LSBF Blog - Global Matters

UK ‘gig economy’ set to be worth £2bn by 2020, shows research

December 02 ,2015 | by Hari Sri

UK ‘gig economy’ set to be worth £2bn by 2020, shows research

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.

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European Commission proposes overhaul of prospectus rules

December 02 ,2015 | by Helen Gould

European Commission proposes overhaul of prospectus rules

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.

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EU approval for bank loans provisioning rule coming soon, says IASB

December 01 ,2015 | by Hari Sri

EU approval for bank loans provisioning rule coming soon, says IASB

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.

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Fund sector in Guernsey registers strong Q3 growth

December 01 ,2015 | by Thiago Kiwi

Fund sector in Guernsey registers strong Q3 growth

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.

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UK female high-earners remain at 27% of British workforce

December 01 ,2015 | by Erin O’Neill

UK female high-earners remain at 27% of British workforce

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.

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Rough guide to the Autumn Statement

November 30 ,2015 | by Thiago Kiwi

Rough guide to the Autumn Statement

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.

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UK GDP growth slowed by weakening trade

November 29 ,2015 | by Helen Gould

UK GDP growth slowed by weakening trade

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.

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Digitisation of tax returns – what it actually means

November 28 ,2015 | by Hari Sri

Digitisation of tax returns – what it actually means

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.

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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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