Business &amp; Accountancy Daily

International Tax

Image for hike goodwill impairment across europe says efrag

Finance | Hike in goodwill impairment across Europe, says EFRAG

The amount of goodwill recognised across European companies is increasing rapidly, with a jump from €935bn (£818bn) in 2005 to €1.341bn in 2014, representing an increase of 43% over a seven-year period, particularly in telecoms and the financial services sectors

4 Oct 2016

Tax | Ex-Hull City footballer Windass faces bankruptcy

Former Premier League footballer Dean Windass, famous for scoring the goal which propelled his club Hull City into the Premier League for the first time, is involved in bankruptcy proceedings over an outstanding tax payment estimated at more than £150,000

4 Oct 2016

Personal Tax

HMRC

Business | PwC global revenues up 7% to $35.9bn

PwC’s total global revenues rose by over 7% to $35.9bn (£28.1bn) for the fiscal year ended on 30 June 2016, but it faltered behind Big Four rival Deloitte whose network reported record revenues of $36.8bn (£28.8bn) over the same period

4 Oct 2016

Tax | SDLT ‘barrier to property business growth’

Stamp duty land tax (SDLT) is the key factor impeding the growth of the UK property and construction market at a time when the government is seeking to address the country’s housing crisis, according to research from Crowe Clark Whitehill

4 Oct 2016

Property Tax

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Finance | EU auditors warn of ‘significant non-compliance’ with state aid rules

The audit authorities in individual EU member states are not doing enough to monitor and identify potential infringements of the state aid rules in their financial reporting of key projects, according to a report from the European Court of Auditors (ECA) which identified problems with 20% of the projects assessed

4 Oct 2016

Auditing

Corporate Governance

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Tax | Hammond abandons plan for budget surplus in 2020

Philip Hammond has used his first speech to the Conservative party conference as Chancellor to break with his predecessor’s commitment to balance the budget by 2020, and has also made no mention of plans to reduce corporation tax rates any further than previously planned

4 Oct 2016

Business Tax

Image for haulage company director banned over fake invoices

Business | Haulage company director banned over fake invoices

The managing director of a Lincolnshire haulage company has been disqualified for seven years for raising 326 false or duplicate invoices which were submitted to a factoring company and caused losses to them of at least £124,670

4 Oct 2016

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Tax | Taxation on corporate debt rules out for consultation

Revised rules affecting the way corporate debt and derivative contracts are taxed have now been drafted and are out for a brief consultation, in a bid to avoid double taxation and curb potential abuse

4 Oct 2016

3 Oct 2016

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Tax | Making Tax Digital: overhauling tax reporting

The ambitious and rushed HMRC Making Tax Digital plan calls for a complete IT overhaul for advisers and businesses when it comes to tax filings, quarterly reporting and inevitably a changed relationship with the tax authorities, reports Calum Fuller

3 Oct 2016

Tax | Editor's comment: Making Tax Digital creates shockwave

Making Tax Digital, the overhaul of the current tax system, is causing outcry among many businesses, with the main concern being the short timeframe scheduled for the implementation and the scarcity of solid information about the actual transition to quarterly reporting, says Sara White, editor of Accountancy

3 Oct 2016

Business | Government announces bill to repeal EU laws

The government has formally announced it is to repeal the 1972 European Communities Act (ECA), which will ensure that legislation is passed in advance so that EU law ceases to apply and domestic law can take its place on the day that the UK exits the EU

3 Oct 2016

Image for tesco facing shareholder legal action over accounting irregularities

Finance | Tesco facing shareholder legal action over accounting irregularities

Tesco is likely to face legal action shortly from 60 large investors over the £263m ‘black hole’ uncovered in its accounts in 2014 due to profit misstatements, the first collective lawsuit against the retailer in the UK, which may be followed by others

3 Oct 2016

Finance

Financial Reporting

Law and Regulation

Image for dealer jailed undervaluing luxury watches ps125m tax fraud

Business | Dealer jailed for undervaluing luxury watches in £1.25m tax fraud

A luxury watch dealer, who avoided £1.25m in tax by falsifying import paperwork claiming that high'end luxury watches including Rolex, Cartier and Breitling, were worth as little as $50 (£39), has been jailed for three years following an HMRC investigation

3 Oct 2016

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Business | Jail term for pizza driver who faked expenses

A pizza delivery driver from Ellesmere Port, who faked his pay, tax and job expenses in an attempt to falsely claim more than £60,000 in tax repayments, has been jailed for 16 months following an HMRC investigation

3 Oct 2016

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Tax | Making Tax Digital: consultations at a glance - deadline 7 Nov

In mid-August, HMRC released six consultations on Making Tax Digital (MTD), focusing on the self-employed, smallest micro and unincorporated businesses, buy-to-let landlords and partnerships, although there were gaps in the consultation splurge with no detail on quarterly reporting for incorporated businesses or detail for charities

3 Oct 2016

Business | Cash remains favourable even with push for electronic payments

Despite the majority of businesses and consumers transitioning to electronic payments and the government’s push to make more services move online, those who trade and pay solely in cash are still unlikely to make the move, according to research carried out by HMRC

3 Oct 2016

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Tax | HMRC updates National Minimum Wage guidance

The National Minimum Wage (NMW) for workers under the age of 25 and apprentices has increased by between 3% and 4.7%, with employers having to implement the new rates from 1 October

3 Oct 2016

Tax | Help to Buy mortgage guarantee scheme withdrawn

The Help to Buy Mortgage Guarantee Scheme will close to new loans on 31 December 2016 as the availability of higher loan to value mortgages has improved, the Chancellor has confirmed

3 Oct 2016

Property Tax

Image for tax advisers send warning letters taxing offshore assets

Tax | Tax advisers to send warning letters on taxing offshore assets

HMRC has published guidance on a letter which tax advisers and financial institutions may need to send to clients who have income or assets overseas, explaining its wider powers to exchange tax information with other jurisdictions and urging anyone who is in doubt about their offshore tax position to seek advice

3 Oct 2016

Business | PwC integrates legal arm to create multidisciplinary practice

PwC has merged PwC Legal into its UK business with effect from 1 October in a bid to create a multi-disciplinary practice

3 Oct 2016

Image for paul eagland takes over managing partner bdo

HR | Paul Eagland takes over as managing partner of BDO

Paul Eagland starts his four-year term as BDO’s managing partner today, seeking to build the firm's profitability and sustainable growth, after revenues increased by 40% over the last three years

3 Oct 2016

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Tax | Call for Chancellor to review approach to tax policy

Ahead of Philip Hammond’s first speech as Chancellor to the Conservative party conference later today, CIOT, the Institute for Fiscal Studies (IFS) and the Institute for Government (IfG) are urging him to make immediate changes to the way tax policy is made, saying it remains ‘hard to discern a clear strategy for key parts of the tax system’

3 Oct 2016

Tax Planning

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Finance | FRS 102: preparing first accounts - policies – CPD module

The latest CCH Daily CPD module focuses on accounting policies under the new FRS 102, looking at differences from old UK GAAP treatments and reviewing key differences in approach. Lecturer is Ralph Tiffin

3 Oct 2016

| Audit updates: October 2016

In our monthly roundup of developments in audit and governance, PwC fined £2.3m over Cattles audit, KPMG face tribunal over Equity Red Star, BDO takes over Image Scans Holdings audit

3 Oct 2016

Auditing

Finance | Legal updates: October 2016

Gateley law experts Sophie Brookes and Christopher Davies on warranty versus representation, High Court rules 'bad leaver' provisions are not a penalty, wages and reasonable adjustments

3 Oct 2016

Business | Called to account: October 2016

Ex-insolvency practitioner given two-year sentence for fraud, £275k VAT fraud puts building company director in jail, directors disqualified, bridal shop owner jailed for £250K tax fraud

3 Oct 2016

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Tax | Tax filing deadlines: Oct 2016 - Jan 2017

The key HMRC filing deadlines from October to January 2017 including PAYE settlement agreement, self assessment tax returns, PAYE cheque payments

3 Oct 2016

Tax | Consultations: Oct-Nov 2016

A roundup of current consultations from HMRC, including the Making Tax Digital strategy bundle, benefits-in-kind for salary sacrifice, company car tax, reforms to non dom taxation, tackling offshore tax evasion

3 Oct 2016

HMRC

Consultations

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Finance | Accounting updates: October 2016

The latest technical updates and news in accounting include: ex Tesco executive deny fraud charges over £263m misstatement, natural capital account, tax guidance for FRS 102

3 Oct 2016

Business | Development updates: October 2016

Professional development news roundup includes income growth for both PwC and Deloitte, growth of 20% at Menzies, OTS hires three non-execs

3 Oct 2016

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Tax | Employment tax updates: October 2016

Jackie Hall ACA CTA, partner at RSM on revised guidance for employee benefit trust, advisory fuel rates and consultation on salary sacrifice

3 Oct 2016

Employment Tax

Tax | VAT updates: October 2016

Graham Elliott, director, City & Cambridge Consultancy on ramifications of Denplan ECJ ruling, over-declaration on split dwellings, pension funds

3 Oct 2016

VAT

Image for making tax digital key dates and projected timetable

Tax | Making Tax Digital: key dates and projected timetable

Find out more about plans for the Making Tax Digital timetable, from the original inception in 2010 to mandatory quarterly reporting and the final deadline for corporation tax obligations in 2020. This timetable is subject to review depending on HMRC deadlines and software requirements

3 Oct 2016

Tax | Tax updates: October 2016

In this month’s review of tax cases and updates, customer service priority for HMRC, Icebreakers lead appeal dismissed, partial win for Greene King group, points-based penalty system for Making Tax Digital

3 Oct 2016

30 Sep 2016

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Tax | Business rates revaluation will hike bills for one in four

The government has launched a four-week consultation on the long-delayed revaluation of business rates and details of transitional arrangements for businesses hit by substantial rises, which are likely to result in higher rates for one in four businesses

30 Sep 2016

Business | Third of audit professionals fear impact of Brexit

Just over a third (36%) of finance professionals working in the audit field in the UK believe that leaving the EU will have a negative effect on their career, with the main concern being the risks when companies move jobs based in the UK to Europe, reveals the first post-Brexit survey by jobs site, careersinaudit.com

30 Sep 2016

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Tax | Ellison spearheads 'enabler' plans as financial secretary

David Gauke’s successor as financial secretary to the Treasury is Jane Ellison, Conservative MP for Battersea, who does not share the same background in tax as her predecessor

30 Sep 2016

Tax Compliance

Image for people news wilson wright dains swat

| People in the news: Wilson Wright, Dains, SWAT

This week’s people appointments includes a head of creative business and tax adviser at Wilson Wright, Dains gains a tax director, new executive director appointment at SWAT UK

30 Sep 2016

Image for call more information scotlands tax and spending

Tax | Call for more information on Scotland’s tax and spending

The Auditor General has challenged the Scottish government to provide more transparency over the reporting of public finances following its 2015/16 audit of the consolidated accounts, saying there is more work to do as new financial powers are introduced at a time of uncertainty created by the EU referendum result

30 Sep 2016

Business | BDO signs strategic alliance with Microsoft

BDO’s international network has announced a strategic alliance with Microsoft, which will see the two organisations collaborating on technology and services in a bid to accelerate the digital transformation of their clients’ businesses

30 Sep 2016

Image for global tax regimes play key role emigration

Tax | Global tax regimes play key role in emigration

Tax regimes and financial factors, as well as lifestyle, are key considerations for individuals that are looking to emigrate to other countries, according to BDO’s Global Opportunities report

30 Sep 2016

Business | Consultation on EU-wide financial benchmark framework

The European Securities and Markets Authority (ESMA) is consulting on plans for a new European regulatory framework for financial benchmarks, which the regulator says will improve governance and control over the setting of benchmarks and ensure their accuracy, robustness and integrity across the EU

30 Sep 2016

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Business | ‘Glass ceiling’ on high incomes for women

Women account for a smaller and smaller fraction of those with the highest incomes according to a study by the LSE’s International Inequalities Unit, which found that while women have been increasing their representation in the top 10% of earners, progress has been much less at the very top 0.1%

30 Sep 2016

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Business | Call for ‘concerted effort’ on corporate responsibility

Professional bodies and industry regulators are leading a push to promote greater corporate accountability and stronger governance, with new initiatives from the International Federation of Accountants (IFAC), ICAEW and the Financial Reporting Council (FRC) emphasising the need for changes in company culture

30 Sep 2016

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Business | More employers need to offer apprenticeships

Employers should embrace apprenticeships and use the funding available to them to offset the training costs, to encourage more young people to turn to apprenticeships as an alternative to university, according to the Chartered Institute for Securities & Investment (CISI)

30 Sep 2016