LSBF Blog - Global Matters

PwC acquires cyber identity consultancy Praxism

January 26 ,2016 | by Erin O’Neill

PwC has acquired Praxism, the specialist identity and access management consultancy based in Edinburgh.

The move is the latest in the Big Four firm's extensions of its own cybersecurity practice and a further recognition of the importance of the issue to the financial sector.

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Creative industries add £84bn to UK economy

January 26 ,2016 | by Helen Gould

The creative industries contributed £84.1billion to the UK economy in 2014, which is a rise of £7billion from 2013.

The sector grew almost twice as fast as the wider economy, according to figures released by the Department for Culture, Media and Sport.

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Hiring spree planned by British bosses

January 26 ,2016 | by Claire Payne

According to recruiters, the bosses of a majority of British companies expect to hire more staff this year.

Executives in the finance, accounting and marketing sectors are particularly interested in expanding their workforces in the next 12 months due to sustained economic growth.

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PSC register implementation coming soon

January 25 ,2016 | by Hari Sri

Preparations now need to be made by accountants and other professionals who may be responsible for maintaining the statutory registers of companies and LLPs.

The new register of people with significant control (the PSC register) will come into effect for companies from 6th April and will be extended to LLPs later in the year.

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Deloitte study finds analytics essential for IT success

January 25 ,2016 | by Helen Gould

Big Four firm Deloitte has released its latest study identifying trends currently having an important impact on companies across various industries.

The multinational systems designer, integrator and consultant has issued its third Analytics Trends report, which was released on 13th January. The study picks out items of importance for business operation in the accountancy and financial sectors and beyond.

 

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Government borrowing for UK fell in December

January 23 ,2016 | by Thiago Kiwi

In what could be seen as some more good news for the UK economy, Government spending dipped in December to stand at £7.5bn, which is £4.3bn lower year-on-year.

However, the official figures show that the running total is above the £68.9bn forecast by the independent Office for Budget Responsibility (OBR) for the whole fiscal year ending April 2016.

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European Central Bank keeps interest rates unchanged

January 22 ,2016 | by Helen Gould

The Eurozone's interest rates remain unchanged after the European Central Bank (ECB) decided to keep them at 0.05% at its latest meeting.

The decision was widely expected, as was the choice to leave the overnight deposit rate at -0.3% after its change last December.

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Lending at seven-year high, says Council of Mortgage Lenders

January 22 ,2016 | by Erin O’Neill

The trade association for mortgage lenders in the UK, the Council of Mortgage Lenders (CML), has reported that annual mortgage lending is at a seven-year high.

According to the latest CML estimates, gross mortgage lending in the UK reached £19.9 billion in December.

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Ten-year high for UK car production

January 22 ,2016 | by Claire Payne

The Society of Motor Manufacturers and Traders (SMMT) has released figures that show the British car industry's output hit a ten-year high last year.

Although the news is good for the UK economy's recovery process, the numbers were actually lower than had been forecast, in part due to decreasing demand in Russia and China. 

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Three Big Four firms praised for being LGBT-friendly

January 20 ,2016 | by Erin O’Neill

The UK LGBT equality charity Stonewall has given EY their coveted Star Performers award for being one of the most consistently LGBT-friendly firms to work in across all sectors of the UK economy.

Also in Stonewall's Top-100 Employers 2016 rankings, PwC ranked 11th and KPMG was in 44th position.

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UN calls for leisure tax to fund humanitarian aid

January 20 ,2016 | by Hari Sri

Countries should consider introducing a voluntary tax on leisure activities, a new United Nations (UN) study says.

Football matches or music concerts could have a levy that raises funds needed by the organisation for its humanitarian operations, the international body suggests.

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Deloitte offers programme to improve employment prospects

January 20 ,2016 | by Claire Payne

Deloitte's Society Partnership initiative is on the lookout for up to 40 charity partners in its ongoing efforts to provide services to improve people's employment prospects.

The company has offered to support charities and social enterprises on a new three-year corporate social responsibility programme, and applications are open now.

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National insurance contributions allowance reform needed, believes CIOT

January 19 ,2016 | by Hari Sri

The Chartered Institute of Taxation (CIOT) has called for a rethink on the new UK National Insurance contributions (NICs) allowance reform.

The professional body has questioned proposals that will exclude one-person businesses from claiming the National Insurance Employment Allowance (EA).

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Grant Thornton tops Experian Corpfin league again

January 19 ,2016 | by Thiago Kiwi

The Experian CorpFin league table is a respected metric for the UK accountancy and financial sectors, and this year Grant Thornton UK has come out on top for the fourth time running.

The position recognises the firm's standing as the number one financial adviser to UK companies by deal volume, having advised on 128 publicly disclosed deals last year.

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Temporary workers draft legislation and guidance published

January 19 ,2016 | by Claire Payne

Under proposed changes to taxation laws in the UK, from 6th April 2016 certain temporary workers will no longer be able to claim relief for travel and subsistence expenses.

The current tax relief and disregard for National Insurance contributions (NIC) on travel and subsistence expenses rules allow for expenses claims incurred by these workers on their commute.

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BHP Billiton to write down £5bn shale assets

January 18 ,2016 | by Helen Gould

In a move that could have repercussions for the UK economy in its own drive towards expanding shale extraction operations, leading firm BHP Billiton has written down the value of its US shale assets by £5bn ($7.2bn).

The news comes on the back of the company having already had to deal with a fatal dam collapse in Brazil and other falling commodity prices.

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Benefits of the new Personal Savings Allowance

January 17 ,2016 | by Hari Sri

A new tax exemption on savings income comes into force on 6th April and will bring a range of benefits with it to many taxpayers.

The Telegraph reported that The Personal Savings Allowance (PSA) will be one of the most significant changes to personal finances in the year ahead as it gives every basic-rate taxpayer £1,000 of savings income free of tax. 

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SMEs no longer immune from UK GAAP reporting

January 16 ,2016 | by Thiago Kiwi

From the beginning of this year, small companies in the UK are no longer immune from generally accepted accounting principles (GAAP) reporting.

Larger private companies already experienced the changes last year, and now SMEs face major changes to their financial reporting as new and revised standards for accounting periods come into effect.

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Video: Great Minds series - LSBF interviews Eric Salama, CEO of Kantar Group

January 15 ,2016 | by LSBF Blog Staff

Increased access to data is changing the way companies are looking at the market, believes Kantar Group CEO Eric Salama.

In an interview with LSBF, Mr Salama noted that greater emphasis on market research is improving the way businesses are using data to better understand their customers.

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Majority of Millennials planning to change job, shows research

January 15 ,2016 | by Claire Payne

According to a report from Deloitte, 71% of the UK's millennials intend to leave their current job within the next five years.

The age group 18 to 24 also sees two-thirds (63%) believing their leadership skills are not being fully developed in their current roles.

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2.5 trillion photos to be shared online in 2016, estimates study

Big Four firm Deloitte has estimated that almost 2.5 trillion photos will be shared by people online during this year.

Dr Danny McConnell, the accountancy and advisor firm's Belfast technology partner, also predicted that of those, 90% would be taken using smartphone cameras.

 

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Major new accounting standard – IFRS 16 Leases

January 14 ,2016 | by Claire Payne

A major new accounting standard called IFRS 16 Leases has been issued by the International Accounting Standards Board (IASB).

Previous accounting requirements covering the way in which companies account for leases have now been replaced. The older methods, introduced more than 30 years ago, were considered unfit for purpose.

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Falling oil prices could force new Russian budget

January 14 ,2016 | by Erin O’Neill

Russian Prime Minister Dmitry Medvedev has warned that the continued fall of global oil prices could force the country to revise its 2016 budget.

The continued slide in the value of oil means that Russia must be prepared for a "worst-case" economic scenario, Medvedev said.

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Gigabit age coming for broadband, says Deloitte

January 14 ,2016 | by Helen Gould

Big Four accountancy firm and business advisors Deloitte say that broadband speeds will get much faster this year, with Gigabit per second connections set to increase by a factor of ten.

Deloitte predicts the changes in the 16th edition of its Global Media Trends publication from the firm's technology, media and telecommunications (TMT) practice.

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Midlands accountancy powerhouse created by merger

January 13 ,2016 | by Helen Gould

Two prominent accountancy firms in the Midlands have merged to create a new firm that is likely to have a significant impact on the region.

The move, which was first announced in November, has now been completed and sees the merging of PKF Cooper Parry with historic Birmingham accountancy firm Clement Keys.

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