Business &amp; Accountancy Daily

Companies

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Tax | Briefing: Making Tax Digital essentials

As HMRC aims for the launch of Making Tax Digital in April 2018, CCH Daily assesses the key developments, timetable and compliance costs, House of Lords criticism of mandation and concerns over readiness of software developers to be up and running in time for the start date

27 Feb 2017

Tax | Ladbrokes loses case over £71m tax avoidance scheme

Ladbrokes has lost its long running legal battle with HMRC over the use of a tax avoidance scheme promoted by Deloitte, with the failure of its latest appeal to the Upper Tribunal set to cost the high street bookie £71m

27 Feb 2017

| Blockchain carries ‘risk and promise’, says payments regulator

Central banks and financial institutions must carefully consider the potential savings and efficiencies of using Blockchain and other distributed ledger technology along with its risks in payments, clearing and settlement, warns global payments regulator, Bank for International Settlements

27 Feb 2017

Tax | Nunn: Making Tax Digital risks Treasury tax take

HMRC's Making Tax Digital programme has repeatedly been questioned over its cost to businesses when complying with quarterly reporting. Yvette Nunn CTA, director of Berkeley Associates, comments on the escalation in Making Tax Digital compliance costs

27 Feb 2017

Tax | Editor’s comment: Making Tax Digital leaves too many unknowns

With the user trials for beta testing of Making Tax Digital set to kick off in April, there are still a host of unanswered questions for tax advisers and businesses about free software provision, thresholds and compliance requirements, says Sara White, editor of Accountancy

27 Feb 2017

Business | PwC blunder takes shine off Oscars

PwC’s US arm has found itself in the spotlight this morning, after the firm’s Oscars accounting team admitted responsibility for a chaotic on-air mix-up in front of a global audience of billions when the wrong film was initially named as the winner in the ‘best picture category’ at the annual awards in Hollywood

27 Feb 2017

Image for hmrc seeks help landlords smoke out tobacco duty evasion

Tax | HMRC seeks help of landlords to smoke out tobacco duty evasion

Commercial landlords could be obliged to inspect their properties and perform checks to ensure that their tenants are not involved in evaded tobacco duty or other excise duties, under proposals being considered by HMRC

27 Feb 2017

Business | Insolvency Service reports outage of online applications

The Insolvency Service is warning that it is experiencing problems with several of its online systems, which are currently unavailable

27 Feb 2017

Restructuring & Insolvency

Image for us tax authority clarifies non us citizen filing requirements

Tax | US tax authority clarifies non-US citizen filing requirements

The US Internal Revenue Service (IRS) has reminded non-US citizens who may have taxable income, such as international students and scholars who may be working or receiving scholarship funds, that they may have special requirements to file a US tax return, and that this needs to be done accurately

27 Feb 2017

International Tax

Tax Compliance

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Finance | Charities warned not to use cash couriers

The Charity Commission and the Metropolitan Police counter terrorism command (SO15) are warning charities against using cash couriers following the seizure of some £4m of illicit cash described as charitable funds at ports over the last two years

27 Feb 2017

Charities

Image for hmrc slated over stance film tax schemes

Tax | HMRC slated over stance on film tax schemes

The chair of the Treasury committee, Andrew Tyrie, has challenged HMRC to explain its approach to tackling avoidance schemes based on the exploitation of tax breaks for the film industry, suggesting its current response is causing ‘financial calamity’ and is having trouble in bringing a large number of schemes to a close

27 Feb 2017

| FRC to investigate PwC over Redcentric ‘misstated balances’

The Financial Reporting Council (FRC) is to investigate PwC’s conduct in relation to the audit of Redcentric, the AIM-listed IT managed services provider which revealed it had uncovered ‘misstated accounting balances’ when it reported its interim results for the six months ended 30 September 2016

27 Feb 2017

24 Feb 2017

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Business | Brexit: should accountants look overseas for work?

Eight months have passed since Brexit was announced, yet with all the uncertainty still prevailing, how is this affecting the job market for accountants? Simon Wright, operations director at CareersinAudit.com gives his view on whether accountants should stay in the UK or set their sights on new accountancy hotspots elsewhere

24 Feb 2017

Tax | US on course for significant tax reform

The Trump administration is planning ‘very significant’ tax reform in the next few months, which could include a so-called ‘border adjustment’ tax on imports, according to an initial outline of plans from Steven Mnuchin, the new US Treasury secretary

24 Feb 2017

International Tax

Tax Planning

Image for swiss firm loses ps80m south korean embezzlement

Finance | Swiss firm loses £80m in South Korean embezzlement

Swiss engineering conglomerate ABB has reported a $100m (£80m) hole in its accounts as the result of an in-house fraud in its South Korean subsidiary, which was master-minded by the local treasurer who is now missing

24 Feb 2017

Tax | HMRC advisory fuel rates for company car users from 1 March

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 March 2017 reflecting the constant trend in forecourt fuel prices

24 Feb 2017

Employment Tax

HMRC

Image for tradesmen sentenced ps300k tax fraud falls through

Business | Tradesmen sentenced as £300k tax fraud falls through

Nine tradesmen have received suspended sentences and a three-year jail term for attempting to steal £300,000 as part of an organised tax fraud, through submitting false claims to HMRC for tax repayments

24 Feb 2017

Called to Account

Tax | Small Business Commissioner complaints process outlined

The Department for Business, Energy and Industrial Strategy (BEIS) has published the outcome of its consultation on the complaints process for the proposed new small business commissioner (SBC), and is now consulting on draft regulations covering how the postholder will resolve small business complaints about payment related issues with larger businesses

24 Feb 2017

| People in the news: PKF Cooper Parry, IFRS Foundation, Milsted Langdon

This week's news of professional moves in the sector includes key appointments to PKF Cooper Parry’s executive team, IFRS Foundation reappoints board members, Milsted Langdon appoints a tax director

24 Feb 2017

Careers

Image for satisfaction hmrc digital service levels drops

Tax | Satisfaction with HMRC digital service levels drops

Latest data from HMRC suggests that it is struggling to keep up with demand for its new digital services, as satisfaction levels have fallen, although it has significantly improved its phone and post handling capabilities

24 Feb 2017

Making Tax Digital

HMRC

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Business | Five weeks until the pound is no longer round

There are only five weeks left until the new 12-sided pound enters circulation on 28 March, with the old rounded coins having to be returned before 15 October 2017

24 Feb 2017

Companies

Image for gender pay gap will not close until 2041

Business | Gender pay gap 'will not close until 2041'

Opportunities for women in the workplace have rapidly improved in the UK since 2000, but it will take until 2041 for the gender pay gap to close, according to research from PwC

24 Feb 2017

Business | Accounting ranked fifth most boring job

Two thirds (66%) of accountants are bored at work with the accounting profession ranking fifth out of a roundup of the most boring jobs, according to Emolument, a salary benchmarking site

24 Feb 2017

Business | Kato Consulting co-founder Andrew Jenner dies

Accountancy practice consultant Andrew Jenner, best known as co-founder of Kato Consulting, has died

24 Feb 2017

23 Feb 2017

Image for frs 102 related parties and close family members tips and advice

Finance | FRS 102: related parties and close family members - tips and advice

In part 20 of our New UK GAAP series, Helen Lloyd FCA assesses the accounting reporting for related parties looking at disclosure requirements about close family members, associates and joint ventures, an area which is dealt with fairly vaguely in FRS 102 section 33

23 Feb 2017

Tax | HMRC: software vendors will not be ready for Making Tax Digital

Making Tax Digital programme director Theresa Middleton has warned members of the House of Lords Economic Affairs Committee that some software vendors will not be ready to take part in the Making Tax Digital pilot scheme set to commence in April 2017. Calum Fuller reports

23 Feb 2017

Tax | Rangers EBT ‘big tax’ case to kick off in Supreme Court

The high-profile dispute between Rangers football club and HMRC over the use of employee benefit trusts (EBT) to make payments to staff and players reaches the Supreme Court next month, in a bid to resolve the issues of whether such payments amount to earnings, which would be taxable as income, or loans

23 Feb 2017

Finance | Investigation into animal charity’s financial controls

The Charity Commission has opened a statutory inquiry into Capricorn Animal Rescue and Sanctuary amid concerns over inadequate financial controls and a failure to account for assets at the charity, which has also attracted criticism from animal welfare groups

23 Feb 2017

Charities

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Tax | Government to help savers with Lifetime ISA

Government has introduced a tax-advantaged savings account, the Lifetime ISA, to support savers throughout their lives until the age of 50, which will in turn replace the problematic Help to Buy ISA from 6 April 2017

23 Feb 2017

Tax | Child trust fund limit raised to £4,128 from April

The limit on the contributions to Child Trust Funds will increase by 1% to £4,128 from April 2017 and the requirement to use a lifestyling investment strategy for the child by the age of 15 will be removed

23 Feb 2017

Business | Two thirds of UK manufacturers plan to stay put post-Brexit

Two thirds of FTSE 100 and FTSE 250 UK manufacturing executives have no plans to move following the referendum vote to leave the EU, while nearly half are not worried about any potential Brexit uncertainty, according to a survey by KPMG

23 Feb 2017

Companies