhaul of prospectus rules

December 02 ,2015 | by Helen Gould

European Commission proposes overhaul of prospectus rules

An overhaul of the prospectus rules is being proposed by The European Commission, which says cutting the amount of paperwork required and increasing the thresholds will make things easier for small and medium-sized companies.

Simplifying information for investors to access funding when issuing shares will lead to a lighter regime for smaller companies with less complex prospectuses, the Commission says.

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UK GDP growth slowed by weakening trade

November 29 ,2015 | by Helen Gould

UK GDP growth slowed by weakening trade

Poor overseas trade figures have caused the UK economy to slow down, with the result that household spending is now the main driving force of the recovery.

Official figures from the Office for National Statistics (ONS) revealed that GDP growth fell in the third quarter, standing at 0.5% at a drop from 0.7% in the second quarter.

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Chancellor Osborne announces tax exemption for charities

November 27 ,2015 | by Hari Sri

Chancellor Osborne announces tax exemption for charities

As one of a raft of announcements in the Chancellor's spending review and autumn statement, charities have now been partially exempted from rules surrounding "close companies" charges.

The costs occur when trustees extract funds and section 455 of the Corporation Tax Act 2010 comes into play.

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London construction boosts UK economy by £6.2bn, shows study

November 25 ,2015 | by Hari Sri

London construction boosts UK economy by £6.2bn, shows study

Billions of pounds have been added to the UK economy by the numerous new construction projects being built in central London, according to new research from Big 4 firm Deloitte.

Around £6.2bn was been added to the wider economy in 2013 alone by way of construction activity in 11 boroughs in inner London, the report found.

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DVLA pockets revenue from car clamping following tax disc change

November 23 ,2015 | by Claire Payne

DVLA pockets revenue from car clamping following tax disc change

Individual drivers and small businesses have been falling foul of the paperless tax disc system introduced by the DVLA, with a reported 60% jump in clampings, leaving some more than £800 out of pocket.

The DVLA have clamped or towed almost 100,000 cars in the past year, a 58% rise on the previous year.

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New guide to improving diversity and inclusion in the workplace published

November 13 ,2015 | by Erin O’Neill

New guide to improving diversity and inclusion in the workplace published

A Diversity and Inclusion Guide for Businesses has been published by The Professional Business Service Council (PBSC), aimed at helping companies to improve their workplace.

The importance of embracing diversity and inclusion in the workplace is stressed as a way of attracting and retaining the most talented staff.

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£15bn National Grid to appoint Deloitte as auditor

November 12 ,2015 | by Hari Sri

£15bn National Grid to appoint Deloitte as auditor

The £15 billion international gas and electricity giant National Grid is set to appoint Big 4 firm Deloitte as its auditor for the year ending 31 March 2018.

The move will see the firm take over the account from fierce rivals PwC, the current auditor, in just the latest round of skirmishes between the main players in the UK accountancy sector. 

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Black Friday deals anticipation slows October retail figures, shows report

November 11 ,2015 | by Claire Payne

Black Friday deals anticipation slows October retail figures, shows report

The latest figures from the BRC-KPMG Retail Sales Monitor suggest that consumers might have been holding back for looming Black Friday deals.

According to the report, like-for-like retail sales in October fell 0.2% year on year. However, total food sales bucked the trend by growing 0.5% over the three months leading up to October and by 0.3% year on year to achieve their best performance since July 2014.

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Better deals called for businesses to reclaim fleet VAT costs

November 11 ,2015 | by Thiago Kiwi

Better deals called for businesses to reclaim fleet VAT costs

HM Revenue and Customs has been urged to support a call from the British Vehicle Rental and Leasing Association (BVRLA) to allow businesses to reclaim 60% of the VAT paid out on hire or lease costs.

The trade body, which is responsible for companies engaged in the leasing and rental of cars and commercial vehicles, carried out a survey that backs up their case for a change in the rules.

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Global economic confidence at four year low, shows survey

November 10 ,2015 | by Erin O’Neill

Global economic confidence at four year low, shows survey

A worldwide survey of finance professionals carried out by The Association of Chartered Certified Accountants (ACCA) has found a sharp drop in positivity from business in the third quarter of 2015.

The global body for professional accountants' new report reveals that economic confidence on an international level is at the lowest in four years.

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Buy-to-let still a healthy investment, says PwC report

November 08 ,2015 | by Helen Gould

Buy-to-let still a healthy investment, says PwC report

New research from PricewaterhouseCoopers says that the lettings market will not be adversely affected by the end to some tax relief that landlords can currently claim.

The Big 4 firm found the Government’s reduction of mortgage interest tax relief for landlords is unlikely to stop the continued popularity of buy-to-let in the UK economy.

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UK economy gains £4.1bn from British music industry

November 06 ,2015 | by Claire Payne

UK economy gains £4.1bn from British music industry

One in seven albums sold around the world last year were by British artists, with names such as One Direction and Coldplay joining the ranks of legacy acts such as The Beatles and Pink Floyd.

In total, the British music industry generated £4.1bn for the UK economy in 2014, representing a growth of 5% as opposed to the overall economy’s rise of 2.6%.

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Only 45% of charities have set counter-fraud strategy, reveals survey

November 06 ,2015 | by Hari Sri

Only 45% of charities have set counter-fraud strategy, reveals survey

Less than half of charities that took part in a new survey have a written counter-fraud and corruption strategy in place.

A report by accountancy firm PKF-Littlejohn looked at the charity sector and how it is set up to deal with issues surrounding fraud.

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UK service sector registers growth in October

November 05 ,2015 | by Thiago Kiwi

UK service sector registers growth in October

Last month saw a rise in activity for the UK's service sector for the first time in four months.

According to the latest Markit/CIPS service sector purchasing managers' index (PMI), there was an increase from 53.3 to 54.9 from the previous month. A result above 50 indicates growth.

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E&Y inks partnership deal with online networking platform LinkedIn

November 03 ,2015 | by Erin O’Neill

E&Y inks partnership deal with online networking platform LinkedIn

Specialist online networking platform LinkedIn has partnered with Big 4 firm E&Y in a move that marks a big step for the internet company.

The announcement of the strategic partnership with E&Y (formerly Ernst & Young) followed the recent release of LinkedIn's Q3 earnings.

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UK economy sees third quarter slowdown to 0.5 per cent growth

October 29 ,2015 | by Hari Sri

UK economy sees third quarter slowdown to 0.5 per cent growth

Growth for the UK economy slowed in the third quarter of the year with an increase of only 0.5%.

Manufacturing and construction sectors were partly to blame for the drop, which saw gross domestic product (GDP) growing at a slower rate than the 0.7% that had been achieved in the second quarter between July and September.

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

October 25 ,2015 | by Erin O’Neill

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

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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Electric vehicles reimbursement rules ‘partially’ clarified by HMRC

October 23 ,2015 | by Claire Payne

Electric vehicles reimbursement rules ‘partially’ clarified by HMRC

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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Taxation body welcomes HMRC scrapping Business Record Checks

October 22 ,2015 | by Erin O’Neill

Taxation body welcomes HMRC scrapping Business Record Checks

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

October 21 ,2015 | by Claire Payne

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

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

October 20 ,2015 | by Hari Sri

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

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

Deloitte reports growth in US investment into North West

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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Business rates a hurdle for regional growth, says accountancy firm

October 17 ,2015 | by Thiago Kiwi

Business rates a hurdle for regional growth, says accountancy firm

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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Increase in starting salaries expected for accounting jobs

October 16 ,2015 | by Claire Payne

Increase in starting salaries expected for accounting jobs

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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