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Inflation’s wellbeing impact Inflation is coming down across developed economies, although not as much as governments and central banks would like. The latest figures tracking UK inflation show prices rose by 7.3% in the year to June 2023, down from 7.9% in May, but still well above the government’s official target of 2%. It’s slowing […]

The next billion-pound industry? A long-awaited official review of women’s football in England sets out ten recommendations designed to transform and develop the sport at every level. The review, which was chaired by former international player Karen Carney, covers everything from playing standards to diversity goals and equal access to sports for girls. As a

Need to know: IAASB’s new global sustainability assurance standard New ISSB reporting standards and a new IAASB standard for sustainability assurance will affect accounting businesses of all sizes, and their clients. Those in the know will understand these standards to differentiate themselves. There are numerous assurance standards for specific environmental, social and governance (ESG) metrics.

AML non-compliance at 38% Compliance with money laundering regulations is not optional. Yet, our reviews have found 38% of firms are not compliant. Efforts to stop money laundering (and by extension the crime it enables) must be driven by firm cultures that support effective decision-making and action. During an anti-money laundering (AML) review you may

5 tax reforms that would raise billions As inequality in the UK reaches record levels, and as major services such as the NHS and HMRC continue to drop service levels, one major solution could be found in a fairer tax system. It’s an idea that (mostly) has the support of the wealthy. The richest 10%

IFA Tax Facts 2023: Rates, allowances, reliefs and more The IFA’s annual guide to the taxes, rates, reliefs, allowances, benefits and more announced in the Spring Budget 2023 is now available. While the Spring Budget didn’t hold great surprises, there are changes to be aware of. These include the corporation tax rate increase from a

Rana Plaza: 10 years after the Bangladesh factory collapse, we are no closer to fixing modern slavery The Rana Plaza collapse prompted global initiatives aimed at reforming supply chain management and improving worker safety. A decade on, appalling conditions are still rife, writes University of Aberdeen Chair in Accountancy and Professor in Sustainability Accounting and

Managers talk numbers, but leaders tell stories Finance professionals motivated by the idea of becoming a business partner to their clients, as opposed to carrying out the bean-counting function, would do well to tell more stories. When Financial Accountant spoke with Gordie Smyth from Flower Accounting about business growth, he didn’t tell us how many

HMRC is broken. What’s the fix? HM Revenue & Customs is doing a less than stellar job of communicating with individuals, SMEs and their accountants. Here, John Edwards and Ian Hornsey on what’s behind the performance problems, and where the solutions lie. Two of Ian Hornsey’s clients, both now living in Australia, have had ongoing

Strike resolution needed as hospitality set to lose £1.5bn The hospitality industry faces the prospect of losing up to £1.5 billion due to the transport workers’ strikes planned for next month and the industry body is calling on the government to try and mediate a solution. UK Hospitality chief executive, Kate Nicholls, has written to

Christmas spending takes a hit The cost-of-living crunch will play out in Christmas sales figures with nearly half of UK consumers (43 per cent) expecting to spend less this festive season according to the EY Future Consumer Index. The survey found that 67 per cent of consumers are now ‘extremely concerned’ about the rising cost

Family businesses look to next generation to drive change The cost-of-living crisis is the biggest threat to family firms according to new research from KPMG Private Enterprise. The report found that the pandemic grew the role of the next generation in nearly a third of family firms and that 70 per cent of family business

FSB tells government small firms still being hit by ‘eye-watering’ energy bills The Federation of Small Business has taken the extraordinary step of writing to the UK Business Secretary about the lack of transparency of the Energy Bill Relief Scheme. The FSB has had anecdotal evidence from its members that they are still being hit

Dialogue opens door to US trade for small business Doing business in the US may soon become easier for small businesses after a bilateral discussion between the UK and US business organisations. On 29 November, 50 UK and US small and medium-sized businesses and business organisations attended the sixth UK-US SME Dialogue in Edinburgh. The

Bank communication topped list of complaints to BBRS Bank communication — or lack of communication — was the most complained about issue from small-business owners to the Business Banking Resolution Service. In its latest report that covers issues arising until the end of July 2022, the BBRS said it had received 837 cases, of which

New energy bill introduced to protect consumers The UK government has introduced a landmark Energy Prices Bill, putting into law support to help households, businesses and others with energy costs this winter, while reducing inflation and supporting economic growth. The bill also includes powers to stop volatile and high gas prices dictating the cost of

Household cutbacks across the board as consumer sentiment continues to fall, reports PwC Consumer sentiment is now worse than during austerity measures in 2012, with five quarters of steady decline according to the latest PwC research. And although all socioeconomic groups are now feeling the pinch, those between 45–64 years are feeling it the worst.

Action needed as more SME exporters report falling sales SME exporters have reported increased sales drops in Q3 with only a third expecting to see increased profitability in the next 12 months. The British Chambers of Commerce quarterly Trade Confidence Outlook for Q3 revealed a worrying decline in export growth following five consecutive quarters of

Paperless trade for UK businesses to boost growth A new bill will see paper trade documents replaced by digital ones to reduce administration costs and reduce the carbon footprint of businesses. The Electronic Trade Documents Bill will make digital documentation legally recognised and reduce processing times to 20 seconds as well as carbon emissions reduced

Best and worst banks get named on CMA report The Royal Bank of Scotland, Virgin Money and TSB were the worst performing banks for customer service according to the latest survey from the Competition and Markets Authority. The latest independent results from large-scale surveys ranking the service quality of personal and business current account providers

New trading scheme to developing countries cuts tariffs on hundreds of everyday products UK businesses looking to trade with developing countries will now find it much easier with the launch of the Developing Countries Trading Scheme (DCTS). The DCTS will help UK businesses access hundreds of products from around the globe at lower prices, reducing

Unfilled vacancies a ‘ticking timebomb’, says BCC With the labour market continuing to tighten, business growth and confidence are shrinking, said the British Chambers of Commerce. However, according to larger accounting firms there is some evidence that there may be some loosening in the coming months. BCC head of people policy, Jane Gratton, said businesses

Tax-Free Childcare can help with cost-of-living worries HMRC is reminding families that they can access financial help by registering for Tax-Free Childcare. Tax-Free Childcare provides working families with financial support towards the cost of childcare for children aged 11 or under, or up to 17 if the child has a disability. For every £8 paid

Balloon business owner banned for 9 years after Bounce Back Loan fraud A retailer from Walsall has been disqualified from running companies for nine years after abusing £45,000 Bounce Back Loan to which she was not entitled. Rebecca Simmons was a director of Tia-Bella Limited, trading from premises in Queen Street, Wolverhampton. The company, a

Business groups plead for government to enact changes The UK’s largest business organisations said the government needs to reverse the National Insurance hike, and cut VAT and fuel duty now if firms are to survive. Both the Federation of Small Businesses and the British Chambers of Commerce said the government has the power to make