A round up of other news this week.
The Office of Tax Simplification (OTS) have released a report that explores the issues surrounding the option of replacing capital allowances with accounting depreciation. The OTS have recommended improvements to the current system of capital allowances rather than replacing it with a deduction for accounting depreciation.
David Slater, Director of Trade at KPMG in the UK stated that as a whole, the last 12 months have been a buoyant time for UK’s exporters. However, in the final run up to Brexit, with a stronger pound and uncertainty around the UK’s future trading relationship now sapping business confidence, export volumes in both goods and services fell in the first quarter of this year.
A new survey was launched by KPMG in the UK which looks at wealth managers’ attitudes towards the customer experience. KPMG believes that wealth managers should focus on targeting their most likely future clients, High Earning Not Rich Yet (HENRYs), which comprises largely of Generation Y and Millennials who have thrown off the brand loyalty of previous generations and have far higher expectations of customer experience. However, successful targeting will require a rethink of business models, including how and what to charge for.
KPMG in the UK’s Chief Economist has commented on the latest UK labour market figures highlighting how they have continued to tighten in the three months to April, even though employment reached record levels and the proportion of people in work has remained at peak since records began.