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<br /> INTELLIGENCE AND INSIGHT<br /> NOVEMBER 2015 | ICAEW.COM/ECONOMIA ISSUE 43 | ACCOUNTANCY | FINANCE | BUSINESS<br /> THE ENTERPRISING YOUNG PROFESSIONALS MAKING THEIR MARK TODAY<br /> 5)&/&8#.8E&%410354"-00/<br /> MONTHLY RENTALS FROM £295<br /> 1MVTcJOJUJBMSFOUBM<br /> 108G/KM.19%.68.9 (COMBINED).<br /> %FMJWFSJOHVOSJWBMMFEESJWJOHEZOBNJDTXJUIPVUDPNQSPNJTJOHFGGJDJFODZ UIFFZFDBUDIJOHOFX#.84FSJFTJT<br /> BOFYDFMMFOUCVTJOFTTBMMSPVOEFS5IF#.8E&GGJDJFOU%ZOBNJDT4QPSU4BMPPOPGGFSTBIJHIMFWFMPGTUBOEBSE<br /> TQFDJGJDBUJPO JODMVEJOH%BLPUBMFBUIFSVQIPMTUFSZ GSPOUTFBUIFBUJOHBOE#.8#VTJOFTT/BWJHBUJPO ZFUBUUSBDUT<br /> BOBQQFBMJOH#*,UIBOLTUPJOUFMMJHFOUJOOPWBUJPOUIBUGFBUVSFTBDSPTTUIFSBOHF<br /> Visit bmwbusinesspartnership.co.uk to discover more or to arrange a test drive†.<br /> 0GשDJBMGVFMFDPOPNZשHVSFTGPSUIFOFX#.8E&%4QPSU4BMPPO6SCBONQH MLN <br /> &YUSB6SCBONQH MLN $PNCJOFENQH MLN $0FNJTTJPOTHLN<br /> 'JHVSFTNBZWBSZEFQFOEJOHPOESJWJOHTUZMF<a title="Economia NOVEMBER 15 page 1" href="http://viewer.zmags.com/publication/1376b9ec?page=1"> INTELLIGENCE AND INSIGHT NOVEMBER 2015 </a> <a title="Economia NOVEMBER 15 page 2" href="http://viewer.zmags.com/publication/1376b9ec?page=2"> 5)&/&8#.8E&%410354"-00/ MONTHLY RENTALS FROM £295</a> <a title="Economia NOVEMBER 15 page 3" href="http://viewer.zmags.com/publication/1376b9ec?page=3"> BMW #VTJOFTT 1BSUOFSTIJQ</a> <a title="Economia NOVEMBER 15 page 4" href="http://viewer.zmags.com/publication/1376b9ec?page=4"> Advisers, don't ignore the Workplace Pension </a> <a title="Economia NOVEMBER 15 page 5" href="http://viewer.zmags.com/publication/1376b9ec?page=5"> International endorsement of the OECD's base eros</a> <a title="Economia NOVEMBER 15 page 6" href="http://viewer.zmags.com/publication/1376b9ec?page=6"> ICAEW in this issue </a> <a title="Economia NOVEMBER 15 page 7" href="http://viewer.zmags.com/publication/1376b9ec?page=7"> 32 COVER: PHOTOGRAPHY: DAVID VINTINER; ARTWORKING</a> <a title="Economia NOVEMBER 15 page 8" href="http://viewer.zmags.com/publication/1376b9ec?page=8"> EDITORIAL ADVISORY BOARD Arthur Bailey FCA, (c</a> <a title="Economia NOVEMBER 15 page 9" href="http://viewer.zmags.com/publication/1376b9ec?page=9"> Your right-hand man. FORD KU</a> <a title="Economia NOVEMBER 15 page 10" href="http://viewer.zmags.com/publication/1376b9ec?page=10"> In review THE INTERNATIONAL PICTURE 11m Number of</a> <a title="Economia NOVEMBER 15 page 11" href="http://viewer.zmags.com/publication/1376b9ec?page=11"> THE AUDIT 3.6% 3.7% </a> <a title="Economia NOVEMBER 15 page 12" href="http://viewer.zmags.com/publication/1376b9ec?page=12"> THE AUDIT YOUGOV Annual sales for </a> <a title="Economia NOVEMBER 15 page 13" href="http://viewer.zmags.com/publication/1376b9ec?page=13"> IN BUSINESS YOU HAVE TO BE SINGLE MINDED. And th</a> <a title="Economia NOVEMBER 15 page 14" href="http://viewer.zmags.com/publication/1376b9ec?page=14"> The ICAEW has driven </a> <a title="Economia NOVEMBER 15 page 15" href="http://viewer.zmags.com/publication/1376b9ec?page=15"> THE AUDIT As I see it Simon Gray is the founder </a> <a title="Economia NOVEMBER 15 page 16" href="http://viewer.zmags.com/publication/1376b9ec?page=16"> THE AUDIT From the top L </a> <a title="Economia NOVEMBER 15 page 17" href="http://viewer.zmags.com/publication/1376b9ec?page=17"> </a> <a title="Economia NOVEMBER 15 page 18" href="http://viewer.zmags.com/publication/1376b9ec?page=18"> THE AUDIT The graph News from the last month, in</a> <a title="Economia NOVEMBER 15 page 19" href="http://viewer.zmags.com/publication/1376b9ec?page=19"> </a> <a title="Economia NOVEMBER 15 page 20" href="http://viewer.zmags.com/publication/1376b9ec?page=20"> I started my accountancy career </a> <a title="Economia NOVEMBER 15 page 21" href="http://viewer.zmags.com/publication/1376b9ec?page=21"> THE AUDIT </a> <a title="Economia NOVEMBER 15 page 22" href="http://viewer.zmags.com/publication/1376b9ec?page=22"> GROW YOUR BOTTOM LINE Tolley®Guidance Building yo</a> <a title="Economia NOVEMBER 15 page 23" href="http://viewer.zmags.com/publication/1376b9ec?page=23"> THE AUDIT WINNING WAYS Scottish and Southern Ele</a> <a title="Economia NOVEMBER 15 page 24" href="http://viewer.zmags.com/publication/1376b9ec?page=24"> ADVERTISEMENT The all-new Audi A4 The all-</a> <a title="Economia NOVEMBER 15 page 25" href="http://viewer.zmags.com/publication/1376b9ec?page=25"> SE, Sport and S line trim levels offer generous eq</a> <a title="Economia NOVEMBER 15 page 26" href="http://viewer.zmags.com/publication/1376b9ec?page=26"> Michael Izza “Short-term economic growth was str</a> <a title="Economia NOVEMBER 15 page 27" href="http://viewer.zmags.com/publication/1376b9ec?page=27"> OPINION twitter.com/economiamag · face</a> <a title="Economia NOVEMBER 15 page 28" href="http://viewer.zmags.com/publication/1376b9ec?page=28"> OPINION Jason Cowley “Once an orthodox smal</a> <a title="Economia NOVEMBER 15 page 29" href="http://viewer.zmags.com/publication/1376b9ec?page=29"> </a> <a title="Economia NOVEMBER 15 page 30" href="http://viewer.zmags.com/publication/1376b9ec?page=30"> </a> <a title="Economia NOVEMBER 15 page 31" href="http://viewer.zmags.com/publication/1376b9ec?page=31"> OPINION Sony Kapoor “It is possible for rea</a> <a title="Economia NOVEMBER 15 page 32" href="http://viewer.zmags.com/publication/1376b9ec?page=32"> KHALID ALKHUDAIR Founder and chief executive offi</a> <a title="Economia NOVEMBER 15 page 33" href="http://viewer.zmags.com/publication/1376b9ec?page=33"> JOHN STORY Financial director, Story Contracting </a> <a title="Economia NOVEMBER 15 page 34" href="http://viewer.zmags.com/publication/1376b9ec?page=34"> Who: Naomi Bowman Role: Head of governance and op</a> <a title="Economia NOVEMBER 15 page 35" href="http://viewer.zmags.com/publication/1376b9ec?page=35"> That opened my eyes – I worked on consulting, bus</a> <a title="Economia NOVEMBER 15 page 36" href="http://viewer.zmags.com/publication/1376b9ec?page=36"> Who: Raphael Cohen Role: Assistant manager, priva</a> <a title="Economia NOVEMBER 15 page 37" href="http://viewer.zmags.com/publication/1376b9ec?page=37"> Who: Joe Adams Role: Finance director, Space Ape </a> <a title="Economia NOVEMBER 15 page 38" href="http://viewer.zmags.com/publication/1376b9ec?page=38"> “TOO OFTEN LAWYERS ARE PERCEIVED AS ONLY NECESSAR</a> <a title="Economia NOVEMBER 15 page 39" href="http://viewer.zmags.com/publication/1376b9ec?page=39"> the same (negligence, late payments, misconduct e</a> <a title="Economia NOVEMBER 15 page 40" href="http://viewer.zmags.com/publication/1376b9ec?page=40"> “I didn't realise Baird has raised and managed </a> <a title="Economia NOVEMBER 15 page 41" href="http://viewer.zmags.com/publication/1376b9ec?page=41"> Issue ten Virgin StartUp is one example o</a> <a title="Economia NOVEMBER 15 page 42" href="http://viewer.zmags.com/publication/1376b9ec?page=42"> Issue ten 10 “Businesses that have done well so</a> <a title="Economia NOVEMBER 15 page 43" href="http://viewer.zmags.com/publication/1376b9ec?page=43"> SUCCESSFUL APPLICANTS ARE... 47% 44% 9% AGED 18-</a> <a title="Economia NOVEMBER 15 page 44" href="http://viewer.zmags.com/publication/1376b9ec?page=44"> Are government measures effective in helping smal</a> <a title="Economia NOVEMBER 15 page 45" href="http://viewer.zmags.com/publication/1376b9ec?page=45"> DEBATE YES Nicola Bolton </a> <a title="Economia NOVEMBER 15 page 46" href="http://viewer.zmags.com/publication/1376b9ec?page=46"> THE SLOW JOURNEY TO FASTER PAYMENTS The modest u</a> <a title="Economia NOVEMBER 15 page 47" href="http://viewer.zmags.com/publication/1376b9ec?page=47"> them to use the credited funds) and the contextua</a> <a title="Economia NOVEMBER 15 page 48" href="http://viewer.zmags.com/publication/1376b9ec?page=48"> conducted from any location or device.” Real-</a> <a title="Economia NOVEMBER 15 page 49" href="http://viewer.zmags.com/publication/1376b9ec?page=49"> scale, while systems could also be used by small </a> <a title="Economia NOVEMBER 15 page 50" href="http://viewer.zmags.com/publication/1376b9ec?page=50"> RUNNING THE RULES Are government attempts to redu</a> <a title="Economia NOVEMBER 15 page 51" href="http://viewer.zmags.com/publication/1376b9ec?page=51"> is a sharp reminder to business secretary Sajid J</a> <a title="Economia NOVEMBER 15 page 52" href="http://viewer.zmags.com/publication/1376b9ec?page=52"> legislation – only an HMRC Tribunal can decide. 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title="Economia NOVEMBER 15 page 60" href="http://viewer.zmags.com/publication/1376b9ec?page=60"> 5TH 1ST 16TH 8TH UK USA 42ND G</a> <a title="Economia NOVEMBER 15 page 61" href="http://viewer.zmags.com/publication/1376b9ec?page=61"> 15TH 7TH 34TH INDIA 101ST </a> <a title="Economia NOVEMBER 15 page 62" href="http://viewer.zmags.com/publication/1376b9ec?page=62"> The Social progress Index (SPI) provides a framew</a> <a title="Economia NOVEMBER 15 page 63" href="http://viewer.zmags.com/publication/1376b9ec?page=63"> SOCIAL PROGRESS INDEX ADULT LITERACY % of </a> <a title="Economia NOVEMBER 15 page 64" href="http://viewer.zmags.com/publication/1376b9ec?page=64"> WHERE BUSINESS IS COMPLICATED 35 The</a> <a title="Economia NOVEMBER 15 page 65" href="http://viewer.zmags.com/publication/1376b9ec?page=65"> THE ECONOMIA ESSAY of the lives</a> <a title="Economia NOVEMBER 15 page 66" href="http://viewer.zmags.com/publication/1376b9ec?page=66"> Admire the energy Diversifying Brunei’s economy 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