Welcome to the Summer/Autumn 2013 edition of Taxman. In this edition, we explore the carrot by looking in detail at the new disclosure facilities and the differences between them that can, in some circumstances, make a big difference on a client’s final liability. We also explore the stick in reviewing the recent announcements from HMRC and the Crown Prosecution Service around the desire to significantly increase the number of criminal tax prosecutions in the years ahead.
The corporate debt markets’ strong performance in 2012 continued into the first quarter of 2013. Companies are taking advantage of strong market conditions by refinancing, repricing and amending existing debt. Hybrid and convertible bond issuance in the first quarter of 2013 has exceeded that of 2012 as corporates see these as a good way of raising equity directly. We also report on Schuldschein loans, the German equivalent of private placements.
The Performance Measurement Survey, produced by the BVCA in association with PwC and Capital Dynamics, encompasses 510 UK-managed independent private equity and venture capital funds, and finds that the combined ten-year internal rate of return (IRR) stood at 15% for 2012, against 8.3% for total pension fund assets and 8.8% for the FTSE All-Share over the same period.
Climate change impacts internationally may represent threats to UK potentially greater than domestic impacts. Our report looked at the coincidence of UK interests, projected climate impacts and resilience to climate change in order to map potential ‘hot spots’ and identify priority countries. We developed a series of indicators to assess a range of interests and used the criteria from the UK’s national Climate Change Risk Assessment in order to quantify potential threats and opportunities.
A recent case heard before the Income Tax Appellate Tribunal in Mumbai has provided some clarity to foreign law firms providing services in India.
It reflects IFRS standards and IFRIC interpretations in issue at 1 March 2013 that are required to be applied by existing preparers with annual periods beginning on or after 1 January 2013.
Dana Petroleum and PwC have launched an Industry Leadership Study conducted by Robert Gordon University.
This is our June 2013 Financial Services monthly regulatory accounting and audit bulletin.
This publication describes how our UK Watergroup serves the sector through our strong and reliable network of dedicated industry experts.
Health and social care – are the reforms working? We outline some of the impacts of the reforms on private hospitals and care homes. For a more detailed discussion, please feel free to contact any member of our team.
A number of firms face an ever growing gap between revenue and costs. We outline below some of the signs of trouble and the key areas professional services firms need to concentrate on. If you would like more information, please contact any of the team or your usual PwC contact.
As announced in the 2013 UK Budget, HMRC released a consultation document on 20 May in relation to a review of two aspects of the partnership taxation rules in the UK.
First cut of the our voice of the consumer transport survey. According to the Voice of the Consumer transport survey, 59% of full time workers say they have seen transport costs rise. The survey shows that 25% of all adults have had to borrow money to pay for transport costs
The UK retail sector has responded to the challenges of digital commerce by attempting to manage on a multi-channel retail basis. But it’s becoming increasingly clear that the costs and complexities of doing this are simply too great because: it’s a faulty formula, which is doomed to failure.
Ever since Tesco started to mine the information captured by its Clubcards in the 1991, data analysis has been the not-so-secret weapon of the big supermarkets. It’s time for the rest of retail to get as good at this as the grocers are, and start using its vast volumes of consumer data as a source of competitive advantage.