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Number of Scottish companies going bust remains static

The number of Scots companies going bust in the first quarter of the year has remained static, according to analysis of the latest Insolvency Service figures by accountants and business advisers PKF

FRC urges SEC to let US companies use IFRS

The Financial Reporting Council (FRC), the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance, is calling on the US Securities and Exchange Commission (SEC) to allow US companies to use IFRS if they wish, in place of US GAAP

Darling defends 50% top tax rate

The Chancellor has defended raising the top rate of income tax to 50 per cent, saying it was only fair that those with the "broadest shoulders" paid more

FSA punishes hedge fund manager for hiding losses

The Financial Services Authority (FSA) has banned and imposed a £35,000 fine on a hedge fund manager for deliberately mismarking his positions in an attempt to avoid losing his job over losses he was making on his trading book

Darling defends optimistic economic forecasts

Chancellor Alistair Darling says he remains convinced “that growth will return towards the end of this year”, despite the doubts cast on his forecast of a contraction of just 3.5 per cent in 2009

Public sector pay should be frozen, says IoD chief

Miles Templeman, director general of the Institute of Directors, says public sector pay should be frozen for at least a year to match what is happening in large parts of the private sector

HMRC to spend £1bn in battle against tax avoidance

HM Revenue and Customs is planning to spend £1 billion – a quarter of its £4 billion budget – on enforcement and compliance to cut the rate of tax avoidance

Scottish Government unveils steps to help SMEs

Finance Secretary John Swinney has introduced six steps designed for public bodies to give small businesses better access to public contracts

Bill set to expose gender pay gap

Many employers will have to reveal how much they pay men compared with women, under the Equalities Bill

Begbies Traynor research shows more UK firms facing insolvency

Insolvency specialist’s Red Flag Alert survey shows all sectors are suffering from serious difficulties, compared with a year ago

“Ground-breaking” agreement by KPMG to save JJB Sports

Administrators announce Company Voluntary Agreement (CVA) to give troubled administrator a chance of securing its future and saving up to 12,000 jobs

Debt problems in Scotland sees huge rise

Personal insolvencies in Scotland have risen by 137 per cent, according to Edinburgh-based debt advisers Invocas

Baker Tilly announces merger with Gilchrist & Company

Baker Tilly, the mid-tier accounting firm, is increasing its presence in central Scotland through a merger with the Glasgow-based firm Gilchrist & Company

Treasury suggests rich will dodge tax

Leading business figures have rounded on Alistair Darling over the new 50p top rate of tax introduced in last week’s Budget, as it emerged that the Treasury’s own models suggested 69 per cent of those affected by the new rate would avoid or evade paying some of it

Most firms plan to freeze wages as recession continues to bite

The majority of companies are planning to freeze wages this year, according to the latest monthly survey by the British Chambers of Commerce (BCC), which reveals the extent to which company cash flow is being squeezed and the increasing number of employees in the private sector facing pay cuts or freezes

Manufacturing 'to lead recovery'

The UK manufacturing sector and exports in particular could help to drive the recovery in the UK economy, according to Deloitte

Budget gamble fails to recognise the needs of business, says ICAS

The Institute of Chartered Accountants of Scotland says the Budget projects high public sector borrowing and rising taxes for several years ahead but leaves no room for manoeuvre if his ambitious economic growth targets are not achieved

Data set to show slump continuing

The UK economy shrank in the first three months of 2009 at about the same pace as it did in the final quarter of 2008, figures are expected to show

Fears of City exodus over 50p tax rate on highest earners

Chancellor Alistair Darling was warned his new 50p income tax rate would drive talent from the City and discourage entrepreneurs, but early polls suggest that the Budget tax rises have tapped into rising popular hostility towards the rich

Senior accountants 'face business tax liability'

Senior accountants could be made personally responsible for their organisation's tax arrangements as part of proposals included in Wednesday’s Budget

Darling pins hopes on economic recovery

Alistair Darling has gambled on a rapid return to growth and severe spending cuts to regain control of public finances, left decimated by the global financial crisis

IMF figures at odds with Darling’s claims on growth

Britain will be mired in recession for another year as consumers cut back their spending, the International Monetary Fund warned yesterday in its twice-yearly World Economic Outlook report

Swinney: Budget ‘deeply damaging’ to Scotland

As Scotland officially enters recession, Finance Secretary John Swinney described the Budget "deeply damaging", with dire consequences for businesses and families.

Number of UK jobless at 12-year high

The number of unemployed people in the UK has risen to 2.1m, the highest figure since Labour came to power in May 1997, official statistics revealed on Wednesday

Darling unveils increase in borrowing, higher tax on rich

Alistair Darling has unveiled his plan to tax the rich with a new top rate of 50 per cent for those earning more than £150,000 from next April

Budget to reveal depth of gloom

Chancellor Alistair Darling is expected to unveil soaring public borrowing and details of the worst recession since the Second World War in today’s Budget

PwC outlines Budget ‘racecard’

PricewaterhouseCoopers has offered up some light-hearted odds on the general runners and riders that will accompany the Chancellor in the 12.30 from Westminster today

IMF puts financial losses total at over $4 trillion

In its Global Financial Stability Report, International Monetary Fund says financial institutions now face total losses of $4,100bn on loans and other assets, and urges governments to take “bolder steps” to shore up institutions

ICAS says US accounting changes should not be adopted by international standard setters

Recent changes to accounting rules in the United States could undermine confidence in financial reporting and should not be adopted by the International Accounting Standards Board (IASB), according to The Institute of Chartered Accountants of Scotland in a submission to the IASB

Tax credits reform call

Modify Working Tax Credits to subsidise short-time working and minimise the need for compulsory redundancies, says small business lobby group

Hedge funds still set to boom in long term

Global hedge fund assets will reach $2.6 trillion by 2013, according to a new study by the Bank of New York Mellon and Casey Quirk, but their operating models will have to change

It’s all about the survival of the fittest, says Baker Tilly

Half of the businesspeople in a survey carried out by accountants Baker Tilly survey believe those enterprises that survive the recession will be stronger than they were before

Government unveils new industrial strategy

A strategic plan to invest in Britain's economic and industrial future was launched by the Government today and employers’ organisation the Confederation of British Industry has welcomed the Government’s “active approach”

Entrepreneurs go back to basics

The UK's entrepreneurs are responding to the challenges of the tough economic market by focusing on strengthening internal management practices and building sales, rather than turning to external support in the form of increased borrowing, according to Grant Thornton’s Entrepreneurial Insight survey

Worst of recession may be past, says CBI

The worst of the recession has already past, according to CBI forecasts, but recovery is not expected to begin until spring next year

ICAS announces additions to Council

The Institute of Chartered Accountants of Scotland has announced the election of two successful candidates to serve on its Council

CAs can lead way in rebuilding confidence, says new ICAS president

Chartered accountants have a major contribution to make in the process of rebuilding economic confidence, according to Douglas Nisbet, who has taken office as the new president of the Institute of Chartered Accountants of Scotland (ICAS)

FSA under attack on regulation in boom

The Financial Services Authority has been accused of “apathy and complacency” in its regulation of building societies during the boom, by one of its former supervisors.

IASB finalises amendments to IFRS

The International Accounting Standards Board (IASB) has issued a collection of amendments to 12 International Financial Reporting Standards (IFRSs) under its latest set of annual improvements. The IASB uses the annual improvements project to make necessary, but non-urgent, amendments to IFRSs that will not be included as part of another major project

Survey confirms gender pay gap for accountants

Male chartered accountants in the UK earn, on average, 45 per cent more than their female counterparts, according to a new survey

Retailers suffer from loss of trade credit insurance

Half of large retailers and over 40 per cent of small and medium-sized ones (SMEs) say the reduction or withdrawal of trade credit insurance has undermined their ability to trade

Police move to ease City crime fear

Specialist police squads designed to help companies fight crimes ranging from data theft to terrorism are to be set up in the City of London and other leading business centres from next month

Workplace rivalry mounts for accountants

Workplace rivalry is mounting in the accountancy profession with 69 per cent of accountants admitting that colleagues have become increasingly more competitive in a bid to keep their jobs

Recession leading graduates to take longer term view

Students looking for a career after university are beginning to take a longer term view of their career path due to the recession, according to a survey by KPMG

Survey offers glimmer of hope for Scottish economy

The recession's grip on the Scottish economy may ease by the start of next year, according to a study commissioned by the Scottish Chambers of Commerce (SCC). It found that business confidence was continuing to deteriorate, with weak demand damaging firms, but concluded there was hope for some recovery in manufacturing and tourism, while exports were expected to pick up in the first quarter of 2010

KPMG urges tax changes

KPMG has put forward proposals for VAT to be cut to 5 per cent to help sectors such as restaurant and catering, work on private homes, hair dressing and window cleaning

PwC’s bill for Lehman administration already over £77m

PricewaterhouseCoopers, the administrator charged with sorting out the European collapse of Lehman Brothers, says costs will accrue at a similar rate over the coming months as a team of nearly 1,500 people unwinds the complex financial web behind the world's biggest bankruptcy

UK pension deficit hits £250bn

The aggregate deficit of corporate UK pension funds soared past £250 billion ($373 billion) in March, setting a record for a shortfall due in large part to the drop in gilt yields as the Bank of England started its policy of quantitative easing

Finance profession becoming more socially exclusive

The finance profession is just one area identified by a government research paper as becoming more socially exclusive

Rate of decline may be slowing: RBS

Scottish economic output fell again in March, according to the Royal Bank of Scotland’s Purchasing Managers' Index (PMI) survey, but a significant easing of the rate of decline from February's record pace will raise hopes that the deepest point of the recession is past

Core cities outside London hit worst by recession

Traditional manufacturing and heavy industry areas in northern England, the west Midlands and Scotland have suffered the biggest rises in unemployment during the recession, according to analysis of official figures

ICAS issues guide for pension trustees

The Institute of Chartered Accountants of Scotland (ICAS) has issued a free guide for pension trustees which is designed to assist them in managing and reviewing the service provided by the auditor of their pension scheme

Sharp divide on executive pay

An opinion poll from Financial Times/Harris shows that public opinion is sharply divided over the bonus culture in the wake of the credit crunch

Scottish business failures up less than rest of UK

Study finds construction sector worst hit, with failure rate up 65 per cent

Drilling activity in North Sea falls sharply

Deloitte survey also finds an increase in corporate deal activity

New partner at French Duncan

Margaret Sinclair promoted in Glasgow tax department

Aon to cut contributions to staff pension scheme

Unions warn companies not to use recession as excuse for reneging on pension responsibilities

Gender pay gap in finance sector about twice the national average

Equality Commission report finds women paid up to 60 per cent less than men

ICAS President appointed Vice Chairman of CBI Scotland

Glenn Allison to take up two-year post in September

Tax refund delays putting struggling businesses at risk

PKF says new HMRC checking system adds at least a month to refund process

Tax haven blacklisting is lifted

Four countries on an OECD “blacklist” of unco-operative tax havens have agreed to meet international standards for transparency

RBS in talks with union over plans to cut up to 9,000 jobs

The Royal Bank of Scotland has begun consulting with the white-collar union, Unite and other employee representatives, about a cost-cutting plan that could see major job losses in the bank’s back office operations

Labour market slide starts to slow

Job vacancies are still falling but the rate of decline is slowing, according to a report from KPMG and the Recruitment and Employment Confederation

Short-term business confidence stabilises

Short term confidence in UK business over the next quarter has registered a second consecutive increase, according to the latest Business Trends report from BDO Stoy Hayward

Recruitment group Michael Page sees profits fall by nearly a third

Michael Page, the international recruitment group, yesterday reported gross profits for the first quarter of 2009 down 32 per cent, from £140m to £95m. The group is one of the largest accountancy recruitment consultancies

Survey of finance chiefs finds glimmers of hope amid the gloom

Deloitte’s 2009 CFO survey for the first quarter of 2009 finds that despite tough times continuing, the consensus is slightly less pessimistic than at the end of last year

ICAS says annual reports have failed to tell a clear story during the financial crisis

Key business information and risks to companies are obscured by the volume and level of detail of disclosures in corporate annual reports, according to the Institute of Chartered Accountants of Scotland

UK stock markets wiped out more than £1 trillion of intangible asset values in 2008

Falling UK stock markets wiped 59 per cent off the value of UK companies’ total intangible asset values during 2008, according to research carried out by consultancy Brand Finance

HSBC rights issue brings cheer to City with 97% take-up

The £12.5 billion ($18.7 billion) rights issue by international bank HSBC has attracted an estimated 97 per cent support from investors, boosting the bank’s share price and strengthening its balance sheet

Happy Birthday to CA Mag online

CA Magazine’s dedicated website celebrates its first anniversary with record user numbers, logging nearly 33,000 visitors in March 2009

Profit warnings over 100 for third consecutive quarter

Worst of downturn for UK plc yet to come says Ernst & Young as UK plc continues to post a series of gloomy earnings forecasts

Scottish businesses set to get deferral for business rates hike

Businesses in Scotland will be able to spread this year's annual increase in business rates over three years to help companies' cash flow

Financial Accounting Standards Board agrees accounting changes

Bank stocks were boosted on Thursday by an accounting rule change that is expected to allow managers to repair balance sheets by recalculating the value of some of their most troubled assets

G20 leaders hail crisis fightback

World leaders heralded the G20 summit as the day the world “fought back against the recession” as they put on a show of unity that lifted global markets and mapped out a new future for financial regulation

The CA Practitioner Service Survey 2009 says you can’t bank on the banks

Nearly 97 per cent of clients of CA practices in Scotland feel that recent government action in persuading banks to release funds to businesses hasn’t been effective. That’s one of the main findings of the CA Practitioner Service Survey, sent to every CA practice headquartered in Scotland

Businesses hurt by ‘head in the sand’ approach

Some 45 percent of business directors are adopting a head in the sand approach, failing to make strategic changes to their decision making and continuing to pursue the same options for their organisation as they were 12 months ago, according to KPMG research

France demands tougher G20 rules

France and Germany are calling for tougher regulation for the world's financial system at the G20 summit. French President Nicolas Sarkozy said that new financial regulation was a "non-negotiable goal"

Ex-RBS chairman quits BP's board

Sir Tom McKillop, the former chairman of the Royal Bank of Scotland, has resigned from the board of oil giant BP. He had been due to go forward for re-election at BP's annual meeting later this month

Liquidators sue KPMG for $1bn over collapse of subprime lender

KPMG, the world's third biggest accounting firm, is being sued for $1bn (£692m) by the liquidators of New Century Financial, the collapsed US subprime lender, in the first big case against an auditor to emerge in the global financial crisis

Thousands of Scottish firms to avoid business rates

Tens of thousands of small companies in Scotland will no longer have to pay business rates from today. The Scottish Government's Small Business Bonus Scheme - which reduces rates for small businesses and abolishes them altogether for the smallest - has now been fully implemented

G20 protest expected to hit London today

Police and businesses in London are bracing themselves for a day of protest today as the G20 summit meeting gets under way in the city’s Docklands

Businesses given more time to pay increased business rates

Businesses in England will be able spread payment of this year's inflation up-rating to Business Rates over three years, under new legislation announced by the Government yesterday

Freeze fuel duty to save small businesses from spiralling costs, says business lobby group

Struggling small businesses will be hit by a 6 per cent increase in the cost of fuel in less than 18 months, the Forum of Private Business (FPB) is warning

IASB seeks comments on a proposed new standard on income tax accounting

The International Accounting Standards Board (IASB) yesterday published for public comment an exposure draft of a proposed new standard on the accounting for income tax

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