LSBF Blog - Global Matters
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
The government’s response to a consultation on new rules for companies has been published by the Department for Business, Innovation and Skills (BIS).
Company beneficial ownership information that sets out a record of a ‘person with significant control’ (PSC) will need to be registered when new legislation is announced later this month.Read more >>
Recent figures have shown that UK retail sales remained flat in December, with total sales up by only 1.0%.
The latest monthly BRC-KPMG retail sales monitor data revealed that non-food sales had their weakest month of growth since January 2013, increasing by just 1.5% on a three-months basis, and total food sales grew only 0.2%.Read more >>
HM Revenue & Customs (HMRC) has clarified the tax treatment of interest payments from peer-to-peer (P2P) loans by issuing interim rules on the subject.
The Treasury has decided that these payments will not be subject to income tax deductions at source until any amendments to legislation designed to address the matter are put in place.Read more >>
UK small and medium-sized businesses with a turnover of less than £2 million and which employ fewer than 50 people can now apply to HM Revenue & Customs (HMRC) for advanced approval on their R&D tax relief claim.
A new publication called “Making R&D Easier: HMRC’s plan for small business R&D tax relief” sets out the details of the measure that is being introduced following a period of consultation.Read more >>
The Irish fiscal deficit has been reduced by €5.2 billion after tax revenues received by the Government were greater than expected, the latest Exchequer Returns show.
The country's deficit fell to approximately €3.4 billion, down from the €8.6 billion level it had been at in 2014.Read more >>
The recovery of the US economy has taken another major step forward with the news that job growth remained solid in December with the addition of another 292,000 jobs, the BBC reports.
The data comes from the Bureau of Labor Statistics, which also revealed that the jobless rate held at 5%, a seven-and-a-half-year low. Following the recent move by the Federal Reserve to increase rates in the US, the latest figures may have implications for a similar move in the UK.Read more >>
More than 10 million tax payers in the UK are required to complete and return their self-assessment tax filing by the end of the month, and almost four million have yet to do so, according to The Guardian.
This time last year, 890,000 taxpayers missed the end of January deadline and incurred a fine of £100 and faced further penalties if they continued to delay.Read more >>
Up to half a million small and micro employers will need to take action to meet new workplace pensions regulations this year.
Any that do not comply with new rules governing auto enrolment pension provision for all employees will risk a fine, warns a new campaign from The Pensions Regulator.Read more >>
The Association of Tax Technicians (ATT) has issued a warning about the impact of changes to the tax rules governing travel expenses, saying that those that work from home could be hardest hit.
Tax News reported that the ATT said the new proposals would deny homeworkers the opportunity to choose their home as their main base of operations if they also have a base elsewhere, for instance at their employer's head office.Read more >>
Deloitte’s 2015 M&A Update has revealed that the number of inbound UK deals the Big 4 firm is involved in has gone up by 10.6% in the last twelve months.
Manchester Evening News reports that the accountancy giant has had deal values treble over the same period. The company's Transaction Services team completed 18 transactions in the past year, totalling in excess of £2bn worth of business.Read more >>
The UK economy is showing real signs of recovery if sales of new cars are considered to be a pointer.
Registrations for new vehicles hit are cord high of 2.63 million in 2015, up about six per cent on 2014, according to the Society of Motor Manufacturers and Traders (SMMT).
December 2015 looks to have been the best December on record too, with 180,000 new cars registered.Read more >>
With many SMEs worried about proposed reforms to tax laws that could see them having to update HM Revenue and Customs (HMRC) fare more regularly than the current once a year, accounting body UK200Group has declared that this won't mean quarterly tax returns.
Andrew Jackson, senior partner at UK200Group member firm Fiander Tovell, emphasised "that the new rules that are being protested about have not yet been written."Read more >>
HM Revenue and Customs (HMRC) has written to individuals it believes to be Scottish residents for the purposes of the new taxation system that is due to be applied in the UK north of the border.
The Scottish rate of income tax is the biggest change to hit the taxation of individuals in the UK for many years, and now HMRC is sending letters to individual taxpayers who are on their database as holding an address in Scotland.Read more >>
New figures have revealed that a record number of taxpayers submitted their self-assessment tax returns while the rest of the world was celebrating New Year's Eve.
The latest figures from HM Revenue and Customs (HMRC) show that 24,546 people submitted their returns online on NYE, representing a 2.8% rise on last year.Read more >>
Suppliers and customers who entered into an insolvency procedure last year ended up owing money to more than 100,000 UK businesses.
New research from insolvency trade body R3 revealed that 6% of all UK businesses became creditors in an insolvency procedure over the last year, which means 113,000 companies were affected.Read more >>
According to a survey from the Big Four firm Deloitte, some of the UK's top finance professionals have decided that exiting the EU (Brexit) may not be a bad thing for the country.
Support for EU membership has fallen among chief financial officers (CFOs), with the EU's weak economic recovery, the continuing migrant crisis and uncertainties about the stability of the euro being the main factors.Read more >>
According to a new study by accountancy firm Grant Thornton, British businesses are amongst the most optimistic in the world, being beaten in Europe only by Ireland.
The new research surveyed more than 10,000 companies across the world and found that almost three quarters of UK-based businesses were hopeful for the year ahead.Read more >>
A third of companies in the UK are changing the way they reward higher earners due to changes in pension taxation, according to new research from PwC.
New restrictions on the amount UK taxpayers can pay into their pension tax free over a year will take effect from April 2016, significantly altering annual and lifetime allowances for higher earners.Read more >>
Her Majesty’s Revenue and Customs (HMRC) Chief Executive Linda Homer has been named on the Queen’s New Year’s honours list.
Homer has been granted one of the highest accolades in the annual list - Dame Commander of the Order of the Bath (DCB).Read more >>
A "more sophisticated approach" to online security is required because computer passwords are "broken," according to KPMG.
The big four accountancy firm thinks that new and more contemporary security measures should be introduced because the average person now has to remember at least 19 different passwords.Read more >>
HM Revenue and Customs (HMRC) is running a trial of 'maps' to help people work their way around the complicated world of British laws and regulations.
Mainly aimed at government officials, HMRC described the initiative as a British tax law version of “The Hitchhiker’s Guide to the Galaxy”. It runs up to 6,102 pages, or four times the complete works of Shakespeare.Read more >>