Business &amp; Accountancy Daily

Companies

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Tax | University taxes students for sweet tooth

The University of Brighton has taken matters into its own hands by introducing their own 10p levy on sugary drinks, ahead of governments plans for a UK wide levy, as part of a campaign to cut sugar consumption

5 Aug 2016

Tax | VAT password issue as security tightened on Government Gateway

HMRC has issued updated guidance for agents on signing in to VAT online services via the new government gateway login page, after discovering that additional security controls may be causing difficulties with some passwords

5 Aug 2016

VAT

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Finance | Gift Aid tax break helps fund future Olympic champions

Team GB’s future Olympic champions can get funding help through the Gift Aid scheme on donations made to Community Amateur Sports Clubs (CASCs) but non taxpayers should avoid Gift Aid on their donations, highlights the Low incomes Tax Reform Group (LITFG)

5 Aug 2016

Charities

Image for upper tribunal unearths problems asparagus growing tax relief

Tax | Upper Tribunal unearths problems in asparagus-growing tax relief

A taxpayer has been left facing a further assessment of whether her actions in growing asparagus for sale should be considered as farming or market gardening for the purposes of tax, after an Upper Tribunal said it was unable to determine the position in regards to a claim for ‘sideways’ loss relief

5 Aug 2016

| People in the news: PwC, EY, PKF Littlejohn, MHA MacIntyre Hudson

In this week’s moves and appointments roundup, four partners appointed at PwC’s health practice, EY gains an executive director in the Channel Islands, PKF Littlejohn ad MHA MacIntyre Hudson promote a partner

5 Aug 2016

Careers

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Tax | Liam Fox’s ministerial portfolio confirmed

The list of ministerial responsibilities for the newly created Department for International Trade has been confirmed, including details on the job role of International Trade secretary Dr Liam Fox

5 Aug 2016

Politics

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Business | Finance Mole: tassle hassle compounded by Brexit

Finance Mole suffers the ignominy of a post-Brexit hangover after a night in an old university haunt and Pokemon GO enters the audit rooms

5 Aug 2016

Companies

Careers

Image for hmrc releases basic tax standard agents and accountants

Tax | HMRC releases basic tax standard for agents and accountants

HMRC has issued a brief document outlining a set of minimum standards it expects tax agents, accountants and advisers to follow in order to meet basic levels of tax compliance, stressing that HMRC officials must be treated with respect

5 Aug 2016

Tax Compliance

4 Aug 2016

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Finance | Preparing your pension plan for Brexit

In light of Brexit, trustees and corporate sponsors of occupational pensions need to review their defined benefit and defined contribution schemes, and protect against investment volatility, says Francois Barker, partner and head of the pensions group at Eversheds

4 Aug 2016

Pensions

Careers

Tax | Interest rates cut to 0.25%

In the first move to change interest rates since the crash in 2009, the Bank of England (BoE) has cut rates from 0.5% to 0.25%, making it a record low

4 Aug 2016

Politics

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Finance | CCAB to consult on revised SORP for LLPs

The Consultative Committee of Accountancy Bodies (CCAB) is consulting on proposals to revise the statement of recommended practice (SORP) for accounting by limited liability partnerships (LLPs) to reflect changes made by the Financial Reporting (FRC) to UK accounting standards in July 2015 and changes in LLP regulations

4 Aug 2016

Tax | Hodge brands UK ‘difficult friend’ of BEPS project

The UK has been a ‘difficult friend’ of the OECD’s Base Erosion and Profit Shifting (BEPS) project, while the proposals themselves fail to deliver the level of transparency needed to tackle global tax avoidance, according to a report released by the All Party Parliamentary Group (APPG) on responsible tax

4 Aug 2016

Tax Compliance

Law and Regulation

Image for luxembourg calls tougher sentences after luxleaks verdict

Business | Luxembourg calls for tougher sentences after LuxLeaks verdict

The Luxembourg authorities are to appeal against the verdict in the recent ‘LuxLeaks’ trial involving two former PwC employees, arguing the sentences handed down by the court were not tough enough

4 Aug 2016

Companies

Called to Account

Image for hmrc prepares move corporation tax forms online

Tax | HMRC prepares to move corporation tax forms online

HMRC is to stop providing some corporation tax paper forms, as part of preparations to move to digital working and offer taxpayers the option to receive paper based forms electronically, AAT has highlighted

4 Aug 2016

Business Tax

Image for online tax credit renewals hit one million mark

Tax | Online tax credit renewals hit one million mark

The number of people renewing their tax credits online on 31 July was up 25% on last year’s figure following improvements to the online service, claims HMRC

4 Aug 2016

Personal Tax

3 Aug 2016

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Finance | Granular auditing: using enhanced audit reports

One year since the start of the extended reporting regime, the quality of audit reports is improving but not enough. Katharine Bagshaw FCA analyses the key findings from the latest report into the effectiveness of enhanced audit reports at listed companies

3 Aug 2016

Auditing

Corporate Governance

Image for ey could face irish regulator over anglo irish bank audit

Finance | EY could face Irish regulator over Anglo Irish Bank audit

EY looks set to face a renewed investigation by the Irish accountancy regulator into its role as the former auditor of Anglo Irish Bank (AIB), following the conclusion of a lengthy trial of three executives at the bank and another financial institution, who were convicted of a €7.2bn (£6.07bn) accounting fraud involving circular loans

3 Aug 2016

Tax | Planned public sector IR35 reforms could see £115m tax loss

Planned reforms to IR35 off-payroll regulations which will make public sector bodies responsible for applying the intermediaries rules are predicted to result in a £115m tax loss for the government and a £610m increase in employment costs, according to research by ContractorCalculator

3 Aug 2016

Tax | Trump refuses to publish tax returns

Donald Trump, Republican presidential nominee, continues to refuse to publish his tax returns using the defence of currently being under audit by the Internal Revenue Service (IRS), despite politicians, voters and influential business leaders, putting pressure on him

3 Aug 2016

Finance | FCA to look at redress methodology for pension transfers

The Financial Conduct Authority (FCA) says it intends to consult in autumn 2016 to update the methodology used to calculate the levels of redress due in cases of unsuitable advice on transfers from defined benefit (DB) occupational pension schemes to personal pensions, in the light of recent changes in legislation introducing pension freedoms

3 Aug 2016

Pensions

Tax | IHT receipts at record £4.7bn

HMRC figures show inheritance tax (IHT) receipts have hit their highest level since the current system was introduced in March 1986, totalling some £4.7bn in 2015-16, an increase of 22% compared to 2014-15, and almost double the normal annual growth pattern

3 Aug 2016

Property Tax

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Finance | Charity Commission inquiry into education charity’s accounts

The Charity Commission has opened a statutory inquiry into the Jewish Seminary for Girls, over concerns about the accuracy of its accounts

3 Aug 2016

Charities

Called to Account

Image for lights out electrical contractors vat scam

Business | Lights out for electrical contractor’s VAT scam

The director of a Scunthorpe electrical contracting company, who faked invoices in a bid to claim more than £147,000 in VAT repayments, has been jailed for 21 months for fraud

3 Aug 2016