Technology

WBS: Governments Should Be Nervous About Bitcoin

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Published May 21, 2013, in Business, Technology

Professor Jon Rushman of Warwick Business School believes that in the long term cyber currencies like Bitcoin could see the end of central banks and foreign exchange and so it is understandable Governments are nervous about it.

Bitcoin Global Accountant

The new virtual currency has become progressively more popular since the financial crash and its proponents say it will revolutionise banking. Its main exchange, Mt Gox, was raided by the US Department of Homeland Security, who usually deal with terrorist threats, last week.

Professor Rushman, a former managing director at BlackRock, said:

You can understand why Governments are nervous about Bitcoin. It is fascinating.  I think Bitcoin or something like it has a real place in the future. Imagine a world where foreign exchange doesn’t exist, monetary policy doesn’t exist, and there is no inflation. Society would be free to use all the talent currently directed to these issues elsewhere. Meanwhile, governments could still raise taxes and borrow but without uncertainty as to the unit of account.

Bitcoin is just another medium of exchange. In the same way that the Euro crosses national boundaries and greatly simplifies real trade in continental Europe, cyber currencies like Bitcoin can do the same globally, without the need for a central bank.

Profits and losses in foreign exchange are made ultimately because of uncertainty around the value of different accounting units. They exist purely because we have structured our affairs into different currencies tied to different governance structures. In an idealised world, governing multiple currencies and running a foreign exchange market is unnecessary and wasteful. A global currency managed without a central bank could allow society to do something more productive instead.

For Bitcoin to take hold in the world permanently, Professor Rushman believes it has to tackle the thorny issue of regulation.

“None of the US regulatory authorities have figured how to regulate Bitcoin, as it breaches barriers in our understanding of what a currency is,” said Professor Rushman.

“It is certainly tainted by some speculation that it is used by the criminal underworld, but it is hard to find any evidence that criminals use it more than any other currency.

“Bitcoin needs to work harder on explaining its philosophy and on regulation, they need to do a bit of a charm offensive with the regulators and make them comfortable with it while being true to their principles.”

HMRC: Tube Education

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Published February 27, 2013, in Business, Tax, Technology

HMRC has published 21 additional videos on YouTube aimed at helping new and growing businesses.

Youtube LogoThe new suite of videos covers practical subjects such as PAYE, VAT, Corporation Tax, record keeping, registering as an employer, payroll systems and trading with other countries. It includes case studies from real businesses.In further help for new businesses, HMRC is this week offering SMEs and those considering setting up a business a Twitter Q&A on tax. To take part or ask a question, they should follow @HMRCgovuk on Twitter and use #biztaxhelp.

The YouTube videos complement HMRC’s live online webinars, which are designed to help small businesses to get their tax right, and can be seen at http://youtube.com/hmrcgovuk .
HMRC has been using YouTube to provide simple “how to” guides for customers and tax agents since 2011. Guides on the site include videos on Self Assessment for childminders, the Construction Industry Scheme, VAT online, and the Patent Box scheme. Guides for agents include videos on penalties for inaccuracies, and reducing errors.

EU Cyber Security Strategy and Trust in the Digital Economy

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Published February 8, 2013, in Latest News, Technology

World Cyber Global AccountantThe European Commission has [08.02.13]  published a new strategy alongside a Commission proposed directive on network and information security (NIS). ‘The cyber security strategy – “An Open, Safe and Secure Cyberspace’ aims to improve standards across the 27 member states.

The Commission has said maintaining a free and secure cyberspace is a global challenge, which the EU should address together with the relevant international partners and organisations. The European Defence Agency (EDA) is developing cyber defence capabilities and technologies, improving cyber defence training & exercises.

ICAEWCommenting on the strategy Richard Anning, Head of IT at ICAEW said:

“ Cyber-crime is an increasing issue throughout the EU and it is vital that measures are taken to ensure trust in the digital economy. There are concerns, though, about the likely effectiveness of proposed legislation requiring the widespread reporting of major cyber incidents and the adoption of risk management practices in sectors such as energy, transport, banking and information society service providers.

“However, given the fast-changing nature of cyber threats, there is a risk that regulation is quickly superseded and insufficiently flexible to cope. It could also add significant burdens on businesses at a difficult economic time. Therefore, while the objectives of the Commission are good, any legislation needs to be very carefully considered.”

The Directive must pass through the Council of Ministers and the European Parliament before adoption whilst the Cyber Security Strategy will remain as it is prior to becoming legislation.

HMRC Tax App Launched

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Published January 10, 2013, in Tax, Technology

HMRC_TAX_App_Global_Accountant.ashxHMRC has updated its popular app which allows users to work out how much tax they pay and how the Government spends it.

The tax app, which was introduced in the spring, has been updated with added features and can be downloaded for free from Apple’s iTunes store or from the Google Play store.

David Gauke, Exchequer Secretary to the Treasury, said:

“Taxpayers have a right to know how their money is spent. The calculator is an excellent way to bring transparency into the tax system. With so many people downloading the app, we can see that there is a real appetite to know where taxpayers’ hard-earned money is spent.”

The new features include:

  • Updated public spending information
  • Pop-up explanations giving detailed descriptions of each spending category
  • Ability to enter your own tax code
  • More details on tax rates used – showing what income has been taxed at which rate, and the rate at which National Insurance has been charged.

HMRC’s online calculator has also been used 200,000 times.

ACCA iPhone App

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Published August 5, 2012, in Latest News, Technology

Two new apps for students and people working in the accountancy profession have been developed to help keep everyone in the know

ACCA (the Association of Chartered Certified Accountants) students and accountancy professionals now have access to information at their fingertips, to keep them organised and informed of key accounting issues, with the launch of the student planner and the Research and Insights apps.

The Student Planner app is free to download and is available on the iPhone.
It offers students:

  • Advice on how to get started with the ACCA qualification, pass exams, gain experience and behave ethically and professionally.
  • Countdown to key dates relating to exams and recording experience, with the ability to set alerts for these events and synchronise them with their iPhone calendar.
  • Interactive tool to work out when they might become an ACCA member, based on their progress and if they stay on track with their study and plans for gaining experience.
  • Insight into how fast they are progressing and tips on how to move faster through to ACCA membership.

 

The app also explores trends and issues crucial for business, economies, society and the accountancy profession, now and in the future.A free Research and Insights app has also been produced for the iPad, which keeps users up-to-date with the latest reports that have been published – such as Risk: The Inside Story.

There are other features to the app such as exclusive video interview with ACCA’s leading experts and interactive infographics.
Ewan Willars, policy director at ACCA, said: ‘These apps have been designed to make it easier to access information on technology that more and more people are now relying on, such as smartphones and tablets, in their busy day-to-day lives.
‘This is part of ACCA’s digital strategy, which is about making our products and materials available to the online community.’

ACCA Global, Aug 2012, "Get organised and keep up-to-date with new ACCA apps"

It’s all ‘app-ening’ as new accountancy tool launches

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Published May 24, 2012, in Technology

Every single business owner and individual looking for accountancy advice can now access it at the tap of a screen after Leicestershire-based Newby Castleman Chartered Accountants launched its free smartphone and tablet app.

Over 100 people pre-registered their interest in the build-up to the launch of the new app, which is now available to download from the App Store and Google Play and offers a number of interactive features, including tax calculators and tax tables, alongside the latest business news and advice on tax savings.

Raquel Lesta at Newby Castleman comments, “We aim to offer services that meet the contemporary needs of our existing and prospective clients and our brand new app does just that. Managing your finances and your business whilst on the go will now be that much simpler thanks to the app’s interactive features, which can be accessed quickly and easily.”

She adds, “Having recently celebrated the past with the firm’s 60th anniversary, this launch also shows our forward-thinking mentality and marks a further phase of our re-brand, which to date has seen striking new interior and exterior signage at both our Leicester and Loughborough offices, the creation of a new logo and the launch of a new website.”

Chris Castleman, Managing Partner, says, “The services required by our clients have been constantly evolving and we feel it is essential to deliver tools that make it easier to access the information they need, when they need it. The app will act as an extension of our current online and personal services, and we hope will prove to be extremely useful for everyone.”

The app makes it possible to scroll through information on corporate and personal tax planning, VAT, audit and accounts, acquisitions and disposals, corporate finance, business start-up, estate planning and much more. It is available to iPhone and Android users.

 

New accountancy app on top of the world

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Published May 22, 2012, in Technology

A free new accountancy app from Newby Castleman Chartered Accountants, in Leicester UK

The app, which provides accountancy and tax advice for business owners and individuals, is currently ranked first in the Finance

category for iPads worldwide after people flocked to download it for free from the App Store. It is also the eighth most downloaded accountancy app for iPhones.

Raquel Lesta, at Newby Castleman comments, “We are thrilled that our new accountancy app is ranked first in the world for iPads just a fortnight after its launch. While originally tablet computers may have been marketed for home use, their business potential is now being recognised and really harnessed by workforces. The fact that our app is in pole position on the download page, ahead of internationally recognised names such as CNN Money, is fantastic and not only highlights this growing trend but proves this is the perfect app for these changing times.”

She adds, “The feedback we have received from existing and prospective clients and associates in the country has been extremely positive. However, the lure of using the app’s interactive features to manage your finances and your businesses whilst on the go has proved to have a global appeal.”

The new app from Newby Castleman offers a number of interactive features, including tax calculators and tax tables, alongside the latest business news and advice on tax savings. It makes it possible to scroll through information on corporate and personal tax planning, VAT, audit and accounts, acquisitions and disposals, corporate finance, business start-up, estate planning and much more. It is available to iPhone and Android users.

To download the app visit the Newby Castleman website at www.newbycastleman.co.uk and follow the links to either the App Store for iPhones and iPads, or Google Play for Android phones and other tablet computers.

Praxity launches new website

by Francesca Breeze

By:
Published May 1, 2012, in Technology

Following an upgrade of its software and hardware platforms, Praxity – the world’s largest Alliance of independent accountancy firms – has launched a new website and extranet.

Unveiled at its recent Global Tax Conference in Dublin, the new site www.praxity.com utilises Microsoft CRM Dynamics and Sharepoint 2010.

The additional CRM tools and software upgrade enables member firms to easily access a central data hub with a wide range of communication and reference tools, plus globally exchange, update and track changes on working documents.

Praxity’s entire IT system has been replaced by a virtualised server environment, hosted in a purpose-built London-based data centre, offering greater capacity and flexibility across multiple time-zones.

Executive Director, Graeme Gordon, comments: “Member firms and Participants are keen to continuously collaborate and share knowledge on a global scale and these IT upgrades will help facilitate this. By upgrading to more user-friendly and responsive intuitive systems, the sites and their search engines are easier to navigate.”

He concludes: “As a not-for-profit organisation serving a worldwide audience, it’s vital we have cost-effective, reliable and flexible solutions which have the capacity to evolve in line with stakeholder feedback.”

Praxity was established in 2007 and is amongst the top 10 global accounting associations; it has 60 Participant members, (with 2,500 plus partners) in 87 countries supporting 27,700 staff in 553 offices. Earlier this year, the Alliance out-performed its peers after reporting an 11.8% increase in member revenue for 2011.

Blacklight Software provided the website support and Sovereign Business Integration the hardware systems.

Free record keeping Sage iPhone app

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Published April 18, 2012, in Technology

Sage UK, the leading business software and services provider, today unveiled Sage Record Keeper, a free iPhone mobile app for busy self employed people, sole traders and sub-contractors to keep simple cash records on the go.

Sage has developed the app, working closely with HM Revenue and Customs (HMRC) in support of their national campaign helping business people feel confident about better record keeping, freeing up valuable time to focus on running their businesses.
Designed to help small businesses keep convenient and simple cash records in one place, Sage Record Keeper is a free and easy way to enter and track income and expenditure on the move. Information can also be backed up using iCloud.