LSBF Blog - Global Matters
A drop in profits has seen KPMG fall to fourth place in the 'Big 4' grouping of the accountancy sector's most famous firms.
Its UK profit falling 7% for its last financial year means that the company is now behind rivals EY when it comes to revenues, making KPMG the smallest operator out of its peer group.Read more >>
In the wake of the US central bank increasing interest rates for the first time since 2006, stock markets around the world have rallied and welcomed the news.
The FTSE 100 index in the UK rose by 1.5%, and the main share indexes in Germany and France increased even more, with Frankfurt's Dax going up by more than 3%, while the Cac 40 in Paris saw a 2.4% boost.Read more >>
Accountants in the UK are likely to share a bonus pot of up to £4 billion this year, according to research from recruiter Marks Sattin.
This would be double the figure that was paid out a year ago. In addition, 81% of the accountants who took part in the poll said they expected to get a bonus - an increase from 55% last year.Read more >>
The UK arm of multinational coffee chain Starbucks has handed over £8.1m in corporation tax to the Treasury in 2015 after changing the complex tax structures that had seen it pay a similar sum in total over its first 14 years of operations in the UK.
The company bowed to pressure and relocated its European HQ to the UK after research in 2012 had revealed that the multinational had only paid £8.6m in tax on £3bn in sales since 1998.Read more >>
The Institute of Chartered Accountants in England and Wales (ICAEW) has issued a warning to anyone thinking of selling their retirement income stream under the new changes to the laws governing the annuity market.
The government's newly-unveiled secondary annuity market might end up only being of benefit to a handful of people and could leave many more out of pocket, according to the accountants group.Read more >>
The introduction of the National Living Wage next year is likely to cost UK businesses more than £1bn, according to Government advisors.
The change to the minimum wage laws will mean that companies will have to pay out £804.4m in extra wages and staff costs if estimates by Government advisory body the Regulatory Policy Committee (RPC) are correct.Read more >>
The new Scottish Rate of Income Tax (SRIT), which marks a major overhaul of the UK tax system, won't actually affect those living in the country when it is introduced next year.
Scottish resident taxpayers will still be paying the same as their counterparts in England, Wales, and Northern Ireland after Scotland’s finance minister John Swinney set the rate at 10 per cent.Read more >>
In an interview with London School of Business and Finance (LSBF), Ian Pittaway, Senior Partner of Sacker & Partners LLP, said he believes that the pensions sector will face new challenges because of a continually rising life expectancy.
Speaking with Nadim Choudhury, LSBF’s Head of Career Services & Employability at as part of the LSBF Great Minds series, Mr Pittaway discussed the issues that will affect the pensions sector in the near future.Read more >>
The Financial Reporting Council (FRC) has written a letter to audit committee chairs in larger listed companies to highlight areas they want directors to focus on in annual reports.
The move, which comes ahead of the reporting season, puts an emphasis on corporate governance and reporting risks that a company may be exposed to as part of a process of disclosure.Read more >>
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.Read more >>
The Treasury's coffers gained £80.5bn in tax contributions from big business in the UK this year, according to analysis by Big 4 firm PwC.
The report, which was made for the 100 Group of finance directors, noted that companies are paying higher rates of tax in spite of the continued reduction in the rate of corporation tax.Read more >>
HM Revenue & Customs (HMRC) has officially launched the new system of personal tax accounts that will lead to the end for annual tax returns.
The new accounts will offer greater flexibility to taxpayers and be similar to online banking, says the authority.Read more >>
The Institute of Chartered Accountants in England and Wales (ICAEW) expects the UK economy to have grown by 2.4% this year before slowing to 2.1% in 2016.
The accountancy body warns that a slowdown in the wider economy could undermine Government plans for public spending and the aim to hit a budget surplus by 2020.Read more >>
Contractors in the UK will suffer under new plans to scrap tax relief on travel and subsistence expenses, claims a national accountancy firm.
Research by Danbro shows that more than one and a half million workers could be affected, leading to negative effects for the continued growth of the UK economy.Read more >>
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.
Read more >>
Unsolicited email attachments in the form of unpaid invoices could pose a danger to finance departments, cybersecurity analyst Graham Cluley has warned.
The threat is part of a malware campaign being waged by hackers and online criminals who are targeting businesses computer accounting systems.Read more >>
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.Read more >>
The nine member Bank of England panel that decides the interest rate have voted to leave it unchanged at 0.5%.
The members of the Monetary Policy Committee (MPC) voted 8-1 to keep things as they were and also predicted that inflation in the UK would remain below 1% until the second half of 2016.Read more >>
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.Read more >>
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.Read more >>
BDO, the global accountancy and advisory services network with a firm of more than 8,500 employees in China, has seen its revenues in the country grow by 28% in the year to 30 September.
The company also reported growth across the rest of Asia Pacific, especially in India where revenue was up 50% over the year.
Read more >>
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.Read more >>
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.Read more >>
According to new data from Big 4 firm KPMG and Markit, last month saw the lowest demand for workers in the construction industry since May of this year.
The permanent workers index for the sector fell to 54.9 in November, marking the lowest level for the past six months.Read more >>
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.Read more >>