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Inflation’s wellbeing impact
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?
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
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. …
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AML non-compliance at 38%
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
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% …
The Rise of Remote Work: Transforming the Accountancy Industry
The Rise of Remote Work: Transforming the Accountancy Industry Over the past decade, remote working has been on the rise, and the COVID-19 pandemic certainly accelerated this trend through the necessity to keep businesses running in lockdown and during a socially distanced return to work. In the UK, accountancy practices have been no exception. In …
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IFA Tax Facts 2023: Rates, allowances, reliefs and more
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 …
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Rana Plaza: 10 years after the Bangladesh factory collapse, we are no closer to fixing modern slavery
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
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?
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
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 …
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Christmas spending takes a hit
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
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 …
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FSB tells government small firms still being hit by ‘eye-watering’ energy bills
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 …
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Dialogue opens door to US trade for small business
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 …
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Bank communication topped list of complaints to BBRS
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 …
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Commitments must be delivered if small businesses are to survive: FSB, BCC
Commitments must be delivered if small businesses are to survive: FSB, BCC Self Assessment customers have been warned they have only one week left to submit paper tax returns or 100 days if they chose to go online. HM Revenue and Customs said last year 96 per cent of customers completed their tax returns online …
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Mixed reactions as Chancellor reverses almost all tax measures from the mini-Budget
Mixed reactions as Chancellor reverses almost all tax measures from the mini-Budget Jeremy Hunt, the UK’s new chancellor of the Exchequer, has scrapped almost all the tax cuts announced by his predecessor Kwasi Kwarteng in the latter’s ‘mini-Budget’ of 23 September. In a televised address, Hunt confirmed the government would “reverse almost all the tax …
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FCA places restrictions on twice as many consumer investment firms this year
FCA places restrictions on twice as many consumer investment firms this year The Financial Conduct Authority stopped 17 firms and seven individuals attempting to obtain a new FCA authorisation in the investment market where phoenixing or lifeboating was suspected. The restrictions come as the FCA announced it has placed restrictions on twice as many firms …
FCA places restrictions on twice as many consumer investment firms this year Read More »
COVID payment fraud estimated at £4.5bn
COVID payment fraud estimated at £4.5bn More than £4.5 billion (4.6 per cent of the total cost) was lost to fraud or error in the government’s COVID-19 employment schemes according to the latest estimate by the National Audit Office. The NAO found that the HMRC’s program of random checks would not have picked up certain …
Small business seeking finance as late-payment culture grows
Small business seeking finance as late-payment culture grows More small firms are seeking finance to keep their businesses afloat with cash flow problems being compounded by a late-payment culture revealed in the latest report from the Federation of Small Businesses. The Q3 Small Business Index saw a fall in small firms’ confidence levels in Q3 …
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Staff shortages impacting productivity especially in hospitality, manufacturing
Staff shortages impacting productivity especially in hospitality, manufacturing More than three-The data for the leading business group’s Quarterly Recruitment Outlook (QRO) for Q3 2022 was drawn from a survey of more than 5,100 businesses, 92 per cent of which were SMEs and revealed firms’ recruitment struggles remain at record high levels. It found that more …
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HMRC cracks down on unlawful estate agents
HMRC cracks down on unlawful estate agents Another 68 estate agents have been added to the list of named businesses not complying with money laundering regulations. HMRC has fined dozens of estate agents more than £500,000 for breaching anti-money laundering requirements. It named the 68 estate agents who have been fined a total of £519,645 …
Small firms call for action as job vacancies driven by long-term sickness hit record high
Small firms call for action as job vacancies driven by long-term sickness hit record high The Federation of Small Businesses said the government needs to limit visa fees if small firms are to compete with bigger businesses in the global talent crisis. FSB national chair Martin McTague said the latest Office of National Statistics figures …
New energy bill introduced to protect consumers
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
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. …
Household cutbacks across the board as consumer sentiment continues to fall, reports PwC Read More »
Action needed as more SME exporters report falling sales
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 …
Action needed as more SME exporters report falling sales Read More »
Paperless trade for UK businesses to boost growth
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 …
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Best and worst banks get named on CMA report
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
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 …
New trading scheme to developing countries cuts tariffs on hundreds of everyday products Read More »
Unfilled vacancies a ‘ticking timebomb’, says BCC
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 …
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Tax-Free Childcare can help with cost-of-living worries
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 …
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Balloon business owner banned for 9 years after Bounce Back Loan fraud
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 …
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Business groups plead for government to enact changes
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 …
Business groups plead for government to enact changes Read More »
220,000 businesses urged to move onto new single customs platform
220,000 businesses urged to move onto new single customs platform Businesses are being urged to move onto HMRC’s new single customs platform before 30 September 2022. More than 220,000 businesses are being contacted by HMRC to urge them to move to the UK’s new streamlined customs IT platform, if they’re not already using it. To continue importing …
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Bankrupt abuses government support scheme
Bankrupt abuses government support scheme A bankrupt from North London has received an additional eight years of restrictions after he applied for Bounce Back Loan for a bogus business. The official receiver was appointed as his trustee in bankruptcy before uncovering the former café manager had falsely applied for a £50,000 Bounce Back Loan. Salih …
Potential tax demand scam using the OTS logo
Potential tax demand scam using the OTS logo Consumers, tax agents and businesses are being warned that there is a scam involving the Office of Tax Simplification logo. The OTS has been made aware of people receiving correspondence using the OTS logo and signatures to request payment of “tax”. It is reminding people that the …
Hundreds of Scottish businesses set to benefit as UK launches trade deal with Gulf nations
Hundreds of Scottish businesses set to benefit as UK launches trade deal with Gulf nations A landmark deal between the UK and the Gulf Cooperation Council is expected to add at least £270 million a year to the Scottish economy, with food and drink and renewable energy businesses set to benefit. Trade Secretary Anne-Marie Trevelyan …
Business groups warn of looming collapse
Business groups warn of looming collapse Business and industry groups have urged the government to act now to “stem the tide” as producer price inflation hits a record-high 22 per cent. With news that the consumer prices index rose 9.1 per cent, to a 40-year high, and producer price inflation rose 22.1 per cent, another …
HMRC launches consultation to address concerns about repayment agents
HMRC launches consultation to address concerns about repayment agents The HMRC has launched a 12-week consultation to find new measures to stop rip-off agents from taking advantage of people and pocketing their tax repayments. The consultation – “Raising standards in tax advice: Protecting customers claiming tax repayments” – will consider ways to better protect taxpayers from repayment agents …
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New home owners warned over tax refund claims
New home owners warned over tax refund claims New home owners are being warned about cold calls from rogue tax repayment agents advising them to make speculative Stamp Duty Land Tax (SDLT) refund claims, which could leave them with large tax bills. The warning comes after a recent spate of stamp duty refund claims to …
HMRC urges businesses to move to new customs IT platform
HMRC urges businesses to move to new customs IT platform HMRC is urging businesses to move to its new customs IT platform now to continue trading. Letters and emails have been sent to relevant businesses that include further information about making the move to the UK’s single customs platform – the Customs Declaration Service – …
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Birmingham conference – 23 June
Birmingham conference – 23 June The IFA flagship event covers a broad range of relevant topics carefully chosen to meet the needs of those working in micro, and small- to medium-sized enterprises and accountancy practices. Educational sessions are presented by respected industry specialists. Attend the conference to update your knowledge on changing regulations and network …
Consultancy director banned for abusing COVID-19 financial support scheme
Consultancy director banned for abusing COVID-19 financial support scheme A consultancy director who claimed £30,000 Bounce Back Loan he was not entitled to, and spent nearly a third on personal use has been banned for eight years. Richard Milne, 44, from Kingston-upon-Thames, was director of Langshot Ltd, a small consultancy incorporated in 2016. He applied …
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New powers introduced as HMRC targets till fraud
New powers introduced as HMRC targets till fraud Three people were arrested after HM Revenue and Customs (HMRC) officers visited businesses across the country in a day of action after new powers were introduced in the fight against till fraud. Businesses involved in making, supplying or promoting electronic sales suppression (ESS) systems that help users …
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Lending to small businesses hits record low with 60% impacted by late payment
Lending to small businesses hits record low with 60% impacted by late payment The latest Small Business Index has found that there has been a dramatic decrease in businesses looking for finance as late payments threaten to send the sector into freefall. The UK’s largest business group, the Federation of Small Businesses, is warning that …
Lending to small businesses hits record low with 60% impacted by late payment Read More »
Policy update from HMRC on DIY Housebuilders Scheme
Policy update from HMRC on DIY Housebuilders Scheme The HMRC has published an updated policy brief on the DIY Housebuilders Scheme following a tribunal decision. The first-tier tribunal case of Andrew Ellis and Jane Bromley has instigated the brief from HMRC. The policy stated that only a single claim is allowed under the DIY Scheme …
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UK small-business owners struggling with pandemic mental health hangover
UK small-business owners struggling with pandemic mental health hangover A new study by Xero and the Centre for Economics and Business Research has highlighted the emotional impact of COVID on business owners. The study found that two out of five (40 per cent) small-business owners believe that their emotional recovery from the pandemic will take much …
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HMRC retires online P11D form for small companies
HMRC retires online P11D form for small companies HMRC has decommissioned its online end-of-year expenses and benefits service and small businesses will now have to use other options for payroll. In its April update the HMRC directed advisers to a section in the February 2022 Employer Bulletin entitled Decommissioning of HMRC’s Online End of Year Expenses …
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Small business call for action as input price growth hits record-high 18%
Small business call for action as input price growth hits record-high 18% The government needs to look at targeted interventions to help small businesses such as installing a sick pay rebate as inflation soars and cost of living reaches a 40-year high. The Federation of Small Businesses said the gulf between the rate of input …
Small business call for action as input price growth hits record-high 18% Read More »