FreeAgent, an accounting firm for freelancers, has issued a statement of support for HM Revenue & Customs' new digital tax accounts for the self-employed.
The company says it is “glad” that the 2015 Autumn Statement included the extension of plans for the digitisation of HMRC's methods and that a £1.3billion investment had been set aside to fund it.Read more >>
A revised and updated governance framework has been published by The Charity Commission following an independent review.
The effectiveness of the existing governance framework was the focus of the review, which came about after a recommendation from the National Audit Office.Read more >>
The Financial Reporting Council (FRC) is set to conduct a review into how companies report tax risks, focusing on the transparency of tax reconciliation disclosures.
The aim is to encourage greater transparency in the way the relationship between accounting profit and tax charges is recorded.Read more >>
Big businesses and government authorities are checking up on people by looking at their online activity, including checking out social network profiles.
"Social media is already an important tool for industry to engage with customers and its use is only likely to grow," explained Tracey McDermott, from the Financial Conduct Authority (FCA).
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HM Revenue and Customs (HMRC) has issued a new briefing outlining the details surrounding the new system, which comes in from April 2016 regarding Scottish income tax.
From next April, the Scottish Parliament will have new powers allowing it to set a separate rate of income tax, which will then fund spending by the Scottish government.Read more >>
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 >>
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.
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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 >>