LSBF Blog - Global Matters
Pay as you go to be ready in 2018, HMRC announce
HM Revenue and Customs (HMRC) has announced that its pay-as-you-go tax system for landlords and sole traders will be up and running from April 2018, in what could be an innovative development for tax payers.
The plan is to allow businesses to employ a digital tax account in order to estimate their liabilities and make a payment. This will make it easy for HMRC to allocate the funds directly from their accounts when their taxes are due.
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House prices rise despite post-Brexit crash prediction
Figures released this week show that house prices rose considerably in the year to June, despite the uncertainty surrounding Brexit and concerns of an impending crash.
The statistics showed that the average UK house price had risen 8.7 per cent when compared to the same month last year - a rise which is almost four times the average annual rise in wages.
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UK mining sector improves post-Brexit
Despite the dire warnings of economic downturn that followed Brexit, the UK mining industry appears to be growing, according to recent data.
The value of seven UK mining companies has doubled since the end of 2015. One company, Anglo American, illustrates the turnaround well. Last year Anglo American was on the verge of dropping off the FTSE 100, but the “dramatic turnaround in the industry” in recent months has seen the diversified mining group recover significantly.
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Ireland announces young entrepreneur search
The Irish Government has announced a new search to find Ireland’s Best Young Entrepreneur (IBYE) and is inviting applicants to put their name forward before the October deadline.
The scheme was launched by Minister for Jobs, Enterprise and Innovation Mary Mitchell O’Connor and is backed by a €2 million investment fund. The initiative is being run by the Department of Jobs, Enterprise and Innovation and Enterprise Ireland and is being coordinated by 31 Local Enterprise Offices all around the nation.
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Charities to benefit from Gift Aid overhaul
HMRC has announced that Gift Aid rules will be changed to give more flexibility to charity donors using online platforms and text messaging.
The new rules will make it easier for charities to comply with the rules and gives intermediaries a more significant role in providing Gift Aid.
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£2,000 incentive for employers to take on apprentices
Businesses looking to take on apprentices will be able to take advantage of an extra £2,000 on offer to help teenagers, care leavers and those with special education needs into work.
Employers in England will soon benefit from the plans, which will see small businesses subsidised with 90% of the costs of providing the apprenticeships.
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ICAS and RBS collaborate to help small businesses
The Royal Bank of Scotland (RBS) is collaborating with the Institute of Chartered Accountants of Scotland (ICAS) to help small businesses in Scotland grow.
RBS staff will be working with members of ICAS to improve the services that both the bank and the accountants provide to SMEs in the country, and the staff will be working closely with the Practice Community of the ICAS.
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Darwen apprentices manufacture space rocket parts
A leading business in Darwen, Lancashire, has benefitted tremendously by offering apprenticeships. The young adults who joined the company as apprentices were successful in manufacturing major components for a research space rocket that is set to launch in the next few months.
The space rocket is being manufactured by Starchaser Industries. In 2011, Starchaser had the distinction of launching the biggest rocket in the country.
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Big companies in UK make gender diversity a priority
Gender diversity is fast becoming a business priority in the UK, with large businesses taking measures to recruit and nurture more female employees in senior positions.
Armstrong Craven, a talent mapping and pipelining company that operates globally, has stated that recent research conducted by a UK university shows that less than 6 per cent of women have made it to the top post of executive director. The company also points out that the research found that just 5.6 per cent of executive directors in FTSE250 companies are female. Armstrong Craven believes that these figures indicate that organisations and businesses still need to work harder to ensure that more women occupy senior and top positions.
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Four out of five transnational education institutions looking to expand
A recent survey has found that four out of five higher education institutions in the UK that offer transnational education are looking to expand their operations in the next three years. These are institutions that offer joint programmes, online programmes, have international branch campuses, and also offer dual-degree programmes.
The survey conducted by HE Global, which is a collaboration between the International Unit and the British Council, has found that several universities have made transnational education a part of their international or overall strategy with the aim of attracting more students. Also, this strategy comes as these universities see an increase in their income and also garner more of a name for themselves overseas.
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UK tech startup looks to revolutionise mobile device charging
A UK tech startup is hoping to offer laptop and smartphone users a simple way to recharge their mobile devices while they are on the go.
Chargifi has come up with a new way to charge mobile devices in public venues. It makes use of a series of wireless transmitters that are operated by a software platform to offer people wireless charging.
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England’s small businesses have ability to double apprenticeships
A new report by the Federation of Small Businesses (FSB) states that England’s small businesses have the ability to double the number of apprentices they hire to more than two million. This will be possible only if the Government offers more attractive incentives and support packages.
The report stated that it was necessary to bring in apprenticeship reform if small businesses in England are to achieve the target of three million apprentices by 2020. This target has been set by the Government.
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Law firm partners with business accelerator to help entrepreneurs
Scottish law firm Harper Macleod has signed a three-year partnership deal with business accelerator Entrepreneurial Spark.
The firm will support around 700 entrepreneurs by helping them understand the legal processes involved in setting up, running, and scaling an entrepreneurial venture.
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Successful entrepreneur encourages others to take apprenticeships
A former Halfords apprentice from Cardiff Bay in Wales is lending support to the Welsh Government’s Apprenticeship Programme, which encourages school leavers to choose an apprenticeship as a route to their dream career.
Elijah Sumner, who is only 21 years old, was an apprentice at Halfords and has now started his own business.
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Law firm launches online tool for fintech start-ups
Hogan Lovells has launched an online tool to help fintech start-ups gain a better understanding of Financial Conduct Authority (FCA) regulations.
The law firm will be providing the tool for free to businesses that take part in regulated activities in the UK.
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Research identifies key areas for salary growth
UK salaries have increased by 3 per cent in July compared to last year, according to data from job site CV-Library.
The research identified the key areas for salary growth and also the locations and sectors with the highest increases.
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IPG teams up with business platform to launch skills hub
The Independent Publishers Guild (IPG) and business learning platform Thought Industries will be providing free training and professional development opportunities through a new online skills hub.
This partnership comes after the IPG's Independent Publishing Report showed that members were most concerned about training and professional development.
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Barclays helping to provide exporting opportunities for UK SMEs
Barclays is helping SMEs in the UK to grow by providing them with exporting opportunities.
According to research from the bank, current market volatility and the fall in Sterling means that it is now an ideal time for businesses to export products and services.
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Closing gender pay gap will improve UK economy, says Government
A Government spokesperson has said that closing the gender pay gap is “essential” for improving the UK economy.
Industry leaders are now also calling for businesses to encourage women to take on more senior roles to tackle the problem of inequality in the workplace.
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KPMG to speed up recruitment process for graduates
Accountancy firm KPMG is moving on from its multistage interview process after research showed that graduates are frustrated by lengthy interview processes.
The company made the decision after collaborating with market research company High Fliers Research to survey over 400 people who have recently graduated from university.
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John Lewis partners with TrueStart to launch new initiative for retail start-ups
The John Lewis Partnership has teamed up with retail accelerator TrueStart to form a new initiative that will focus on locating and funding disruptive retail start-ups.
The programme, which is called The Eureka Initiative, will help to bring new products and technologies into the retail sector.
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Businesses have higher survival rates in remote areas, survey shows
Businesses that are set up outside London have a higher chance of survival than those in the city, according to research from eBay UK.
The research, which was based on figures from the Office of National Statistics, identified the areas in the UK with the highest survival rates for start-ups.
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Business attitudes to new technology revealed in research
Research from AXA has shown that small businesses are doubtful about next generation technology affecting their business in the future.
The study looked at how 898 companies feel about technology such as robots, driverless cars, and 3D printing, and whether they expect to use these new advances.
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Startup company to launch first banking service for freelancers
Monizo, a startup set up by former PwC staff Samuel O’Connor and Adam Goodall, will allow entrepreneurs to set up an account within a few minutes.
The new banking service will offer a wide range of services to freelancers for a monthly fee.
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Shortage of cyber security skills is damaging companies, report shows
A report from CSIS and Intel Security, entitled “Hacking the Skills Shortage”, found that there is a lack of cybersecurity talent in countries around the world, including the UK, the US, Australia, France, Germany, Japan, Israel, and Mexico.
The report says that this causes “direct damage” to companies, and warns that thousands of job vacancies in the industry could remain empty.
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