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Image for ftt throws out g4s parking fine appeal business cost

Tax | FTT throws out G4S parking fine appeal as business cost

Security firm G4S has lost an appeal at the First Tier Tribunal (FTT) over HMRC’s refusal to allow the company to offset some £580,000 of parking fines received by its drivers in the course of making cash deliveries against its corporation tax bill

22 Apr 2016

Tax

Business Tax

Case Reports

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Business | People in the news: Hiscox Group, Grant Thornton, Milsted Langdon, Price Bailey

The latest accountancy careers moves sees group chief CFO hire at Hiscox Group, promotions at Grant Thornton and Price Bailey, while Garbutt + Elliott boosts Yorkshire tax practice

22 Apr 2016

Business

Companies

Accountancy Firms

Leadership & Management

Careers

Image for clavis liberty 1lp loses ps18m tax appeal first tier tribunal

Tax | Clavis Liberty 1LP loses £18m tax appeal at First Tier Tribunal

In the latest tax tribunal ruling in favour of HMRC, Clavis Liberty Fund 1 LP scheme has lost an appeal at the First Tier Tribunal (FTT) involving the use of dividends paid on shares to a company based in the Cayman Islands

22 Apr 2016

Tax

Personal Tax

Case Reports

Image for high court rules cup trust ps46m gift aid claim can be withdrawn

Tax | High Court rules Cup Trust £46m gift aid claim can be withdrawn

The High Court has agreed that the solicitors acting as interim mangers of the Cup Trust, a charity which was effectively used as a vehicle for a tax avoidance scheme, should withdraw a £46m claim for gift aid tax relief despite opposition from the original trustee, in a case brought by the Charity Commission

22 Apr 2016

Finance | Vatican calls halt to PwC audit

The Vatican has temporarily suspended PwC’s external audit of its finances, the first by a non-Italian auditor, after four months amid concerns over potential ‘irregularities’ on the Holy See’s part in the signing of the original contract

22 Apr 2016

Auditing

Corporate Governance

Image for country country reporting cbcr implementation pitfalls tax teams

Tax | Country-by-country reporting (CBCR): implementation pitfalls for tax teams

Corporate tax departments must consider data analytics to combat the reputational threat of BEPS, particularly moves to introduce county by country reporting (CBCR) from 1 January 2017. Jan van Trigt and Albert Fleming, tax experts at Delitte consider potential tips and pitfalls of CBCR

21 Apr 2016

Finance | Department for Education accounts slated for material errors

The head of the National Audit Office (NAO), Amyas Morse, has issued a critical assessment of the latest Department for Education’s (DfE’s) group financial statements, stating that the level of error and uncertainty is ‘both material and pervasive’, due to failure to account correctly for spending by academy trusts

21 Apr 2016

Business | RSM team takes on TV’s Eggheads

Tonight sees staff from RSM’s office in Stoke appearing on the big screen battling it out against some of the best quiz players in the UK on the BBC’s popular tv quiz programme, Eggheads

21 Apr 2016

Tax | Tax rules on part surrenders of life insurance policies up for review

The tax rules for part surrenders or part assignments of life insurance policies are under review as the government releases a consultation on three alternatives to the current tax arrangements by either introducing a direct tax charge, a 100% allowance or deferral of excessive gains

21 Apr 2016

Tax

Personal Tax

Consultations

Image for co operative party first political party fair tax mark

Tax | Co-operative Party first political party with Fair Tax Mark

The Co-operative Party is the first political party in the UK to be awarded the Fair Tax Mark, in recognition of its commitment to open and transparent tax reporting

21 Apr 2016

Tax | HMRC consults on tax rules for secondary annuity market for pensions

HMRC has released an eight-week consultation on the proposed tax framework for a secondary market for pension annuities, outlining tax liability, future impact on possible joint annuities and the ensuing purchased life annuity trading, relevant to pension holders looking to cash in their pension pots and pension providers

20 Apr 2016

Tax | Nunn: higher rate SDLT win offset by questions over Lifetime Savings Allowance (LISA)

Unfair proposals on higher stamp duty land tax (SDLT) charges and sale periods may have been scrapped but what’s the point of the Lifetime Individual Savings Account (LISA) for higher rate taxpayers, asks Yvette Nunn, director of Berkeley Associates

20 Apr 2016

Finance | London charity investigated over ‘substantial discrepancies’ in accounts

The Charity Commission has opened a statutory inquiry into Life Line Missions over what the regulator describes as ‘substantial discrepancies’ between the charity’s stated income and expenditure and information from its bank accounts

20 Apr 2016

Finance | FASB amends deferred revenue recognition standard Topic 606

The US Financial Accounting Standards Board (FASB) has issued amendments to the new US GAAP revenue recognition standard, Accounting Standards Update No. 2016-10, Revenue from Contracts with Customers (Topic 606), focusing on changes to performance obligations and licensing, following similar amendments to IFRS 15 announced earlier this month

20 Apr 2016

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Latest news

Tax | FTT throws out G4S parking fine appeal as business cost

Business | People in the news: Hiscox Group, Grant Thornton, Milsted Langdon, Price Bailey

Tax | Clavis Liberty 1LP loses £18m tax appeal at First Tier Tribunal

Tax | High Court rules Cup Trust £46m gift aid claim can be withdrawn

Finance | Vatican calls halt to PwC audit

Tax | Country-by-country reporting (CBCR): implementation pitfalls for tax teams

Finance | Department for Education accounts slated for material errors

Business | RSM team takes on TV’s Eggheads

Tax | Tax rules on part surrenders of life insurance policies up for review

Tax | Co-operative Party first political party with Fair Tax Mark

Tax | HMRC consults on tax rules for secondary annuity market for pensions

Tax | Nunn: higher rate SDLT win offset by questions over Lifetime Savings Allowance (LISA)

Finance | London charity investigated over ‘substantial discrepancies’ in accounts

Finance | FASB amends deferred revenue recognition standard Topic 606