670 posts categorised "Economy"

16 April 2015

Do changes in healthcare delivery impact on the future of care homes?

Sharon Johal, senior associate in PwC’s business recovery services team in the Midlands discusses how current trends may impact on how care home providers plan for the future. The present challenge The delivery of healthcare in the UK is being shaped by demographic and behavioural changes, severe financial pressures, the...

15 April 2015

Further costs may signify the end of DB pensions

By Amy Hemmett A familiar sound in the world of pensions ... that resigned sigh of the FD as they realise the cost of their Defined Benefit (DB) pension scheme is increasing again. Unfortunately 2016 will bring further pain to companies with a DB scheme that remains open to future...

13 April 2015

RECORDED WEBCAST: Getting ready for Diverted Profits Tax

The UKs Diverted Profits Tax came into force on 1 April 2015. This is a new tax levied at 25% on a company's taxable 'diverted' profits in two scenarios: Entities or transactions lacking economic substance - where groups create a tax benefit by using transactions or entities that lack economic...

BEPS: OECD to publish further papers in their action plan

By the end of this month the OECD is proposing to publish at least five further papers under its Base Erosion and Profit Shifting (BEPS) action plan. These will be a combination of revised drafts of papers you’ve already seen in part and entirely new papers. As well as providing...

03 April 2015

The Renewal Trust and PwC join forces to make sure Nottingham’s most vulnerable children can enjoy Easter eggs

Nottingham charity, The Renewal Trust and local company PwC, have teamed up to donate Easter eggs to some of the most vulnerable children in Nottingham. Staff at PwC in the East Midlands have been busy collecting the eggs, which were donated to children of refugees and asylum seekers, through the...

31 March 2015

Tax return 2.0: Revolution in the Tax Self-Assessment regime will have significant implications for SMEs

George Osborne’s “digital” budget will change the relationship between small businesses and the UK tax authorities forever 740,000 SMEs in the Midlands will avoid the traditional “mad rush” approach to getting numbers together and engaging with taxes will (eventually) be easier A revolution in the UK Income Tax Self-Assessment regime...

30 March 2015

Holiday pay: Commission must be included in holiday pay calculation

Following the landmark Bear Scotland [1] decision, which confirmed that certain overtime payments must be included in the calculation of holiday pay, the Employment Tribunal (ET) in Lock v British Gas has held that commission must also be included. What does this mean for employers? The case provides some further...

26 March 2015

HR Matters: Advisory Fuel Rates - the right direction of travel?

By Nigel Morris, national PwC Fleet Car Consulting group leader We have recently seen a dramatic drop in the level of authorised Advisory Fuel Rates (AFR) from 1 March 2015 in answer to the recent huge drops in oil prices. HMRC works out the AFR rates by taking the Mean...

23 March 2015

Gender pay gap reporting to be mandatory

By Chris Perkins Legislation will be introduced within the next 12 months requiring companies with 250 or more employees to carry out an equal pay review and publish their gender pay gap. Section 78 of the Equality Act 2010 (the Act) contains a power for the government to make regulations...

Fewer than 1 in 5 in Midlands worried about debt repayment

The confidence people in the Midlands have in their ability to stay on top of their debt has improved, according to PwC’s latest report on the Consumer Credit market, Precious Plastic: How Britons fell back in love with borrowing, published today Fewer than 1 in 5 (17%) consumers in the...

18 March 2015

Budget 2015 - Mark Whitehouse comments on property

In response to the Chancellor's Budget statement on new initiatives to help address the UK’s housing shortage, Mark Whitehouse, PwC's real estate expert in the Midlands, said: “The Chancellor's announcements of new Help to Buy ISAs and housing investment show he wasn't joking about 'fixing the roof' as the sun...

Budget 2015: Savers, Personal Savings Allowance and Tax Returns

Karl Harriman, tax partner at PwC in the Midlands, said: “This was a Budget for thrifty middle England – supporting those who are fixing their roofs, saving for homes and getting on in work. For the lowest paid, and many part time workers, the sun still isn’t shining given the...

Budget 2015: Steve Blackmore comments on pensions announcements

Responding to the announcement of a reduction in the lifetime pensions allowance from £1.25m to £1m, Steve Blackmore, pensions director at PwC in the Midlands, said: “A further reduction in the lifetime pensions allowance will affect a significant number of employers and employees with defined benefit and defined contribution schemes,...

Budget 2015: David Roper comments on the bank levy increase

David Roper, partner and financial services leader at PwC in the Midlands, said: "Today's announcement will be a blow to the UK banking industry. Coming hard on the heels of the bank loss restriction rules announced in the Autumn Statement, two more bank specific tax measures clearly shows bank taxes...

Budget 2015: Angela Browning comments on the creative sector

Commenting on the support for the creative sector, Angela Browning, senior manager at PwC, said: "The reduction in minimum UK expenditure requirements for television tax relief and animation tax relief from 25% to 10%, and proposed modernisation of the cultural test for television tax relief for expenditure incurred from 1...

Budget 2015: Jude McLaughlin comments on benefits for employees

Jude McLaughlin, employment tax director at PwC in the Midlands said: The Chancellor confirmed that from April 2015 'trivial' benefits for employees costing less than £50 will be tax exempt, which is a welcome relaxation of tax rules on small benefits under £50. While a £100 limit would have been...

Budget 2015: Karl Harriman comments on tax avoidance measures and diverted profits tax

Karl Harriman, tax partner at PwC in the Midlands said: Tax avoidance "The Government has earmarked £3.1bn from a combination of tightening tax law as well as targeting avoidance. Inevitably as so much as been done already to tackle tax avoidance, this is an area of diminishing returns for Treasury....

Budget 2015: David Martin comments on Midlands manufacturing investment

In response to the Chancellor's Budget statement, David Martin, manufacturing expert at PwC in the Midlands, said: "The Chancellor has recognised the manufacturing talent that resides in the Midlands, referring to the region as the "engine for manufacturing growth". The Midlands continues to develop innovative products that lead the manufacturing...

17 March 2015

Budget 2015: PwC in the Midlands comments on business rates review

Commenting on the business rates review paper published today, Simon Tivey, business rates expert at PwC in the Midlands, said: "The latest business rates review paper shows a potential sea change in the Government's approach. Encouragingly, the Government is now talking about property "usage" rather than "occupation" which didn't reflect...

Budget 2015: Personal tax predictions

Both Osborne and his coalition partners may well consider going further on the central tax policy which has underpinned this government’s parliamentary term; increasing the personal allowance, perhaps up to £11,500. Stuart Wallace, tax partner at PwC in the Midlands, says: “raising the personal allowance is a tried and tested...