Business &amp; Accountancy Daily

Property Tax

Tax Planning

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HR | People in the news: PwC, IFRS, EY, CIMA, ACCA, IVSC

Appointments this week include four new partners at PwC, IFRS gets a new director, a promotion at EY, CIMA chief Charles Tilley moves to CGMA Research Foundation, Honeycomb Forensic Accountants appoints director, president of ICAEW becomes chairman of CCAB

15 Jul 2016

Leadership & Management

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Tax | EU adopts corporate tax avoidance directive by 2018

The European Council has adopted a directive to crack down on corporate tax avoidance by large companies and their subsidaries including interest deductibility and exit taxation rules under new rules set to come into force by 2018

15 Jul 2016

Tax | Monaco signs tax information exchange agreement with EU

The EU and Monaco have signed a tax transparency agreement to automatically exchange information on the financial accounts of each other's residents from 2018

15 Jul 2016

Finance | Deloitte raises over £2.6m in national charities campaign

Deloitte has reported raising over £2.6m in three years for charity through its national partnerships with the Alzheimer’s Society, Prostate Cancer UK and Mind, which ended in May this year.

15 Jul 2016

Charities

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Business | Record number of ACA students pass ICAEW's professional exams

A record number of ACA students have passed ICAEW’s professional level exams with 5,491 students sitting this year’s exams – the highest sitting to date with PwC candidates topping the list in terms of top performance

15 Jul 2016

Tax | Major milestone in Scottish devolved powers

Westminster has passed a major milestone in the transfer of new powers to Holyrood under the Scotland Act 2016, meaning that for the first time the Scottish parliament will be able to legislate to tailor the welfare system to reflect local needs, including the ability to create entirely new welfare benefits in areas of devolved responsibility

15 Jul 2016

Tax | Three in four agents critical of HMRC customer service

HMRC has admitted it faces a challenge in building confidence and trust in its services, particularly among the agent community, after its annual customer survey showed that three quarters believe it takes too long to provide responses.

15 Jul 2016

HMRC

Tax Compliance

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Tax | Port Talbot Town FC issued winding-up order

A winding-up petition has been issued by HMRC to Welsh football club Port Talbot Town

15 Jul 2016

14 Jul 2016

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| Defence spending watchdog challenges £61m of non-allowable costs

Defence companies are failing to comply with new regulations over non-competitive contracts, according to a report by the independent watchdog which is challenging £61m of potentially non-allowable costs charged to the Ministry of Defence (MOD) by contractors

14 Jul 2016

Corporate Governance

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Tax | Treasury's Gauke promoted to chief secretary

Treasury financial secretary David Gauke has been promoted to chief secretary to the Treasury in PM Theresa May's new cabinet as local government and communities minister Greg Clark has been handed the post of secretary of state for business, energy and industrial strategy replacing Sajid Javid in the newly expanded business department

14 Jul 2016

Tax | Finance Bill 2016 delayed until September

The Leader of the House has confimred that the Finance Bill will be delayed until after the summer recess and that the remaining stages of the comittee procedure have been provisionally scheduled to take place on Monday 5 September

14 Jul 2016

Tax | Hammond to replace Osborne as Chancellor in post-Brexit cabinet

Incoming prime minister, Theresa May, has confirmed the appointment of Philip Hammond to replace George Osborne as Chancellor of the Exchequeur, with Brexiteers Boris Johnson named as foreign secretary and David Davies as secretary of state responsible for Brexit negotiations, reports Sara White

14 Jul 2016

Politics

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Tax | Supreme Court supports bra supplier’s claim to duty-free status

The Supreme Court has ruled in favour of a Southampton-based bra supplier who held that a mastectomy bra designed to be worn with an artificial breast form should be classed as an orthopaedic appliance and so exempt from import duty, overturning previous legal rulings which agreed with HMRC’s view that 6.5% duty was payable

14 Jul 2016

Restructuring & Insolvency

HMRC

Case Reports

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Finance | FRC State of the Nation report reveals extent of ongoing investigations

The Financial Reporting Council (FRC)’s inaugural State of the Nation report has highlighted the number of ongoing investigations into suspected misconduct in statutory audits

14 Jul 2016

Auditing

Corporate Governance

Audit Regulations

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Finance | NAO slams NHS over handling of £800m contract

The National Audit Office (NAO) has published a scathing report into the design and procurement of a proposed five-year £800m contract to deliver NHS services in Cambridgeshire and Peterborough, which collapsed after just eight months because it ran into financial difficulties, after £8.9m had been spent on setting it up

14 Jul 2016

Image for fca fines insurer ps26m and ex fd ps60k over client money failings

Business | FCA fines insurer £2.6m and ex-FD £60k over client money failings

The Financial Conduct Authority (FCA) has slapped a £2.6m fine on Towergate Underwriting Group Ltd for failings in relation to its protection of client and insurer money, plus a £60,000 fine on Timothy Philip, the firm’s former client money officer and finance director of one of its intermediate parent companies

14 Jul 2016

Tax | Verification issues hit CIS online service

HMRC is experiencing five Construction Industry Scheme (CIS) verification issues that are currently affecting the online service, meaning that people are unable to submit their monthly returns

14 Jul 2016

Tax | European Parliament sets up ‘Panama Papers’ committee

The European Parliament has announced the details of its new committee of inquiry into money laundering, tax avoidance, and tax evasion (PANA), set up to investigate alleged contraventions and maladministration of EU law in this area in the wake of the leak of the Panama Papers

14 Jul 2016

| FRC consults on adopting ISAs 800 and 805 under Solvency II

The Financial Reporting Council (FRC) is consulting on the adoption of International Standards on Auditing (ISAs) 800 and 805 in the UK, to help support auditors in providing assurance over public reporting in the insurance sector under Solvency II

14 Jul 2016

Accounting Consultations

13 Jul 2016

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Finance | Anti-money laundering: what you need to know

Accountants are at risk from money laundering but there is an ever-growing arsenal to combat the threat, explains Sophie Brookes, partner at Gateley plc

13 Jul 2016

Finance

Accounting Standards

Law and Regulation

Image for goods delivery service tops hmrc tax defaulters owing ps36m

Tax | Goods delivery service tops HMRC tax defaulters owing £3.6m

The latest list of tax defaulters is topped by a goods delivery company that owed £3.6m in unpaid tax, while other offenders include a Subway sandwich franchise shop and a financial services company

13 Jul 2016

Tax | Employers slate HMRC for ‘passing buck’ on intermediaries

HMRC’s plans to make employers and engagers responsible for operating new intermediaries legislation and determining whether workers using Personal Services Companies (PSCs) are paying the correct level of tax have come under fire in research commissioned by the department

13 Jul 2016

Tax | HMRC to consult on digital tax accounts by end 2016

As the summer recess approaches there is still no sign of the expected four consultations on the introduction of digital tax accounts, although HMRC has confirmed that it plans to issue 18 consultations on various tax measures before the end of the year

13 Jul 2016

Tax | DCMS releases off payroll numbers with rise at Ofcom

Ofcom has topped the table of off payroll temporary staff hires in the latest Department for Culture, Media and Sport (DCMS) figures showing the number of contractors hired over 2015/16

13 Jul 2016

Employment Tax

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Tax | Parliamentary debate on EU referendum re-run

Parliament is set to debate the call for a second referendum on EU membership after an online petition gained more than four million signatories for the move, but the government has made clear that this does not mean there will be a vote to decide whether to re-run last month’s result to leave

13 Jul 2016

Politics

Image for mazars acquires financial modelling provider corality

Business | Mazars acquires financial modelling provider Corality

Mazars has announced it is to acquire Corality Financial Group, specialising in financial modelling, model audit and training, in a bid to ramp up its services for the infrastructure finance market and extend its international reach

13 Jul 2016

Companies

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Tax | OECD releases IT-format for Common Reporting Standard

The OECD has released its IT-format for providing feedback on received Common Reporting Standard (CRS) information, named CRS Status Message XML Schema, as well as a user guide

13 Jul 2016

International Tax

Tax Planning

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Tax | HMRC complaint handling improving says Adjudicator's Office

Despite making steady improvements in the way taxpayers’ complaints are handled, the Adjudicator’s Office is still receiving around 77 cases per month from taxpayers over benefits and tax credits; an increase of 83% on 2013-14 and 38% on 2014-15 respectively, the adjudicator’s annual report shows.

13 Jul 2016

HMRC

| FRC highlights post-Brexit reporting requirements

The Financial Reporting Council (FRC) has outlined the high-level considerations directors should have in mind when preparing their forthcoming half-yearly and annual financial reports in the light of the referendum vote for the UK to leave the EU and the consequential uncertainties in the political and economic environment

13 Jul 2016

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Tax | Taxman sets follower notice rules for partnerships

HMRC has issued guidance on tax avoidance schemes, advising on partnership follower notices and accelerated partner payments as well as including information on penalties for late payments

13 Jul 2016

Business | Midlands accountancy firm expands into the North East

Baldwins Accountancy firm, based in the Midlands, has expanded into the North East by adding chartered accountants, Evolution, to Baldwins Accountancy Group

13 Jul 2016

Companies