Posted By Claire Payne
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 >>
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 >>
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 >>
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 >>
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 >>
Buy-to-let investors and holiday home buyers will have to pay stamp duty rates that are three percentage points higher as from April next year.
Special "landlord" stamp duty tax rates will come into force from April 2016, meaning that investors will have to pay thousands of pounds more extra in tax than they do currently. Those buying a property to live in will not be affected.Read more >>
Individual drivers and small businesses have been falling foul of the paperless tax disc system introduced by the DVLA, with a reported 60% jump in clampings, leaving some more than £800 out of pocket.
The DVLA have clamped or towed almost 100,000 cars in the past year, a 58% rise on the previous year.Read more >>
The Financial Conduct Authority (FCA) has announced an investigation into whether consumers are being well served by companies investing savings and administering pensions.
The UK's financial regulator wishes to ensure that consumers are getting good value for money from asset managers, as well as professional individuals, who provide financial advice.Read more >>
Female business students are deterred from the idea of entering the insurance sector due to numerous industry myths, according to Deloitte.
The Big 4 business advisory firm's new 'Deloitte Talent in Insurance Survey 2015' revealed that women were underrepresented by 11.2% among business students inclined towards insurance this year.Read more >>
Executive pay has recently come under scrutiny from different angles, including shareholders, investors and regulators. This has led to some significant changes taking place amongst FTSE 250 companies.
The alignment between investor goals and the short-term interests of senior executives has been the focus of Deloitte's latest analysis of the FTSE 250.Read more >>
The Institute of Directors has supported wide-ranging plans announced by HM Revenue and Customs (HMRC) to restructure its operations.
HMRC aims to produce a better service for taxpayers and cut down on costs at the same time, winning the backing of the influential group.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 >>
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 >>
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 >>
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 >>
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 >>
Businesses in England, Wales and Scotland will have to publish amounts awarded to both men and women as bonuses in a new initiative aimed at combating the gender pay gap.
The new regulations will apply to larger employers with more than 250 employees in a move that women and equalities minister, Nicky Morgan, said was a "first step."Read more >>
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 >>
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 >>
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 >>
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 >>
A survey of young people employed on apprenticeships and school leaver schemes has placed E&Y at the top of the table.
RateMyApprenticeship.co.uk's annual poll of the best employers for school leavers found that the Big 4 firm beat rivals PwC, who were 8th in the table, and Deloitte, who came in at 15th. KPMG didn't make it into the Top 60 at all.Read more >>
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.Read more >>
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.Read more >>