Business &amp; Accountancy Daily

Restructuring & Insolvency

Image for call nuclear deterrent tackle pension scheme deficits

Business | Call for ‘nuclear deterrent’ to tackle pension scheme deficits

Ahead of the government’s expected green paper on defined benefit (DB) pension schemes, the work and pensions select committee is calling for the introduction of a ‘nuclear deterrent’ in the form of heavy fines to prevent companies from running up large pension deficits

21 Dec 2016

Tax | Elliott: greater investment in HMRC will see avoiders hit hard

Government is investing in HMRC in order to strengthen the tax authority’s anti-avoidance capability, warns KPMG tax director Kevin Elliott

21 Dec 2016

Business | Deloitte will not bid for government contracts for six months

Deloitte’s consultancy arm has agreed to not bid for government contracts for half a year following an argument with Prime Minister, Theresa May, over a leaked Brexit memo in November 2016

21 Dec 2016

Image for hmrc pays ps460k information tax evaders

Tax | HMRC pays £460k for information on tax evaders

This year HMRC has paid £460,000 to individuals that have provided information to the tax authority on tax evaders, according to law firm RPC

21 Dec 2016

Finance | EFRAG calls for more guidance on asymmetry in Conceptual Framework

The European Financial Reporting Advisory Group (EFRAG) is calling on the International Accoutning Standards Board (IASB) to include directions for the use of asymmetry in the revised Conceptual Framework due to be finalised by July 2017

21 Dec 2016

Tax | UK tax havens should be covered in Criminal Finances Bill, say MPs

A cross-party group of MPs is pushing the government to force the UK’s overseas territories to publish public registers of beneficial ownership, in a bid to tackle the abuse of tax havens in countries including the British Virgin Islands (BVI) and Cayman Islands

21 Dec 2016

Business | Charity Commission raises concerns over poor governance

The Charity Commission says poor governance lay behind the majority of cases it identified for compliance and investigatory work in 2016, including high profile cases regarding fundraising and financial abuse, and says the role of the board of charity trustees is not an ‘optional extra’ in a charity but an essential precondition for good management

21 Dec 2016

Business | Brexit to hit UK investment

Over half of European businesses view Brexit as a threat, compared to 39% who see it as an opportunity, while 41% think the UK’s exit from the EU means it is now a less attractive investment destination according to a poll conducted for RSM

21 Dec 2016

Image for hmrcs top 10 bonkers excuses late tax returns

Tax | HMRC’s top 10 bonkers excuses for late tax returns

A yacht catching fire has been given as one of the absurd explanations for missing the 31 January self assessment tax return deadline, according to HMRC’s latest top ten list of excuses used in unsuccessful appeals

21 Dec 2016

Tax | LT100 landfill tax returns migrate online

In keeping with the move to digital tax reporting, HMRC has introduced an online service for submitting a landfill tax return

21 Dec 2016

Tax | Treasury sets Spring Budget for 8 March

The Chancellor of the Exchequer, Philip Hammond, has announced that the government will publish its next Spring Budget on Wednesday 8 March 2017, the last one to be held at this time of year before the switch to an autumn event

21 Dec 2016

Tax

Tax Planning

Budget

Image for charity commission slams birmingham charity ps1m undeclared income

Finance | Charity Commission slams Birmingham charity for £1m undeclared income

A Charity Commission inquiry has found that a charity set up as a supplier of vocational training was mismanaged by its trustees, with close to £1m of income and over £700,000 of expenditure not declared in its accounts

21 Dec 2016

Charities

20 Dec 2016

Image for automatic exchange information aeio and common reporting standard crs tips and advice

Tax | Automatic exchange of information (AEIO) and common reporting standard (CRS): tips and advice

As the regulatory environment around companies tightens in the quest for tax transparency and to curb use of tax havens, new rules on Automatic Exchange of Information and Common Reporting Standard will overhaul the tax reporting environment for companies. Scott Freedman, director, product strategy at Sovos Compliance considers the key issues to consider

20 Dec 2016

Finance | Marshall: what does Brexit mean for accounting standards?

The Brexit vote could have long-term implications for the use of IFRS in the UK. Andrew Marshall FCA considers the pitfalls and potential options for UK accounting standards once the UK leaves the EU

20 Dec 2016

Tax | Scotland to replace Air Passenger Duty with cheaper departure tax

Travellers departing Scottish airports will be able to benefit from half price air passenger duty from 2018 when the Scottish government is set to replace the UK-wide air passenger duty scheme with its own airline ticket tax called air departure tax

20 Dec 2016

Business | Pop star Rita Ora among investors swindled out of £2.3m

Pop singer Rita Ora has lost a substantial chunk of her fortune as part of an alleged £2.3m fraud by a Northampton-based accountant

20 Dec 2016

Called to Account

Image for uk opposes planned us dividend tax offshore investors

Tax | UK opposes planned US dividend tax for offshore investors

The US government is facing calls to delay the introduction of a new tax on foreign investors in US equity-linked derivative transactions, after the G5 group of countries signalled their opposition and the US Securities Industry and Financial Markets Association (SIFMA) indicated its members would not be ready for the planned 1 January 2017 implementation

20 Dec 2016

Tax | HMRC struggles to identify Scottish taxpayers

In the wake of the Scottish government’s decision not to replicate the UK Treasury's tax cut for higher earners, the National Audit Office (NAO) is warning that HMRC faces ‘significant’ challenges in administering the Scottish rate of income tax (SRIT), and is still having problems ensuring that all Scottish taxpayers are correctly identified despite a £1.1m marketing campaign

20 Dec 2016

Finance | IASB sets deadline for release of Conceptual Framework

The International Accounting Standards Board (IASB) has confirmed that it will work towards releasing a revised Conceptual Framework in mid 2017 with the IFRS 17 insurance contracts standard slated for March

20 Dec 2016

Tax | India government cracks down on undeclared income

The Indian government has signalled it is taking further action to tackle the country’s black economy with the introduction of a new and tougher declaration scheme for hidden income, following on from the decision to withdraw high value bank notes

20 Dec 2016

Tax

Personal Tax

International Tax

Image for force not charity commission over jedi religion

Finance | ‘The Force’ not with Charity Commission over Jedi religion

Just as the latest Star Wars movie hits the screens in time for Christmas, the Charity Commission has rejected The Temple of the Jedi Order's (TOTJO’s) application for charitable status in a significant decision which considered the definition of religion in charity law

20 Dec 2016

Charities

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Tax | Portugal raises taxes on homes with sea views

The tax authorities in Portugal have introduced a controversial increase in property tax on homes that offer a sea view, which will pay 20% more than the standard levy, while those facing north or overlooking a cemetery may be given a 10% reduction

20 Dec 2016

Business | Government to launch single financial advice body

Treasury are planning to create a single advice body to align pensions guidance, money guidance and debt advice which will in turn replace the Money Advice Service, the Pensions Advisory Service and the Department for Work and Pension’s ‘Pension Wise’, in a bid to deliver more targeted support for consumers and generate efficiencies

20 Dec 2016

19 Dec 2016

Image for annual reports tips and advice clear and concise aras

Finance | Annual reports: tips and advice on clear and concise ARAs

With increasing regulatory pressure and intense scrutiny over governance and transparency, annual reports provide an essential tool for businesses to communicate effectively. Cutting the clutter and focusing on the key issues for stake holders is absolutely critical, explains Mala Shah-Coulon, executive director, EY’s assurance practice

19 Dec 2016

Business | Grant Thornton profitability hit by investment in IT

Grant Thornton UK LLP has reported a 2.5% increase in revenue to £534m as the tax service line reports strong growth in a year where the mid-tier firm invested heavily in IT and technology to support its client base, reports Sara White

19 Dec 2016

Tax | Nunn: apps threaten to usurp beloved spreadsheet

The Chancellor's well-known love of spreadsheets jarres sharply with the government's Making Tax Digital project, notes Yvette Nunn CTA

19 Dec 2016

Business | More competition needed in legal services provision to small businesses

Two years after accountancy firms were first authorised to adopt alternative business structures (ABS) in order to offer legal services, a study by the Competition and Markets Authority (CMA) has concluded that competition in legal services for individual consumers and small businesses is not working well

19 Dec 2016

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Business | Ten-year ban for director’s £900k tax failures

Clive Urwin, the director of a company supplying call centre and printing services has been disqualified from for 10 years after an Insolvency Service investigation found he had failed to pay almost £900,000 owing to HMRC

19 Dec 2016