A committee of Parliament recommends that Scotland controls their income tax Parliament’s Smith Committee, charged with assessing the powers handed to Scotland, has recommended the transfer to the region, powers to set the income tax and also assume responsibility for the electoral law. These recommendations, which would be the greatest transfer of powers to the…
The mansion tax scaring London’s millionaires The rich with residence or property in Britain are trembling at the possibility of the so-called mansions tax being imposed. For now, it is just one of the proposals of the electoral program of the Labour and Conservative parties. But if the next general election in May 2015 is…
British inflation, the lowest since 2000 Inflation in consumer prices in Britain fell in December to its lowest level since May 2000 and the trend suggest that this will continue to go lower, which will ease the pressure on consumers and give space to the Bank of England to raise interest rates soon. British inflation…
Accounting Reference Dates Explained Often abbreviated as ‘ARD’, accounting reference dates are the ending of the financial year for either a limited company or a limited liability partnership (LLP). When the incorporation of the company took place is what determines this particular date. The financial years are figured out by reference to a period of…
George Osborne says he will abolish the ‘death tax’ Chancellor of the Exchequer, George Osborne, has launched one of those promises designed to grab headlines briefly: the abolition of the “death tax“. This is where, presently, when anyone over 75 dies, a 55% tax is charged on the person’s pension. Around 12 million people in…
HMRC messes up with P800’s HMRC no longer issues income tax repayments, now that an email was leaked and exposed. The information held was that of the end of year tax reconciliations relevant to thousands of taxpayers, and how these might have been wrongly calculated. A HMRC spokesperson said that everything is moving along as…
Social Accounting? The vision of accounting as a numerical analysis technique has changed, and social aspects are beginning to be included in the formulation of the financial statements, which traditionally only had a budget and financial input. Currently, the new trend includes social accounting balance, with human resources, intellectual capital and the environment, among others.…
5 business risks that may affect your business A business risk is a factor that is created in the external or internal environment of an organisation or business, wherein it cannot achieve its objectives. A business risk may affect the continuity of a company. Many organisations have not defined an Internal Control System focused on…
What are Mutual Funds Many people with interest in the investment world may wonder what mutual funds are. That is why this article will attempt to clarify how easily a common fund is and why it is a good investment. When speaking of a mutual fund, people are often talking about a financial tool that…
Accounting Fundamentals • What is accounting? Accounting is the method by which the financial information of an economic entity is recorded, classified, interpreted and communicated; this in order for it to be used by managers, investors, government officials and other individuals and companies to help making decisions about resource allocation and utilisation. At the heart…
