Business & Accountancy Daily

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| Referendum result triggers Brexit

As the FTSE 100 drops 7% as it opens the morning after the referendum on EU membership, and the pound drops to its lowest level since 1985, the heads of the Big Four accountancy firms call for UK businesses to ‘adapt and innovate’ as companies move into ‘uncharted waters’

24 Jun 2016

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Business | Benefits of social media use for business

Social media has many benefits for businesses, including accounting firms explains Kate Tyler, director of Shake Social - a social media agency

24 Jun 2016

Accountancy Firms

AI & Technology

Image for eu calls uk commence brexit without delay

| EU calls on UK to commence Brexit ‘without delay’

EU leaders have called on the UK to act quickly in commencing the process of leaving the union

24 Jun 2016

Image for corporate tax landscape change post brexit

| Corporate tax landscape to change post-Brexit

Following the vote to leave the EU, accountancy firms and business bodies have moved swiftly to emphasise the need to plan for a period of upheaval and, in particular, potential tax changes.

24 Jun 2016

Image for business usual financial regulation post brexit vote

| ‘Business as usual’ in financial regulation post-Brexit vote

In the wake of the UK’s vote to leave the EU, the UK’s regulators, professional bodies and the Bank of England have all emphasised that it will be ‘business as usual’ until the formal process of quitting begins, later this year

24 Jun 2016

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Business | Lack of digital capability could put wealth management's income at risk

The Asia-Pacific has taken the lead position as the region with the most high net worth individual (HNWI) wealth and population and wealth management firm’s net income could be at risk due to lack in digital capabilities, according to Capgemini’s 20th annual world wealth report (WWR)

24 Jun 2016

Accountancy Firms

AI & Technology

Image for people news cima aisma mha macintyre hudson carey olsen

HR | People in the news: CIMA, AISMA, MHA MacIntyre Hudson, Carey Olsen

Career news this week includes a new president at CIMA, two new committee members at AISMA, a tax partner at MHA MacIntyre Hudson, six new partners join Carey Olsen

24 Jun 2016

Leadership & Management

Image for bill dodwell tax and company restructuring event brexit

Tax | Bill Dodwell: tax and company restructuring in event of Brexit

Bill Dodwell, partner and head of tax policy at Deloitte, considers the key tax issues around restructuring for companies in the event of a UK vote to leave the EU

24 Jun 2016

International Tax

Image for sec sues uk based trader account intrusion fraud

Business | SEC sues UK-based trader for account intrusion fraud

The US regulator the Securities and Exchange Commission (SEC) says it has obtained an emergency court order to freeze the assets of a UK resident charged with intruding into the online brokerage accounts of US investors to make unauthorized stock trades that allowed him to profit on trades in his own account

24 Jun 2016

Called to Account

Image for frc close announcement kpmg audit hbos

| FRC close to announcement on KPMG audit of HBOS

The Financial Reporting Council (FRC) is to announce its decision on whether or not it will formally investigate KPMG’s work as auditors to HBOS in the run up to the bank’s collapse in 2007 ‘as soon as possible’, having originally said it would come to a conclusion by the spring

24 Jun 2016

Leadership & Management

Image for ots invites applications senior policy advisors

Business | OTS invites applications for senior policy advisors

The Office of Tax Simplification (OTS) has begun recruiting procedures for senior policy advisors, with applications closing on 8 July 2016

24 Jun 2016

Leadership & Management

23 Jun 2016

Image for kendrick hmrc sets sights tax affairs agency workers

Tax | Kendrick: HMRC sets sights on tax affairs of agency workers

Alastair Kendrick, tax director at MHA MacIntyre Hudson highlights the risk for companies hiring workers through third party intermediaries as HMRC tightens up its scrutiny of agency workers

23 Jun 2016

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Tax | Buy-to-let landlords: converting to a limited company

Rules restricting tax relief on finance costs on buy-to-let properties, due to come into force in 2017, mean that landlords should be considering whether to use a limited company to hold investment properties, but is this more tax efficient, asks Donna McCreadie, partner at Perrys Chartered Accountants

23 Jun 2016

Image for employee share schemes preparing hmrc reporting deadline

Tax | Employee share schemes: preparing for HMRC reporting deadline

As the 6 July deadline for reporting employee share schemes to HMRC approaches, Jackie Hall, tax partner at RSM, provides tips and useful hints on compliance requirements and potential pitfalls of using HMRC's online reporting template

23 Jun 2016

Image for hodge tables amendment finance bill net uks overseas territories

Tax | Hodge tables amendment to Finance Bill to net UK’s overseas territories

Labour MP Margaret Hodge, former chair of the Public Accounts Committee (PAC), has tabled an amendment to Finance Bill 2016, calling for the government to look at extending the requirement to publish a register of people with significant control to companies incorporated in the Crown dependencies and overseas territories

23 Jun 2016

Law and Regulation

Image for ots stakeholder conference tax advisers set 18 july

Tax | OTS stakeholder conference for tax advisers set for 18 July

The Office of Tax Simplification (OTS) has confirmed the date for its stakeholder conference next month, offering an opportunity to discuss future tax development including proposals to reform small business tax and a potential merger of income tax and national insurance contributions (NICs)

23 Jun 2016

Making Tax Digital

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Business | PwC signs up to women in finance charter

PwC has announced it has signed up to the Treasury’s women in finance charter, which was launched earlier this year and requires financial services firms to commit to implement four key industry actions, in order to boost female representation at senior levels and encourage gender balance

23 Jun 2016

Accountancy Firms

Leadership & Management

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Business | Welsh accountancy firm expands into mid Wales

Gwynedd based chartered accountants, Owain Bebb a’I gwmni, is expanding into mid Wales by opening an Aberystwyth branch in an attempt to expand its client base in the region

23 Jun 2016

Leadership & Management

22 Jun 2016

Image for case report project blue likely go supreme court

Tax | Case report: Project Blue likely to go to Supreme Court

Mark Cawthron analyses the Court of Appeal’s ruling on Project Blue Limited v R & C Commissioners in a long-running case which was balanced over the £1.25bn purchase of the former Chelsea Barracks site from the Ministry of Defence

22 Jun 2016

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Finance | MEPs calls for reform of IFRS standards implementation process

The European parliament has signalled its intention to push the International Accounting Standards Board (IASB) to develop a more co-ordinated approach to developing new IFRS standards, calling for the standard setter to co-ordinate timelines for new accounting rules

22 Jun 2016

Accounting Standards

Financial Reporting

Image for european commission agrees directive anti tax avoidance proposals

Tax | European Commission agrees directive on anti-tax avoidance proposals

The European Council has agreed a draft directive aim at addressing tax avoidance practices commonly used by large companies, which it says is designed to tackle situations where multinationals take advantage of disparities between national tax systems in order to reduce their overall tax liability

22 Jun 2016

Law and Regulation

Called to Account

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Tax | Rent a Room limit increased by £3,250

The annual Rent a Room limit has been increased for the tax year 2016/17 from £4,250 to £7,500 starting from 6 April 2016

22 Jun 2016

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Business | Half of FTSE 100 bosses will vote ‘remain’ in EU referendum

With the vote on whether the UK should leave or remain in the EU taking place tomorrow, more than 1,280 senior business executives, including 51 FTSE 100 companies, have signed a letter backing the UK's continued membership of the EU

22 Jun 2016

Accountancy Firms

Image for 1700 jobs risk my local calls administrators

Business | 1,700 jobs at risk as My Local calls in the administrators

Convenience store chain My Local has filed notice to appoint administrators, only nine months after it was spun off from Morrison’s M local stores, putting 1,700 jobs at risk

22 Jun 2016

Accountancy Firms

Image for kpmg plumbs administration yorkshire bathroom and kitchen supplier

Business | KPMG plumbs in administration for Yorkshire bathroom and kitchen supplier

Howard Smith and Jonathan Marston, partners in KMPG's restructuring practice, have been appointed as joint administrators to V & T (Plumbing, Central-Heating & Bathrooms) Ltd, which has ceased trading with more than 100 job losses

22 Jun 2016

Accountancy Firms

Image for regulators warn bitcoin poses financial stability risks

Business | Regulators warn bitcoin poses ‘financial stability risks’

The US regulators who make up the Financial Stability Oversight Council (FSOC) have signalled their concerns that bitcoin and blockchain technology pose risks to financial security and may result in changing market structure if cryptocurrency reduces the importance of traditional centralised intermediaries, increasing the challenge for regulation

22 Jun 2016

AI & Technology

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Business | Excel budgeting dominates public sector

Almost 90% of public sector finance professionals are still using manual processes for managing at least part of their budgeting and forecasting processes, with the majority still relying on Excel spreadsheets according to research by CIPFA and software provider Advanced

22 Jun 2016

Accountancy Firms

AI & Technology