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Sector Focus


Finance


Sponsored by: University of Birmingham Sector Focus The latest news from the sectors that matter to business


Birmingham Business School scores ‘world- first’ accreditation for online MBA


By Baljinder Panesar Marketing Officer


The University of Birmingham’s online MBA is the first in the world to receive formal accreditation from one of the leading authorities on postgraduate business education. The Association of MBAs


(AMBA) has accredited Birmingham Business School’s distance learning MBA as a wholly online programme. Previously, all AMBA accredited distance learning MBAs included a residential component, but the Birmingham programme is the first to be delivered completely online. Dr Michael Shulver, Designer


and Director of the Distance Learning MBA, said: “Securing AMBA


accreditation for Birmingham Business School’s online MBA reflects the very high standards we have set in designing and delivering this programme of study using the latest technology and teaching methods. “Previously, no institution has


ever applied for accreditation as a wholly online programme. We knew that in working with AMBA on the pilot accreditation we would be subject to increased scrutiny, and that the accreditation process would incur an element of risk. However, I am delighted at the outcome; we have re-defined the Distance Learning MBA for a 21st Century market.” Since launching in


September 2015 the programme has attracted students from over 20 countries. The courses are delivered through the University’s online learning platform and pair world-class academics with the latest teaching methods.


More information can be found at www.birmingham.ac.uk/mba


46 CHAMBERLINK July/August 2016 It’s time to declare control


Businesses are running out of time to comply with a mandatory new regulation which has come into force – and could face jail if they don’t respond. The ‘Persons with Significant


Control (PSC)’ register requires all UK companies and LLPs to identify any person who owns or controls more than 25 per cent of a company, and ensure that details of their holdings are made public. Accountancy firm Moore


Stephens has warned that a ‘worrying number’ of businesses have yet to respond to the edict. The new rules came into force on 6


April 2016, and means all affected organisations now have to hold a PSC register and will have to declare their persons of significant control when they submit an annual compliance statement to Companies House after 30 June 2016. Suk Aulak, partner at Moore


Suk Aulak: Failure to comply with new regulation is not an option


‘One of the reasons behind this change is the move to improve transparency around who owns and controls UK businesses’


Stephens’ Birmingham office, said companies need to become wise to the new regulation. “Company directors should be reviewing corporate


structure and internal governance protocols to assess who is a PSC,” he said.


“Failure to comply is not an


option, and can lead to criminal penalties for companies, their officers and other individuals concerned, or even imprisonment.” Aulak said many companies will


be unaware of their responsibilities to register and need to act now. He added: “One of the reasons


behind this change is the move to improve transparency around who owns and controls UK businesses. This is also a measure to improve the UK’s reputation as a fair place to do business. “Any information in the register


must be verified, monitored and kept up-to-date. The company will also need to demonstrate that it has taken all reasonable steps to ensure that the details on its register are kept complete and accurate at all times. “It is important to note that a


register must be kept even if a company believes that it has no current PSCs to register.


“We know that there is a worrying number of


businesses that will be completely unaware they need to act for these changes and that they should seek professional advice as soon as possible.”


The money behind the beautiful game


England’s Premier League football clubs are earning more than ever before, according to a new survey by accounting giant Deloitte. The firm has released its annual ‘Review


of Football Finance’ report, which shows that the Premier League is richer than ever. However, the figures relate to the 2014/15 season, and are already a year old. For the 2014/15 season, now relegated Aston


Villa were the best performing team in the Midlands, generating £113m in revenue. This was only enough to put the club in 11th position in the Premier League finance table, ahead of other Midland clubs Leicester, Stoke and West Bromwich Albion. Leicester only performed slightly worse than Villa, despite being


from a much smaller location. The club, which earned £104m were 12th in the Premier finance table. This was their first season back in the Premier League following promotion, a year that saw them dramatically escape relegation late in the day. The Deloitte figures do not cover this season, when the East Midlands club went on its amazing title chase, nor Aston Villa’s grim season, which ended in relegation. However, according to the report, during 2014/5, Premier League


clubs once again saw record revenues, generating £3.3 billion as the league continued to benefit from its broadcast rights cycle, which began in 2013/14. The lucrative broadcast deals also helped clubs to record a second consecutive year of pre-tax profits in 2014/15.


Productivity


needs to improve Britain is facing an output crisis with UK firms producing far less per hour than other G7 countries, a Birmingham business expert says. Productivity per hour in the UK


is around 18 per cent less than the average for the other G7 nations, according to Terri Halstead, tax partner at the Birmingham office of Haines Watts. Ms Halstead said that despite the


UK economy’s recent growth record, the country had a persistently poor record on productivity. Latest figures show the biggest gap compared to other leading Western economies and the worst since records began in the 1990s. She said:“Businesses must take


advantage of R & D tax breaks if the UK is to perform better. “Productivity is the most


important measure of international competitiveness and that is evidenced in our trade figures and balance of payments. Sadly, these offer no measure of comfort. Our political and business leaders have to concentrate on improving our competitiveness as a trading nation.”


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