665 posts categorised "Economy"

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...

Budget 2015: Predictions from PwC inthe Midlands

Stuart Wallace, tax partner at PwC in the Midlands, comments ahead of the annual Budget on Wednesday 18th March: “With his last budget before May’s General Election, George Osborne will be looking to strike a difficult balance between championing the government’s commitment to fiscal responsibility on one hand, and enticing...

16 March 2015

RECORDED WEBCAST: Maximise workforce value using insights from your people data

If you missed our recent webex you can watch the recorded version here: Recorded people analytics webcast Our global panel looked at how the power of data led insight is transforming the role of HR professionals across all industries and the huge impact this is having on the way organisations...

Fewer stores are opening on East Midlands high streets as retailers focus on clicks over bricks

- Store closures in the East Midlands fall slightly BUT reduced store openings mean fewer shops on the region’s high street - Mobile phones shops, video stores, money services shops, former bank branches and pubs suffering in the East Midlands - Discount stores, charity shops and financial advisors bucking the...

Fewer stores are opening on West Midlands high streets as retailers focus on clicks over bricks

- Store closures in the West Midlands fall slightly BUT reduced store openings in 2014 mean fewer shops on the region’s high street - Mobile phones shops, former bank branches, money services shops, fashion shops and estate agents suffering in the West Midlands - Charity shops, e-cigarettes outlets and jewellers...

13 March 2015

Budget 2015: Chancellor could have £7 billion of extra wriggle room next week

New projections by PwC suggest that public borrowing could be revised down by the OBR throughout the next five years, leaving a budget surplus in 2019/20 of around £30 billion rather than £23 billion as estimated at the time of the Autumn Statement in December (see table below). Public sector...