Businesses Need To Equip Employees With Digital Skills Before Robots Take Their Jobs

Businesses Need To Equip Employees With Digital Skills Before Robots Take Their Jobs

UK businesses are being urged to equip their employees with digital skills before artificial intelligence (AI) makes their role redundant, according to a new report by PwC. It’s now estimated that more than 10 million UK employees risk losing their jobs within the next 15 years as more and more routine tasks are being automated –  with 30% of the workforce potentially at risk. When broken down by sector, the wholesale and retail industry is most likely to bear the brunt of digitalisation with 2.25 million workers on the brink of being let go. This is followed by 1.2 million in manufacturing, 1.1 million in administrative and support services and 950,000 in transport and storage. It’s predicted that while such an automation process will actually boost productivity and create new job opportu... »

Family Businesses Unaware of Inheritance and Capital Gains Tax Liabilities

A third of family-business owners are unaware of their domestic inheritance tax and capital gains tax (CGT) liabilities, research from PricewaterhouseCoopers (PwC) has found. In PwC’s survey of more than 1,600 family-owned small and medium-sized businesses across 35 countries, two thirds of UK firms were also unaware of the international inheritance tax or CGT that they could incur, typically by owning premises abroad.  According to the poll, many UK firms are less well-prepared than their global counterparts. In Spain, 91% of firms were aware of their domestic Capital Gains Tax implications, while 85% of Brazilian firms and 73% in Germany were up to speed on their tax exposure. Mary Monfries, tax partner at PwC, said the results were “concerning”, saying: “Tax charges incurred throu... »

Data Explosion Leaves Companies Exposed to New Legal Risks

Advances in technology, changes in employee ways of working and vast increases in data storage capacity are leaving companies open to a new era of governance and legal risks, says PwC in a new report published today. The Future of E-disclosure 2020, shows how courts and regulators are becoming increasingly intolerant of inadequate or incomplete document disclosure and how many companies’ information, storage and retrieval capabilities no longer cut it in a world where corporate data volumes grow upwards of 40% a year. Tom Lewis, partner and leader of PwC’s forensic technology soutions, says: “Companies are generally good at creating and storing data but struggle to catalogue and retrieve it effectively. With employees increasingly being able to store information in perpetuity for lit... »