Lease accounting changes for charities will be 'challenging', BDO deploys AI tool across audit and consulting teams, and ASOS hack puts names and contact details at risk

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Tax | Unincorporated business reporting for Making Tax Digital set out

Unincorporated businesses, the self employed and landlords will be required to update HMRC on their tax position at least quarterly through digital tax accounts under long awaited plans published today

15 Aug 2016

Tax | HMRC issues six digital tax accounts consultations for business, self-employed and landlords

HMRC’s long-awaited consultations into how its flagship Making Tax Digital (MTD) strategy will work in practice have been published and has been divided into seven documents focusing on specific customer groups or specific elements of the reforms, which HMRC says reflects the scale of the planned changes, which have been subject to some strong criticism from MPs and professional bodies

15 Aug 2016

Tax | Making Tax Digital proposes abolition of annual tax return for partners and LLPs

The ‘simplification’ of reporting requirements for partnerships is proposed as part of the government’s Making Tax Digital policy, consultation documents reveal

15 Aug 2016

Tax | HMRC offers cash basis for buy-to-let landlords

Nearly a million buy-to-let landlords could benefit from proposals set out in the consultation on digital tax accounts, which are set to introduce the option for buy-to-let landlords to be taxed on the cash basis

15 Aug 2016

Business | Sage warns customers of data breach

Accountancy software specialist Sage has put out a message, warning that an internal login has been used at the company to gain access to details of its UK customers, who may be at risk of a data security breach

15 Aug 2016

Business

Companies

AI & Technology

Image for governance failings see two christian charities wound

Finance | Governance failings see two Christian charities wound up

The Charity Commission has wound up two charities which were set up to purchase disused churches and also ran Christian bookshops, after a lengthy investigation revealed poor governance by trustees meant they had not kept adequate accounting records for several years and there was evidence of self-dealing

15 Aug 2016

Business

Charities

Restructuring & Insolvency

Image for risk and uncertainty brexit impact financial reporting

Finance | Risk and uncertainty: Brexit impact on financial reporting

Balancing expected transparency, disclosures and geopolitical uncertainty places companies in quandary over financial reporting in a post-Brexit world, says Peter Hogarth, partner at PwC

15 Aug 2016

Tax | Proposed apprenticeship levy structure outlined in guidance

Guidance on how the apprenticeship levy will be operated has been issued by the Department of Education, as the government embarks on its promised invest £2.5bn in the apprenticeship system by 2020

15 Aug 2016

Tax | HMRC consultation opens way for voluntary tax payments

HMRC’s consultation on proposals for Making Tax Digital (MTD) includes details of plans for taxpayers to opt for a voluntary pay as you go (PAYG) approach, allowing them to make payments at a point of their choosing towards an expected tax liability

15 Aug 2016

Tax | Government to reform tax bands for cleaner company cars

The Treasury is holding a nine-week consultation on the design of the bands for ultra-low emission vehicles (ULEVs) from 2020-21 onwards in the company car tax system, to focus incentives on the cleanest cars

15 Aug 2016

Business | £300k VAT fraud adds up to jail for car mechanic

A car mechanic who claimed he was ‘no accountant’ has been jailed for 32 months after an HMRC investigation found he had failed to make more than £300,000 in VAT payments

15 Aug 2016

Business

Called to Account

12 Aug 2016

Image for ex deloitte chief connolly head cogitalgroup accounting firm

Business | Ex Deloitte chief Connolly to head up CogitalGroup accounting firm

The former global chairman and UK CEO of Big Four giant Deloitte John Connolly has joined forces with private equity firm HgCapital to create CogitalGroup in a bid to build a full service accounting and professional services firm through acquisition

12 Aug 2016

Business

Companies

Accountancy Firms

Leadership & Management

Careers

Image for gift aid overhaul help online and sms charity donors

Tax | Gift Aid overhaul to help online and SMS charity donors

An overhaul of Gift Aid rules will see more flexibility for donors who use online platforms and text messaging to make donations to charities so that they are able to comply with the rules without making multiple submissions

12 Aug 2016

Tax | Business groups seek ‘greater flexibility’ for apprenticeship levy

As the long-awaited detail on the apprenticeship levy is set to be revealed, business groups suggest the move could herald significant improvements in talent development if the government ‘gets the package right’

12 Aug 2016

Tax

Business Tax

Employment Tax

Image for family duke westminster avoids hefty tax bill

Tax | Family of Duke of Westminster avoids hefty tax bill

The Duke of Westminster’s family will avoid a hefty Inheritance Tax (IHT) bill of up to £3bn on his £9bn estate as most of the fortune is held in trusts

12 Aug 2016

Tax

Personal Tax

Tax Compliance

Image for investors give boot premier league clubs

Business | Investors give the boot to Premier League clubs

The football season kicks off this weekend but surprisingly investors appear to be moving away from the appeal of the Premier League, choosing to move their interest and money to smaller clubs outside of the top flight

12 Aug 2016

Business

Companies

Image for bus operators tax fraud ride ends jail

Business | Bus operator's tax fraud ride ends in jail

A businessman, who provided bus services for vulnerable people, has been jailed for two and a half years following a £1m tax fraud

12 Aug 2016

Business

Called to Account

Image for record minimum wage flouters named and shamed

Business | Record minimum wage flouters named and shamed

HMRC has published the name of almost 200 employers who failed to pay their workers the legal National Minimum Wage (NMW), making it their biggest list to date

12 Aug 2016

Business

Companies

Called to Account

Image for people news grant thornton smith williamson rsm

| People in the news: Grant Thornton, Smith & Williamson, RSM

The week's latest appointments including a partner appointment at Grant Thornton, four partner promotions at Smith & Williamson, RSM appoints an associate director

12 Aug 2016

Careers

Image for child trust funds no longer subject lifestyling

Tax | Child Trust Funds no longer subject to ‘lifestyling’

Following a consultation, the government will remove the legislation that requires stakeholder Child Trust Funds (CTFs) to be subject to lifestyling, with plans to amend CTF regulations later this year

12 Aug 2016

11 Aug 2016

Image for stamp duty payment window cut 14 days 2018

Tax | Stamp duty payment window cut to 14 days from 2018

Plans to reduce the stamp duty land tax (SDLT) filing and payment window to 14 days in the 2017-18 have now been fleshed out by HMRC although a fixed timetable has not been agreed

11 Aug 2016

Tax | HMRC consults on changes to benefits-in-kind for salary sacrifice

Changes to both the salary sacrifice and ‘making good’ aspects of benefits-in-kind for both employers and employees are under consultation by HMRC but pensions and health-related benefits have been ringfenced

11 Aug 2016

Tax | Lights not down for Ingenious film schemes

Investors in film schemes at centre of long-running tax dispute face invidious choice, says UHY Hacker Young partner Michael Avient

11 Aug 2016

Tax

Business Tax

Tax Compliance

Image for government targets loan transfers disguised remuneration clampdown

Tax | Government targets loan transfers in disguised remuneration clampdown

Prevention of loan transfers is among moves announced in the Budget 2016 to tackle disguised remuneration tax avoidance schemes, including employee benefit trusts (EBTs), under technical consultation by HMRC

11 Aug 2016

Finance | IFRS 16 Leases requires revamp of tax rules

The introduction of IFRS 16 Leases, the new lease accounting standard, for financial reporters will require significant changes to tax rules for the leasing of plant or machinery

11 Aug 2016

Finance

IFRS

Audit Consultations

Image for tax changes considered authorised contractual schemes

Tax | Tax changes considered for authorised contractual schemes

The government continued its slew of new consultations originally announced in the Budget 2016 with a set of proposals on tax rules related to authorised contractual schemes (ACS) affecting institutional investors

11 Aug 2016

Tax | Employers to pay NICs on £30K plus redundancy payments

In response to the consultation on reform of the tax treatment of redundancy payments, the government is consulting on draft legislation to introduce NICs payments on redundancy payments over £30,000 from April 2018

11 Aug 2016

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Latest news

Tax | Unincorporated business reporting for Making Tax Digital set out

Tax | HMRC issues six digital tax accounts consultations for business, self-employed and landlords

Tax | Making Tax Digital proposes abolition of annual tax return for partners and LLPs

Tax | HMRC offers cash basis for buy-to-let landlords

Business | Sage warns customers of data breach

Finance | Governance failings see two Christian charities wound up

Finance | Risk and uncertainty: Brexit impact on financial reporting

Tax | Proposed apprenticeship levy structure outlined in guidance

Tax | HMRC consultation opens way for voluntary tax payments

Tax | Government to reform tax bands for cleaner company cars

Business | £300k VAT fraud adds up to jail for car mechanic

Business | Ex Deloitte chief Connolly to head up CogitalGroup accounting firm

Tax | Gift Aid overhaul to help online and SMS charity donors

Tax | Business groups seek ‘greater flexibility’ for apprenticeship levy

Tax | Family of Duke of Westminster avoids hefty tax bill

Business | Investors give the boot to Premier League clubs

Business | Bus operator's tax fraud ride ends in jail

Business | Record minimum wage flouters named and shamed

| People in the news: Grant Thornton, Smith & Williamson, RSM

Tax | Child Trust Funds no longer subject to ‘lifestyling’

Tax | Stamp duty payment window cut to 14 days from 2018

Tax | HMRC consults on changes to benefits-in-kind for salary sacrifice

Tax | Lights not down for Ingenious film schemes

Tax | Government targets loan transfers in disguised remuneration clampdown

Finance | IFRS 16 Leases requires revamp of tax rules

Tax | Tax changes considered for authorised contractual schemes

Tax | Employers to pay NICs on £30K plus redundancy payments