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Finance | National Audit Office set to replace EY as BBC auditor

The government has announced plans to appoint the National Audit Office as auditor of the BBC to replace the incumbent EY as part of plans to overhaul the broadcaster’s charter, subject to final agreement

13 May 2016

Auditing

Corporate Governance

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Tax | Interest deductibility rules to curb MNC avoidance out for review

HMRC has announced the second phase of a consultation on the tax deductibility of corporate interest expense, which will look at the detailed policy design and implementation of new rules designed to bring the UK in line with the OECD’s Base Erosion and Profit Shifting (BEPS) project and address aggressive tax planning by multinational companies (MNCs)

13 May 2016

Business | Finance Mole: perplexing VAT conundrum spoils breakfast

When a thorny VAT issue rears its head, Finance Mole heads for a flash meeting at the glass and steel towers of one of the Big Four accounting firms

13 May 2016

Finance | Revised guidance for Irish credit union audits published

The Financial Reporting Council (FRC) has issued revised guidance for credit union auditors in Ireland for the audits of accounts for the year ending on 30 September 2016

13 May 2016

Auditing

Audit Regulations

Image for capital gains tax cgt rates cut what it means business owners

Tax | Capital gains tax (CGT) rates cut: what it means for business owners

The Budget 2016 brought good news for owner managers and shareholders in private trading companies, says Peter Rayney, who considers the new tax breaks as capital gains tax (CGT) was cut by 8% bringing the new rate down to 20%

12 May 2016

Tax | Wolters Kluwer launches integration tool to link to cloud accounting applications

The UK software division of Wolters Kluwer has launched an initiative to integrate its UK software with a number of UK cloud accounting providers in a move that helps accountants improve efficiency and their service offering to small and medium sized businesses

12 May 2016

Leadership & Management

Careers

Image for digital tax accounts consultation delayed until after eu referendum

Tax | Digital tax accounts consultation delayed until after EU referendum

HMRC is to delay the consultations on the technical details for the rollout of digital tax accounts and quarterly reporting until after the referendum on 23 June despite plans to start beta testing on quarterly reporting this July

12 May 2016

Finance | New UK GAAP: fair value and corporate finance deals

If you are involved in corporate finance or similar activities then you might be surprised by how big an impact new UK GAAP - FRS 102 accounting rules - can have on your deals, particularly hitting entities moving to FRS 102 or FRS 101, says Julia Penny FCA, divisional director at SWAT

12 May 2016

Finance | FASB amends US revenue recognition standard, Topic 606

The US accounting regulator, the Financial Accounting Standards Board (FASB) has issued amendments to the revenue recognition standard in Accounting Standards Update No. 2016-12, Revenue from Contracts with Customers (Topic 606): which will come into force from 2018

12 May 2016

Finance

Financial Reporting

IFRS

Image for designer jeans importer jailed five years ps1m vat fraud

Business | Designer jeans importer jailed for five years for £1m VAT fraud

A company director who claimed to trade in designer jeans from the US has been jailed for five years after being found guilty of an attempted £1m tax fraud

12 May 2016

Business

Called to Account

Image for pwc digs its heels over uniform policy

Business | PwC digs its heels in over uniform policy

PwC has acted to spike concerns that its dress code insists female staff wear high heeled shoes, after a temporary receptionist gained considerable media coverage claiming she had been barred from working there because she preferred flats

12 May 2016

Business

Accountancy Firms

Careers

Image for pensions taxation tinkering tax regime

Tax | Pensions taxation: tinkering with the tax regime

A decade ago, 6 April 2006 (A-Day) saw the introduction of a new ‘simplified’ tax regime for pensions. Ten years on, Jane Beverley, head of research at pensions expert, Punter Southall, reflects on the current tax position on pensions and considers some of the key changes affecting tax liability for pension savers including the lifetime allowance

11 May 2016

Tax | Directors loans: beware changes to section 455 rules

A move to curb the use of shareholder and directors' loans under section 455 of CTA 2010 will raise the tax liability for directors, warns Cathy Corns, corporate tax partner at Mercer & Hole. Find out how the changes will hit company owners with a selection of worked examples

11 May 2016