October saw annual house prices increase at a faster rate for the third month in a row, according to the latest statistics from the Office for National Statistics (ONS).
However, the news came with a warning that there could be a surge in buy-to-let purchases before April when new regulations covering landlords come into force, which may have serious knock-on effects for the wider UK economy.
In the US, graduation is called ‘commencement’, as it is perceived as the beginning of the rest of your life. The end of study, the start of reality.
For many, commencement - or indeed graduation - marks the beginning of the traditional job hunt season for thousands of people. Of course, there is always the option to startup your own business, however, to be a successful entrepreneur, academic knowledge and professional skills alone are not enough. In my eyes, there are three main ingredients for entrepreneurial success.
The draft legislation announced in clauses of the Finance Bill 2016 confirms that new rules will operate in regard to the wear and tear allowance for let property.
Clause 40 of the Bill and its accompanying schedule shows that the allowance will be replaced by a deduction for the replacement of furniture for both corporate landlords and for individual landlords who let residential property that is not a qualifying furnished holiday letting business.
The introduction of the new Scottish land and property tax regime has been handled well by The Scottish tax authority, says Audit Scotland.
According to a report, which considered how Revenue Scotland performed in delivering the Land and Buildings Transaction Tax (LBTT) and the Scottish Landfill Tax, Revenue Scotland had successfully managed the process and dealt with all the problems that occurred.
According to research from Kent Reliance, there has been a surge in the number of people incorporating a new company, with the main reason being the changes to the tax treatment of buy to let landlords.
The third 'Buy To Let Britain' report from the lender claims that changes in the Budget earlier in the year had already caused more landlords to incorporate. It cites an immediate increase in applications from limited companies following the July Budget.
The Financial Reporting Council (FRC) has said that UK listed companies should be clearer about their tax reporting to ensure that it is done as transparently as possible.
They recommended that the link between accounting profit and tax paid should be a part of a company’s annual reporting process. This should be presented in a way that helps others understand how the relationship between the two could change.
A survey by the British Retail Consortium and Big 4 accountants KPMG has found that retail sales fell 0.4% on a like-for-like basis in the UK in November.
In the same month last year, they had increased 0.9% from the previous year. However, on an overall basis, total sales were up 0.7% last month, but that is to be measured against a 2.2% rise in November of last year.
According to research from The Institute of Chartered Accountants in England and Wales (ICAEW), company auditors are reporting that companies still do not recognise cyber security as a risk to their business.
The ICAEW report 'Audit Insights: Cyber Security' uses observations and the expertise of auditors from across the spectrum of industry to highlight the need to close the gap between business operations and cyber security strategy.
Agents who still use faxed copies of SA302 tax calculations from HM Revenue and Customs (HMRC) as evidence of a client’s income for mortgage purposes will soon need another method.
The Council of Mortgage Lenders has been working with HMRC to define what documentation is acceptable as evidence for mortgage and loan applicants to prove their income. This will mean an end for copies sent by fax.
One of the best things about a career in accounting is the wide variety of places around the world you could choose to work in; accounting certainly stands as a global profession.
Although some aspects of accountancy will vary from country to country, the basic principles remain the same - that means a CIMA qualification can take you almost anywhere! Here are just a few of the fantastic cities you could work in...