Bank of America fined $1.2bn for AML failings, regulator warns English football is 'on edge of financial disaster', and Croner Intelligence launches Workflows AI tool to draft letters

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Business & Accountancy Daily

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Image for insolvency profession self regulation working

Business | Insolvency profession: is self-regulation working?

Benn Richards, senior associate and Lee Ranford, partner at Russell-Cooke LLP examine the regulation of insolvency practitioners, following recent concerns regarding the insolvency regime, its 'self-regulation' and certain regulatory faults

9 Nov 2016

Accountancy Firms

Restructuring & Insolvency

Image for romangate appellant wins ps475k tax avoidance case

Tax | Romangate appellant wins £475k tax avoidance case

The First Tier Tribunal (FTT) has found in favour of a taxpayer who was appealing against a discovery assessment in relation to a failed tax avoidance scheme, on the basis that although HMRC made a discovery of an insufficiency of £475,498 in income tax, this was not brought about deliberately

9 Nov 2016

Image for panama papers taskforce targets uk based tax evaders

Tax | Panama Papers taskforce targets UK-based tax evaders

The government taskforce set up in the wake of the ‘Panama Papers’ data leak has opened civil and criminal investigations into 22 individuals for suspected tax evasion and has a further 43 individuals under review, according to an update provided by Chancellor Philip Hammond to MPs

9 Nov 2016

International Tax

Called to Account

Image for trump tax plan proposes slashing us business tax rate

Tax | Trump tax plan proposes slashing US business tax rate

US businesses will be waiting to see whether newly-elected president Donald Trump goes ahead with the significant changes to the individual and corporate tax codes he outlined when on the campaign trail in the months leading up to the November election, which include slashing the business tax rate to encourage US companies to move profits back onshore

9 Nov 2016

International Tax

Image for kpmg appointed administrators fashion retailer

Business | KPMG appointed administrators of fashion retailer

Jim Tucker and Richard Beard of KPMG have been appointed as joint administrators of fashion retailer, American Apparel, as the UK business is set to close its 13 stores

9 Nov 2016

Accountancy Firms

Restructuring & Insolvency

Image for rbs pay ps400m compensation smes poor treatment

Business | RBS to pay £400m compensation to SMEs for poor treatment

RBS has announced it is to introduce a complaints review process and the automatic refund of complex fees, at a cost of some £400m, in acknowledgment of the poor treatment experienced by small businesses customers of the bank’s former global restructuring group (GRG) in the wake of the financial crisis

9 Nov 2016

Accountancy Firms

Image for call one third ftse 100 executive pipeline be female

Business | Call for one third of FTSE 100 executive pipeline to be female

The independent Hampton-Alexander review, set up to accelerate the push to ensure more women reach the top in business, has announced a voluntary target of 33% representation of women for the FTSE 100 executive pipeline by 2020

9 Nov 2016

Accountancy Firms

Leadership & Management

Image for tax body calls postponement mtd prepare businesses and software

Tax | Tax body calls for postponement of MTD to prepare businesses and software

Tax experts from the Low Incomes Tax Reform Group (LITRG) have voiced concerns over HMRC’s ambitious timescale for Making Tax Digital (MTD) reforms and call for them to be postponed to better prepare businesses and test out new software

9 Nov 2016

8 Nov 2016

Image for what you need know company car schemes and salary sacrifice benefits

Tax | What you need to know: company car schemes and salary sacrifice benefits

A series of measures set to come into force from 2017 will affect the way organisations run company car schemes, possibly costing businesses up to an extra £1,000 per car per year. In the second of a two part series, Matthew Walters, head of consultancy services at LeasePlan, considers the potential clampdown on salary sacrifice benefits for company car schemes

8 Nov 2016

Image for scots call article 50 debate scottish parliament

Business | Scots call for Article 50 debate in Scottish parliament

Scotland is to intervene in the in the UK government’s appeal to the Supreme Court on the triggering of Article 50 to set the UK Brexit process in motion following last week’s High Court decision that MPs must debate the issue

8 Nov 2016

Image for hmrc clarifies vat business assets prior registration

Tax | HMRC clarifies VAT on business assets prior to registration

HMRC has published a brief setting out the policy on the deduction of VAT relating to assets used by a business prior to its VAT registration, saying this has not always been treated consistently

8 Nov 2016

Image for ots seeks feedback corporation tax simplifications

Tax | OTS seeks feedback on corporation tax simplifications

The Office of Tax Simplification (OTS) has published a progress report and call for evidence on proposals for simplifying corporation tax to ensure computations work for modern companies and is seeking feedback on the options

8 Nov 2016

Accountancy Firms

Image for charity advertising guidance reissued after 14 years

Tax | Charity advertising guidance reissued after 14 years

The VAT notice explaining which advertising services and goods are zero rated when supplied to charities has been scrapped and reinstated by HMRC in its first update since the notice was published in 2002

8 Nov 2016

Image for women finance champion appointed push diversity effort

Business | Women in finance champion appointed to push diversity effort

Jayne-Anne Gadhia, CEO of Virgin Money, has been appointed as the official women in finance champion, with the task of promoting the Treasury’s women in finance charter and the benefits of a diverse workforce across the UK financial services sector

8 Nov 2016

Accountancy Firms

Leadership & Management

Image for hmrc figures confirm low take marriage allowance

Tax | HMRC figures confirm low take-up of marriage allowance

Despite an extensive, targeted publicity campaign, less than a quarter of those eligible have applied for the marriage allowance, and are missing out on the chance to reduce their tax bill by up to £220 a year, according to HMRC’s own figures

8 Nov 2016

Image for slower growth could see ps31bn fall tax revenues

Tax | Slower growth could see £31bn fall in tax revenues

Ahead of the Autumn Statement later this month, research from the Institute of Fiscal Studies (IFS) suggests tax revenues could be £31bn below the Budget forecast by 2019-20 because of lower growth, with Chancellor Philip Hammond needing to borrow an additional £25bn if there are no policy changes

8 Nov 2016

Accountancy Firms

Image for kpmg wins accesso audit bdo

| KPMG wins Accesso audit from BDO

AIM-list Accesso Technology Group, which provides e-ticketing and virtual queuing systems for the leisure, entertainment and cultural markets, has parted company with BDO after four years and appointed KPMG as its auditor

8 Nov 2016

Accountancy Firms

7 Nov 2016

Image for ir35 upcoming changes payroll working public sector

Tax | IR35: upcoming changes to off payroll working in the public sector

Alastair Kendrick, tax director at MHA Macintyre Hudson, examines the rationale and function of changes to IR35 for public sector organisations, set to come in from April 2017

7 Nov 2016

Image for ministry justice trials online alternative tax tribunal applications

Tax | Ministry of Justice trials online alternative to tax tribunal applications

The Ministry of Justice is trialling an alternative to the application process for tax tribunals to provide a quicker online service for people challenging disputed HMRC decisions, although fees will be introduced for the first time to cover administration costs

7 Nov 2016

Accountancy Firms

Image for it supplier reveals misstated accounts over ps20m debt reporting

Finance | IT supplier reveals ‘misstated accounts’ over £20m debt reporting

AIM-listed IT managed services provider Redcentric has announced that an internal audit committee review has uncovered ‘misstated accounting balances’ in relation to the interim results for the six months ended 30 September 2016, and has asked the chief financial officer to leave

7 Nov 2016

Financial Reporting

Accountancy Firms

AI & Technology

Image for fraudulent accountant stole nhs workers details ps40k tax fraud

Business | Fraudulent accountant stole NHS workers’ details in £40k tax fraud

An accountant from Bolton who hijacked the identities of NHS doctors and nurses in a £40,000 tax fraud has been jailed for 21 months, following an HMRC investigation

7 Nov 2016

Called to Account

Image for hmrc updates employment intermediaries reporting guidance

Tax | HMRC updates employment intermediaries reporting guidance

HMRC has updated a section of its guidance on the reporting requirements for employment intermediaries, clarifying what intermediaries need to do when sending reports to HMRC, the information that is required and the penalties for non compliance

7 Nov 2016

Image for hmrc clears confusion over pension lifetime allowance date

Finance | HMRC clears up confusion over pension lifetime allowance date

HMRC has provided clarification on the pension lifetime allowance after individuals expressed confusion over the effective date of protection, with the tax authority also adding the 2012 to 2013 tax year to the annual allowance calculator, coming into effect by mid-November

7 Nov 2016

Image for ex relx tax chief head office tax simplification

Tax | Ex-RELX tax chief to head up Office of Tax Simplification

As part of the initiative to reduce the complexity of the UK's tortured tax code, the government has appointed Paul Morton as tax director of the Office of Tax Simplification (OTS), replacing John Whiting, who is retiring

7 Nov 2016

Accountancy Firms

Image for tax transparency tops oecd agenda tbilisi

Tax | Tax transparency tops OECD agenda in Tbilisi

The OECD is calling on all jurisdictions to conform to the latest tax transparency standards under exchange of information rules at the same time as they develop their own tax transparency initiatives

7 Nov 2016

International Tax

Image for carter backer winter acquires financial planning specialist

Business | Carter Backer Winter acquires financial planning specialist

City accountancy, tax and financial planning consultancy Carter Backer Winter (CBW) has acquired Harrow-based Edwards Financial Services Ltd for an undisclosed sum in a bid to broaden its service offering

7 Nov 2016

Accountancy Firms

Image for bdo wins game digital audit deloitte

| BDO wins Game Digital audit from Deloitte

Deloitte has resigned as auditor to video games developer Game Digitalafter a five-year term and will be replaced by BDO, following a competitive tender process which included consideration of ways to reduce the cost of the audit process

7 Nov 2016

Accountancy Firms

Bank of America fined $1.2bn for AML failings, regulator warns English football is 'on edge of financial disaster', and Croner Intelligence launches Workflows AI tool to draft letters

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