Business & Accountancy Daily

Latest news

Image for making tax digital consultations what you need know

Tax | Making tax digital consultations: what you need to know

In a week of consultation overload, HMRC has released six documents setting out plans for the transition to Making Tax Digital covering unincorporated businesses, self-employed, indivudal taxpayers, pensioners and landlords, although quarterly reporting for business is still expected. CCH tax writer Stephen Relf provides a summary of the Making Tax Digital consultation documents

18 Aug 2016

Tax | Legislation must distinguish promoting tax avoidance and straightforward advice

The line between giving straightforward advice and marketing tax avoidance must be more clearly defined for the government’s latest anti-avoidance measure to work, says John Cullinane, tax policy director of the Chartered Institute of Taxation (CIOT)

18 Aug 2016

Tax | Chaplin: IR35 overhaul for public sector contractors unworkable

The overhaul of the IR35 tax rules for self-employed contractors in the public sector cause concern for tax advisers and intermediaries alike, and will increase costs, warns Dave Chaplin, founder and CEO of ContractorCalculator

18 Aug 2016

Tax | Revised code of conduct for tax advisers close to Treasury approval

Plans to release the long-awaited, revised tax advisers’ professional code - the Professional Conduct in Relation to Taxation (PCRT) - is likely to go ahead following the announcement of the government’s decision to fine accountants and tax advisers who push ‘aggressive’ tax schemes

18 Aug 2016

| A level results show students excelling in maths

The future looks bright for the next generation of accountants as the top A level grades were in maths and firms such as Grant Thornton prepare to take on 70 school leavers

18 Aug 2016

Careers

Image for hmrc sets out timetable digital tax accounts

Tax | HMRC sets out timetable for digital tax accounts

HMRC has laid out the progress it expects to make in its major Making Tax Digital project which it hopes will overhaul and modernise the tax system, despite calls from some quarters for delays to certain aspects of the project

18 Aug 2016

Business | PwC reports €1.1 trillion working capital up for grabs

Global research by PwC has identified a €1.1 trillion opportunity to release cash for business, by addressing working capital performance, and predicts that Brexit uncertainties will drive UK firms to tighten up by holding minimal inventory and demanding prompt payment

18 Aug 2016

Business

Companies

Accountancy Firms

Image for us urged halt tax olympic medal winners

Tax | US urged to halt tax on Olympic medal winners

The US currently leads the medal table at the Rio Olympics, with the Internal Revenue Service (IRS) also set to come out a winner, as the nation’s athletes are required to pay tax on any medal they earn, as well as on the financial bonuses paid for getting to the podium

18 Aug 2016

17 Aug 2016

Image for hmrc plans fine enabler accountants abuse tax avoidance schemes

Tax | HMRC plans to fine 'enabler' accountants for abuse of tax avoidance schemes

HMRC has released details of a short eight-week consultation on proposals for sanctions for accountants and tax advisers who design, market or facilitate the use of tax avoidance arrangements which are defeated by HMRC, and to change the way the existing penalty regime works for those whose tax returns are found to be inaccurate as a result of using such arrangements

17 Aug 2016

Business | KPMG and Open University launch apprenticeship package

Ahead of the introduction of the apprenticeship levy next year, KPMG is the first of the Big four firms to announce the launch of a specialist apprenticeship service in partnership with the Open University (OU), which is designed to help employers identify and deliver large scale apprenticeship training to employees

17 Aug 2016

Business

Companies

Accountancy Firms

Image for tough penalty scheme tax advisers pushing aggressive avoidance schemes

Tax | Tough penalty scheme for tax advisers pushing aggressive avoidance schemes

The Treasury is set to announce plans for a new, tougher penalty regime for accountants and other advisers who offer ‘aggressive’ tax avoidance schemes, with fines of up to 100% of the tax underpaid by clients if such schemes are challenged, in a bid to crack down further on tax losses

17 Aug 2016

Tax

HMRC

Tax Compliance

Image for post brexit spike uk tax challenges eu court predicted

| Post-Brexit spike in UK tax challenges at EU court predicted

Law firm Pinsent Mason is predicting a sharp increase in the short term in the number of EU court challenges to HMRC’s interpretation of tax laws, as businesses seek to protect their claims ahead of the UK's exit from the EU

17 Aug 2016

Business

Image for financial institutions poorly prepared automatic information exchange

Tax | Financial institutions poorly prepared for automatic information exchange

Financial institutions are reporting a number of challenges over compliance with new OECD requirements related to the automatic exchange of information (AEOI) on client bank accounts in foreign jurisdictions, exacerbated by problems complying with the US Foreign Account Tax Compliance Act (FATCA) requirements, according to Aberdeen Group

17 Aug 2016

Tax | HMRC issues penalties for Employment Related Securities

The 2015-16 late filing penalty notices for Employment Related Securities (ERS) have been issued by HMRC, including information on tax-advantaged employee share schemes

17 Aug 2016

| EY drinks to Britvic audit retention success

FTSE 250 soft drinks supplier Britvic has bucked the recent trend for auditor changes, by announcing that it has decided to retain EY as its auditor, following a competitive tender process, with the firm having filled the role since the company listed on the London Stock Exchange in 2005

17 Aug 2016

Finance | Revised HMRC tax guidance for FRS 102 accounts issued

HMRC has issued tax guidance for companies who are preparing their accounts under FRS 102 Financial Reporting Standard applicable in the UK & ROI, outlining key accounting changes and tax considerations when transitioning from old UK GAAP

17 Aug 2016

16 Aug 2016

| PwC US faces record $5.5bn legal claim

PwC’s US arm is facing the biggest ever legal challenge involving auditors, in a record $5.5bn (£4.25bn) case relating to the collapse of mortgage lender Taylor, Bean & Whitaker (TBW) following a multi-billion dollar fraud involving a bank which the firm audited

16 Aug 2016

Audit Regulations

Image for frs 101 tax guidance updated without changes loan relationships

Finance | FRS 101 tax guidance updated without changes to loan relationships

Tax guidance for companies reporting under FRS 101 Reduced Disclosure Framework has been released by HMRC although the update does not reflect changes to the loan relationship and derivative contract rules or the intangibles legislation, while the delayed Finance Bill 2016 also means that there are further omissions

16 Aug 2016

Tax | Call for more Making Tax Digital exemptions

MPs and professional bodies are calling on the government to use the newly announced consultation on HMRC’s Making Tax Digital (MTD) plans to consider further changes to the proposals, which would see more businesses and individuals given exemption from online tax reporting requirements

16 Aug 2016

Tax

Making Tax Digital

HMRC

Tax | HMRC interest rates for late and early payments cut by 0.25%

HMRC has cut the interest rates and allowances for late and early payments following the recent cut in the Bank of England base rate to 0.25% due to come later this month

16 Aug 2016

Tax | Agents critical of HMRC’s efficiency

Just 17% of agents believe HMRC to be an efficient organisation which does not waste money, while over half gave HMRC a negative rating for efficiency in the department’s own customer survey, which has also revealed there are a number of areas of agent interaction which need improvement

16 Aug 2016

Business | RSM administrators to collapsed Canterbury builders

Duncan Beat and Alexander Kinninmonth, partners at RSM, have been appointed as joint administrators of Cardy Construction Ltd, a building firm based in Canterbury, which has collapsed with the loss of over 200 jobs

16 Aug 2016

Business

Companies

Restructuring & Insolvency

Navigate

Tax Services

Latest news

Tax | Making tax digital consultations: what you need to know

Tax | Legislation must distinguish promoting tax avoidance and straightforward advice

Tax | Chaplin: IR35 overhaul for public sector contractors unworkable

Tax | Revised code of conduct for tax advisers close to Treasury approval

| A level results show students excelling in maths

Tax | HMRC sets out timetable for digital tax accounts

Business | PwC reports €1.1 trillion working capital up for grabs

Tax | US urged to halt tax on Olympic medal winners

Tax | HMRC plans to fine 'enabler' accountants for abuse of tax avoidance schemes

Business | KPMG and Open University launch apprenticeship package

Tax | Tough penalty scheme for tax advisers pushing aggressive avoidance schemes

| Post-Brexit spike in UK tax challenges at EU court predicted

Tax | Financial institutions poorly prepared for automatic information exchange

Tax | HMRC issues penalties for Employment Related Securities

| EY drinks to Britvic audit retention success

Finance | Revised HMRC tax guidance for FRS 102 accounts issued

| PwC US faces record $5.5bn legal claim

Finance | FRS 101 tax guidance updated without changes to loan relationships

Tax | Call for more Making Tax Digital exemptions

Tax | HMRC interest rates for late and early payments cut by 0.25%

Tax | Agents critical of HMRC’s efficiency

Business | RSM administrators to collapsed Canterbury builders