NEWS - BUSINESS & ECONOMY
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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%.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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).Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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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