Business &amp; Accountancy Daily

Image for bhs pension deficit resolvable and sortable claims green

Tax | BHS pension deficit ‘resolvable and sortable’, claims Green

Sir Philip Green, the former owner of BHS, ended a marathon six-hour appearance in front of the joint BIS and DWP select committee with a commitment to ‘sort’ the deficit in the store chain’s pension fund, but defended his decision to sell the chain to a former bankrupt on the grounds that the purchaser, Dominic Chappell, was being advised by reputable firms, including Grant Thornton

16 Jun 2016

Tax | EU campaign groups cast uncertainty over access to ECJ

Both campaign groups involved in the debate over the UK’s position in Europe have cast doubt over access to the European Court of Justice (ECJ) after next week’s referendum

16 Jun 2016

Tax | Taxman ramps up tax evasion investigations to 3K a year

Almost 3,000 suspected cases of serious tax evasion were referred by HMRC for specialist investigation for the second year running last year, according to figures obtained by Pinsent Masons which says political pressure is driving an increase in investigations

16 Jun 2016

Finance | HMRC revises FRS 102 guidance on director’s loans

HMRC has revised the guidance on director’s loans due to the UK GAAP change to accounting rules affecting reporting as taxing debt will now be largely driven by FRS 102 requirements for financial instruments

16 Jun 2016

15 Jun 2016

Image for philip green too emotionally involved bhs

Tax | Philip Green ‘too emotionally involved’ in BHS

Former BHS-owner Sir Philip Green has started his long anticipated appearance in front of MPs keen to quiz him on the collapse of the high street retailer and the fate of its pension scheme, and has sought to allay accusations of tax avoidance by saying he has never moved assets offshore

15 Jun 2016

Finance | EU audit reform part 6: regulating audit tenders

In part six of the EU audit reform series, David Young, senior adviser at Independent Audit, reviews requirements for regular audit tenders under the EU Audit Regulations and Directive (ARD)

15 Jun 2016

Auditing

Audit Regulations

Image for hmrc issues guidance share scheme penalties

Tax | HMRC issues guidance on share scheme penalties

The penalties for non-compliance with the rules on tax liability for employee tax advantaged share schemes have been updated

15 Jun 2016

Tax

Employment Tax

HMRC

Image for poor communications blamed soaring bhs pension scheme deficit

Business | ‘Poor communications’ blamed for soaring BHS pension scheme deficit

The joint DWP and BIS select committee cross examining Sir Philip Green about the fate of the BHS pension scheme following the collapse of the high street chain has heard the retailer say ‘someone was asleep at the wheel’ while a deficit of some £700m was built up

15 Jun 2016

Pensions

Image for ecj backs uks right restrict child benefits

Business | ECJ backs UK’s right to restrict child benefits

The European Court of Justice (ECJ) has ruled that the UK government is within its right to restrict child benefits and tax credit to some EU migrants, despite the European Commission calling it ‘discriminatory’

15 Jun 2016

Accountancy Firms

Image for tax authorities score ps43m fine over barcelonas neymar deal

Business | Tax authorities score £4.3m fine over Barcelona’s Neymar deal

Spanish league champions Barcelona have agreed to pay a €5.5m (£4.38m) fine to settle a tax fraud case relating to the transfer of Brazil international player Neymar to the football club in 2013

15 Jun 2016

Law & Guidance

Image for ps15bn tax rises emergency budget post brexit threatened

| £15bn tax rises in emergency Budget post Brexit threatened

Later this morning Chancellor George Osborne is set to outline plans for an emergency Budget should the UK vote to leave the EU in next week’s referendum on membership, with £15bn of tax rises and £15bn of spending cuts on the table in the event of a Brexit

15 Jun 2016

Tax | Slip up on tax, but where’s the safety net?

It’s not only businesses and the better off that need tax advice. Some people on low incomes desperately need tax help and without it they and their families can suffer significantly, warns Stephen Banyard, TaxAid trustee

15 Jun 2016

Image for entrepreneur jailed ps500k vat fraud

Business | Entrepreneur jailed for £500k VAT fraud

An entrepreneur from London has been jailed for three years after HMRC found him guilty of stealing £500,000 in VAT

15 Jun 2016

14 Jun 2016

| KPMG gives Fifa audit the boot

KPMG Switzerland has resigned as auditor of Fifa, the world football governing body which has become mired in a corruption scandal following claims that millions of pounds have been paid to its top executives as part of corrupt deals stretching back decades

14 Jun 2016

Auditing

Image for call tax relief private medical care cut sickness rates

Tax | Call for tax relief on private medical care to cut sickness rates

EEF, the industry body for engineering and manufacturing employers, is calling for tax breaks for companies who pay for private medical treatment for staff, saying this would increase productivity by cutting the number of days off sick, as well as easing the burden on the NHS

14 Jun 2016

Tax | Four million hour wait time at HMRC

Unnecessary job cuts at HMRC led to customers spending four million hours on hold in 2015/16 according to evidence given to the Public Accounts Committee (PAC) based on customer service reports from National Audit Office (NAO)

14 Jun 2016

Tax

HMRC

Image for treasury set replace whiting ots head

Business | Treasury set to replace Whiting as OTS head

The Treasury is looking for a replacement for John Whiting as permanent tax director to lead the Office of Tax Simplification (OTS), following the announcement that Whiting will be stepping down from the role and retiring in November

14 Jun 2016

Image for call uk improve employment rates over 55s

Business | Call for UK to improve employment rates for over-55s

Improving the employment rate of workers over 55 could boost UK GDP by £105bn according to analysis by PwC, which suggests the UK is failing to close the gap in its performance at having older people in work compared with other EU countries

14 Jun 2016

Image for two jailed ten year total over ps23m vat fraud

Business | Two jailed for ten year total over £2.3m VAT fraud

A businessman and his ex-girlfriend, who used bogus identities to steal more than £2.3m in a tax fraud, have been jailed for a total of ten years following an HMRC investigation

14 Jun 2016

Business | Bogus accountant skips bail

A police hunt is underway for Harvey Pearce, a bogus accountant who has skipped bail and may have fled the country to avoid being sentenced for obtaining almost £155,000 from two employers through false representation and defrauding the National Film and Television School of more than £24,000

14 Jun 2016

Image for hmrc plans send taxpayers thank you letters

Tax | HMRC plans to send taxpayers 'thank you' letters

HMRC is trialling the idea of sending ‘thank you’ letters to taxpayers as part of moves to improve relationships, according to evidence given to the Public Accounts Committee (PAC) which was examining National Audit Office (NAO) reports on poor customer service levels in 2014/15

14 Jun 2016