LSBF Blog - Global Matters
In a market where skilled professionals are a scarce commodity, businesses are relying on interim resources to meet growth plans.
Today, change is a constant. As a result, businesses of all sizes and in all industries are increasingly looking beyond their conventional model of hiring by including interim professionals as part of their recruitment strategy.Read more >>
The Institute of Chartered Accountants in England and Wales (ICAEW) has reached the milestone of issuing its 100th alternative business structures (ABS) licence.
The award went to Tiffin Green Limited and was reached after only a year of being granted powers to regulate firms who want to conduct probate and form an ABS.Read more >>
The £15 billion international gas and electricity giant National Grid is set to appoint Big 4 firm Deloitte as its auditor for the year ending 31 March 2018.
The move will see the firm take over the account from fierce rivals PwC, the current auditor, in just the latest round of skirmishes between the main players in the UK accountancy sector.Read more >>
Guernsey in the Channel Islands has had its credit rating fixed at AA+ by Standard & Poor's, the American financial services company.
The rating is the highest level that jurisdictions without their own currency are able to achieve under the ratings system in place at the moment.Read more >>
The latest figures from the BRC-KPMG Retail Sales Monitor suggest that consumers might have been holding back for looming Black Friday deals.
According to the report, like-for-like retail sales in October fell 0.2% year on year. However, total food sales bucked the trend by growing 0.5% over the three months leading up to October and by 0.3% year on year to achieve their best performance since July 2014.Read more >>
HM Revenue and Customs has been urged to support a call from the British Vehicle Rental and Leasing Association (BVRLA) to allow businesses to reclaim 60% of the VAT paid out on hire or lease costs.
The trade body, which is responsible for companies engaged in the leasing and rental of cars and commercial vehicles, carried out a survey that backs up their case for a change in the rules.Read more >>
Recognised Supervisory Body status has been granted to The Institute of Chartered Accountants in England and Wales (ICAEW) by the Financial Reporting Council (FRC).
This means the UK accountancy sector body now has new powers that will allow it to regulate firms who are looking to undertake local audits for clients, including councils and health bodies.Read more >>
A worldwide survey of finance professionals carried out by The Association of Chartered Certified Accountants (ACCA) has found a sharp drop in positivity from business in the third quarter of 2015.
The global body for professional accountants' new report reveals that economic confidence on an international level is at the lowest in four years.Read more >>
Around 50 sixth-form students attending various London schools have been invited to Big 4 firm PwC’s offices to get lessons about taxation in a pilot project.
The new initiative, aimed at encouraging learning all about tax from a young age, uses interactive sessions and games to give students a grounding in the subject.Read more >>
Because of what Deloitte describes as a “borrower-friendly market”, the Big 4 firm says that SMEs should consider taking loans out now to fund expansion plans.
As credit availability rises to a near seven-year high while the cost of credit falls towards an eight-year low, the UK banking market is “buoyant”, according to the company's latest analysis.Read more >>
New research from PricewaterhouseCoopers says that the lettings market will not be adversely affected by the end to some tax relief that landlords can currently claim.
The Big 4 firm found the Government’s reduction of mortgage interest tax relief for landlords is unlikely to stop the continued popularity of buy-to-let in the UK economy.Read more >>
Ministers are discussing whether to close a tax loophole that could be costing the Treasury up to £400m and is currently being exploited by as many as 100,000 people.
The rules surrounding how personal service companies are used could be tightened in the run up to Chancellor Osborne’s autumn statement on 25 November.Read more >>
One in seven albums sold around the world last year were by British artists, with names such as One Direction and Coldplay joining the ranks of legacy acts such as The Beatles and Pink Floyd.
In total, the British music industry generated £4.1bn for the UK economy in 2014, representing a growth of 5% as opposed to the overall economy’s rise of 2.6%.Read more >>
Less than half of charities that took part in a new survey have a written counter-fraud and corruption strategy in place.
A report by accountancy firm PKF-Littlejohn looked at the charity sector and how it is set up to deal with issues surrounding fraud.Read more >>
Women have more opportunities to reach senior jobs in the accounting and finance sector than they did a decade ago, says new research by recruitment company Robert Half.
Nearly two thirds of UK finance directors believe that the position has changed over the past ten years.Read more >>
The European Commission (EC) is looking into the possibility of withdrawing the Low Value Consignment Stock Relief (LVCR) scheme.
Talks with member states have begun with a view to ending the scheme, which exempts non-EU sellers of goods to EU consumers from VAT and is estimated to be worth about €500m (£355m) each year.
Read more >>
Last month saw a rise in activity for the UK's service sector for the first time in four months.
According to the latest Markit/CIPS service sector purchasing managers' index (PMI), there was an increase from 53.3 to 54.9 from the previous month. A result above 50 indicates growth.Read more >>
A succession of increases in the Capital Gains Tax (CGT) rate, combined with the removal of CGT reliefs, has seen bills rise by 43% this year to £5.5bn - up from £3.4bn in the previous year.
An increase in turnover from investments, including shares and buy-to-let property, has also had an impact in the windfall for the Treasury.Read more >>
HM Revenue and Customs (HMRC) has issued new guidance to charities regarding the changes to Gift Aid.
The new rules surrounding the tax break, which can be an important source of income for a wide range of charities, are laid out in a new guidance document published by HMRC aimed at helping charities adopt the measures.Read more >>
According to new research by KPMG, 29% of female workers in the UK earn less than the living wage.
The report highlighted the gender gap at the low end of the earnings scale, because in comparison, only 18% of males are in the same position.Read more >>
Taxpayers might have to wait months for refunds if they pay their dues to HM Revenue and Customs (HMRC) using debit or credit cards under new procedures.
Accountants Blick Rothenberg LLP warn the changes could cause chaos, and repayments might go astray.Read more >>
Specialist online networking platform LinkedIn has partnered with Big 4 firm E&Y in a move that marks a big step for the internet company.
The announcement of the strategic partnership with E&Y (formerly Ernst & Young) followed the recent release of LinkedIn's Q3 earnings.Read more >>
A new KPMG survey says that SMEs could be frozen out of the procurement process if they do not take cyber security more seriously.
According to the study, looking after valuable client data should be a higher priority for firms, and some risk being disqualified from bidding for work.Read more >>
The Chartered Institute of Taxation (CIOT) has set out six objectives for EU tax officials to help UK SMEs consider Europe as their home market.
The proposals aim to stimulate action so that more UK small and medium-sized enterprises expand their European-wide activities.Read more >>
Small companies that have a turnover under £2m and employ less than 50 people can seek advance assurance on R&D tax relief from next month.
This will help them put more effective financial planning in place and give them more certainty, says HMRC.Read more >>