Business &amp; Accountancy Daily

Image for oecd consults beps action 4 curb interest deductibility

Tax | OECD consults on BEPS Action 4 to curb interest deductibility

The OECD has issued a four-week consultation on the design and implementation plans for revised treatment of interest deductibility under the group ratio rule set out in BEPS Action 4 designed to curb use of interest deductibility to offset tax liability

12 Jul 2016

Tax | Eurozone finance ministers consider fiscal union

Finance ministers in the devolved regions of the UK and across the EU, have signalled their intention to move forward on plans for implementing a new approach to budgeting and fiscal planning, now that the UK has voted to leave the EU

12 Jul 2016

Tax | Ireland sets out arrangements for tax ruling information exchange

Ireland’s tax authority has issued guidance on how it plans to exchange information on tax rulings with other administrations in order to meet the requirements of a new EU directive and the requirements to be implemented under the OECD’s Base Erosion and Profit Shifting (BEPS) project

12 Jul 2016

International Tax

Tax Planning

Image for oecd releases it format exchange tax rulings under beps action 5

Tax | OECD releases IT-format for exchange on tax rulings under BEPS Action 5

The OECD has released its standardised IT-format for the exchange on tax rulings (ETR) between jurisdictions to meet the new tax framework following adoption of BEPS Action 5 on countering harmful tax practices more effectively

12 Jul 2016

International Tax

Tax Compliance

Image for gift aid needs be simplified says ots

Tax | Gift Aid needs to be simplified says OTS

The Office of Tax Simplification (OTS) has published its response to HMRC’s consultation on proposals to streamline the gift aid small donations scheme (GASDS), and says more needs to be done to modernise the system in a way that encourages spontaneous donations whilst reducing administration

12 Jul 2016

HR | McNeilly named managing partner for Dains Accountants

Dains Accountants has appointed Richard McNeilly as managing partner taking over from Spencer Wright who is stepping down after 10 years in the role

12 Jul 2016

11 Jul 2016

Tax | Tax landscape post-Brexit

As the UK comes to terms with the result of the EU referendum, Jaimie Kaffash considers what comes next for the country’s tax system

11 Jul 2016

Tax Planning

Image for inadequate technology failing uk accountancy sector

Business | Inadequate technology failing UK accountancy sector

Accountancy firms are struggling to share information and data efficiently or securely as they do not have the right technology for the job, claims Morten Brøgger, CEO at tech specialist Huddle

11 Jul 2016

Tax | Accountant lands penalty for footballer client

An appeal against an inaccuracy penalty inflicted on a professional footballer, due to his accountant making an error on his tax return, has been dismissed on the grounds that the taxpayer should have spotted the mistake

11 Jul 2016

Tax | ‘Sugar tax’ predicted to leave £17m sour taste

The Treasury’s plans to introduce a so-called ‘sugar tax’ on fizzy drinks have been attacked by the TaxPayers' Alliance (TPA), which says the move would result in a drop of some £17m in tax revenues because of the impact on the economy and employment

11 Jul 2016

Business Tax

Tax Planning

Image for suicide prevention charity under financial investigation

Finance | Suicide prevention charity under financial investigation

The Charity Commission, the independent regulator of charities in England and Wales, has opened a statutory inquiry into Console Suicide Prevention Ltd, a UK charity which has links with a separate charity already under investigation by regulators in the Republic of Ireland over concerns about possible financial mismanagement

11 Jul 2016

Charities

Tax | PM hopeful May sets out plans for business

Theresa May has signalled she wants to change the way that big business is governed, with legal curbs on top tier pay levels and a broader range of non-executive directors, including company workers, if she succeeds in her bid to become the next leader of the Conservative party and prime minister

11 Jul 2016

Business | EY signs government pledge to increase leadership diversity

EY has become the second of the Big Four accountancy firms to sign up to a new government charter designed to improve gender diversity in senior positions within the financial services sector, following on from PwC’s pledge at its launch

11 Jul 2016

Image for tory leadership contenders publish tax returns

Tax | Tory leadership contenders publish tax returns

Both the MPs who are contenders for the leadership of the Conservative party have released details of their tax affairs, with front runner Theresa May providing five years’ worth of information and Andrea Leadsom just a single year’s calculations

11 Jul 2016

Personal Tax

Politics

| NAO qualifies DWP 2015-16 accounts

The Department for Works and Pensions (DWP) has had its latest set of accounts qualified, as it has every year since 1988-89, owing to what the National Audit Office (NAO) describes as the ‘unacceptably high’ level of fraud and error in benefit expenditure, other than state pension where the level of fraud and error is lower

11 Jul 2016

Auditing

8 Jul 2016

Image for us tax authorities may challenge facebook over transfer pricing

Tax | US tax authorities may challenge Facebook over transfer pricing

The US Internal Revenue Service (IRS) is seeking information from Facebook about the transfer of various rights associated with its global business to a holding company in Ireland, over concerns that these may have not been valued correctly for accounting purposes

8 Jul 2016

Business | Half of SMEs unprepared for workplace pensions

Half of small businesses (52%) and startups do not think that their business will be ready to offer the auto enrolment pension scheme within the government’s deadline of 2018, according to research from Geniac

8 Jul 2016

Pensions

Image for people news treasury grant thornton bdo pwc

HR | People in the news: Treasury, Grant Thornton, BDO, PwC

Career news this week includes a new secretary at the Treasury, two promotions at Grant Thornton, BDO appoints a head of legal and PwC appoints a new real estate leader

8 Jul 2016

Image for ey leads big four push increase senior female leadership

Business | EY leads Big Four push to increase senior female leadership

All of the Big Four firms have achieved more than 30% female representation in senior leadership roles according to research by the Managing Partners’ Forum (MPF), which is calling for professional firms to aim for voluntary target of 40% over the next three years as they outperform large corporates on gender diversity

8 Jul 2016

Image for frc issues amendments following annual review frs 101

Finance | FRC issues amendments following annual review of FRS 101

The Financial Reporting Council (FRC) has issued limited amendments to FRS 101 Reduced Disclosure Framework following its annual review of the standard, and is also consulting on plans to remove the requirement to notify shareholders in advance of application of the disclosure exemptions

8 Jul 2016

Finance

Accounting Standards

Financial Reporting

Image for cipfa and ey launch managed services local government accounting

Business | CIPFA and EY launch managed services for local government accounting

CIPFA and EY have teamed up to offer a service delivering fully compliant accounts for local authorities, in response to the growing complexity of reporting requirements in the sector

8 Jul 2016

Image for hmrc renews warning contractor loan schemes

Tax | HMRC renews warning on contractor loan schemes

HMRC has issued renewed guidance on contractor loans, emphasising that loans paid to contractors or freelance workers through trusts or umbrella companies are subject to tax in the same way as other income

8 Jul 2016