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Posted By Thiago Kiwi

About Thiago Kiwi

Thiago was the LSBF Blog Editor and managed news and features content on the site writing about business, finance, technology, education and careers.

Contact Thiago at thiago.blog@lsbf.org.uk
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Thiago Kiwi

Accountancy giant Grant Thornton reports £521m UK fee income

October 23 ,2015 | by Thiago Kiwi

Accountancy giant Grant Thornton reports £521m UK fee income

The financial year ending 30 June 2015 saw UK accountancy firm Grant Thornton report a 1.6% year-on-year increase, achieving a £521m total.

This means profit before tax for the company hit £82m, with a figure of £398,000 distributable profit per partner - a rise of 3.4%.

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Deloitte reports growth in US investment into North West

October 20 ,2015 | by Thiago Kiwi

Deloitte reports growth in US investment into North West

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.

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Business rates a hurdle for regional growth, says accountancy firm

October 17 ,2015 | by Thiago Kiwi

Business rates a hurdle for regional growth, says accountancy firm

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.

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Tax receipts from inheritance rise by 15%

October 16 ,2015 | by Thiago Kiwi

Tax receipts from inheritance rise by 15%

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.

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Campaign group proposes VAT MOSS interim threshold

October 15 ,2015 | by Thiago Kiwi

Campaign group proposes VAT MOSS interim threshold

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.

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Landlord tax changes need review, says ICAEW

October 14 ,2015 | by Thiago Kiwi

Landlord tax changes need review, says ICAEW

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.

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New KPMG survey reveals connection between risk and strategy

October 13 ,2015 | by Thiago Kiwi

New KPMG survey reveals connection between risk and strategy

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.

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Revised corporate tax base proposal gets new EU consultation

October 12 ,2015 | by Thiago Kiwi

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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Versatility key for SMP success, ACCA study shows

October 09 ,2015 | by Thiago Kiwi

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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Revenue of £23.37bn puts PwC at top of global accountancy rankings

October 07 ,2015 | by Thiago Kiwi

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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Increasing economic uncertainty hits business confidence, says Deloitte

October 06 ,2015 | by Thiago Kiwi

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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HMRC offer guidance on derivative contracts tax changes

October 04 ,2015 | by Thiago Kiwi

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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End of permanent non-dom status coming soon, says Treasury

October 02 ,2015 | by Thiago Kiwi

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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CEBR warns UK economy could face slowdown due to weak exports

September 30 ,2015 | by Thiago Kiwi

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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Global volatility slowing financial services growth, shows research

September 29 ,2015 | by Thiago Kiwi

Global volatility slowing financial services growth, shows research

The latest CBI/PwC Financial Services Survey has found that financial services firms experienced slowed growth in business volumes during the three months leading to September.

The rise in overall business volumes was at the slowest pace in two years, coming on the back of almost two years of strong expansion. However, overall optimism about business was stable due to over two and half years of continuous improvement.

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Accountancy profession and natural capital go together, says report

September 29 ,2015 | by Thiago Kiwi

Accountancy profession and natural capital go together, says report

The issue of Natural Capital Accounting (NCA) is a concept that should be promoted among businesses, investors, governments and wider society, according to three leading professional, campaigning and business organisations.

In their latest joint paper, The Association of Chartered Certified Accountants (ACCA), Flora & Fauna International (FFI) and the Big 4 firm KPMG highlight the importance of NCA across a wide range of operations.

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Steep rise for UK deficit follows fall in tax receipts

September 25 ,2015 | by Thiago Kiwi

Steep rise for UK deficit follows fall in tax receipts

Income tax receipts have unexpectedly fallen, and as a result, Britain’s deficit has risen to

£12.1bn in August. The figure represents the largest shortfall in government funding since 2012.

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New EU accounting standard a challenge for banking industry, says ECB chief

September 23 ,2015 | by Thiago Kiwi

New EU accounting standard a challenge for banking industry, says ECB chief

Daniele Nouy, the European Central Bank's supervisory chief, has said that the introduction of a new accounting standard for financial instruments will present a challenge for the banking industry.

The chair of the Supervisory Board of the European Central Bank said modelling for expected losses will be particularly affected.

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PwC and Sage announce new alliance to boost SME ties

September 22 ,2015 | by Thiago Kiwi

PwC and Sage announce new alliance to boost SME ties

Software giant Sage and Big 4 firm PwC have announced a new collaboration aimed at pushing forward global SME connections and growing UK activities.

The accounting software company and Big 4 firm are rolling out the new project in the UK before extending it across their international operations.

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US tax law firm Burt, Staples & Maner LLP merges with E&Y

September 21 ,2015 | by Thiago Kiwi

US tax law firm Burt, Staples & Maner LLP merges with E&Y

Ernst & Young (E&Y) has merged with tax law firm Burt, Staples & Maner LLP in a move that sees the Big 4 firm expanding its international tax practice.

The law firm, based in Washington, DC, specialises in information reporting and withholding (IRW) and will be working closely with E&Y's worldwide network on international corporate tax reporting issues.

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Oil price too volatile to predict, claims Shell boss

September 18 ,2015 | by Thiago Kiwi

Oil price too volatile to predict, claims Shell boss

Ben van Beurden, chief executive of Royal Dutch Shell, has admitted that he hasn't a clue what will happen to oil prices in the coming months.

When posed the question by the BBC, Van Beurden replied: "The honest answer to that is I don't know."

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UK inflation falls back to zero per cent

September 17 ,2015 | by Thiago Kiwi

UK inflation falls back to zero per cent

With a Bank of England target of around 2% once again being missed, the latest figures show that the UK economy's inflation level has fallen back down to zero.

Sharp falls in both petrol and diesel prices played a major role, although they were not the only significant factors.

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Sharpest fall since 1992 expected for US oil output

September 15 ,2015 | by Thiago Kiwi

Sharpest fall since 1992 expected for US oil output

According to The International Energy Agency (IEA), next year US oil production will experience its biggest fall since 1992.

Low oil prices that have seen prices cut by half in the past year are blamed, together with overall slower economic growth.

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Bad advice cost UK businesses £6.4bn this year, shows study

September 11 ,2015 | by Thiago Kiwi

Bad advice cost UK businesses £6.4bn this year, shows study

In excess of 320,000 British businesses have lost a total of £6.4bn in the last year due to receiving poor advice, says a new report.

Research conducted by Direct Line for Business revealed that the average SME loses more than £20,000 a year.

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FTSE 100 sets aside £1.7 billion for tax litigation

September 10 ,2015 | by Thiago Kiwi

FTSE 100 sets aside £1.7 billion for tax litigation

Although FTSE 100 companies have earmarked £1.66bn for tax litigation purposes this year, it is actually down 31% from last year according to Thomson Reuters.

In 2014, £2.39bn was set aside for tax disputes, but this year's move by some of the biggest firms in the UK economy is a strong signal that the tax authorities' corporate tax evasion and avoidance policies are working.

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