Business & Accountancy Daily

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Tax | Accounting firms hit by BT internet service outage

A broadband service outage suffered by BT and its customers affected firms and agents across the country after the Government Gateway was knocked out, preventing submissions and affecting tax compliance

20 Jul 2016

Tax | Nunn: nuclear enforcement over HMRC deferral agreement

Yvette Nunn, director at Berkeley Associates is critical of the harsh treatment meted out by enforcement team tax officials at HMRC about deferral agreements for a business client

20 Jul 2016

Tax | Economic trends: business uncertainty post-Brexit

Political decisiveness could assuage some of the fears post Brexit vote, but the impact of uncertainty on the UK economy is not yet apparent, says George Buckley, chief economist at Deutsche Bank

20 Jul 2016

Leadership & Management

Image for hmrc extends settlement date disguised remuneration scheme users

Tax | HMRC extends settlement date for disguised remuneration scheme users

The deadline for settling outstanding tax liability for users of disguised remuneration schemes has been extended to end March 2017, giving affected taxpayers a four-month window to negotiate a deal with HMRC over any outstanding unpaid tax

20 Jul 2016

Finance | FRC calls for greater emphasis on corporate culture

Curbs on excessive executive pay and a broader role for internal auditors should be the key drivers to improve corporate culture at companies to ensure long-term business success, reveals a study published by the Financial Reporting Council (FRC) which sets out measures to identify and promote good practice

20 Jul 2016

Tax | Tax body faces delay over statutory basis

The Office of Tax Simplification (OTS) chair Angela Knight has admitted the body is awaiting confirmation of its statutory basis following the formation of Theresa May’s new government

20 Jul 2016

Finance | Accountant defrauds trade association of £24K

An accountant who formerly worked for the British Insurance Brokers Association (BIBA) has been found guilty of stealing more than £24,000 from the association, and could face jail

20 Jul 2016

Finance

Law and Regulation

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Tax | Tax relief changes hit buy-to-let landlords

HMRC has issued guidance concerning changes to tax relief for residential landlords, restricting relief for finance costs to the basic rate of income tax which will be phased in over four years starting from April 2017

20 Jul 2016

Business | Regulatory Policy Committee wants better red tape scrutiny

The Regulatory Policy Committee (RPC) has added its voice to criticisms of government attempts to cut the true cost of regulation, saying that it needs to do more to focus on the most financially significant measures and to ensure that new requirements do not have a disproportionate impact on small businesses

20 Jul 2016

Business

Companies

Accountancy Firms

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Business | Wilmington buys SWAT to build up presence in accounting training

SWAT Group Ltd, a provider of training and technical compliance support to accountancy firms, has been acquired by Mercia Group Ltd, a subsidiary of Wilmington plc, in a deal potentially worth around £5m

20 Jul 2016

Business

Companies

Accountancy Firms

19 Jul 2016

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Finance | Consultation on changes to local authority accounting code of practice

CIPFA and the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) are asking for feedback on a number of planned changes to the code of practice for local authority accounting in the UK, which would apply to accounting periods starting on or after 1 April 2017

19 Jul 2016

Finance

Accounting Standards

IFRS

Image for invoice fraud costs developing countries billions

Finance | Invoice fraud costs developing countries billions

Some developing countries are losing as much as 67% of their exports to invoice fraud, according to research commissioned by the United Nations (UN), which claims that the over-and-under invoicing of trade transactions over the past two decades has facilitated billions of US dollars in illicit financial flows into or out of some developing nations

19 Jul 2016

Finance

Financial Reporting

Image for brexit fallout potential changes uk employment law

| Brexit fallout: potential changes to UK employment law

The vote for an EU exit could foreshadow significant change to UK employment law, much of which flows from the European parliament. Stuart Chamberlain, Wolters Kluwer employment law specialist, examines the potential impact and practical implications for UK employment law from workers' rights to agency rules

19 Jul 2016

Business

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Finance | MOD accounts qualified over lease accounting failures

The 2015-16 accounts for the Ministry of Defence (MOD) have been qualified for the seventh year running over failures to comply with the requirement under the International Financial Reporting Standards (IFRS) for determining whether a contract contains a lease, just a week after the department was slated for its failure to ensure value for money in procurement contracts

19 Jul 2016

Auditing

Corporate Governance

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HR | SME directors have no exit strategy as one third hit 60

SME owners need to prepare their exit strategies ahead of retirement as one in three reach the age of 60 without any succession plans in place, warns research from Moore Stephens

19 Jul 2016

Leadership & Management

Careers

Image for number senior female executives remains stagnant two years

Business | Number of senior female executives remains stagnant for two years

The amount of women at executive committee level has remained at 17% for more than two years in FTSE 100 businesses despite the number of women in large corporates increasing at all other levels, according to research by the Cracking the Code team, a collaboration between KPMG, Why Women Work, YSC and the 30% Club

19 Jul 2016

Business

Companies

Leadership & Management

Careers

Image for official statistics show women top insolvency lists

Business | Official statistics show women top insolvency lists

The total insolvency rate in 2015 continued to decrease in all regions across the country, but for the second year in a row the female insolvency rate was higher than the male insolvency rate, according to analysis from the Insolvency Service

19 Jul 2016

Business

Restructuring & Insolvency

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Business | Failure to ring-fence client funds sees directors disqualified

A husband and wife team from Cheshire have been disqualified for a total of 24 years for their conduct in First Step Finance Ltd, a personal client debt solutions and management company which recorded a deficiency of almost £6m in client funds

19 Jul 2016

Business

Restructuring & Insolvency

Called to Account

18 Jul 2016

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Tax | Builder wins appeal on £5k VAT on business vehicle

A builder who purchased a car for the sole purpose of using it for her business has won an appeal in the First Tier Tribunal (FTT) against HMRC, after it disallowed a claim for VAT on the purchase and charged a penalty for misdeclaration

18 Jul 2016

Tax | HMRC issues guidance on ending contracting-out for DB pension schemes

HMRC has published guidance for pension administrators about the end of contracting-out for defined benefit pension schemes, following the introduction of the new state pension, and has warned it will not track contracted-out rights or issue statements to pension schemes

18 Jul 2016

Business | Retailer's cash deposits need protection under insolvency

A Law Commission review of prepayments in retail insolvencies is recommending that consumers paying a cash deposit of £250 or over within six months of a retailer going bust should be moved up the priority list when it comes to getting their money back

18 Jul 2016

Business

Companies

Accountancy Firms

Restructuring & Insolvency

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Tax | IMF call for ‘comprehensive reform’ of US tax system

An International Monetary Fund (IMF) review has called for a comprehensive reform of the US tax system, with the aim of removing exemptions, simplifying the system, rebalancing from direct to indirect taxes, and reducing statutory rates for individual and corporate income taxes

18 Jul 2016

Tax

International Tax

Tax Planning

Image for embark group acquires pension specialist rowanmoor group

Business | Embark Group acquires pension specialist Rowanmoor Group

Pensions specialist Rowanmoor Group, operator of small self-administered schemes (SSAS), has been acquired by Embark Group as part of its move to create a full-service retirement provider

18 Jul 2016

Business

Companies

Pensions

Image for cima discusses closer links cipfa and icas

Business | CIMA discusses closer links with CIPFA and ICAS

CIMA has opened talks with both CIPFA and ICAS about offering their members routes to CIMA membership and the chartered global management accountant (CGMA) designation, with further details to be made available later in the year

18 Jul 2016

| CFO confidence drops post Brexit

There has been a sharp fall in confidence among the CFOs of the UK’s largest companies following the referendum on the UK’s membership of the EU, according to Deloitte’s latest CFO survey which records optimism levels dropping below even the worst period of the 2008 financial crisis

18 Jul 2016

Business

Image for maximum disqualification director over false vat claims

Tax | Maximum disqualification for director over false VAT claims

A company director from London, who made some £50,000 false VAT claims to HMRC, has been hit with the maximum director disqualification of 15 years following an Insolvency Service investigation into claims of currency frauds

18 Jul 2016

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Latest news

Tax | Accounting firms hit by BT internet service outage

Tax | Nunn: nuclear enforcement over HMRC deferral agreement

Tax | Economic trends: business uncertainty post-Brexit

Tax | HMRC extends settlement date for disguised remuneration scheme users

Finance | FRC calls for greater emphasis on corporate culture

Tax | Tax body faces delay over statutory basis

Finance | Accountant defrauds trade association of £24K

Tax | Tax relief changes hit buy-to-let landlords

Business | Regulatory Policy Committee wants better red tape scrutiny

Business | Wilmington buys SWAT to build up presence in accounting training

Finance | Consultation on changes to local authority accounting code of practice

Finance | Invoice fraud costs developing countries billions

| Brexit fallout: potential changes to UK employment law

Finance | MOD accounts qualified over lease accounting failures

HR | SME directors have no exit strategy as one third hit 60

Business | Number of senior female executives remains stagnant for two years

Business | Official statistics show women top insolvency lists

Business | Failure to ring-fence client funds sees directors disqualified

Tax | Builder wins appeal on £5k VAT on business vehicle

Tax | HMRC issues guidance on ending contracting-out for DB pension schemes

Business | Retailer's cash deposits need protection under insolvency

Tax | IMF call for ‘comprehensive reform’ of US tax system

Business | Embark Group acquires pension specialist Rowanmoor Group

Business | CIMA discusses closer links with CIPFA and ICAS

| CFO confidence drops post Brexit

Tax | Maximum disqualification for director over false VAT claims