Author Archives: myersclark

People living in Scotland will soon pay part of their income tax to the Scottish government, a move that could result in them paying a different rate of tax from other UK residents.

The Generally Accepted Accounting Practice in the UK (UK GAAP) is changing to an abbreviated version of the International Accounting Standards (IAS). These adjustments will mean the funds available to distribute as dividends to the shareholders (the distributable reserves) will change and may restrict the amount of dividend a company can pay. As always, adjustments which reduce corporation tax are likely to reduce profits and weaken the balance sheet.

The Insolvency Body, R3, reports that numbers of British adults struggling from payday to payday is lower than it has been in the last six years. The survey of over 2,000 British adults suggests that 36% still struggle to payday, which is a considerable drop from the record high in May 2012. A joint record low of 39% of British adults say they are at least fairly worried about their current level of debts. Debt worries were last this low in January 2012.

The Insolvency Service has reported that insolvency numbers have fallen from their peak in 2010. It is expected that this is a result of the continuing low inflation and growing economy, in addition to the return of real wage growth.

The Brexit’s impact looks to be wider than simply business, the economy and immigration. Baroness Karen Brady has voiced her concerns that there would be devastating consequences for Britain’s football clubs if Britain votes to leave the EU.

London’s credentials as a leading tech centre are firmly established. It is home to a number of global and highly-valued tech firms, who are calling on the new mayor to make improvements and help push the UK to its full tech potential. With the EU referendum and a new mayor, there is room for considerable change in the London business environment.

The new head of the Financial Conduct Authority has been announced as Andrew Bailey, Deputy Governor of the Bank of England. He will take his new role as regulator-in chief after his current position, head of the Prudential Regulation Authority, once a replacement has been found.

Tax changes announced during 2015 will increase costs for many buy-to-let landlords and may make some lettings unprofitable. But there may be ways of mitigating some of these costs.

The Federation of Small Businesses has released the results of a survey which show that nearly half of employers are unclear about the auto-enrolment process. Since 2012, 5.4 million workers have been enrolled on a workplace pension scheme. Pensions are offered to anyone over the age of 22, earning more than £10,000 a year.

The Personal Tax Accounts (PTAs) are now live, and accountants are no longer able to use their client’s credentials to log-in to the Self-Assessment portal. HMRC have explained that the personal account will not be accessible for agents. Whilst HMRC has security issues to consider, accountants have expressed concerns about how they will complete work for clients if they do not have access to their clients’ accounts.