Business &amp; Accountancy Daily

Image for deloitte takes over ps20m glaxosmithkline audit pwc

| Deloitte takes over £20m GlaxoSmithKline audit from PwC

Pharmaceutical giant GlaxoSmithKline has severed its 16-year relationship with PwC and has appointed Deloitte as its new external auditor for its £20m-plus audit after a competitive tender process which did not include the incumbent firm

16 Dec 2016

Tax | Scottish government will not raise higher rate tax threshold from 2017

Scotland has signalled a move away from consistent tax rates with the UK in the latest draft Budget announcement stating that the higher rate threshold will not rise in line with wider UK rates while the stamp duty rates have been frozen

16 Dec 2016

Tax | Xmas: giving and not receiving the hefty tax bills

Christmas is soon approaching and both employers and employees are getting into the festive spirit with the exchanging of gifts and throwing of parties, but these activities could leave businesses with a higher tax bill, says Blick Rothenberg

16 Dec 2016

Tax | HMRC signs outsourced letter handling contract

HMRC has signed a contract with personalised customer communication services provider Communisis to handle outbound taxpayer letters, as part of a move to streamline operation ahead of the move to digital working

16 Dec 2016

| People in the news: Grant Thornton, Independent Tax, Henderson Loggie

Career news this week includes a partner and head of financial crime at Grant Thornton, Independent Tax adds an associate director to its team, Henderson Loggie gains a director

16 Dec 2016

Careers

Image for multinational cfos increasingly view tax reputational risk

Tax | Multinational CFOs increasingly view tax as reputational risk

Tax directors and CFOs at multinational companies are facing increasing numbers of tax audits, and are becoming concerned about the impact of public perception of their tax planning on their company’s reputation, according to research by Taxand

16 Dec 2016

Business | Treasury fails to provide adequate analysis of Garden Bridge funding

Chair of PAC, Meg Hillier, has expressed her annoyance at Treasury for failing to provide analysis of the Garden Bridge business case with regards to how the project will be funded but instead providing a statement of the facts and a commentary

16 Dec 2016

Image for kpmg revenues 6 profits down 2

Business | KPMG revenues up 6%, profits down 2%

KPMG has boosted its revenues over the £2bn mark, a 6% rise, but profits are down 2% and average partner pay has also dropped as a result of what the firm is calling ‘substantial investment’ to adapt to the market including set up costs for new technology-led services

16 Dec 2016

Image for regulatory inquiry finds charitys ps5m investment lost ps39m

Business | Regulatory inquiry finds charity’s £5m investment lost £3.9m

The Charity Commission has published a report of its inquiry into Kingsway International Christian Centre (KICC), which found former trustees had invested £5m of the charity’s money on the promise of a 55% return, and had made a £3.9m loss when the former trustee responsible for the investments was declared bankrupt

16 Dec 2016

Business | KPMG publishes data on social mobility

KPMG has published detailed workforce data outlining the socio-economic make-up of the firm, saying it is the first business in the UK to publish such comprehensive data, which measures employees’ parental occupation and education and the type of school employees attended, in a bid to analyse social mobility trends

16 Dec 2016

15 Dec 2016

Image for frs 102 accounting investment property tips and advice

Finance | FRS 102: accounting for investment property – tips and advice

In part ten of our exclusive new UK GAAP series, Helen Lloyd FCA assesses the latest GAAP rules for accounting for property investments with a specific focus on those applying to section 16 of FRS 102

15 Dec 2016

Tax | Retired actress loses backdated NICs pensions fight

An actress turned journalist who has been fighting HMRC’s refusal to allow her to make backdated National Insurance contributions (NICs) has lost her appeal to a First Tier Tribunal (FTT), and is now unable to increase her pension entitlement

15 Dec 2016

Tax | Hall: planning for the 0.5% Apprenticeship Levy

The first payments due under the new Apprenticeship Levy will be made in May 2017, just a few months away. Employers need to be preparing for the changes if they have not yet done so, warns Jackie Hall ACA CTA, partner at RSM

15 Dec 2016

Business | FRC sets out topics for 2017/18 thematic reviews

The Financial Reporting Council (FRC) has set out the areas where it will undertake thematic reviews of certain aspects of companies’ corporate reports and audits over the course of 2017, focusing on those where it believes there is scope for improvement and particular shareholder interest, which include the risks related to Brexit and the use of alternative performance measures

15 Dec 2016

Image for further technical consultation apprenticeship levy regulations

Tax | Further technical consultation on apprenticeship levy regulations

HMRC has published a follow-up technical consultation on draft regulations for the apprenticeship levy which comes into effect in April 2017, and is seeking feedback on amendments introduced in response to comments received during an earlier consultation in autumn of this year

15 Dec 2016

Business | Court winds up £12m insolvency scam

A Manchester-based company that operated a business rates mitigation scheme for clients, resulting in some £12m of payments being avoided by abuse of insolvency legislation, has been wound-up

15 Dec 2016

Restructuring & Insolvency

Called to Account

Image for uks top 100 companies paid ps823bn tax year

Tax | UK’s top 100 companies paid £82.3bn of tax this year

The UK’s 100 largest companies collected and paid £82.3bn in taxes this year, up from £80.5bn in 2015 and the highest level ever according to research by PwC

15 Dec 2016

14 Dec 2016

Image for salary sacrifice car schemes changes effective april 2017

Tax | Salary sacrifice car schemes: changes effective April 2017

The curb on salary sacrifice will hit new company car agreements from April 2017 although there will be some respite for those with ongoing arrangements. Going forward, only ultra low emission vehicles will be eligible for the scheme, warns Matthew Walters, head of consultancy at Leaseplan

14 Dec 2016

| PwC and ex RSM Tenon chief rapped over Group audit

The accounting regulator has fined the former CEO of the liquidated RSM Tenon Group and issued a formal disciplinary complaint against the firm’s auditor, PwC over the audit of the accounting firm, and its former finance director in relation to the preparation, approval and audit of the financial statements for the year ended 30 June 2011

14 Dec 2016

Business | Acquisitions boost BDO international network revenues to $7.6bn

BDO’s global revenues have hit $7.6bn (£6m) for the year ended 30 September 2016, up by 8% year-on-year at constant exchange rates, with growth spearheaded by its firms in the US, where fee income rose by 12% and in China (up 13%)

14 Dec 2016

Image for frc consults limited frs 101 amendments relating leases

Finance | FRC consults on limited FRS 101 amendments relating to leases

The Financial Reporting Council (FRC) is consulting on limited amendments to FRS 101 Reduced Disclosure Framework in relation to IFRS 16 Leases in a bid to reduce the administrative reporting burden

14 Dec 2016

Finance | FRS 101 and 102 amended over shareholder notification rules

The Financial Reporting Council (FRC) has issued amendments to FRS 101 Reduced Disclosure Framework and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, removing the requirement to notify shareholders before taking advantage of the disclosure exemptions available in those standards

14 Dec 2016

Business | Warning on post-Brexit uncertainty

Following the Brexit vote, over a third of US businesses with a base in the UK are considering moving it to elsewhere in the EU, while over half of US exporters to the EU claim they are more likely to bypass the UK in order to do business with the rest of the EU, according to research by international law firm, Gowling WLG

14 Dec 2016

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Business | NAO critical of government failure on centralised buying

Cabinet Office attempts to reduce government spending by creating the Crown Commercial Service (CCS) to offer a centralised procurement and buying service have failed to deliver the expected benefits or value for money, according to a report by the National Audit Office (NAO) which says the whole approach needs to be re-thought

14 Dec 2016

Image for fca finds costs cut one million pension savers

Finance | FCA finds costs cut for one million pension savers

Pension providers have made significant progress in reducing their costs and charges, as recommended by the Independent Project Board (IPB) to tackle poorly performing schemes, according to an assessment by the Financial Conduct Authority (FCA) and the Department for Work and Pensions (DWP)

14 Dec 2016