LSBF Blog - Global Matters
Revised corporate tax base proposal gets new EU consultation
A new public consultation project has been launched by The European Commission to test the waters for a re-launch of the Common Consolidated Corporate Tax Base (CCCTB) proposal.
In another move aimed at tackling aggressive tax planning by large companies and high net worth individuals, the Commission wants to find out how the new tool would be accepted and implemented.
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Finance Bill amendment protects vulnerable taxpayers, says pressure group
The controversial measures that will allow HMRC to recover debts direct from taxpayers’ bank and building society accounts have been amended to protect vulnerable taxpayers.
The Low Incomes Tax Reform Group (LITRG) has welcomed the announcement of an amendment to the Finance Bill dealing with ‘enforcement by deduction from accounts’.
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Digital filing of accounts for charities comes under spotlight
New proposals aimed at making charity data more accessible by offering digital filing of accounts is being debated by the Charity Commission and the Financial Reporting Council (FRC).
At the moment, 70 per cent of companies file digital accounts with Companies House, and now the Commission wants to make it possible for charities to be able to do so as well.
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Versatility key for SMP success, ACCA study shows
Small and medium-sized practices (SMPs) must diversify in order to be successful, according to a new study from The Association of Chartered Certified Accountants (ACCA).
The global body for professional accountants has issued a report called 'The Global SMP business model: understanding a changing profession' that concludes competition for survival is harder than ever before.
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Records on property values could be kept for a generation
New UK taxation rules concerning allowances on the value of property to be passed on to descendants could mean that records need to be kept over the span of a generation.
The revised residence nil-rate band that affects the calculation of the level of inheritance tax relief available to families is expected to mean records will need to be kept for far longer periods than ever before.
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Tesco records 55% drop in profits
UK supermarket giant Tesco PLC has reported a 55% drop in profits for the first half of its financial year.
The £354m figure, compared with £779m recorded for the same period last year, highlights the problems the company is facing in an increasing competitive area of the UK economy.
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Tax rulings disclosure by 2017 signed off by EU chiefs
The European Council has come to an agreement on a directive that is aimed at improving tax disclosure requirements for member states.
The new arrangements announced by the EU’s governing body will cover the exchange of information regarding how companies’ taxes are calculated as well as rule on specific tax issues.
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Free payroll software can help small businesses save time and money
Although using qualified accountancy personnel is an essential part of the financial planning for any business, today there are many ways that the preparation of data can save time and money for small businesses and SMEs.
In fact, many accountancy sector professionals encourage small business to use payroll software that can help make data gathering less man-hour intensive and smooth the passage of information transfers to HMRC.
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Revenue of £23.37bn puts PwC at top of global accountancy rankings
Accountancy sector firm PwC saw its network report £23.37bn total global gross revenues for the fiscal year ending on 30 June 2015.
The latest figures, a 10 percent increase on the previous 12 months, means the firm leaps ahead of Big 4 rival Deloitte to snatch the top place amongst the fierce competitors.
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Today's children could have 40 jobs and live to 100, says expert
Children in the UK who are just starting secondary school have a decent chance of living to 100 and will have up to 40 different jobs in their lifetime, a head teacher's conference at St Andrews University in Scotland has heard.
With graduate employability and a pending skills gap worrying many CFOs according to recent studies, chief executive of Fast Futures, Rohit Talwar, has been laying out a vision of the future for the leaders of UK educational establishments.
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Increasing economic uncertainty hits business confidence, says Deloitte
Difficulties facing emerging economies and global markets are eroding corporate appetites for risk, according to a survey of Chief Financial Officers (CFOs) by Big 4 firm Deloitte.
Of the CFOs that took part, only 47% thought that now would be a good time to take any risks, a drop from 59% in Q2 2015.
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London finance workers earn £20,000 more than rest of UK, reveals study
According to the latest analysis on salary data by Michael Page, the global specialist recruitment company, the financial services sector offers an average of £20,000 more for roles in London than in any other UK region.
However, the analysis also revealed that some industries have a higher earning potential outside of London in other areas of the country.
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Big Four firms drop traditional entry requirements for jobseekers
Big 4 rivals Deloitte, E&Y and PwC have all taken similar steps in dropping traditional academic requirements for those wishing to take the first steps on a career path in the industry.
Graduates and school leavers alike are benefiting from the change in approach as the accountancy sector giants join other major companies by using their own pre-employment tests to filter applicants.
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Travel Tax Relief restrictions to affect UK freelancers
Up to 45,000 UK freelancers could be negatively affected by restrictions on tax relief for work travel if the UK Government proceeds as planned, according to The Association of Independent Professionals and Self-Employed (IPSE).
Proposed changes include the abolition of home-to-work travel and subsistence tax relief for some workers.
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HMRC offer guidance on derivative contracts tax changes
A four-week informal consultation is being offered by HMRC regarding the draft legislation for proposed amendments to the taxing of derivative contracts and corporate debt.
The new changes will affect existing legislation on loan relationships in a further attempt to clamp down on perceived abuses in corporate taxation.
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Ernst & Young surpasses £2bn revenue barrier
Ernst & Young has seen an 8 percent growth in fee income for the twelve months up to 3 July 2015, an increase on the previous figure of £1.9bn.
Distributable profits grew by 6 percent, increasing up to £437m from £412m. However, the average distributable profit per partner actually fell from £727,000 to £7000,000.
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End of permanent non-dom status coming soon, says Treasury
The permanency of non-domicile status will be abolished following the pledge by Chancellor George Osborne in his Budget speech, according to the latest Treasury consultation document.
The report on non-domicile taxation confirms a ‘deemed domicile rule' will soon be brought in.
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Crossrail 2 will add billions to UK economy, finds study
A new analysis from Big 4 firm KPMG has found that the overall impact of Crossrail 2 will be positive for the UK economy and also bigger than had been expected.
The effect on the country's productivity will mean significant gains for both business and the nation's GDP, according to the study.
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SMEs could be hit by UK dividends tax changes
Small firms in the UK paid out 63 percent of their profits as dividends in 2014-15, according to the accountancy firm, Moore Stephens.
Now the company claims that proposed changes to the tax treatment of dividends will impact the way that SMEs will be able to fund expansion.
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Britain consults on EU company accounting reforms
A public consultation has begun in the UK regarding sweeping new European Union reforms of company accounting, which are due to come into effect in June 2016.
The EU rules will see the Financial Reporting Council (FRC) take responsibility for the supervision of 50 accounting firms and include requirements for companies to replace their auditor at least every 20 years.
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Deloitte to revamp recruitment process to end unconscious class bias
The selection process used by Big 4 firm Deloitte has been revamped to try and stop recruiters from knowing which school or university candidates attended.
The idea is to eliminate any 'unconscious bias' that might influence decisions. A new algorithm that considers contextual information along with academic results is also being introduced.
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Company boards with more diversity perform better, finds report
Having at least one female executive board member means that a company's board outperforms rivals that are made up exclusively of males, according to a new report.
Women in business: the value of diversity, a report from Grant Thornton International, covers listed companies in the UK, US and India and found that diversity on executive boards could have been worth £430bn in 2014.
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Bookkeepers to benefit from UK digital tax accounts
The UK tax system has been undergoing some important changes, and the introduction of digital tax accounts is set to become one of the most significant.
Now a CEO of a highly respected accountancy body thinks that HRMC's latest moves could eventually have big benefits for bookkeepers.
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CEBR warns UK economy could face slowdown due to weak exports
The Centre for Economics and Business Research (CEBR) has warned in a new forecast that the current economic recovery in the UK may not be sustainable.
Weak exports and decreasing investment in business means that any increase over the next five years could hinge on continued growth in household spending.
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SME manufacturing growth hit by skills shortage, shows survey
More than one in four of Britain's manufacturing SME's are having their potential for growth held back by a shortage of skilled workers according to a new survey.
MHA, the UK-wide group of accountancy and business advisory firms, has made the claim in its latest annual Manufacturing Survey, which sampled 400 mainly small and medium sized manufacturing and engineering businesses in the UK.
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