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Image for riley making tax digital means making tax digital

Tax | Riley: Making Tax Digital means Making Tax Digital

Last week saw an interesting few days. We had the vote on triggering Article 50 in the Commons and a day later the publication of the Brexit White Paper. Getting in just before the filing deadline of 31 January, HMRC’s response to the six consultations on Making Tax Digital landed with a thud. Jonathan Reilly, head of tax at Grant Thornton reacts to the digitisation plans

9 Feb 2017

Making Tax Digital

Accountancy Firms

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Finance | FRS 102: accounting for provisions and contingencies - tips and advice

In part 18 of this exclusive New UK GAAP series, Helen Lloyd FCA assesses the accounting rules on provisions and contingencies, set out in FRS 102 section 21, which closely reflect the old treatment so should not pose significant transition issues

9 Feb 2017

Accounting Standards

Financial Reporting

Image for bill authorising eu withdrawal passes commons

Tax | Bill authorising EU withdrawal passes Commons

The bill giving prime minister Theresa May the authority to trigger Article 50 and start negotiations to take the UK out of the EU has passed its final stage in the House of Commons and will now move on to lords for consideration.

9 Feb 2017

Tax | Lords brand Making Tax Digital mandation ‘undemocratic’

Members of the House of Lords Economic Affairs Finance Bill sub-committee have described the mandatory uptake of Making Tax Digital as ‘undemocratic’ as they continue their enquiries into the project’s rollout. Calum Fuller reports

9 Feb 2017

Making Tax Digital

Image for hargreaves lansdown admits breach rules dividend payments

Finance | Hargreaves Lansdown admits breach of rules on dividend payments

Investment group Hargreaves Lansdown has admitted that a number of historic dividend payments have been paid out in breach of Companies Act requirements, and is to hold an additional general meeting for shareholders next month to correct what it calls ‘a technical issue’ in how it accounted for the payments

9 Feb 2017

Financial Reporting

Law and Regulation

Accountancy Firms

Image for deloitte wins slice audit dairy crest food producer

| Deloitte wins slice of audit at Dairy Crest food producer

Milk, butter and cheese producer Dairy Crest Group, Britain’s largest dairy company, has announced it has chosen Deloitte as its external auditor for the year commencing 1 April 2017, ending a 20-year relationship with EY

9 Feb 2017

Accountancy Firms

Image for door slammed shut disqualified director

Business | Door slammed shut on disqualified director

Mark Hinchliffe, a disqualified director, who continued to act as director in the running of a company in breach of his disqualification, has been handed a further ban of 11 years following an investigation by the Insolvency Service which found he owed HMRC £176,000

9 Feb 2017

Restructuring & Insolvency

Called to Account

Image for mps seek clarification making tax digital costs business

Tax | MPs seek clarification on Making Tax Digital costs to business

The Treasury is coming under pressure to provide a detailed analysis of the costs to business of Making Tax Digital, after business groups have suggested these may be as much as ten times greater than forecast

9 Feb 2017

Making Tax Digital

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Finance | Case: pension rights for unmarried couples?

The Brewster Supreme Court ruling on the pension rights of a co-habiting partner highlights differences in regulations covering public sector pensions in Northern Ireland and the rest of the UK, and there are implications for private sector pension schemes, says Becky Ryding, a pensions solicitor at Gateley plc

9 Feb 2017

8 Feb 2017

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Tax | Apprenticeship Levy: what you need to know

As the introduction of the apprenticeship levy approaches on 6 April 2017, Stephen Hemmings, corporate tax partner at Menzies, examines what the levy means for firms and their clients

8 Feb 2017

Image for aplin hmrc must clarify user testing plans making tax digital

Tax | Aplin: HMRC must clarify user testing plans for Making Tax Digital

Effective user testing for Making Tax Digital is critical if HMRC’s plan for quarterly reporting and digitisation of tax is going to work but the delay in confirming the exemption threshold is creating uncertainty for small businesses, warns Paul Aplin, vice president of ICAEW

8 Feb 2017

Making Tax Digital

Accountancy Firms

Image for supreme court rules disputed pension rights partner

Finance | Supreme Court rules on disputed pension rights for partner

A woman whose long-term partner died suddenly has won a legal battle which could change the pension rights of unmarried couples working in the public sector

8 Feb 2017

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Business | Banks signal move to Blockchain adoption by 2020

More than 80% of bankers anticipate the industry adoption of Blockchain by the end of the decade, as study from consultancy firm Infosys and its technology arm Infosys Finacle has found

8 Feb 2017

Accountancy Firms

AI & Technology

Image for hmrc consults isa rule changes deceased estate

Tax | HMRC consults on ISA rule changes for deceased estate

HMRC is consulting on draft legislation to extend ISA tax advantages to investments held within an account after the death of the account holder to reduce the taxable charge

8 Feb 2017

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Business | RSM network revenues hit £3.9bn

The RSM international network has reported a 7.6% rise in fee income, totalling $4.87bn (£3.9bn) for the year ending 31 December 2016, its first full year operating as a unified, global network brand

8 Feb 2017

Accountancy Firms

Image for making tax digital accountancy profession give evidence lords committee

Tax | Making Tax Digital: accountancy profession to give evidence to Lords committee

Representatives from ICAEW and ATT, along with other members of the accountancy profession, will be giving evidence on the impact of the government’s Making Tax Digital proposals, and whether taxpayers are ready for the changes, to a session of the House of Lords economic affairs finance bill sub-committee later today

8 Feb 2017

Making Tax Digital

Accountancy Firms

Image for scottish tax tribunals be overhauled april

Tax | Scottish tax tribunals to be overhauled from April

Scotland is to overhaul the tax tribunal system with the abolition of the existing First-tier Tax Tribunal and creation of a new Tax Chamber

8 Feb 2017

Image for aat calls compulsory pay ratio reporting

Business | AAT calls for compulsory pay ratio reporting

Most AAT members believe that compulsory pay ratios are the only way to control levels of executive pay, rather than voluntary initiatives, according to research which also indicated the majority feel government plans merely to require publication of pay ratios are unlikely to have an impact on remuneration rates

8 Feb 2017

Accountancy Firms

Image for boardroom gender parity 20 years away uk falls behind europe

Business | Boardroom gender parity 20 years away as UK falls behind Europe

Gender diversity on boards is slowly improving, but at the current rate of progress it will take 20 years before global boardrooms achieve gender parity in Egon Zehnder survey

8 Feb 2017

Accountancy Firms

Image for kts owens thomas expands forensic accounting service

Business | KTS Owens Thomas expands forensic accounting service

Welsh firm KTS Owens Thomas is planning to expand into new markets in England and has launched a nationwide forensic accounting and litigation service, saying it anticipates ‘substantial growth’

8 Feb 2017

Accountancy Firms

7 Feb 2017

Image for making tax digital ps10k threshold ridiculous claim lords

Tax | Making Tax Digital £10k threshold ‘ridiculous’, claim Lords

HMRC’s £10,000 threshold for use of Making Tax Digital has been excoriated by members of the House of Lords economic affairs committee, who branded the proposal ‘ridiculous’

7 Feb 2017

Making Tax Digital

Image for buy let taxation inheritance tax part 5

Tax | Buy-to-let taxation: inheritance tax - part 5

In part five of our exclusive series on buy-to-let taxation, Liz Cuthbertson, private client partner at Mercer & Hole, explains how changes to inheritance tax mean that even overseas property owners will be hit

7 Feb 2017

Image for ebay identifies errors tax reporting

Tax | eBay identifies errors in tax reporting

Online sales platform eBay has notified US regulators that is has identified a material weakness in its internal control over financial reporting which means it did not correctly account for the tax on some transactions in December, and is now implementing a remediation plan

7 Feb 2017

Financial Reporting

Accountancy Firms

Image for lords probe software companies lack readiness making tax digital

Tax | Lords probe software companies on lack of readiness for Making Tax Digital

HMRC’s timetable for user testing for Making Tax Digital is rushed, while the level of communication between software developers and HMRC is inadequate and there is not enough detailed specifications about the IT requirements for the rollout, leading software company chiefs told Lords Committee. Sara White reports

7 Feb 2017

Making Tax Digital

Accountancy Firms

Image for whitbread accountants ignored making tax digital

Tax | Whitbread: accountants ignored in Making Tax Digital

HMRC has published the plans for Making Tax Digital, following a series of consultations throughout 2016 however, the tax authority still remains ambiguous. Francis Whitbread, tax partner at Edmund Carr. comments on the absence of software and bypassing accountants' views

7 Feb 2017

Making Tax Digital

Image for pensions advice allowance gives ps1500 tax break pension planning

Tax | Pensions Advice Allowance gives £1,500 tax break for pension planning

People planning their retirement will be able to take out up to £1,500 tax free from their pension pots, in three stages, to pay for financial advice and any withdrawal will not affect the current employer-provided pension advice

7 Feb 2017

Image for uk tax burden highest 30 years

Business | UK tax burden highest in 30 years

The UK tax burden is set to hit its highest level as a share of national income in over 30 years, according to analysis by the Institute of Fiscal Studies (IFS), which also suggests Brexit will see the UK economy shrink by 3%

7 Feb 2017

Accountancy Firms

Image for hmrc guidance payroll working legislation

Tax | HMRC guidance on off-payroll working legislation

HMRC has published guidance on off-payroll working in the public sector, following reform of intermediaries legislation (IR35) which will take effect from 6 April 2017

7 Feb 2017

Image for frc publishes best practice audit tendering

| FRC publishes best practice for audit tendering

The Financial Reporting Council (FRC) has updated its notes on best practice for audit tenders, including more emphasis on involving the whole audit committee, early engagement with firms, and the need for a long lead time, in response to companies’ experiences of mandatory rotation and retendering following changes in the regulations

7 Feb 2017

Accountancy Firms

Image for sdlt hike hitting london prime property sales

Tax | SDLT hike hitting London prime property sales

Higher rates of stamp duty land tax (SDLT) have had a bigger impact on high-end central London house prices than concerns over Brexit, according to analysis by estate agency Knight Frank which points to a continuing plateau in values

7 Feb 2017

Image for garage owner disqualified trading while insolvent

Business | Garage owner disqualified for trading while insolvent

The director of a Welsh garage repair and MOT business has been disqualified from acting as a director for seven years, after an Insolvency Service investigation found he had traded to the detriment of creditors while insolvent, with some £90,000 owing for PAYE, National Insurance contributions and VAT

7 Feb 2017

Restructuring & Insolvency

Called to Account

Image for uk set be fastest growing g7 economy

Business | UK set to be fastest growing G7 economy

The UK stands to become the fastest growing economy in the G7 in the longer term over the next three decades, despite some medium-term drag from Brexit, according to analysis by PwC

7 Feb 2017

Accountancy Firms