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9am Lowdown: AccountingWEB twitter chat - growing your practice, your way

10th Jun 2015
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And now for the extra special 10am edition of the 9am Lowdown! Variety is the spice of life.

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AccountingWEB twitter chat: Growing your practice, your way

AccountingWEB  is hosting a twitter chat at 3PM today with our practice excellence partners about what the characteristics of an award winning practice are.

Be sure to check it out, and when getting involved use the hashtag #PEP15. We look forward to a lively chat!

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George Osborne to enshrine the Budget surplus in law

The Chancellor is planning to pass a law later this year compelling all future governments to run a budget surplus in “normal” economic conditions, reports Business Insider.

Osborne will announce plans for his surplus law at the prestigious Mansion House event in the City of London tonight.

Osborne is expected to say in his speech: “With our national debt unsustainably high, and with the uncertainty about what the world economy will throw at us in the coming years, we must now fix the roof while the sun is shining.”

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G7 leader’s declaration outlines tax vision

Tax featured prominently in the Leaders’ Declaration of the G7 Summit, signalling an era of increased international cooperation on tax matters.

What the communique says, in relation to tax, is: 

​“We are committed to achieving a fair and modern international tax system which is essential to fairness and prosperity for all…We commit to strongly promoting automatic exchange of information on cross-border tax rulings.

“Moreover, we look forward to the rapid implementation of the new single global standard for automatic exchange of information by the end of 2017 or 2018, including by all financial centres subject to completing necessary legislative procedures. We also urge jurisdictions that have not yet, or not adequately, implemented the international standard for the exchange of information on request to do so expeditiously.”

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Scots consider tax rise to battle austerity

John Swinney, the Scottish finance secretary, has said he may raise income tax next year after the Chancellor cut Holyrood’s funding by a further £107m, reports The Guardian.

The cut is about £70m less than was forecast last week when George Osborne announced swingeing cuts across Whitehall.

“In the face of strong opposition and no mandate for austerity in Scotland, the chancellor plans to plough ahead and slash the Scottish budget this year,” Swinney said.

“The cut of £107m is substantially lower than the UK government’s original estimate, but this still too bitter a pill to swallow. I made it clear today that it is completely unacceptable for reductions to be imposed in this financial year to the budget that has already been agreed by the Scottish parliament.”

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On this day

On this day, in 1829 the first Varsity boat race took place.

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