Business &amp; Accountancy Daily

Image for toshiba facing ps230m legal claims over accounting failures

Finance | Toshiba facing £230m legal claims over accounting failures

Japanese electronics giant Toshiba is facing some ¥28bn (£210m) of legal claims following the accounting scandal last year which saw the company admit it had overstated its profits by ¥224.8bn (£1.68bn) over a six year period

30 Aug 2016

Finance | First ever organisation-wide natural capital account published

Forest Enterprise England, the land management agency of the Forestry Commission, is the first organisation to publish an organisation-wide natural capital account that begins to quantify the full value of the services provided by the natural assets on its entire 254,000 hectare landholding

30 Aug 2016

Finance | Woolf: BHS audit questions raise oversight concerns

Between the BHS scandal and further Brexit fallout, Emile Woolf FCA is struggling to recognise the profession he grew up in, although Enron was just one scandal which rocked the auditors and regulators in the not so recent past

30 Aug 2016

Auditing

Corporate Governance

| BDO takes over Image Scan Holdings audit

AIM listed Image Scan Holdings plc, a specialist supplier of X-ray screening systems to the security and industrial inspection markets, has appointed BDO LLP as auditor for the 2016 financial year, following the resignation of Wilkins Kennedy

30 Aug 2016

Corporate Governance

Image for ceo apple addresses europe following eu13bn tax bill

Tax | CEO of Apple addresses Europe following €13bn tax bill

Apple’s CEO, Tim Cook, has written a letter addressed to the Apple community in Europe, following a ruling by the European Commission calling on Ireland to recover up to €13bn (£11bn) in tax from the tech giants

30 Aug 2016

Tax | HMRC consults on tougher action on black economy

HMRC has announced three consultations on proposals to tackle the hidden economy, which include wider data gathering powers, the requirement for some businesses to register for tax purposes in order to access to licenses or services, and new sanctions for compliance failures

30 Aug 2016

Finance | International reporting: IFRS 9 challenge for finance teams

As the transition to IFRS 9 Financial Instruments gathers pace, the impact of credit losses on profit and loss for financial institutions is a key consideration says Jeroen Van Doorsselaere, IAS/IFRS expert at Wolters Kluwer Financial Services

30 Aug 2016

Finance

Financial Reporting

IFRS

Image for ps275k vat fraud puts building company director jail

Business | £275k VAT fraud puts building company director in jail

The director of an Edinburgh construction company, who provided false information about her business expenses in a £275,000 VAT fraud, has been jailed for two years after an investigation into her company’s finances by HMRC

30 Aug 2016

Image for mps challenge manifestly deficient budget distributional analysis

Tax | MPs challenge ‘manifestly deficient’ Budget distributional analysis

MPs are calling on the new Chancellor, Philip Hammond, to reinstate distributional analysis of the effects of Budget and Autumn Statement measures in order to increase the transparency about the impact of tax changes, describing the move a year ago to drop these reports as a mistake and branding the replacement reports as ‘inadequate’

30 Aug 2016

Budget

Politics

Image for pwc charity head appointed interim manager park charitable trust

Finance | PwC charity head appointed interim manager at Park Charitable Trust

The Charity Commission has appointed Ian Oakley-Smith, head of PwC’s charity sector team in the UK, as the interim manager of the Park Charitable Trust to take over running the charity on a temporary basis following concerns about its investment activities

30 Aug 2016

Charities

26 Aug 2016

Image for month end reporting using data analytics improve process

Finance | Month end reporting: using data analytics to improve the process

Month end reporting is fraught with difficulties as multiple data and intercompany transactions is integrated for reporting purposes. Mario Spanicciati, chief strategy officer at BlackLine considers how to improve financial reporting through the use of data analytics

26 Aug 2016

Tax | Lack of information hits HMRC relationship with mid-sized businesses

Mid-sized businesses have described how difficulty in finding information and criticisms about the quality of information provided by HMRC adversely affects their relationship with the tax authority

26 Aug 2016

Tax | Parents must update tax records for children post GCSEs by 31 August

Parents that receive child benefit and child tax credits have been reminded by HMRC to update their child’s educational status after GCSE results were released to ensure that they continue to receive the correct payments

26 Aug 2016

Tax | HMRC sets rules for Worldwide Disclosure Facility on unreported offshore accounts

HMRC has released guidance for taxpayers with non-disclosed offshore tax accounts who want to use the worldwide disclosure facility (WDF), due to open on 5 September

26 Aug 2016

Business | PwC to recruit 1,000 IT assurance specialists by 2020

In a bid to build its IT specialism in audit, Big Four firm PwC is set to recruit more than 1,000 technology specialists over the next four years in its UK risk assurance business to meet increasing client demand for digital, regulatory and cyber security services

26 Aug 2016

Leadership & Management

Tax | Osborne lands fresh job role

Former Chancellor, George Osborne, has signed up to a US speaker agency where he could earn tens of thousands of pounds from giving speeches on politics and the economy

26 Aug 2016

Politics

Image for hmrc too fragmented and failing address customer service

Tax | HMRC too fragmented and failing to address customer service

Ongoing problems with poor customer service, a siloed approach to departmental organisation and cuts in staffing at HMRC remain critical areas of concern for key stakeholders, incuding regulators, MPs and tax agents, interviewed for the latest HMRC stakeholder survey

26 Aug 2016

Finance | Early pension withdrawals create tax confusion for savers

People accessing their retirement savings under the new pension reforms are being caught out by unexpected taxes and welfare reductions, according to research from Citizens Advice, despite warnings from the government that there would be a tax-free limit on the amount of drawdown income

26 Aug 2016

Pensions

Image for office tax simplification hires three non execs

Tax | Office of Tax Simplification hires three non-execs

The Chancellor Philip Hammond has appointed three new non-executive directors to the board of the Office of Tax Simplification (OTS), with the aim of adding experience from academia, taxation policy and business to the body which is being put on a statutory footing in the Finance Bill 2016

26 Aug 2016

Politics

Image for people news moore stephens smith williamson joseph hage aaronson

| People in the news: Moore Stephens, Smith & Williamson, Joseph Hage Aaronson

This week’s latest people appointments include a partner at Moore Stephens, a group financial director appointment at Smith & Williamson and tax adviser Ray McCann joins Joseph Hage Aaronson as a partner

26 Aug 2016

Image for premier league kicks record transfer spend

Business | Premier League kicks off with record transfer spend

With just under a week to go before the close of the 2016 summer transfer window, Premier League football clubs have broken the transfer spending record for the fourth summer in a row and are on course to hit the £1bn mark, according to research by Deloitte

26 Aug 2016

Companies

Image for carpet fitter given suspended sentence ps110k tax fraud

Business | Carpet fitter given suspended sentence for £110k tax fraud

A self-employed carpet fitter who owed HMRC £110,000 in unpaid tax and then disposed of correspondence with the taxman to cover his tracks, has been given a suspended sentence, marking the fifth conviction under HMRC’s Contractual Disclosure Facility (CDF)

26 Aug 2016

Image for ifac interactive tool profiles accounting rules member countries

Finance | IFAC interactive tool profiles accounting rules in member countries

The International Federation of Accountants (IFAC) has published an interactive tool providing detailed country profiles of member organisations, regulators and professional accounting institutes detailing compliance with global and local audit and accounting legislation, regulation and oversight in 50 countries

26 Aug 2016

25 Aug 2016

Image for tips and pitfalls senior accounting officers sao

Finance | Tips and pitfalls for senior accounting officers (SAO)

Rebecca Wilkinson CTA FCCA, corporate tax senior manager at Menzies reviews the revised HMRC rules for senior accounting officers from maintaining robust tax accounting systems to eligibility criteria

25 Aug 2016

Business | Harris Lipman acquisition pushes Menzies fee income to £40m

The acquisition of mid-tier accounting firm Harris Lipman contributed to 20% growth at Menzies LLP, which saw the firm retain its ranking in the top 20 league table, as results for the year to 31 June 2016 show

25 Aug 2016

Leadership & Management

Image for large businesses say high staff turnover damaging hmrc relationships

Business | Large businesses say high staff turnover damaging HMRC relationships

The high turnover rate among HMRC customer relationship managers (CRMs) - the key intermediaries between clients and tax officials - means some large businesses feel their relationship with the tax authority has deteriorated over the past year

25 Aug 2016

Companies

Image for us treasury hits out supra national eu probe apple tax

Tax | US Treasury hits out at ‘supra-national’ EU probe into Apple tax

The US Treasury department has fired a warning at the European Commission ahead of its expected ruling on whether Ireland offered Apple a preferential tax arrangement amounting to state aid, suggesting its investigations into the technology giant and other US multinationals are undermining multilateral progress on reducing tax avoidance and are based on a ‘selective’ interpretation of transfer pricing rules

25 Aug 2016

Business | Chancellor guarantees EU funding and grants beyond Brexit

The Treasury has confirmed that British businesses and universities have been given guarantees over future funding under EU schemes like Horizon 2020 and should continue to bid for competitive EU funds while the UK remains a member of the EU

25 Aug 2016

Companies

Image for eu and eea nationals pay more tax claim benefits

Tax | EU and EEA nationals pay more in tax than claim in benefits

Latest HMRC statistics show that European Economic Area (EEA) nationals in the UK pay more in income tax and national insurance contributions (NICs) than they take out in tax credits and child benefit, with the biggest contributions coming from French and Irish nationals

25 Aug 2016

| IAASB consults on development of external reporting

The International Auditing and Assurance Standards Board (IAASB) has released a discussion paper exploring ways to improve the quality and scope of external reporting for entities by identifying critical emerging reporting issues for auditors and company reporters

25 Aug 2016

Accounting Consultations

Image for hmrc advisory fuel rates company car users rise 1 september

Tax | HMRC advisory fuel rates for company car users rise from 1 September

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 September 2016 reflecting the upward trend in forecourt fuel prices

25 Aug 2016

Employment Tax

HMRC

Image for last fraudster ps643k project dobbin tax fraud jailed

Business | Last fraudster of £643k ‘Project Dobbin’ tax fraud jailed

The final defendant in an investigation into a £643k tax fraud by 17 tradesman, has been jailed for seven years after failing to declare his earnings to HMRC

25 Aug 2016

Image for ifrs foundation issues guide ifrs taxonomy common practice

Finance | IFRS Foundation issues guide to IFRS taxonomy common practice

The IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board, has issued a guide explaining IFRS Taxonomy common practice content including examples of best practice and areas for possible future review

25 Aug 2016

Finance

Financial Reporting

IFRS

24 Aug 2016

Image for worldwide disclosure facility offshore tax evaders effective 5 september

Tax | Worldwide Disclosure Facility for offshore tax evaders effective 5 September

HMRC is to set up a Worldwide Disclosure Facility to allow taxpayers with offshore non-disclosed accounts to legitimise their tax arrangements, although details about the actual restrictions and penalties are not clear, nor a closing date for the amnesty period

24 Aug 2016

Finance | Houchen: the end of manual reporting for accounts

The accounting error in the M&S quarterly accounts highlights the risks of complex manual reporting processes as companies handle increasingly diverse financial data sources, warns Dee Houchen, senior director for ERP applications, Oracle

24 Aug 2016

Tax | HMRC plans ‘requirement to correct’ for offshore tax evaders

As part of a package of moves to tackle offshore tax evasion, HMRC is consulting on plans to introduce a ‘Requirement to Correct’ (RTC) obligation compelling those with offshore interests who have yet to put their UK tax affairs in order to do so by September 2018, ahead of the widespread adoption of the Common Reporting Standard (CRS)

24 Aug 2016

Tax | Online tax refund facility under digital tax accounts promised

Taxpayers who have set up a personal tax account can now apply for an online refund of any overpaid tax and receive payment within three to five days, HMRC has announced

24 Aug 2016

Tax | VAT treatment of dwelling formed of several buildings revised

HMRC has changed the policy on the VAT treatment of a dwelling formed from the construction of more than one building or from the conversion of non-residential buildings into a dwelling, following several wins for taxpayers over challenges to its original position at the First Tier Tribunal (FTT)

24 Aug 2016

Business | Director ban dished up for restauranteur's inadequate records

An Aberdeenshire director has been disqualified for eight years for failing to ensure her restaurant company kept adequate books and records, following an investigation by the Insolvency Service

24 Aug 2016

Restructuring & Insolvency

Image for client relationships undermined over reliance it

Business | Client relationships undermined by over reliance on IT

The increasing use of IT and automated systems is having a negative impact on accountants by reducing their interaction with their clients leading to 60% of firms losing one to ten clients in the past year, research has shown

24 Aug 2016

Finance | Inquiry into financial discrepancy at Salford charity

The Charity Commission has opened a statutory inquiry into a Salford-based Orthodox Jewish charity, Chessed L’Yisroel Ltd, over concerns about its financial affairs, which include failure to account for a £130,000 loan and the loss of £250,000 due to failure to make repayments to a lender

24 Aug 2016