LSBF Blog - Global Matters

Autumn Statement puts in place new anti-avoidance measure for capital allowances

November 27 ,2015 | by Thiago Kiwi

Autumn Statement puts in place new anti-avoidance measure for capital allowances

With the Autumn Statement bringing in many new measures that affect the UK accountancy sector, one that has an immediate effect is a two-part measure to protect the UK Exchequer by closing a loophole relating to capital allowances and lease payment deductions.

Artificial and contrived arrangements used to circumvent the existing rules have fallen under the spotlight, namely schemes using artificially low disposal values for capital allowances purposes and sale-and-lease-back arrangements that are tax deductible.

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British pension withdrawals could add up to £4.7bn

November 27 ,2015 | by Thiago Kiwi

British pension withdrawals could add up to £4.7bn

The changes to pension regulations, which allow savers more flexibility in accessing their funds, could have led to £4.7bn being taken out of pension pots.

Differing reports from HM Revenue & Customs (HMRC) and the Association of British Insurers (ABI) means the picture is still unclear, but there is no doubt that many have taken advantage of the new regime.

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Chancellor Osborne announces tax exemption for charities

November 27 ,2015 | by Hari Sri

Chancellor Osborne announces tax exemption for charities

As one of a raft of announcements in the Chancellor's spending review and autumn statement, charities have now been partially exempted from rules surrounding "close companies" charges.

The costs occur when trustees extract funds and section 455 of the Corporation Tax Act 2010 comes into play.

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UK companies pay £1bn in total fees to their auditors

November 26 ,2015 | by Erin O’Neill

UK companies pay £1bn in total fees to their auditors

The UK’s largest companies have paid more in fees this year than last, despite the audit market becoming more competitive.

Total fees paid out to the six firms that carry out audits for FTSE 350 companies broke through the £1bn barrier in the last financial year, according to data compiled from the companies’ 2014/15 annual reports.

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UK buy-to-let stamp duty changes from next year

November 26 ,2015 | by Claire Payne

UK buy-to-let stamp duty changes from next year

Buy-to-let investors and holiday home buyers will have to pay stamp duty rates that are three percentage points higher as from April next year.

Special "landlord" stamp duty tax rates will come into force from April 2016, meaning that investors will have to pay thousands of pounds more extra in tax than they do currently. Those buying a property to live in will not be affected.

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Help with costs promised for big energy users

November 26 ,2015 | by Helen Gould

Help with costs promised for big energy users

Steel and chemicals industries will be amongst the big users of energy that will benefit from being exempt from paying environmental tariffs.

The announcement was made in Chancellor George Osborne's Spending Review and Autumn Statement and is seen as his response to demands for help for the beleaguered steel industry in the UK. 

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7 tips to succeed in leadership and entrepreneurship

November 25 ,2015 | by LSBF Blog Staff

7 tips to succeed in leadership and entrepreneurship

Starting out in the business world is full of big decisions. By going it alone and setting up your own company you take significant risks that may not always work out, while taking on a leadership or strategic development role in an existing firm comes with expectations and dangers of its own.

Either way, your job is to take a business and make it grow, and then keep making it better. But once you manage to get your foot in the door, how do you become a successful leader?

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Young professionals face ethics challenge, says ICAEW

November 25 ,2015 | by Erin O’Neill

Young professionals face ethics challenge, says ICAEW

The Institute of Chartered Accountants in England and Wales (ICAEW) has issued new research that indicates millennials working in finance have a strong desire that their profession is recognised as having strong ethics.

This comes above factors such as adding value to the economy in their list of preferences, according to the poll.

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London construction boosts UK economy by £6.2bn, shows study

November 25 ,2015 | by Hari Sri

London construction boosts UK economy by £6.2bn, shows study

Billions of pounds have been added to the UK economy by the numerous new construction projects being built in central London, according to new research from Big 4 firm Deloitte.

Around £6.2bn was been added to the wider economy in 2013 alone by way of construction activity in 11 boroughs in inner London, the report found.

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Deloitte uses gaming app to attract broader range of talent

November 25 ,2015 | by Helen Gould

Deloitte uses gaming app to attract broader range of talent

Gaming technology has now been introduced to Deloitte'srecruitment process in an attempt to identify people with certain skills.

Innovation, creativity, and problem solving are the key qualities that the firm looks for in candidates applying for its BrightStart Business Apprenticeship programme. Now an app will play a large role in selecting who is accepted onto the scheme.

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Audit quality endorsed by FTSE 350 firms

November 24 ,2015 | by Hari Sri

Audit quality endorsed by FTSE 350 firms

Audit quality has improved according to the second year of a survey of the Audit committee (AC) chairs of FTSE 350 firms.

However, the latest study, jointly overseen for the first time by the Financial Reporting Council (FRC), found that the vote of confidence was tempered by concerns about professional scepticism.

 

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UK sees 16% rise in finance and accountancy jobs

November 24 ,2015 | by Thiago Kiwi

UK sees 16% rise in finance and accountancy jobs

New openings in the finance and accounting sector have increased by 16% year on year in the UK, according to new figures.

The good news for the industry comes as part of new research that shows overall professional vacancies have risen by 6%.

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Successful SMEs build upon excellent employees

November 23 ,2015 | by LSBF Blog Staff

Successful SMEs build upon excellent employees

Attracting the right employees and having a welcoming atmosphere at work can spell the difference between success and failure for your SME.

To improve your business, you need create the right work environment and find the best team to help develop your firm into a success. If you can keep employees loyal, happy, and develop their skills, they’re more likely to want to stay with you for most of their career. This is especially important if you find an exceptional candidate.

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DVLA pockets revenue from car clamping following tax disc change

November 23 ,2015 | by Claire Payne

DVLA pockets revenue from car clamping following tax disc change

Individual drivers and small businesses have been falling foul of the paperless tax disc system introduced by the DVLA, with a reported 60% jump in clampings, leaving some more than £800 out of pocket.

The DVLA have clamped or towed almost 100,000 cars in the past year, a 58% rise on the previous year.

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Possible changes ahead for 'personal services company' tax arrangements

November 22 ,2015 | by Hari Sri

Possible changes ahead for 'personal services company' tax arrangements

With the UK Autumn Statement expected to change the rules surrounding personal services companies (PSC), questions have arisen concerning how some contractors use them to cut tax bills.

Currently it is a perfectly legal way of using a limited company to lower tax liability, but the way the system works has now come under scrutiny.

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PwC issues guide with World Bank to global tax systems

November 21 ,2015 | by Thiago Kiwi

PwC issues guide with World Bank to global tax systems

The tenth annual evaluation comparing tax systems around the world has been issued by Big 4 firm PwC, in conjunction with the World Bank.

The 'Paying Taxes 2016' study is part of the larger 13th edition of the 'Doing Business 2016 - Measuring Regulatory Quality and Efficiency' report, and it looks at 189 different countries to see how each of their systems can affect companies.

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Video: Great Minds Series - LSBF interviews Natural History Museum Director Sir Michael Dixon

November 20 ,2015 | by LSBF Blog Staff

The Director of London’s Natural History Museum, Sir Michael Dixon, has spoken out about the importance of the impact technology can have on visitor experience.

Speaking in the museum’s Darwin Centre as a part of London School of Business and Finance’s (LSBF) Great Minds series, Sir Michael explained that technology is important for both visitor interaction and the scientific happenings behind the scenes.

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Northern Ireland's corporation tax to be cut to 12.5% in 2018

November 20 ,2015 | by Hari Sri

Northern Ireland's corporation tax to be cut to 12.5% in 2018

Northern Ireland will see a cut in the rate of corporation tax (CT) to 12.5% in 2018, down from the current rate of 20% in the UK.

The new rate is being introduced a year later than was originally planned after a stalemate between the British government and Northern Ireland executive.

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UK improves position in effective tax system rankings

November 20 ,2015 | by Thiago Kiwi

UK improves position in effective tax system rankings

The global ranking of effective business tax systems has seen the UK climb a position in the latest report published by PwC and the World Bank Group.

The new study shows that Britain is now 15th in the league table of the world's most effective tax systems, based on criteria which judges how easy it is to pay taxes.

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New report shows continued skills shortage in construction

November 19 ,2015 | by Hari Sri

New report shows continued skills shortage in construction

The construction sector plays an important role in the state of the overall UK economy, and a new report produced on behalf of the Recruitment & Employment Confederation and Big 4 firm KPMG has found robust but slower growth in demand for permanent and temporary staff during October.

Markit’s Report on Jobs lists different indexes that have been adjusted for seasonal factors and calculated from the percentages of respondents reporting variation in recruitment and employee earnings.

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Latest figures reveal almost unchanged gender pay gap

November 19 ,2015 | by Thiago Kiwi

Latest figures reveal almost unchanged gender pay gap

The state of the gender pay gap and questions of how to deal with it have been in the headlines recently. Now new data from the Office of National Statistics (ONS) shows slight improvement, but little overall change over a four-year period.

Big 4 firm PwC has joined the discussion by commenting on the core issues.

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5 tips for securing your first job after graduation

November 18 ,2015 | by LSBF Blog Staff

5 tips for securing your first job after graduation

When you’ve studied hard to complete a postgraduate – or even undergraduate - qualification, it’s easy to think you’re set for the future. You’ve developed advanced skills that will really help you stand out and show employers that you have what it takes to succeed. Surely that’s the hard bit over?

In fact, there are a few more hurdles you need to clear in order to you secure an industry role. Here are LSBF’s top five tips for landing your first job after graduation:

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FCA to study if investment managers offer good value

November 18 ,2015 | by Claire Payne

FCA to study if investment managers offer good value

The Financial Conduct Authority (FCA) has announced an investigation into whether consumers are being well served by companies investing savings and administering pensions.

The UK's financial regulator wishes to ensure that consumers are getting good value for money from asset managers, as well as professional individuals, who provide financial advice.

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‘Affluent’ taxpayers unit manpower increased by HMRC

November 18 ,2015 | by Hari Sri

‘Affluent’ taxpayers unit manpower increased by HMRC

Accountancy firm Moore Stephens has noted how the wage bill for HMRC's Affluent Unit inspectors rose 68%, from £7.8m to £13.1m, across the time period 2012/13 to 2014/15.

Over the same period, the specialist unit's headcount increased by 54%, from 213 to 327, as part of increased efforts by the authority to tackle tax avoidance crackdown.

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VAT rules for crowdfunding agreed upon by EU states

November 18 ,2015 | by Thiago Kiwi

VAT rules for crowdfunding agreed upon by EU states

Representatives from EU member states and the EU Commission making up the EU VAT Committee have agreed on a framework for rules on the value-added tax treatment of crowdfunding.

The term, which covers the process of raising funds for a specific project via an online open call for contributions, is run over specialist peer-to-peer sites that put entrepreneurs and contributors in touch with one another.

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