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.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 >>
Up to half a million small and micro employers will need to take action to meet new workplace pensions regulations this year.
Any that do not comply with new rules governing auto enrolment pension provision for all employees will risk a fine, warns a new campaign from The Pensions Regulator.Read more >>
The Association of Tax Technicians (ATT) has issued a warning about the impact of changes to the tax rules governing travel expenses, saying that those that work from home could be hardest hit.
Tax News reported that the ATT said the new proposals would deny homeworkers the opportunity to choose their home as their main base of operations if they also have a base elsewhere, for instance at their employer's head office.Read more >>
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.Read more >>
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.Read more >>
With many SMEs worried about proposed reforms to tax laws that could see them having to update HM Revenue and Customs (HMRC) fare more regularly than the current once a year, accounting body UK200Group has declared that this won't mean quarterly tax returns.
Andrew Jackson, senior partner at UK200Group member firm Fiander Tovell, emphasised "that the new rules that are being protested about have not yet been written."Read more >>
HM Revenue and Customs (HMRC) has written to individuals it believes to be Scottish residents for the purposes of the new taxation system that is due to be applied in the UK north of the border.
The Scottish rate of income tax is the biggest change to hit the taxation of individuals in the UK for many years, and now HMRC is sending letters to individual taxpayers who are on their database as holding an address in Scotland.Read more >>
New figures have revealed that a record number of taxpayers submitted their self-assessment tax returns while the rest of the world was celebrating New Year's Eve.
The latest figures from HM Revenue and Customs (HMRC) show that 24,546 people submitted their returns online on NYE, representing a 2.8% rise on last year.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
A third of companies in the UK are changing the way they reward higher earners due to changes in pension taxation, according to new research from PwC.
New restrictions on the amount UK taxpayers can pay into their pension tax free over a year will take effect from April 2016, significantly altering annual and lifetime allowances for higher earners.Read more >>
Her Majesty’s Revenue and Customs (HMRC) Chief Executive Linda Homer has been named on the Queen’s New Year’s honours list.
Homer has been granted one of the highest accolades in the annual list - Dame Commander of the Order of the Bath (DCB).Read more >>
A "more sophisticated approach" to online security is required because computer passwords are "broken," according to KPMG.
The big four accountancy firm thinks that new and more contemporary security measures should be introduced because the average person now has to remember at least 19 different passwords.Read more >>
HM Revenue and Customs (HMRC) is running a trial of 'maps' to help people work their way around the complicated world of British laws and regulations.
Mainly aimed at government officials, HMRC described the initiative as a British tax law version of “The Hitchhiker’s Guide to the Galaxy”. It runs up to 6,102 pages, or four times the complete works of Shakespeare.Read more >>
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.Read more >>
Two international training and development programmes are being run by HM Revenue & Customs (HMRC) after the success of previous similar initiatives.
The new programmes are aimed at senior managers and tax auditors already working in the accountancy sector.Read more >>
Work has begun on a £1million business hub in Plymouth. The project, which will transform a care home into a business and community hub, will help to create more jobs in the city.
Property services company Ian Williams will be converting the building and taking on two extra employees and two apprentices, as well as offering five work placements as part of the contract.Read more >>
Entrepreneurs should study their competition in order to learn about productivity and change their business for the better, according to entrepreneur John Rampton.
Rampton provided a number of tips in an article for online magazine, Entrepreneur, stating that he sees his own competition as “a bar set for me to jump over.”Read more >>
Sandy Kennedy, chief executive of Entrepreneurial Scotland, has called for Scotland to be made the most entrepreneurial society in the world. Kennedy expressed his wishes for a “new entrepreneurial mindset” in a contribution to an upcoming publication from Reform Scotland.
Kennedy said that “some of the UK’s best entrepreneurial leaders are operating successful multi-national businesses in and from Scotland.”Read more >>
Britain’s SMEs are expecting a rise in interest rates in the first half of next year, according to a survey conducted by accountancy firm MHA MacIntyre Hudson. The US Federal Reserve recently made the decision to increase bank base rates, whilst interest rates in the UK have remained at 0.5 per cent since 2009.
MHA MacIntyre Hudson’s poll found that over a quarter of Britain’s SMEs expect rates to rise in April next year, whilst 6 per cent expect a rise in January and 7 per cent from February. Around three quarters are expecting an initial rise within the first six months of 2016.Read more >>
HM Revenue and Customs (HMRC) is planning to improve online security before the 31st of January 2016 deadline for self-assessment tax returns. It advised its customers to “remain vigilant” when filing their returns online.
HMRC will be sending out up to one million emails within the next six weeks, reminding individuals that they will need to file their online self-assessment tax returns by the 31st January. The tax authority also announced its aims to protect its customers from tax scams, which are common around this time of year.Read more >>
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.Read more >>
Sion Barry has provided several tips for those planning to take the “entrepreneurial plunge” in 2016. Funding, investors and a good business plan were just a few of things that he highlighted in an article for Wales Online.
Barry, a business editor for Media Wales and presenter of the Business Show on Wales Online, advised entrepreneurs on how to set up their own business “in style” in 2016.Read more >>