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Tax | HMRC dumps single £10bn Aspire IT contract in switch to multiple suppliers

HMRC has reached a final agreement with its major IT suppliers on the phased exit from its longstanding £10bn Aspire IT contract, set to end in 2017, which will see the tax authority make the move to using a mix of existing and new suppliers including SMEs for smaller-scale work packages in the run up to the complete rollout of digital tax accounts

30 Mar 2016

Finance | FRC sets spring deadline for report on KPMG audit of HBOS

The Financial Reporting Council (FRC) is set to publish a report on KPMG’s work as auditors of HBOS in the run up to the bank’s collapse in the 2008 crisis in the next few weeks, according to information given to the Treasury select committee, which has been pressing the regulator to take action

30 Mar 2016

Tax | Bank of England proposes clampdown on BTL lending

The Prudential Regulation Authority (PRA) is consulting on proposals to tighten up buy-to-let (BTL) mortgage lending rules, after the Bank of England warned that high risk loans could lead to a market crash which would have an adverse effect on individuals investing in property as a source of retirement income

30 Mar 2016

Tax | Warning on potential text message scams from HMRC fakers

With an increasing number of phishing attacks from scammers purporting to be the taxman, HMRC has updated its guidance on how to distinguish between genuine contact and phishing attempts, with new information about identifying text messages, which it is using as part of a new security verification process for online accounts

30 Mar 2016

Tax | HMRC updates student loan guidance for employers

HMRC has issued updated guidance for employers about student loan repayments, providing new information on the procedures for handling overpayments and how to judge which of two plans apply to an individual’s loan repayment schedule

30 Mar 2016

Tax | Tax data: CGT indexation allowance - April 2016

Download the HMRC capital gains tax (CGT) indexation allowance for December 2015

30 Mar 2016

Tax | Matalan founder loses legal challenge over CGT discovery assessment

John Hargreaves, founder of discount retail chain Matalan, has failed in a bid at the Court of Appeal to overturn previous tribunal decisions that he has no right to a separate preliminary hearing over the validity of an HMRC discovery assessment over his tax affairs relating to capital gains over the sale of shares before his appeal against that assessment takes place

30 Mar 2016

Tax | Tax filing deadlines: Apr - Jul 2016

The key HMRC filing deadlines from April to July 2016 including inheritance tax due on lifetime transfers, employment quarterly intermediary reporting and deadline for use of capital gains tax (CGT) annual allowances

30 Mar 2016

Tax | Digital tax accounts for business will raise costs, warns ICAEW

ICAEW is urging the government to make more information available about the making tax digital plans and the move to online filing of accounts, after research found 75% of UK businesses do not currently maintain their accounts electronically using accounting software

30 Mar 2016

29 Mar 2016

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Business | Scott-Moncrieff and Ogilvie & Company set to merge

Scott-Moncrieff is to merge with Edinburgh-based firm, Ogilvie & Company, expanding the tax advice and trust management team at the accountancy firm

29 Mar 2016

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Image for mobile phone vat fraudsters sent ps111m repayment bill

Tax | Mobile phone VAT fraudsters sent £111m repayment bill

Four convicted fraudsters, who were part of an 18-strong crime gang involved in a mobile phone VAT fraud, have been ordered to repay more than £111m in criminal profits or face additional jail terms

29 Mar 2016

Tax | Taxpayer loses APN judicial review over 'unlawfully retrospective' challenge

A public health consultant, Dr Walapu, has lost his judicial review over a challenge to HMRC’s imposition of an accelerated payments notice (APN) relating to his use of a notified tax avoidance scheme, with the judge saying there was no evidence HMRC’s actions were ‘unlawfully retrospective’ and nor were they ‘an abuse of power or otherwise unfair’

29 Mar 2016

Tax | HMRC collects additional £470m tax by tightening screws on small business

HMRC raised nearly half a billion pounds from investigations into the tax affairs of small businesses last year, according to data revealed by UHY Hacker Young following a freedom of information request, which warns that the introduction of specialist taskforces is likely to see scrutiny increase further

29 Mar 2016

Finance | ESMA calls for more EU consistency on IFRS application

The European Securities and Markets Authority (ESMA) has published the 2015 annual report on the enforcement and regulatory activities of accounting regulators across the EU28, highlighting the need for more consistency in the application and use of International Financial Reporting Standards (IFRS)

29 Mar 2016

Tax | OECD consults on tax treaty entitlement of non-CIV funds

The OECD has launched a consultation on the tax treaty entitlement of non-Collective Investment Vehicle (CIV) funds as part of its follow-up work for its Base Erosion and Profit Shifting (BEPS) project, to ensure that the new treaty provisions included in its Action 6 report address adequately the treaty entitlement of these funds

29 Mar 2016

Tax | Zero VAT rating for tampons gets go ahead

The UK government has won a VAT victory over the EU over the VAT rating of tampons and sanitary products with rules set to come into force shortly to remove the current 5% charge

29 Mar 2016

Business | Restaurant director banned over £200k tax cash takeaway

The director of a Turkish restaurant based in Hertfordshire has been disqualified from acting as a company director for 11 years for deliberately failing to ensure that the company had properly and accurately accounted for over £200,000 of VAT and corporation tax, following an Insolvency Service investigation

29 Mar 2016

Business

Called to Account

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Finance | Tension over future of audit splits global auditors

Global views on the future of audit are so diverse that countries cannot reach consensus on how quickly to introduce changes which some jurisdictions feel are long overdue, with a marked divide between countries where audit is still developing and those where it is long established, according to research by ACCA and Grant Thornton

29 Mar 2016

Leadership & Management

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Business | CABA celebrates 130 years of support for accountants

CABA, which offers support to past and present ICAEW members and their families, is celebrating its 130th anniversary, as it reviews the organisation’s evolution from a financial support organisation to its present role providing extensive support to the accountancy community on health, wellbeing and legal issues, and of course, financial support for those in need

29 Mar 2016

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Image for lack brexit contingency planning pervades business

Business | Lack of Brexit contingency planning pervades business

With less than three months to go until the EU referendum, under half of UK companies have considered what effect the result will have on their organisation, according to a poll by ICSA, the Governance Institute and the Core Partnership, reflecting the findings of a recent Grant Thornton survey

29 Mar 2016

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Latest news

Tax | HMRC dumps single £10bn Aspire IT contract in switch to multiple suppliers

Finance | FRC sets spring deadline for report on KPMG audit of HBOS

Tax | Bank of England proposes clampdown on BTL lending

Tax | Warning on potential text message scams from HMRC fakers

Tax | HMRC updates student loan guidance for employers

Tax | Tax data: CGT indexation allowance - April 2016

Tax | Matalan founder loses legal challenge over CGT discovery assessment

Tax | Tax filing deadlines: Apr - Jul 2016

Tax | Digital tax accounts for business will raise costs, warns ICAEW

Business | Scott-Moncrieff and Ogilvie & Company set to merge

Tax | Mobile phone VAT fraudsters sent £111m repayment bill

Tax | Taxpayer loses APN judicial review over 'unlawfully retrospective' challenge

Tax | HMRC collects additional £470m tax by tightening screws on small business

Finance | ESMA calls for more EU consistency on IFRS application

Tax | OECD consults on tax treaty entitlement of non-CIV funds

Tax | Zero VAT rating for tampons gets go ahead

Business | Restaurant director banned over £200k tax cash takeaway

Finance | Tension over future of audit splits global auditors

Business | CABA celebrates 130 years of support for accountants

Business | Lack of Brexit contingency planning pervades business

Business & Accountancy Daily

Latest news

Tax | HMRC dumps single £10bn Aspire IT contract in switch to multiple suppliers

Finance | FRC sets spring deadline for report on KPMG audit of HBOS

Tax | Bank of England proposes clampdown on BTL lending

Tax | Warning on potential text message scams from HMRC fakers

Tax | HMRC updates student loan guidance for employers

Tax | Tax data: CGT indexation allowance - April 2016

Tax | Matalan founder loses legal challenge over CGT discovery assessment

Tax | Tax filing deadlines: Apr - Jul 2016

Tax | Digital tax accounts for business will raise costs, warns ICAEW

29 Mar 2016

Business | Scott-Moncrieff and Ogilvie & Company set to merge

Tax | Mobile phone VAT fraudsters sent £111m repayment bill

Tax | Taxpayer loses APN judicial review over 'unlawfully retrospective' challenge

Tax | HMRC collects additional £470m tax by tightening screws on small business

Finance | ESMA calls for more EU consistency on IFRS application

Tax | OECD consults on tax treaty entitlement of non-CIV funds

Tax | Zero VAT rating for tampons gets go ahead

Business | Restaurant director banned over £200k tax cash takeaway

Finance | Tension over future of audit splits global auditors

Business | CABA celebrates 130 years of support for accountants

Business | Lack of Brexit contingency planning pervades business

28 Mar 2016