It’s a fairly dank, drizzly Monday morning, so what better way to start Daily Insight than on the issues of tax and audits. The FT has a great investigation into multinationals. And guess what… they are paying lower taxes than they were a decade ago, ie before the financial crisis.
The simple conclusion is that governments’ attempts to narrow deficits and rethink taxes have, by and large, left the corporate world untouched. According to KPMG, countries have trimmed corporation tax 5 per cent while personal tax has increased by 6 per cent. You betcha.
Staying with analysis, Accountancy magazine has prepared a FTSE350 and Aim100 auditor survey. They say it provides a “unique insight into the UK audits of listed companies, with analysis of audit fees, non-audit fees, tender activity and engagement tenures”.
Investment market audit
“As part of this survey, read exclusive coverage of the first ever AIM 100 auditors survey covering the investment market and measuring the fee value of audit and non-audit services conducted.” Check it out here.
Still on surveys, the Association of Accounting Technicians has discovered that most UK small businesses prefer apprentices over graduates. According to a report in AccountancyAge:
“Apprentices have significant long-term impacts on these businesses, with 83 per cent of those surveyed saying that apprentices have added value to their business within six months of taking them on, and 63 per cent agreeing that taking on apprentices provides them with staff who are more suited to their businesses.
Best way into business
“Comparing apprenticeships with university, 57 per cent of those who have taken on apprentices said this is the best way into their business’ industry, while 18 per cent said a degree is the best.
And finally, accountingWEB has a piece with the tantalising headline “Six possible dates for leaving EU VAT regime”.
Among several illuminating observations, author Richard Asquith notes: “An estimated 27,000 online retailers currently sell goods to EU consumers through their UK VAT number under the distance selling thresholds. These thresholds would not be available after Brexit, and so those companies would have to register for VAT in each country within the EU or cease to sell in that country.”
Have a great week!