Business &amp; Accountancy Daily

Image for hmrc publishes records management and retention policy

Tax | HMRC publishes records management and retention policy

HMRC has issued a paper outlining the outlining its records management and retention and disposal policy, which must also be supported by any third parties handling HMRC documentation

7 Oct 2016

Finance | ‘Gross financial mismanagement’ at London charity

The Charity Commission says it has identified ‘gross financial mismanagement’ at a Tower Hamlets charity, the Bangladeshi Parents and Carers Association, following a regulatory inquiry

7 Oct 2016

Charities

Called to Account

Image for people news crowe clark whitehill smith williamson land trust

| People in the news: Crowe Clark Whitehill, Smith & Williamson, the Land Trust

This week’s people appointments include: two VAT partners join Crowe Clark Whitehill, Smith & Williamson gain a partner, the Land Trust charity promotes an employee to director of finance

7 Oct 2016

Careers

Image for barclays offloads uk trust business independent group

Business | Barclays offloads UK trust business to independent group

Newly-established trust and corporate services provider Zedra has agreed a deal to acquire Barclays UK trust business for an undisclosed sum, following on from its acquisition of the bank’s wealth management business earlier this year

7 Oct 2016

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Business | Finance professionals awarded at Black British Business Awards

Two female financial service professionals, who work for J.P. Morgan and BNY Mellon, have been awarded for their individual achievements in the Black British Business Awards

7 Oct 2016

Tax | Parliamentary group consultation on public confidence in HMRC

The all party Parliamentary group (APPG) on responsible tax has launched a consultation as part of its inquiry into public confidence in HMRC’s capability to collect tax fairly and effectively

7 Oct 2016

Tax

HMRC

Consultations

Image for fca consults transaction cost disclosure workplace pensions

Finance | FCA consults on transaction cost disclosure in workplace pensions

The Financial Conduct Association (FCA) is consulting on proposed guidance to improve the disclosure of transaction costs in workplace pensions, with the aim to obtain a standardised disclosure of the costs that pension investments incur

7 Oct 2016

Pensions

Business | Businessman faces six years in jail for £4.75m VAT fraud

An Essex businessman has been jailed for six years and banned from being a director for ten years after creating a fake trade to fraudulently claim £4.75m in VAT repayments

7 Oct 2016

Called to Account

6 Oct 2016

Image for frs 102 preparing financial statements tips and advice

Finance | FRS 102: preparing financial statements - tips and advice

Under the new UK GAAP, there have been a number of significant changes to the way financial statements are prepared. In the first of a new series of articles, In part one of our exclusive series, Helen Lloyd FCA considers the key issues for companies reporting under FRS 102 for the first time

6 Oct 2016

Finance | LLPs: changes to accounting rules out for review

The withdrawal of the Financial Reporting Standard for Smaller Entities (FRSSE) means a last-minute review of the accounting rules for small limited liability partnerships (LLPs), says Sarah Perrin ACA

6 Oct 2016

Finance

Accounting Standards

Financial Reporting

Image for buy let landlords lose case bring judicial review interest relief cuts

Tax | Buy-to-let landlords lose case to bring judicial review of interest relief cuts

Landlords campaigning to bring a judicial review hearing of the ‘tenant tax’ legislation, with support from Cherie Blair, have been unsuccessful at the High Court but vow to continue to push the case to government

6 Oct 2016

Business | Jersey introduces ‘sandbox’ reforms to test virtual currency

Jersey has introduced a ‘regulatory sandbox’ to enable businesses that provide virtual currency exchange services to experiment and test new products and applications in the crown dependency

6 Oct 2016

AI & Technology

Image for iaasb amends isa 250 enhance auditor focus non compliance

Finance | IAASB amends ISA 250 to enhance auditor focus on non-compliance

The International Auditing and Assurance Standards Board (IAASB) has revised the ISA 250 auditing standard to improve auditor oversight of non-compliance with laws and regulations

6 Oct 2016

Auditing

Corporate Governance

Image for bull uk tax system post brexit

Tax | Bull: the UK tax system post-Brexit

As the government begins the process of forming its roadmap to Brexit, RSM senior tax partner George Bull looks at what form the tax system will take on post-Brexit

6 Oct 2016

Business | BDO reports 22% rise in profits as fee income hits £405m

Top six firm BDO has breached the £400m mark for the first time as it announced revenues of around £405m in its annual results, released today

6 Oct 2016

Leadership & Management

Careers

Image for obstructive accountant fined ps25000 over disclosure notice failures

Business | ‘Obstructive’ accountant fined £25,000 over disclosure notice failures

In what HMRC describes as ‘an historic first’, an obstructive accountant who failed to cooperate with a tax fraud investigation has been fined £25,000 under the Serious Organised Crime and Police Act for failing to comply with disclosure notices

6 Oct 2016

Called to Account

Business | Brexit to hit Scottish economy

Brexit will have a negative impact on Scotland’s economy regardless of how the UK negotiates the departure from the EU, with the potential loss of up to 80,000 jobs and wages falling by £2,000 a head per year, according to analysis by an economics thinktank

6 Oct 2016

Image for hmrc updates dividend guidance community benefit societies

Tax | HMRC updates dividend guidance for community benefit societies

HMRC has updated the tax guidance to clarify the rules for reporting annual tax returns detailing payment of dividends, interest and bonuses by registered societies such as co-operatives and community benefit societies

6 Oct 2016

Business | EY global revenues up 9% to $29.6bn

EY has announced combined global revenues of $29.6bn (£23.3bn) for its financial year ended 30 June 2016, up 9% compared with the previous year and marking its sixth consecutive year of growth in what the firm termed ‘a difficult business environment’

6 Oct 2016

Image for ccab urges government strengthen aml regime

Business | CCAB urges government to strengthen AML regime

Consultative Committee of Accountancy Bodies (CCAB) is lobbying the government to take lead in strengthening the anti-money laundering (AML) regime, after highlighting four main areas for improvement to increase the effectiveness of AML

6 Oct 2016

Image for may pledges action tax dodgers and corporate governance

Tax | May pledges action on ‘tax dodgers’ and corporate governance

Prime Minister Theresa May used her first conference speech as Conservative party leader to pledge action on what she termed ‘tax dodgers’ and those who advise them, and said the government would push for workers to be given roles on company boards in a bid to improve governance

6 Oct 2016

Tax

Tax Compliance

Politics

5 Oct 2016

Image for companies house rejects small company accounts under new reporting rules

Finance | Companies House rejects small company accounts under new reporting rules

New accounting rules for small companies has led to Companies House rejecting accounts filed by the 30 September deadline as companies and accountants are falling foul of complicated reporting rules under the Companies Act and FRS 102 exemptions, warns ICAEW

5 Oct 2016

Business | Brexit: the finance agenda and accounting implications

Brexit has created an environment of radical uncertainty. It is more important than ever for organisations to act with conviction about the anticipated future outcomes from potential accounting implications to the tone of the board, say Costa Coffee’s Malcolm Finn and University College London’s (UCL) David Tuckett

5 Oct 2016

Image for dodwell country country reporting risk multinationals

Tax | Dodwell: country-by-country reporting risk for multinationals

Bill Dodwell, partner and head of tax policy at Deloitte, discusses compulsory country-by-country reporting reporting for multinational companies, after the recent Finance Bill amendment was passed by Treasury

5 Oct 2016

Business | Deloitte restructures under North West Europe unified partnership banner

Deloitte is to plough €200m (£176m) into creating a single North West Europe firm which will bring together a total of eight member firms including the current UK and Swiss operation, which will merge with Belgium, Denmark, Iceland, Netherlands, Finland, Norway and Sweden in a bid to increase its global and regional presence

5 Oct 2016

Leadership & Management

Careers

Image for smith williamson reports income profits dip firm invests

Business | Smith & Williamson reports income up but profits dip as firm invests

Smith & Williamson has reported a 3.4% rise in operating income to £222.5m for the year ending 30 April 2016, around half the previous year’s increase, during what the firm described as a sustained period of investment in client teams and infrastructure enhancements which had an impact on profits

5 Oct 2016

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Tax | VAT change for insurance repair services

The rules regarding the VAT treatment of the use and enjoyment of insurance repair services are being tightened up so that UK repairers will have to charge VAT to insurers or agents based outside the EU from 1 October 2016

5 Oct 2016

Finance | FRC consults on changes to corporate reporting review procedures

Moves to increase transparency are among changes to corporate reporting under consultation by the Financial Reporting Council (FRC)

5 Oct 2016

Finance

Financial Reporting

Image for group seeking judicial review landlord tax

Tax | Group seeking judicial review of ‘landlord tax’

Tomorrow will see Cherie Blair in action at the High Court, representing the Axe the Tenant Tax lobby group which is seeking permission to bring a judicial review of proposed tax changes for buy-to-let landlords

5 Oct 2016

Tax

Property Tax

Tax Planning

Image for ons publishes vat turnover data

Tax | ONS publishes VAT turnover data

The Office for National Statistics (ONS) has published its first set of VAT turnover data, the initial step in process to reform the way in which it estimates economic growth

5 Oct 2016

Business | Brexit could cost £10bn in tax revenues

As much as £10bn a year in tax revenues and 71,000 jobs depend on the outcome of negotiations over the UK’s exit from the EU, according to a study by report management consultancy, Oliver Wyman for the lobby group TheCityUK which has analysed the likely options

5 Oct 2016