LSBF Blog - Global Matters

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

January 22 ,2016 | by Erin O’Neill

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

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

Ten-year high for UK car production

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

Three Big Four firms praised for being LGBT-friendly

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

UN calls for leisure tax to fund humanitarian aid

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 offers programme to improve employment prospects

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

National insurance contributions allowance reform needed, believes CIOT

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

Grant Thornton tops Experian Corpfin league again

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

Temporary workers draft legislation and guidance published

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

BHP Billiton to write down £5bn shale assets

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

Benefits of the new Personal Savings Allowance

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

SMEs no longer immune from UK GAAP reporting

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

Majority of Millennials planning to change job, shows research

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

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

Major new accounting standard – IFRS 16 Leases

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

Falling oil prices could force new Russian budget

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

Gigabit age coming for broadband, says Deloitte

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

Midlands accountancy powerhouse created by merger

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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Company beneficial ownership rules confirmed by BIS

January 13 ,2016 | by Hari Sri

Company beneficial ownership rules confirmed by BIS

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.

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BRC-KPMG monitor data reveals flat December retail figures

January 13 ,2016 | by Erin O’Neill

BRC-KPMG monitor data reveals flat December retail figures

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%.

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HMRC issues interim peer-to-peer loans tax rules

January 12 ,2016 | by Thiago Kiwi

HMRC issues interim peer-to-peer loans tax rules

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.

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R&D tax relief for SMEs goes live

January 12 ,2016 | by Hari Sri

R&D tax relief for SMEs goes live

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.

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Irish tax revenues exceeded 2015 target

January 12 ,2016 | by Claire Payne

Irish tax revenues exceeded 2015 target

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.

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December jobs growth fuels recovery for US economy

January 11 ,2016 | by Erin O’Neill

December jobs growth fuels recovery for US economy

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.

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Self-assessment tax return deadline approaches

January 10 ,2016 | by Claire Payne

Self-assessment tax return deadline approaches

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.

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