610 posts categorised "Economy"

12 December 2014

HMRC Advisory Fuel Rates - have you found the 1 December 2014 update yet?

By Nigel Morris, employment tax expert I was interested to see when I looked on 1st December that HMRC had changed their Advisory Fuel Rates - these are normally released with some fanfare and the fleet press will inform their readers of the changes. This time however it took ‘the...

11 December 2014

Kirsty Cook explores recent changes to the NAPF 2014/15 Corporate Governance and Voting Guidelines

By Kirsty Cook The National Association of Pension Funds (NAPF) published their 2014/15 Corporate Governance and Voting Guidelines "the Guidelines" on 8 December 2014. The policy has been updated this year to set out more explicitly those issues that the NAPF considers investors should consider carefully when they vote on...

10 December 2014

UK tops Christmas spend among major Western economies

Of the major Western economies over the Christmas period, the UK consumers lead the way, spending around $1,100 (£700*) per person, a third more than shoppers in the US, according to new analysis in PwC’s latest 'Global Economy Watch'. Last year, for example, total spending over the Christmas period in...

09 December 2014

PwC comments on ONS October 2014 Index of Production figures

Commenting on the Office for National Statistics' October 2014 Index of Production, David Martin, manufacturing expert at PwC in the Midlands, said: "The ONS figures released today show that production remains up year on year by 1.1% from October 2013 to October 2014. This is welcome news for the success...

EVENT: Introduction to VAT for the non-specialist

Date: Tuesday 3 February 2015 Time: 09:30 - 16:30 Location: PwC, Cornwall Court, 19 Cornwall Street, Birmingham, B3 2DT The course is entitled 'Introduction to VAT for the non-specialist' and is aimed at tax managers with some responsibility for VAT, or finance staff with responsibility for preparing or reviewing VAT...

08 December 2014

UK Government confident about proposed new IP regime

By Angela Browning On 2 December 2014 HM Treasury released a Written Ministerial Statement confirming the earlier UK:Germany joint proposal was broadly welcomed by OECD members. HM Treasury have also provided a summary of frequently asked questions that address some of the points of uncertainty. Key highlights include: there is...

03 December 2014

Autumn Statement 2014: Good news for businesses and families on environmental taxes

By Jayne A Harrold, Midlands indirect tax senior manager Lots of good news for businesses and families on the environmental tax front today as costs are reduced in a number of areas, but it remains to be seen what environmental impact these reductions may have. Carbon price floor: CHPs excluded...

Autumn Statement 2014: PwC comments on impact on construction sector

Commenting on the infrastructure announcements contained within the Autumn Statement, Chris Temple, engineering and construction leader at PwC, said: “Given the slower growth currently experienced in infrastructure, the Autumn Statement provides further clarity on the medium-term opportunities. There’s a lack of significant projects in the short to medium term and...

Autumn Statement 2014: Jonathan Haigh comments on impact of stamp duty changes

Residential impact Commenting on the overhaul of the stamp duty rates in the Chancellor's Autumn Statement, Jonathan Haigh, real estate expert at PwC in the Midlands, said: “People buying an average home will have more money to spend if they complete on their purchase tomorrow. On a £300,000 house- the...

Autumn Statement 2014: Karl Harriman comments on changes to personal tax and anti-avoidance measures

Personal tax changes Karl Harriman, tax partner at PwC in the Midlands, said: "The Chancellor continued his theme of raising the income tax personal allowance above the rate of inflation, with a further increase announced to £10,600. This rise is almost 5% above the rate of inflation, and means that...

Autumn Statement 2014: David Martin comments on impact on manufacturers

In response to the Autumn Statement, David Martin, manufacturing expert at PwC in the Midlands, commented on the impact on manufacturers: "The additional support being offered for investment in research and development and the creation of funds to encourage more UK manufacturers to export will be warmly welcomed by UK...

Autumn Statement 2014: Chris Romans comments on measures for small businesses and entrepreneurs

In response to the Chancellor’s announcements on support for small and medium sized businesses, Chris Romans, tax partner and head of private business at PwC in the Midlands, commented: "Small and medium businesses, the majority of which are outside London, might be excused for feeling like the Cinderella part of...

Autumn Statement 2014: PwC chief economist comments on public finances

John Hawksworth, PwC’s chief economist, said: “This balancing act is based on a small net fiscal tightening in the Autumn Statement, which re-emphasises that austerity still has at least four more years to run to eliminate the budget deficit. We are in for another Parliament of pain, but there could...

Autumn Statement 2014: Angela Browning comments on the UK R&D implications

Commenting on the implications for UK research and development(R&D) in the Chancellor's Autumn Statement, Angela Browning, who leads PwC's Tax innovation incentives group in the Midlands, specialising in research and development, said: "We welcome changes to increase the R&D incentives for both large companies and SMEs with the R&D Expenditure...

Autumn Statement 2014: Leon Mayfield comments on the introduction of student loans for post graduate students

Education expert at PwC in the Midlands, Leon Mayfield, said: “We really welcome the Chancellor's move to offer a student loan for postgraduate degrees. The HE Commission reported on this issue in Autumn 2012 and recommended that the Government needed to find a way to help people to take their...

Autumn Statement 2014: Steve Blackmore comments on new state pension amount

The Government has announced that the new state pension will be at least £151.25 per week, with the actual amount to be confirmed this time next year. Steve Blackmore, pensions expert at PwC in the Midlands, said: "While it's interesting to know the minimum level of the new single tier...

Autumn Statement 2014: Simon Tivey comments on how Business Rate changes will make shopkeepers happy

Responding to the Chancellor's announcement on Business Rates today, Simon Tivey, partner at PwC in the Midlands, said: "The Autumn Statement has provided further support for SME's following on from the raft of measures announced last year. "As predicted, the annual inflationary increase will again be pegged at 2% for...

Autumn Statement 2014: Steve Blackmore comments on changes to joint-life annuities

Commenting on the tax changes to joint-life annuities when they are passed on to a spouse after death, Steve Blackmore, pensions expert at PwC in the Midlands, said: "The abolition of the death tax on joint-life annuities will boost the attractiveness of annuities and level the playing field with income...

In advance of the Autumn Statement, Simon Tivey, partner and business rates specialist at PwC in the Midlands, predicted:

"The extension of the Small Business Rate Relief scheme has to be a must. It would be very difficult to reverse having been running in its present form since Oct 2010. "360,000 properties under £6000 Rateable Value pay nothing, and a further 180,000 properties under £12,000 get relief. Cost of...

01 December 2014

Autumn Statement 2014 predictions: Environmental taxes

The Chancellor has tweaked or made wholesale changes to the carbon price floor in every Autumn Statement since it was announced. Further changes to this tax on burning fossil fuels would not be surprising, given its impact on the power industry and energy intensive manufacturers. Jayne Harrold, environmental tax specialist...