Posted By Thiago Kiwi
According to new data from Big 4 firm KPMG and Markit, last month saw the lowest demand for workers in the construction industry since May of this year.
The permanent workers index for the sector fell to 54.9 in November, marking the lowest level for the past six months.Read more >>
The Organisation for Economic Co-operation and Development (OECD) has claimed that individual taxpayers are paying a bigger share of tax than businesses and that changes are needed to get corporations to pay their fair share.
The situation has come about due to the need for governments to fund their financing requirements in the wake of the global economic crisis, according to the OECD.Read more >>
HM Revenue and Customs (HMRC) has issued a new briefing outlining the details surrounding the new system, which comes in from April 2016 regarding Scottish income tax.
From next April, the Scottish Parliament will have new powers allowing it to set a separate rate of income tax, which will then fund spending by the Scottish government.Read more >>
The Guernsey Financial Services Commission has reported an increase in the net asset value of funds managed or administered by closed and open-ended funds in Q3.
The former saw an increase of 2.1% and the latter 0.8%, which means all funds under management and administration in Guernsey grew in net asset value during this period.Read more >>
Last week's Autumn Statement contained plenty of new announcements that will have a direct impact on the UK accountancy sector. Even so, it is easy to miss the important news lost among the bigger headline grabbers.
For the UK economy, any changes to rules and regulations surrounding taxation and business practises are likely to have long-lasting effects, so here are some of the most noteworthy aspects of the Chancellor's Statement.Read more >>
With the Autumn Statement bringing in many new measures that affect the UK accountancy sector, one that has an immediate effect is a two-part measure to protect the UK Exchequer by closing a loophole relating to capital allowances and lease payment deductions.
Artificial and contrived arrangements used to circumvent the existing rules have fallen under the spotlight, namely schemes using artificially low disposal values for capital allowances purposes and sale-and-lease-back arrangements that are tax deductible.Read more >>
The changes to pension regulations, which allow savers more flexibility in accessing their funds, could have led to £4.7bn being taken out of pension pots.
Differing reports from HM Revenue & Customs (HMRC) and the Association of British Insurers (ABI) means the picture is still unclear, but there is no doubt that many have taken advantage of the new regime.Read more >>
New openings in the finance and accounting sector have increased by 16% year on year in the UK, according to new figures.
The good news for the industry comes as part of new research that shows overall professional vacancies have risen by 6%.Read more >>
The tenth annual evaluation comparing tax systems around the world has been issued by Big 4 firm PwC, in conjunction with the World Bank.
The 'Paying Taxes 2016' study is part of the larger 13th edition of the 'Doing Business 2016 - Measuring Regulatory Quality and Efficiency' report, and it looks at 189 different countries to see how each of their systems can affect companies.Read more >>
The global ranking of effective business tax systems has seen the UK climb a position in the latest report published by PwC and the World Bank Group.
The new study shows that Britain is now 15th in the league table of the world's most effective tax systems, based on criteria which judges how easy it is to pay taxes.Read more >>
The state of the gender pay gap and questions of how to deal with it have been in the headlines recently. Now new data from the Office of National Statistics (ONS) shows slight improvement, but little overall change over a four-year period.
Big 4 firm PwC has joined the discussion by commenting on the core issues.Read more >>
Representatives from EU member states and the EU Commission making up the EU VAT Committee have agreed on a framework for rules on the value-added tax treatment of crowdfunding.
The term, which covers the process of raising funds for a specific project via an online open call for contributions, is run over specialist peer-to-peer sites that put entrepreneurs and contributors in touch with one another.Read more >>
The National Outsourcing Association (NOA) has criticised a recommendation from the National Audit Office and CIPFA in a submission to ministers.
According to the NOA, the government should take a “balanced approach” to Whitehall outsourcing reforms, which includes moves to open book accounting to ensure the continued provision of public services.Read more >>
The results of a new study by Big 4 firm Deloitte has highlighted the state of the supply-chain between the oil and gas industries.
The highly respected business-advisory group, under which tens of thousands of dedicated professionals in independent firms throughout the world work together to provide services, has called for action to make sure the UK economy reaps the full benefits of the country's natural resources.Read more >>
The Organisation for Economic Co-operation and Development (OECD) has recently released a report noting improved adherence with international standards from Seychelles in regards to sharing information with other tax authorities.
The OECD Global Forum on Transparency and Exchange of Information for Tax Purposes included the new overall rating of "Largely Compliant" in a report that looked at the jurisdiction alongside Cyprus and Luxembourg. The three had previously been rated non-compliant and were praised for making positive changes to their legal frameworks or practices.Read more >>
The Institute of Chartered Accountants in England and Wales (ICAEW) has reached the milestone of issuing its 100th alternative business structures (ABS) licence.
The award went to Tiffin Green Limited and was reached after only a year of being granted powers to regulate firms who want to conduct probate and form an ABS.Read more >>
HM Revenue and Customs has been urged to support a call from the British Vehicle Rental and Leasing Association (BVRLA) to allow businesses to reclaim 60% of the VAT paid out on hire or lease costs.
The trade body, which is responsible for companies engaged in the leasing and rental of cars and commercial vehicles, carried out a survey that backs up their case for a change in the rules.Read more >>
Around 50 sixth-form students attending various London schools have been invited to Big 4 firm PwC’s offices to get lessons about taxation in a pilot project.
The new initiative, aimed at encouraging learning all about tax from a young age, uses interactive sessions and games to give students a grounding in the subject.Read more >>
Ministers are discussing whether to close a tax loophole that could be costing the Treasury up to £400m and is currently being exploited by as many as 100,000 people.
The rules surrounding how personal service companies are used could be tightened in the run up to Chancellor Osborne’s autumn statement on 25 November.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 >>
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 >>
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 >>
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 >>
A 12-week return to work programme has been launched by PwC to help people with an experienced accountancy background return to work.
The Big 4 firm's ‘Back to Business’ initiative will focus on women who have had an extended break, but it is open to anyone.Read more >>