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 >>
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 >>
There has been no growth in the percentage of British women who earn high salaries over the past four years, with the figure sticking at 27%.
According to a report from law firm Clyde & Co, which analysed HM Revenue and Customs (HMRC) data, there has been a financial flatlining for females.Read more >>
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 >>
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 >>
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 >>
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 >>
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 >>
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 >>
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 >>
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 >>
Steel and chemicals industries will be amongst the big users of energy that will benefit from being exempt from paying environmental tariffs.
The announcement was made in Chancellor George Osborne's Spending Review and Autumn Statement and is seen as his response to demands for help for the beleaguered steel industry in the UK.Read more >>
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 >>
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 >>
Gaming technology has now been introduced to Deloitte'srecruitment process in an attempt to identify people with certain skills.
Innovation, creativity, and problem solving are the key qualities that the firm looks for in candidates applying for its BrightStart Business Apprenticeship programme. Now an app will play a large role in selecting who is accepted onto the scheme.Read more >>
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 >>
New openings in the finance and accounting sector have increased by 16% year on year in the UK, according to new figures.
The good news for the industry comes as part of new research that shows overall professional vacancies have risen by 6%.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 >>
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 >>
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 >>
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 >>
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 >>
The construction sector plays an important role in the state of the overall UK economy, and a new report produced on behalf of the Recruitment & Employment Confederation and Big 4 firm KPMG has found robust but slower growth in demand for permanent and temporary staff during October.
Markit’s Report on Jobs lists different indexes that have been adjusted for seasonal factors and calculated from the percentages of respondents reporting variation in recruitment and employee earnings.Read more >>
The state of the gender pay gap and questions of how to deal with it have been in the headlines recently. Now new data from the Office of National Statistics (ONS) shows slight improvement, but little overall change over a four-year period.
Big 4 firm PwC has joined the discussion by commenting on the core issues.Read more >>
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 >>