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Image for cherry rushed introduction making tax digital damaging business

Tax | Cherry: rushed introduction of Making Tax Digital damaging for business

As the government looks to press ahead with its Making Tax Digital (MTD) project, Mike Cherry, national chairman at the Federation of Small Businesses, outlines the major concerns of the UK’s small businesses, who will struggle to comply in such a short timeframe

14 Nov 2016

Making Tax Digital

Image for further consultation gift aid donor benefit rules

Finance | Further consultation on gift aid donor benefit rules

The Treasury has published the outcome of a consultation looking at the rules governing the benefits that charitable donors can receive as a consequence of making a Gift Aid-eligible donation, and says it will now conduct a further review of the monetary thresholds underlying the relevant value test

14 Nov 2016

Image for chappell investigated over ps500k bhs business taxes

Tax | Chappell investigated over £500k BHS business taxes

HMRC has reportedly arrested Dominic Chappell, the businessman who bought high street retailer BHS for £1 last year, for failing to pay more than £500,000 in tax on profits made from the retail company

14 Nov 2016

Law and Regulation

Called to Account

Image for hmrc axes concentrix tax credit contract early

Tax | HMRC axes Concentrix tax credit contract early

HMRC has axed its contract with Concentrix with immediate effect, six months earlier than scheduled, after a barrage of criticism over the outsourcing company’s poor performance in checking tax credit claims

14 Nov 2016

Image for chiene tait expands highlands presence inverness opening

Business | Chiene + Tait expands Highlands presence with Inverness opening

Edinburgh based accountancy firm Chiene + Tait has extended its presence in the Scottish Highlands with the opening of an Inverness office to support its client base of SMEs and individuals while it has outsourced its internal audit business

14 Nov 2016

Accountancy Firms

Leadership & Management

Image for frc says reporting under stewardship code improving

Finance | FRC says reporting under stewardship code improving

The Financial Reporting Council (FRC) says asset managers, asset owners and service providers are showing increased commitment to the stewardship code, based on its latest analysis of the quality of the statements published by signatories, with the assessment showing ‘much improved’ reporting and greater transparency

14 Nov 2016

Financial Reporting

Accountancy Firms

Image for mha macintyre hudson acquires investment management audit specialist

Business | MHA MacIntyre Hudson acquires investment management audit specialist

MHA MacIntyre Hudson has acquired KP Audit, a specialist provider of audit services to the investment management industry, including hedge funds, asset management firms and captive insurance companies, in a move which the top twenty firm its first overseas location

14 Nov 2016

Accountancy Firms

Image for former autonomy cfo facing us court charges over accounting acquisition

Finance | Former Autonomy CFO facing US court charges over accounting for acquisition

Sushovan Hussain, former CFO of UK software supplier Autonomy, is facing charges in a US court over allegations connected to the company’s takeover by Hewlett-Packard (HP), which has been the subject of a bitter legal battle

14 Nov 2016

Accounting Standards

Financial Reporting

Called to Account

Image for beis responds eu non financial reporting directive

Business | BEIS responds to EU non-financial reporting directive

The government is to introduce legislation that will apply the EU non-financial reporting directive to all companies in scope, but will allow those at the boundaries to voluntarily comply with the EU requirements, following a consultation on the issues

14 Nov 2016

Accountancy Firms

11 Nov 2016

Image for qa time jury service

Business | Q&A: time off for jury service

When an employee is called up for jury service, what are the implications for the employer and what are the cost implcations for both the juror and the business. Croner-i experts consider the question: can I avoid losing the employee for this period and what are your legal obligations?

11 Nov 2016

Accountancy Firms

Leadership & Management

Image for download get ready surprising autumn statement

Tax | Download: Get ready for a surprising Autumn Statement

Philip Hammond has a lot riding on his first set piece to Parliament on 23 November, with the Institute for Fiscal Studies warning this week that the outlook for public finances has deteriorated, requiring a £25bn increase in borrowing by 2019/20. Taxbriefs provide seven ways in which the Chancellor could surprise us

11 Nov 2016

Image for charity commission financial inquiry britains brainiest school

Finance | Charity Commission financial inquiry at ‘Britain’s brainiest school’

The Charity Commission has opened a statutory inquiry into Cardiff Sixth Form College over concerns about governance and financial management at the independent fee-paying educational institution once dubbed ‘Britain's brainiest school’

11 Nov 2016

Image for hmrc sees through window salesmans ps144k tax fraud

Business | HMRC sees through window salesman’s £144k tax fraud

A South Yorkshire double glazing salesman who was convicted of a £144,000 tax fraud has been jailed, after seeking to evade a further £20,000 while on bail awaiting sentence

11 Nov 2016

Called to Account

Image for people news rsm larking gowen ifrs advisory council

| People in the news: RSM, Larking Gowen, IFRS Advisory Council

Career news this week includes two tax partners and a partner appointment at RSM, Larking Gowen promotes an audit director, IFRS Foundation appoints 11 new members to the IFRS Advisory Council

11 Nov 2016

Image for begbies traynor puts new buyer menu failed restaurant chain

Business | Begbies Traynor puts new buyer on menu for failed restaurant chain

Gareth Prince, Joanne Hammond and Gareth Rusling of Begbies Traynor, who were appointed joint administrators of Midlands bar and restaurant chain Town and Country Inns, have saved nearly 100 jobs via a successful sale of the business

11 Nov 2016

Accountancy Firms

Restructuring & Insolvency

Image for pac look defence equipment spending

Tax | PAC to look at defence equipment spending

HMRC’s outsourcing deal with Concentrix and the financial stability of both the NHS and schools are due to come under scrutiny at the public accounts committee (PAC) at the beginning of next year, while there will also be sessions on the defence estate and defence equipment plan, after the National Audit Office (NAO) issued qualified accounts on spending in these areas

11 Nov 2016

Image for call regulatory action sme late payments

Business | Call for regulatory action on SME late payments

Government efforts to tackle the UK’s late payments culture have failed to achieve the expected changes in practice, with more than a third of SME still reporting major payment delay problems, according to research by Close Brothers which says regulatory action is needed

11 Nov 2016

Accountancy Firms

Image for hmrc denies mtd means quarterly filing

Tax | HMRC denies MTD means quarterly filing

HMRC has gone on the offensive to counter claims that its move to making tax digital (MTD) will increase the accounting costs and burden for large numbers of businesses, in the wake of sustained criticism from professional bodies and others about the proposals

11 Nov 2016

Accountancy Firms

Image for eu action deter tax avoidance advice

Tax | EU action to deter tax avoidance advice

The European Commission has launched a public consultation on whether there should be concerted EU action to tackle advisers and intermediaries, including accountants, who facilitate tax evasion and tax avoidance using aggressive tax planning schemes, in the light of information revealed in the Panama Papers

11 Nov 2016

International Tax

10 Nov 2016

Image for frs 102 accounting inventories tips and advice

Finance | FRS 102: accounting for inventories – tips and advice

In part six of our exclusive new UK GAAP series, Helen Lloyd FCA reviews the rules on accounting for inventories under FRS 102 Section 13, highlighting potential pitfalls with recognition, measurement, presentation and disclosure in the move from stock terminology to inventories

10 Nov 2016

Accounting Standards

Financial Reporting

Image for frc fines deloitte ps4m over audit failings aero inventory

Finance | FRC fines Deloitte £4m over audit failings at Aero Inventory

Deloitte has been fined £4m by the Financial Reporting Council (FRC), the highest ever imposed by the regulator, at the conclusion of a long-running investigation into the firm’s failures in relation to the audit of the AIM listed company Aero Inventory and its subsidiary Aero Inventory (UK) Ltd for the financial years ended 30 June 2006, 2007 and 2008

10 Nov 2016

Audit Regulations

Accountancy Firms

Image for alert over charity fundraising rules

Finance | Alert over charity fundraising rules

The Charity Commission and the Fundraising Regulator have issued a joint alert to charities that fundraise from the public over ‘significant concerns’ that some charities are not sufficiently transparent about the fees and arrangements they make with third party fundraisers, warning that failure to address this issue will generally amount to misconduct and mismanagement of the charity’s affairs

10 Nov 2016

Image for frs 102 acquisition accounting obligations

Finance | FRS 102: acquisition accounting obligations

Time is running out for businesses to complete their acquisition accounting obligations under new UK GAAP rules, warns John Rugman, head of valuations at Smith & Williamson

10 Nov 2016

Accounting Standards

Financial Reporting

Image for calls increase mtd threshold ps83000

Tax | Calls to increase MTD threshold to £83,000

The Association of Accounting Technicians (AAT) is calling on HMRC to opt for a phased introduction of Making Tax Digital (MTD) requirements, and make the threshold for mandatory participation much higher than planned, arguing that the current approach risks being too costly and burdensome for SMEs

10 Nov 2016

Making Tax Digital

Accountancy Firms

Image for charity commission inquiry our local heroes foundation

Finance | Charity Commission inquiry into Our Local Heroes Foundation

The Charity Commission has opened a statutory inquiry into Our Local Heroes Foundation, over concerns about potential misconduct and financial mismanagement and the charity’s failure to act on the findings of an earlier compliance investigation which found evidence of very low levels of charitable expenditure, with fundraising costs at 80%

10 Nov 2016

Called to Account

Image for hmrc consults restricting employment allowance illegal workers

Tax | HMRC consults on restricting employment allowance for illegal workers

HMRC is consulting on proposals to remove the employment allowance for one year from employers who are found to have employed illegal workers, which were first outlined in Budget 2016 and are expected to affect around 2,000 organisations

10 Nov 2016

Image for 60 years close gender pay gap

Business | 60 years to close gender pay gap

Thursday 10th November 2016 marks Equal Pay Day (EPD), the date from which women are effectively working for free to the end of the calendar year, according to calculations from the Fawcett Society which suggest it will take 60 years to reduce the ongoing gap between male and female pay rates

10 Nov 2016

Accountancy Firms

Image for 70 smes set tackle mtd reforms single handed

Business | 70% of SMEs set to tackle MTD reforms single handed

Over two thirds (69%) of SME owners will take a ‘do it yourself’ approach to Making Tax Digital (MTD) reforms to save on additional costs, but ironically 32% of these owners have had to pay an external expert to correct an error they have created, according to research from Geniac

10 Nov 2016

Accountancy Firms

AI & Technology