LSBF Blog - Global Matters
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 >>
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 >>