Business &amp; Accountancy Daily

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Tax | AS 2016: company cars and salary sacrifice curb

Opinion is divided as to the impact on company car provision following the Chancellor’s announcement in the Autumn Statement of a radical overhaul of the current salary sacrifice arrangements, with suggestions that there is likely to be a rush of purchases pushed through before the April 2017 start date for the new tax regime

25 Nov 2016

Tax | Barcelona star Eto'o faces court as Spanish taxman threatens

Cameroon footballer Samuel Eto’o, the most decorated African player of all time, is facing a potential 10-year prison sentence and a £12m fine for alleged tax crimes which occurred during this time with the Spanish club Barcelona

25 Nov 2016

| Millennial accountants ambitious for career mobility

Most young finance professionals expect a promotion or a jump to a new job within the next two years, even though they are happy with their current role, according to a survey from ACCA which suggests career mobility is a growing trend

25 Nov 2016

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Business | People in the news: MHA MacIntyre Hudson, Moore Thompson, Mitchells, AAT, SEC

All the latest career moves from partner appointment at MHA MacIntyre Hudson to hires at Moore Thompson and Mitchells, group finance director for BCA Marketplace and CFOO hire at law firm Ashurt

25 Nov 2016

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Finance | FCA plans rules to improve pension transparency at annuity providers

Providers of pension annuities will have to be more transparent and informl customers that they need to consider alternatives before making a final decision on annuity purchases under new FCA rules set to come in from September 2017

25 Nov 2016

Pensions

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Business | Swindon firm PPS completes merger

Swindon-based firm PPS Chartered Accountants has completed a merger with personal tax practice Susan Papworth-Smith Chartered Tax Advisor

25 Nov 2016

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Tax | AS2016: Dodwell reviews key tax changes for UK businesses

Bill Dodwell, head of tax policy at Deloitte and president of the CIOT considers the key tax measures announced in the Budget and the impact on businesses from interest deductibility to lower corporation tax, a curb on salary sacrific and increased national insurance costs for employers

25 Nov 2016

24 Nov 2016

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Tax | Herring: end of Autumn Statement signals tax change for business

The abolition of the Autumn Statement and shift of the Budget to the third quarter of the year will reduce churn in the tax code, says the Institute of Directors' head of taxation Stephen Herring

24 Nov 2016

Tax | FRS 102: current and deferred tax reporting – tips and advice

In part eight of our exclusive new UK GAAP series, Helen Lloyd FCA reviews FRS 102 and tax focusing on Section 29 Income Tax, covering the accounting for current and deferred tax using language and principles which will be familiar to UK GAAP preparers, but with modifications to the detail

24 Nov 2016

Tax | AS 2016: £79m post-Brexit export boost

The Autumn Statement included details of an additional £79.4m in funding over the lifetime of this Parliament for the Department for International Trade (DIT) to build capacity to support the UK’s exit from the EU and negotiations for the best possible global trading arrangements for the UK.

24 Nov 2016

Tax | AS2016: tax policy consultation to be strengthened

Part of the rationale behind the decision to drop the Autumn Statement was acceptance by the government that continual changes to the tax code are damaging for business, so it has now streamlined the Budget process and committed to an improved consultation process

24 Nov 2016

Tax | AS2016: tax incentives introduced for ultra low emission vehicles

The Autumn Statement contained measures to incentivise take-up of ultra low emission vehicles (ULEVs), by reforming the appropriate percentage banding structure used in establishing the taxable benefit for ULEV company cars and funding more development work.

24 Nov 2016

Tax | AS2016: museums and galleries in line for tax reliefs

Museums and galleries are set to benefit from tax relief for permanent exhibitions, an extension of the touring exhibitions relief already in place

24 Nov 2016

Tax | AS2016: reformed off-payroll working plans to come in from April 2017

Chancellor Philip Hammond has said the government is to go ahead with plans to reform the off-payroll working rules in the public sector from April 2017 by moving responsibility for operating them, and paying the correct tax, to the body paying the worker’s company, in a bid to tackle high level of non-compliance with the current regulations

24 Nov 2016

Tax | AS2016: government to legislate for ‘greater certainty’ in HMRC enquiries

The government will legislate to provide HMRC and taxpayers earlier certainty on individual matters in large, high risk and complex tax enquiries, it was confirmed in the Autumn Statement

24 Nov 2016

Tax | AS2016: disguised remuneration scheme extended to self-employed

Chancellor Philip Hammond has announced the government intends to extend measures to tackle use of disguised remuneration schemes by employers and employees, brought in following Budget 2016, to cover the self-employed

24 Nov 2016

Tax | AS 2016: key tax measures and expert commentary

The last Autumn Statement signalled a fairly light approach to significant tax changes which will be a welcome respite for tax advisers and businesses. Here our team of expert Wolters Kluwer tax writers run through the tax implications of key measures

24 Nov 2016

Tax | AS2016: insurance premium tax increases to 12%

Individuals and business have been hit by a further rise in the insurance premium tax (IPT) to 12% from 2017, effectively doubling the rate in two years

24 Nov 2016

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Tax | AS2016: tax deductibility of corporate interest expense to proceed

The government has confirmed in the Autumn Statement it is to press ahead with the introduction of restrictions to interest deductibility for corporates

24 Nov 2016

Tax | AS2016: insurance linked securities tax framework under review

The Chancellor has announced the Treasury is consulting on a new regulatory and tax framework for the insurance linked securities (ILS) business to increase UK competitiveness in the global reinsurance business

24 Nov 2016

Tax | AS2016: Social Investment Tax Relief (SITR) increased to £1.5m cap

From 6 April 2017, the cap on the investment limit for investors in social enterprises will rise to £1.5m for organisation up to seven years old using social investment tax relief (SITR)

24 Nov 2016

Tax | Scotland sets draft Budget release for mid December

The Scottish government is set to deliver its draft Budget on 15 December, providing the first chance to see whether the devolved government will take advantage of its fully devolved income tax setting powers for individual taxpayers

24 Nov 2016

Tax | AS 2016: Class 2 NICs replaced by Class 3 and 4 by April 2018

The Autumn Statement included a number of changes to the national insurance contributions (NICs) regime, as Chancellor Philip Hammond acknowledged the work of the Office of Tax Simplification (OTS) to encourage greater alignment between NICs and income tax

24 Nov 2016

Tax | AS2016: flat rate VAT for limited cost traders rises to 16.5%

The VAT flat rate scheme (FRS) for limited cost businesses is set to increase to 16.5% from the current rate of 14.5%, effective from 1 April 2017 based on defined criteria for a limited cost trader

24 Nov 2016

Tax | AS2016: OTS to review VAT threshold

Following the Autumn Statement, the Office of Tax Simplification (OTS) is to carry out a review into the VAT system, looking at options to make VAT accounting simpler for SMEs, the flat rate scheme and the registration threshold

24 Nov 2016

23 Nov 2016

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Tax | AS2016: money purchase annual allowance for pensions cut to £4K

In the first signs of curbing abuse of the new pension reforms introduced in 2015, the Chancellor has announced plans to cut the money purchase annual allowance (MPAA) from £10,000 to £4,000 from April 2017

23 Nov 2016

Tax | AS2016: salary sacrifice clampdown from April 2017

Chancellor Philip Hammond has confirmed plans to clamp down on the tax advantages of salary sacrifice and benefit in kind schemes, but there is to be an exemption provided for low emission vehicles which was not included as part of the original consultation proposals

23 Nov 2016

Tax | AS2016: employee shareholder status to be abolished

The government is to abolish the capital gains tax (CGT) exemption and the income tax and National Insurance contributions (NICs) relief linked to employee shareholder status (ESS) in response to evidence it is primarily being used for tax-planning purposes by high-earning individuals, the Chancellor announced in his Autumn Statement

23 Nov 2016

Tax | AS2016: government confirms extra penalties for tax avoiders

The government is to introduce a new penalty for any person who has enabled another person or business to use a tax avoidance arrangement that is later defeated by HMRC

23 Nov 2016

Tax | AS2016: NICs threshold aligned for employers and employees

Chancellor Philip Hammond indicated the first stages in streamlining the National Insurance contributions (NICs) regime in his first and only Autumn Statement, by announcingd that from April 2017 the employee and employer thresholds will both be pegged at £157 per week

23 Nov 2016

Tax | AS 2016: capital allowance for electric vehicle charge points

The Autumn Statement included a boost for more environmentally friendly transport, with the announcement of £390m of funding for R&D work on low emission vehicles and the development of connected autonomous vehicles, plus a 100% first year capital allowance for the installation of electric vehicle charging infrastructure

23 Nov 2016

Tax | AS2016: ban on letting agent fees knocks landlords

In a further move to upset buy-to-let landlords, the government will ban letting agents’ fees to tenants, to improve competition in the private rental market and give renters greater clarity and control over what they will pay

23 Nov 2016

Tax | AS2016: Hammond commits government to lower corporation tax

Chancellor Philip Hammond has committed to honouring the previous Conservative government’s plans to lower the corporation tax rate

23 Nov 2016

Tax | AS 2016: Autumn Statement canned in favour of single annual Budget

In a much-trailled move the Chancellor Philip Hammond confirmed that this was his first and last Autumn Statement as the concept will be dropped in favour of a single annual Budget scheduled for the autumn

23 Nov 2016

Tax

Tax Planning

Budget

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Tax | AS2016: permanent non dom status removed from April 2017

The changes to non dom status set out in earlier Budgets will go ahead from April as planned despite a last-minute consultation which could have given some respite to the UK’s community of non domiciled individuals

23 Nov 2016

Tax | AS2016: Patent Box rules for cost sharing revised

The government will legislate in Finance Bill 2017 to add specific provisions to the Patent Box rules covering cases where research and development (R&D) is undertaken collaboratively by two or more companies under a ‘cost sharing arrangement’

23 Nov 2016

Tax | AS 2016: plan to review R&D tax reliefs

The government has announced plans to review the structure of UK research and development (R&D) tax reliefs to ensure that they match business requirements and encourage investment

23 Nov 2016

Tax | AS2016: clampdown on VAT avoidance and fraud

The government is to focus on the abuse of indirect tax, particuarly VAT fraud, as part of its ongoing fight against tax avoidance and evasion, Chancellor Philip Hammond confirmed in today’s Autumn Statement

23 Nov 2016

Tax | AS2016: Making Tax Digital consultation feedback planned for January

The government has confirmed that it will publish its response to the initial Making Tax Digital consultations in January 2017 with the first quarterly reporting period for unincorporated businesses and buy-to-let landlords set to kick in from 2018

23 Nov 2016

Tax | AS 2016: FinTech push with £500k investment

In his Autumn Statement Chancellor Philip Hammond announced that to support investment in UK fintech, the Department for International Trade (DIT) will provide £500,000 a year for financial technology (FinTech) specialists

23 Nov 2016

Business | AS 2016: venture capital set for £400m injection

The government is to inject £400m into venture capital funds as part of its plans to back business, the Chancellor said in today’s Autumn Statement

23 Nov 2016

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Tax | AS 2016: national living wage to increase

The national living wage (NLW) and the national minimum wage (NMW) will both increase from April 2017, Chancellor Philip Hammond announced in his Autumn Statement, and there is to be a new HMRC team tasked with improving compliance rates

23 Nov 2016

Tax

Budget

Politics

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Tax | AS 2016: Plan to reduce red tape for oil and gas

The Autumn Statement has introduced additional support to reduce the administrative burden for the oil and gas industry associated with operating the petroleum revenue tax (PRT) regime, now that the tax is zero-rated

23 Nov 2016

Tax | AS 2016: personal tax allowance to rise to £12.5K

Chancellor Philip Hammond confirmed the government’s intention to deliver on its commitment to raising the personal tax allowance to £12,500, and the higher rate threshold to £50,000, by the end of this parliament

23 Nov 2016

Tax | AS2016: government presses ahead with changes to taxation of partnerships

The government is to legislate to clarify the tax position of partnerships, the Chancellor has confirmed in the Autumn Statement

23 Nov 2016

Tax

Business Tax

Budget

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Finance | Conflict minerals regulation introduced in EU

All but the smallest EU importers of conflict minerals will have to conduct due diligence checks on their suppliers, and big manufacturers with more than 500 employees will also have to disclose how they plan to monitor their sources to comply with new EU rules

23 Nov 2016

Finance

Financial Reporting

Corporate Governance

Image for ey lands shroders audit asset manager ends 57 year pwc tenure

Finance | EY lands Shroders audit as asset manager ends 57-year PwC tenure

FTSE 100-listed global asset manager Shroders has confirmed EY as its auditor after 57 years with PwC

23 Nov 2016

Auditing

Corporate Governance

Image for beauty products seller swerves jail term tax fraud

Business | Beauty products seller swerves jail term for tax fraud

A former postal worker has admitted failing to declare his earnings from an online beauty product business, after an HMRC investigation found he owed over £10,000 in income tax and national insurance contributions

23 Nov 2016

Called to Account

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Business | Halford’s CFO has golf buggy drink-driving ban

The chief financial officer at car parts and bike specialist Halfords has been fined £12,000 for drink-driving in a golf buggy while travelling at 6mph while on holiday in Norway at a remote golfing and spa resort

23 Nov 2016

Called to Account

Business | Call for Chancellor to simplify tax for business

Ahead of today’s Autumn Statement, business leaders say they would be willing to see their tax bills rise in return for a less complex and tortured tax system, according to research by BDO

23 Nov 2016

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Tax | 12.5% Ireland corporation tax bucks EU average of 40%

Ireland has the most effective tax system in the EU with its 12.5% corporate tax on profits, substantially lower than the 40.3% average across the region, according to the latest global tax monitor produced by PwC and the World Bank

23 Nov 2016

Business | Plans for EU Chapter 11 style insolvency rules

The European Commission has unveiled proposals for a set of European rules on business insolvency, which include support for early restructuring and a three-year discharge from debt, in a bid reduce levels of bankruptcy and job losses and encourage start-up entrepreneurs

23 Nov 2016

Restructuring & Insolvency

Image for pre bexit uncertainty risk management and planning

Finance | Pre-Bexit uncertainty: risk management and planning

Following the High Court’s ruling on triggering Article 50, beating economic uncertainty takes more robust planning and risk management explains Dee Houchen, senior director at Oracle

23 Nov 2016

Business | EY rescue part of plant hire business from administration

Sam Woodward and Colin Dempster, partners in EY’s restructuring team have been appointed joint administrators of Hewden Stuart Ltd, Hewden Properties Ltd, Interlift Ltd and The Rigging House Ltd, which together form a Manchester-based plant hire business, and which has been in financial difficulty

23 Nov 2016