LSBF Blog - Global Matters
There has been some confusion surrounding HM Revenue and Customs (HMRC) guidelines regarding how fleets can reimburse drivers who use electric company cars.
The distinction between business and private miles is a main issue, because rules that apply to petrol and diesel company cars - advisory fuel rates (AFRs) - do not apply to electric fleet vehicles (EVs).Read more >>
HMRC’s clampdown on tax avoidance schemes could mean that small businesses in the UK are at risk of demands for hundreds of thousands of pounds.
HMRC is stepping up repayment demands and has said it expects to issue 40,000 more nationally by the end of next year.Read more >>
The Institute of Chartered Accountants in England and Wales (ICAEW) is shaking up its regulatory arrangements to highlight issues surrounding oversight and governance.
The ICAEW aims to ensure a fully independent approach by setting up a new regulatory board that will feature menders who are not accounting professionals.Read more >>
The announcement that HM Revenue and Customs (HMRC) is getting rid of Business Record Checks has been welcomed by the Chartered Institute of Taxation (CIOT).
The checks were used by HMRC to confirm that detailed data is being kept by a business on both sales income and expenses needed to produce an accurate tax return.Read more >>
Investment plans for almost a third of SMEs in the UK have been put on hold because of continued uncertainty in Europe.
Smith & Williamson's latest quarterly Enterprise Index survey found that macro-economic issues are having a direct effect on growth plans in the small business sector of the UK economy.Read more >>
According to new research from KPMG, nearly half of all investment firms could be forced to double their capital requirements.
The new study looked at responses and mandatory Internal Capital Adequacy Assessment Process (ICAAP) documents from 32 firms, finding that insurance mitigation and diversification are often used to reduce capital requirements.Read more >>
New research from business recovery specialists Begbies Traynor says that the UK’s grocery sector is showing signs of returning to stability.
According to the company's Red Flag Alert research for Q3 2015, UK retailers operating in the food and grocery sector posted a quarterly decline in ‘significant’ financial distress over the last three months.Read more >>
The Institute of Chartered Accountants in England and Wales (ICAEW) says that start-ups should be more frugal and avoid "burning through resources too quickly" by using more careful cash flow management.
The professional body has pointed out that many entrepreneurs who are starting a new business find the reality very different to what they had in mind.Read more >>
Closer collaboration with accountants is the way forward for advisers, says new research from Prudential.
The pension provider found that more than two-thirds of the advisers who took part thought that working more closely with accountants would help their business, both in terms of individual directors and big companies.Read more >>
The specialist taskforces set up by HMRC to target sectors identified as being at the highest risk of tax fraud have netted £109m in the last six months.
HMRC figures reveal that the first three months of this year saw £64.9m brought in, which was more than twice the amount for the same period in the previous year.Read more >>
According to new research from Deloitte, US investment into companies in the North West of the UK has seen a big increase this year.
The regional deals market is the focus for the Big 4 firm's latest Cross Border Deals Radar report, which reveals that so far there have been 36 inbound transactions in 2015, and US based companies were responsible for 14 of them.Read more >>
New research by Deloitte shows that this year, fewer FTSE 100 companies have changed their remuneration arrangements than the year before.
The study found that only 17% of FTSE 100 companies have changed their arrangements in substantial terms. Last year, thirty-five companies implemented new incentive arrangements, but this year only 11 followed suit.Read more >>
The Financial Reporting Council (FRC) is consulting on draft guidance regarding on going concerns about the quality of information that investors receive about businesses.
The new consultation will focus on the assessment and reporting of accounting, solvency, and liquidity risks over the longer term.Read more >>
Bishop Fleming, a leading regional UK accountancy firm, has urged greater focus on plans to devolve business rates.
With new plans for local councils to have the power to keep and spend the money raised through business rates, certain issues may affect the viability of local businesses across the wider UK economy.Read more >>
According to new analysis by Prudential of the latest HMRC data, there was a 15% increase in inheritance tax paid in the 2012 to 2013 tax year.
Almost 18,000 estates faced an average bill of more than £170,000, and the total paid was £3.05bn - as opposed to £2.65bn in the previous tax year.Read more >>
HM Revenue and Customs (HMRC) has brought in more than £50 million through a campaign aimed at residential landlords.
According to HMRC, The Let Property Campaign, which launched in September 2013, has become one of the most successful voluntary disclosure opportunities the tax authority runs.Read more >>
According to the Robert Half 2016 Salary Guide, starting salaries for professionals in the UK, including finance and accounting staff, will grow on average by 3 per cent over the next 12 months.
This figure is particularly impressive when judged against the current inflation rate of -0.1 per cent.
Read more >>
With the third VAT MOSS return looming for businesses on 20th October, a campaign group has issued a stark warning about potential effects on the European digital single market.
EU VAT Action has highlighted how the time involved in implementing new regulations will cause problems and has asked for an ‘interim’ threshold to help SMEs in the transition period.Read more >>
The Chartered Institute of Taxation (CIOT) has come out in favour of changes to the ‘strict liability’ offence for offshore evasion by urging more safeguards to be put in place.
The accountancy body has warned that taxpayers risk being sent to jail without any proof that they actually intended to cheat the taxman.Read more >>
Small and medium sized businesses in the UK are increasingly feeling the strain of late payments, particularly if they are owed more than 13% of their turnover.
This benchmark is used by advisers and accountants who are concerned about cash flow issues due to late settlement of invoices.Read more >>
With more moves to streamline international efforts to combat tax evasion by multinationals, a new tax information exchange agreement now includes 51 countries.
The Organisation for Economic Cooperation and Development (OECD) is behind the new measures to automatically exchange tax information between nations and manage the differences on how tax issues are dealt with.Read more >>
The Institute of Chartered Accountants in England and Wales (ICAEW) has called for a comprehensive review of the arrangements surrounding taxation of property income.
Buy to let landlords are expected to be especially hard hit by changes to the wear and tear allowance, and with mortgage interest rates expected to rise in the near future, they could experience a nasty double blow.Read more >>
The BRC-KPMG Retail Sales Monitor for September reveals that total food sales in the UK increased by 0.2% in the quarter to September.
According to these figures, like-for-like retail sales saw a year on year increase of 2.6%, and total non-food sales grew by 3.7% in the three months to September.Read more >>
G20 finance ministers meeting in Peru have approved the OECD’s final package of Base Erosion and Profit Shifting (BEPS) 2015 measures.
The comprehensive set of reforms, aimed at changing international tax rules, won strong support for its proposed solutions to close loopholes that allow corporate profits to ‘disappear’ for tax reasons.Read more >>
KPMG’s new survey “Calibrating Strategy and Risk” reveals that many boards fail to make the connection between the two.
Company strategy and risk assessment are important aspects of involvement for corporate boards, but work needs to be done to comply with the 2014 UK Corporate Governance Code, according to the Big 4's study.Read more >>