LSBF Blog - Global Matters
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 >>
Accountancy sector brand Sage has launched a new service that lets SMEs make domestic and international payments directly from their software.
Sage Payments will allow small and medium sized businesses to use accounts or payroll systems to make the payments.Read more >>
A new report says that a "major milestone" has been reached in the UK economy, as top FTSE 100 companies have now met a voluntary target of having women make up a quarter of their board membership.
However, the report's author, former trade minister Lord Davies, says that more still needs to be done.Read more >>
HM Revenue and Customs (HMRC) PAYE and self-assessment tax gaps have increased over the past 12 months, according to a new study.
Pinsent Masons' analysis also forecasts an increase in the number of investigations into high net worth individuals (HNWs). HMRC has already upped probes into suspected payroll fraud.Read more >>
Growth for the UK economy slowed in the third quarter of the year with an increase of only 0.5%.
Manufacturing and construction sectors were partly to blame for the drop, which saw gross domestic product (GDP) growing at a slower rate than the 0.7% that had been achieved in the second quarter between July and September.Read more >>
A recent report from Big 4 firm KPMG in association with CB Insights says the UK economy is the European ‘hot spot’ for investment in start-ups.
The 'Venture Pulse Q3 2015' did however point out that the amount invested in the UK has fallen and is now at the lowest for five quarters.Read more >>
The Chartered Institute of Taxation (CIOT) says that the UK's new IR35 income tax and National Insurance contributions legislation requires a new approach for businesses dealing with non-compliance issues.
The income tax and NICs legislation will affect anyone working through an intermediary for an organisation, such as a Personal Service Company (PSC).Read more >>
The UK's accountancy sector is seeing confidence plunge as more firms become more pessimistic about their future prospects compared to what their outlook was a year ago.
The main concerns revolve around issues such as retaining clients and managing costs.Read more >>
Banking services for SMEs lack competition and need an overhaul, according to the Competition and Markets Authority (CMA).
The creation of a price comparison site would be one factor that could improve the way banks work to compete for customers, the consumer watchdog says.Read more >>
HM Revenue and Customs (HMRC) are looking for independent members to give an oversight of tax authority by joining the new Charter committee.
The body will be a subcommittee of HMRC's board charged with overseeing how the tax authority adheres to its Charter commitments, which set out taxpayers’ rights in the UK economy. The move is aimed at strengthening governance.Read more >>
Taxpayers that exchange national currencies for bitcoins, the virtual currency, will not have to pay value-added tax says The European Court of Justice.
The long-awaited ruling has clarified the tax treatment of those who use virtual currencies in the European Union.Read more >>
Businesses must make more effort to show that their tax affairs are legal and above board to the public, says The Confederation of British Industry (CBI).
According to a new CBI survey, 23% of customers over the last year have actively avoided a company because of doubts regarding its tax affairs and whether or not it was paying its fair share.Read more >>