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Posted By Claire Payne

About Claire Payne

Claire Payne is a journalism graduate and former News Writer for LSBF. She writes about SMEs, education and careers, entrepreneurship, women in business and sustainability.

Contact Claire at claire.blog@lsbf.org.uk
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Claire Payne

Tax transparency in listed companies' annual reports encouraged by FRC

December 10 ,2015 | by Claire Payne

Tax transparency in listed companies' annual reports encouraged by FRC

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.

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UK retail sales slowed in November, reveals BRC

December 09 ,2015 | by Claire Payne

UK retail sales slowed in November, reveals BRC

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.

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Potential impact of Storm Desmond is costly, says PwC

December 08 ,2015 | by Claire Payne

Potential impact of Storm Desmond is costly, says PwC

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.

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Green light for employment review

December 06 ,2015 | by Claire Payne

Green light for employment review

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.

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HMRC digital accounts backed by freelancers' accounting firm

December 04 ,2015 | by Claire Payne

HMRC digital accounts backed by freelancers' accounting firm

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.

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Insurers and government bodies watching online behaviour

December 03 ,2015 | by Claire Payne

Insurers and government bodies watching online behaviour

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).

 

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UK buy-to-let stamp duty changes from next year

November 26 ,2015 | by Claire Payne

UK buy-to-let stamp duty changes from next year

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.

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DVLA pockets revenue from car clamping following tax disc change

November 23 ,2015 | by Claire Payne

DVLA pockets revenue from car clamping following tax disc change

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.

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FCA to study if investment managers offer good value

November 18 ,2015 | by Claire Payne

FCA to study if investment managers offer good value

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.

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Industry myths hinder female talent in insurance sector, survey claims

November 17 ,2015 | by Claire Payne

Industry myths hinder female talent in insurance sector, survey claims

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.

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FTSE 250 analysis reveals director bonuses

November 16 ,2015 | by Claire Payne

FTSE 250 analysis reveals director bonuses

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.

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Institute of Directors supports HMRC restructuring plans

November 13 ,2015 | by Claire Payne

Institute of Directors supports HMRC restructuring plans

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.

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Black Friday deals anticipation slows October retail figures, shows report

November 11 ,2015 | by Claire Payne

Black Friday deals anticipation slows October retail figures, shows report

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.

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UK economy gains £4.1bn from British music industry

November 06 ,2015 | by Claire Payne

UK economy gains £4.1bn from British music industry

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%.

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VAT loophole worth £355m reviewed by EU

November 05 ,2015 | by Claire Payne

VAT loophole worth £355m reviewed by EU

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.

 

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Almost 3 in 10 females earn less than living wage, shows research

November 04 ,2015 | by Claire Payne

Almost 3 in 10 females earn less than living wage, shows research

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.

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SMEs should take cyber security more seriously, shows survey

November 03 ,2015 | by Claire Payne

SMEs should take cyber security more seriously, shows survey

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.

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British gender pay gap bonuses to be revealed

October 24 ,2015 | by Claire Payne

British gender pay gap bonuses to be revealed

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." 

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Electric vehicles reimbursement rules ‘partially’ clarified by HMRC

October 23 ,2015 | by Claire Payne

Electric vehicles reimbursement rules ‘partially’ clarified by HMRC

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).

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UK SME investment affected by European worries, says survey

October 22 ,2015 | by Claire Payne

UK SME investment affected by European worries, says survey

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.

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Grocery industry sees ‘green shoots of recovery’, says report

October 21 ,2015 | by Claire Payne

Grocery industry sees ‘green shoots of recovery’, says report

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.

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Increase in starting salaries expected for accounting jobs

October 16 ,2015 | by Claire Payne

Increase in starting salaries expected for accounting jobs

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.

 

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E&Y voted best employer for school leavers

October 13 ,2015 | by Claire Payne

E&Y voted best employer for school leavers

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.

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Tesco records 55% drop in profits

October 09 ,2015 | by Claire Payne

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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Free payroll software can help small businesses save time and money

October 08 ,2015 | by Claire Payne

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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