LSBF Blog - Global Matters
The new rates of income tax for those living in Scotland will apply from 6 April 2016, and their introduction will cause headaches for businesses, say financial advisors.
Corporate clients need to adapt their payroll procedures to deal with the changes, and many are still unsure of exactly what is in store.Read more >>
The Audit Firm Governance Code, which oversees transparency and quality, is undergoing a consultation by the Financial Reporting Council (FRC).
This new consultation reflects feedback from investors and other respondents who took part in the first consultation review earlier in the year.Read more >>
The recent decision by the Met Office to name storms follows the American trend, and some feel it takes away the serious nature of the consequences that can follow in their wake.
With Storm Desmond being the latest to bring torrential rain and flooding to areas of the UK, Big 4 firm PwC has commented on how weather incidents such as this can impact on the wider UK economy.Read more >>
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.Read more >>
The Office of Tax Simplification’s call for a task force with the job of coming up with a universal definition for employment status will be met, Treasury secretary David Gauke has confirmed.
A departmental letter made the announcement that is likely to be welcomed by both freelance contractors and those working in the UK accountancy sector on their behalf.Read more >>
Network Rail has asked Big 4 firm KPMG to look into the viability of selling off electricity assets in order to tackle the state-backed group's mounting debts.
The organisation, which was set up to look after the nation's Victorian-era railways infrastructure, could make as much as £2bn from a sale of assets.Read more >>
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...Read more >>
With the self-employed sector continuing to grow in the UK, new research shows that millions are risking their retirement by ignoring their pensions.
According to a new analysis from insurance specialist Prudential, the number of self-employed workers who contribute to personal pension pots is at its lowest since 2001.Read more >>
The Organisation for Economic Co-operation and Development (OECD) has claimed that individual taxpayers are paying a bigger share of tax than businesses and that changes are needed to get corporations to pay their fair share.
The situation has come about due to the need for governments to fund their financing requirements in the wake of the global economic crisis, according to the OECD.Read more >>
FreeAgent, an accounting firm for freelancers, has issued a statement of support for HM Revenue & Customs' new digital tax accounts for the self-employed.
The company says it is “glad” that the 2015 Autumn Statement included the extension of plans for the digitisation of HMRC's methods and that a £1.3billion investment had been set aside to fund it.Read more >>
It’s common for students to feel disappointed by exam results; but the real test is how you react to it.
In this article, LSBF Director of Professional Courses, Rob Sowerby, gives you advice on how to pick yourself up after failing an ACCA exam.Read more >>
A revised and updated governance framework has been published by The Charity Commission following an independent review.
The effectiveness of the existing governance framework was the focus of the review, which came about after a recommendation from the National Audit Office.Read more >>
The Financial Reporting Council (FRC) is set to conduct a review into how companies report tax risks, focusing on the transparency of tax reconciliation disclosures.
The aim is to encourage greater transparency in the way the relationship between accounting profit and tax charges is recorded.Read more >>
Big businesses and government authorities are checking up on people by looking at their online activity, including checking out social network profiles.
"Social media is already an important tool for industry to engage with customers and its use is only likely to grow," explained Tracey McDermott, from the Financial Conduct Authority (FCA).
Read more >>
HM Revenue and Customs (HMRC) has issued a new briefing outlining the details surrounding the new system, which comes in from April 2016 regarding Scottish income tax.
From next April, the Scottish Parliament will have new powers allowing it to set a separate rate of income tax, which will then fund spending by the Scottish government.Read more >>
According to new research, the so-called 'gig economy' (in which people buy and sell services and jobs via online platforms) may be worth nearly £2bn in the UK and $63bn globally by 2020.
The report from Big 4 firm PwC reveals that the connected work market - professional networking, freelancing and global web conferencing platforms, as well as remote working apps - will become an increasingly important part of the wider UK economy.Read more >>
An overhaul of the prospectus rules is being proposed by The European Commission, which says cutting the amount of paperwork required and increasing the thresholds will make things easier for small and medium-sized companies.
Simplifying information for investors to access funding when issuing shares will lead to a lighter regime for smaller companies with less complex prospectuses, the Commission says.Read more >>
Hans Hoogervorst, Chairman of the International Accounting Standards Board (IASB), has said that the EU will soon approve a delayed accounting rule forcing banks to book losses on loans much earlier than they do at the moment.
The International Accounting Standards Board (IASB) has written the "IFRS9" rule and the EU must endorse it in order for it to become mandatory across the 28 member states.Read more >>
The Guernsey Financial Services Commission has reported an increase in the net asset value of funds managed or administered by closed and open-ended funds in Q3.
The former saw an increase of 2.1% and the latter 0.8%, which means all funds under management and administration in Guernsey grew in net asset value during this period.Read more >>
There has been no growth in the percentage of British women who earn high salaries over the past four years, with the figure sticking at 27%.
According to a report from law firm Clyde & Co, which analysed HM Revenue and Customs (HMRC) data, there has been a financial flatlining for females.Read more >>
Last week's Autumn Statement contained plenty of new announcements that will have a direct impact on the UK accountancy sector. Even so, it is easy to miss the important news lost among the bigger headline grabbers.
For the UK economy, any changes to rules and regulations surrounding taxation and business practises are likely to have long-lasting effects, so here are some of the most noteworthy aspects of the Chancellor's Statement.Read more >>
Poor overseas trade figures have caused the UK economy to slow down, with the result that household spending is now the main driving force of the recovery.
Official figures from the Office for National Statistics (ONS) revealed that GDP growth fell in the third quarter, standing at 0.5% at a drop from 0.7% in the second quarter.Read more >>
With continuing expansion of digitisation by HM Revenue and Customs (HMRC), the way tax is collected is already changing for many, but the near future will see even greater upheavals.
Everyone from the self-employed and small companies right through to low-income individuals and the retired will find that their relationship with the Treasury will soon look very different indeed.Read more >>
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.Read more >>
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.Read more >>