Business &amp; Accountancy Daily

Restructuring & Insolvency

Image for deloitte consulting and apple agree business partnership

Business | Deloitte Consulting and Apple agree business partnership

Deloitte Consulting has announced a partnership with Apple which will see the firm create a dedicated new Apple practice to help businesses design and implement iPhone and iPad solutions

29 Sep 2016

Finance | Woolf: leasing rules create unnecessary change

Emile Woolf FCA expresses his frustration at the accounting and audit standard settors over the unecessary changes made by the latest leasing rules

29 Sep 2016

Auditing

Corporate Governance

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Tax | MEPs refuse to cut EU budget for 2017

The European parliament has rejected plans to cut the draft 2017 EU budget. The budget committee voted in favour of a proposed budget amounting to €161.8bn in commitments, €4.13bn more than the original Commission proposal, saying the EU needed to increase funding to fight youth unemployment and increased spending on research and infrastructure projects

29 Sep 2016

Tax

Politics

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Finance | FCA consults on conduct issues under revised MiFID II

The Financial Conduct Authority (FCA) has published a third consultation paper on implementation of the revised EU Markets in Financial Instruments Directive (MiFID II) with proposals on conduct, inducement, adviser charging and disclosure of costs

29 Sep 2016

Corporate Governance

Accounting Consultations

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Finance | Inquiry into London charity’s financial controls

The Charity Commission has opened a statutory inquiry into Aalami Majlise Tahaffuze Khatme Nubuwwat (also known as Stockwell Green Mosque) which will look at its financial controls and management

29 Sep 2016

Charities

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Tax | HMRC consults on penalty for VAT fraud

HMRC is consulting on proposals to introduce a new penalty for businesses that participate in VAT fraud, which were first outlined at Budget 2016, which would be levied at the same time as the offence and which could extend to company officers

29 Sep 2016

28 Sep 2016

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Finance | Accounting fraud: liability issues for directors

Kevin Robinson, dispute resolution partner at law firm Morgan Lewis, examines liability issues for directors when accounting fraud takes place, particularly important in light of government plans to make it a criminal offence for senior executives who fail to prevent financial crimes

28 Sep 2016

Finance | FCA plans to extend senior managers' regime to non-executive directors

The Financial Conduct Authority (FCA) plans to consult on a series of measures to reinforce the importance of individual accountability at the most senior level of financial institutions just six months after the implementation of the Senior Managers’ and Certification Regime, with plans to extend the rules to non-executive directors

28 Sep 2016

Finance | CIIA review of code for internal audit in financial services

The Chartered Institute of Internal Auditors (CIIA) has launched a consultation as part of an independent review of its code for effective internal audit in the financial services sector, in a move to address governance concerns which has been welcomed by Ed Balls, former shadow Chancellor, as a ‘vital part of improving the City’s risk management’

28 Sep 2016

Auditing

Corporate Governance

Accounting Consultations

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Tax | What you need to know: national minimum wage increases 1 October

National minimum wage (NMW) rates will increase on 1 October by between 3% and 4.7% for workers under the age of 25 and apprentices, and employers need to make sure the new rates are implemented for all hours worked from that date, but there are a number of compliance pitfalls for employers, warns Jackie Hall, tax partner at RSM

28 Sep 2016

Business | Economic trends: fiscal reform expected in Autumn Statement

While the UK’s economy has rallied after the post-Brexit shock, the Chancellor will have to rethink the country’s economic targets at the Autumn Statement, says Carl Emmerson, deputy director at the Institute of Fiscal Studies

28 Sep 2016

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Tax | European Parliament starts Panama Papers scrutiny

The European Parliament’s committee of inquiry into money laundering, tax avoidance and tax evasion (PANA), set up in the wake of the release of the Panama Papers earlier this year, has held first public hearing

28 Sep 2016

Tax

International Tax

Tax Compliance

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Business | Brexit threatens UK’s ranking for world competitiveness

The UK has moved up in the ratings to seventh place in the World Economic Forum’s (WEF’s) latest global competitiveness report, but the research body warns of ‘a clear downside risk to the UK economy from leaving the EU, with only limited potential for upside, at least in the short term’

28 Sep 2016

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Finance | HMRC guidance on pension annual allowance for £150,000-plus income

HMRC has published basic guidance for taxpayers with income for a tax year above £150,000 on calculating their tapered annual allowance for pension scheme contributions for 2016 to 2017 and later tax years using their threshold and adjusted income

28 Sep 2016

Pensions

Business | Call for better safeguards for pensions in corporate takeovers

In the wake of the BHS pensions scandal and with FTSE 100 pension deficits increasing, almost two thirds of company secretaries favour giving The Pensions Regulator (TPR) stronger powers to block takeovers in order to safeguard pensions, in a poll conducted by ICSA: The Governance Institute and recruitment specialist the Core Partnership

28 Sep 2016

Finance | $140m SEC penalty for oil company over deceptive accounting

US oil services company Weatherford International has agreed to pay a $140m (£107m) penalty to the Securities and Exchange Commission (SEC) to settle charges that it inflated earnings by using deceptive income tax accounting

28 Sep 2016

Business | OECD: carbon prices are not at true cost to climate change

The current carbon prices are not reaching the amount needed to reduce the greenhouse gas emissions that cause climate change, but according to OECD research moderate changes could have a significant impact

28 Sep 2016

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Tax | Tax data: CGT data Jun 2016, HMRC rates of interest, stamp duty

Download the HMRC CGT indexation allowance for June 2016, RPI Index for August 2016 and HMRC rates of interest, changes to stamp duty land tax (SDLT) and land and buildings transaction tax (LBTT) rates, and more

28 Sep 2016

27 Sep 2016

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Finance | Quarterly reporting: calls for a switch to longer-term focus

Moves are afoot to end quarterly reporting in favour of a longer-term and more considered approach, but will it improve the quality of information on financial statements available to investors of all sizes, asks Sarah Perrin ACA

27 Sep 2016

Finance

Financial Reporting

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Tax | Australian backpacker tax cut to 19% from 32.5%

The Australian federal government has announced that the 32.5% tax rate that would apply to working holiday visa holders will be cut to 19% following opposition from Nationals MPs and farmers

27 Sep 2016

Tax | Tax treatment of serious ill health lump sums revised

Following announcements made in Budget 2016, changes to pension tax rules have now come into force with a reduction in the tax rate chargeable on serious ill-health lump sums paid to individuals who have reached age 75

27 Sep 2016

Finance | FRC consults on updating FRS 102 for IFRS changes

The Financial Reporting Council (FRC) is consulting on its proposed approach to updating new UK GAAP - FRS 102 Financial Reporting Standard - to reflect changes in International Financial Reporting Standards (IFRS), including the impact of revenue recognition under IFRS 15, as part of its first review of the standard

27 Sep 2016

Business | Accountants fear technology and automation will make jobs outdated

Four in ten accountants are worried that developments in technology and automation will make their jobs obsolete in the future with half planning to set up their own businesses, according to research from CareersinAudit.com

27 Sep 2016

Business | PwC 'could launch legal action’ over Phones 4U collapse

PwC could be heading for an alleged multimillion pound battle in the High Court if the Big Four firm goes ahead with claims against the UK’s biggest mobile phone operators as part of its work as administrators to collapsed retailer Phone 4U

27 Sep 2016