As businesses in high-value areas brace themselves for a business rates hike, Calum Fuller explores the flaws in the regime and how it might be improved
The government is to go ahead with plans to move from the current flat fee for applications for a grant of probate to a banded structure where the fees increase in line with the value of the estate, up to a maximum of £20,000, despite strong opposition to the proposals at the consultation stage
KPMG in the UK has named the firm’s financial services specialist, Bill Michael, as its new chair-elect and the successor to Simon Collins, whose term ends on 30 September
The Financial Conduct Authority (FCA) is to introduce a deadline for making new payment protection insurance (PPI) complaints, giving consumers a two and half year period in which to make a claim, before the final deadline of 29 August 2019
HMRC has published a number of documents providing guidance to the changes to the way the current intermediaries legislation (known as IR35) is applied to off-payroll working in the public sector, which come into effect on 6 April
Paul Morton, the new tax director of the Office of Tax Simplification (OTS) has taken over the helm of the organisation from 1 March and will be leading future attempts to reduce complexity in the UK’s tax system
Ian McCulloch and Dean Watson from Begbies Traynor have been appointed joint administrators of GM Environmental Services Ltd, a leading building maintenance company in Nottingham, which has collapsed with the loss of 46 jobs due to mounting financial pressures
The Financial Reporting Council (FRC) says audit firms need to improve their quality control procedures, after a thematic review discovered problems with a third of the audits sampled, suggesting the current approach is not working effectively
A double digit percentage rise in the number of trainees is marked by a new approach to recruitment and qualifications at the Top 75 accounting firms, reports Philip Smith
A progress report from lease accounting software vendor LeaseAccelerator has found approximately two thirds of businesses are finding complying with IFRS 16 Leases difficult as they prepare for its 2019 commencement, with the collection of three years of comparative information already required
The Valuations Office Agency, the body responsible for carrying out the revaluation of business rates, has ‘more than enough information’ available to it to carry out more frequent assessments, instead of the current five year intervals, according to experts from commercial property consultancy Colliers International
A criminal defence solicitor has been jailed for 18 months and banned as acting as a director for four years, after lying about his income to HMRC to steal £60,000 as part of a tax fraud
Ahead of tomorrow’s Northern Ireland assembly elections, CIPFA is warning that any newly elected Northern Ireland executive must improve its governance of public services and resources to prevent further political upheaval, and avoid a potential £485m overspend on a controversial green energy subsidy
Growing numbers of chief audit executives are introducing security operation centres in the face of the growing risks from cyber incidents and data breaches, according to research conducted by the Institute of Internal Auditors’ (IIA) and Crowe Horwath, which suggests a new focus on taking the offensive against potential attacks
The Financial Conduct Authority (FCA) is consulting on a package of measures to reform the availability of information during the UK equity initial public offering (IPO) process, largely relating to the timing, sequencing and quality of information being provided to market participants
There has been a £50bn hike in the combined deficit of the UK’s pension funds according to figures from PwC, which says it now totals £520bn and forecasts it will take until 2050 to halve the value of today’s total liabilities (in current monetary terms)
Professional accountants have a pivotal role to play in reducing global corruption and curbing money laundering activity, according to a study from the International Federation of Accountants (IFAC)
A taskforce set up by the Big Innovation Centre, whose backers include EY and a number of FTSE 100 companies, is recommending that the UK’s company law, accounting systems, investment industry, shareholder structure, and executive remuneration be radically overhauled to promote what it calls ‘purposeful’ companies
In this month’s roundup of developments in accounting and financial reporting, eBay reports errors in tax reporting, dividened payments at Harsgreaves Lansdown, ex assetco finance chiefs face FRC probe
In our monthly roundup of developments in audit and governance, small businesses fail to use audit exemption, Dairy Crest audit goes to Deloitte, FRC set to tighten governance code and sanctions regime
In this month's legal updates, experts at law firm Gateley plc consider an overhaul of liability rules for partnerships, property transfer not validly authorised, directors guidance on competition law
Download the HMRC CGT indexation allowance for November 2016, RPI Index for January 2017 and HMRC rates of interest, changes to stamp duty land tax (SDLT) and land and buildings transaction tax (LBTT) rates, and more
Professional development news roundup includes RSM International networks RSM and Baker Tilly report fee rise, failure to act constitutes gross misconduct and partnerships eyeing employee trusts
The latest employment tax news from changes to tax-free childcare, off-payroll working guidance published, disguised remuneration schemes closed and self employed face NICs’ errors
In this month's tax updates we review tax cases from Barreto and unexplained income to O'Mara and payment surcharges, allowable expenses for MP's local office, the rise in car tax rates for new vehicles over £40k and HMRC to dump Verify service
The latest VAT rulings with implications for businesses include late VAT registration in Taylor Construction, overseas agents' supplies in Newcastle University case and business or not at issue in Gravel Road Records, writes Graham Elliott, director at City & Cambridge Consultancy
This month's exclusive CCH Daily CPD modules focuses on audit exemptions such as size-based, dormant company and subsidiary, under the Companies Act 2006 as well as practical issues to consider when evaluating whether to opt for audit exemption
An overhaul of the way HMRC updates employee tax codes under PAYE P6 notices in real time will result in frequent coding updates from April 2017, but are employers ready for a surge in queries from employees, asks David Hadley, tax director at Mercer & Hole
Changes to the annual tax on enveloped dwellings (ATED) regime which came into force from April 2016 mean many incorporated buy-to-let landlords previously unaffected by ATED now need to be mindful of the rules and pitfalls, warn Joseph Pollard, associate director and Emma Milgate, manager, RSM
With a deluge of tax changes slated for the new tax year in April, such as the start of the serial tax avoiders’ regime and restrictions on salary sacrifice arrangements, the next Budget must be tax light, says Bill Dodwell, partner and head of tax policy at Deloitte
Sir Philip Green has pledged to pay up to £363m into the BHS pension pot, having promised to ‘sort’ the retailer’s shortfall in a parliamentary inquiry last year
A solicitor who invested in the Liberty 2 tax avoidance scheme, and who was seeking to appeal against penalties imposed by HMRC for late payment of an accelerated payments notice (APN) on the grounds of ill health, has lost his case at the First Tier Tribunal (FTT)
HMRC has released updated guidance on the changes to the VAT flat rate scheme for small businesses, which is due to come into force this April, but has not finalised the more than 50 individual sector rates despite the imminent flat rate rise to 16.5%
The Charity Commission has filed its report on the Garden Bridge Trust, confirming that the body in charge of the Garden Bridge project has correct financial controls in place, however the commission is unable to judge on how the project is funded which has been the subject of ongoing criticism from the public
EU citizens could access registers of beneficial owners of companies without having to demonstrate a ‘legitimate interest’, and trusts would have to meet the same transparency requirements as firms, under amendments, agreed by MEPs to the EU Anti-Money Laundering Directive (AMLD)
Chancellor Philip Hammond’s first and last spring Budget – due on 8 March - could include anything from an update on existing initiatives to the launch of new tax policies
The UK economy could benefit from a £24bn-a-year boost if black and minority ethnic (BME) people progressed in work at the same rate as their white counterparts, according to a government-backed review which is calling for large employers to provide diversity information breakdowns
The UK’s VAT regime could be ‘less distortive’ if the registration threshold were brought down from its current £83,000 level, according to an Office of Tax Simplification (OTS) progress report and call for evidence
The Brexit vote and the uncertainty surrounding the UK’s future relationship have not dented the UK’s attractiveness to investors, with the UK moving up the rankings to third place in a PwC poll of the most important country for growth prospects
The corporate finance arm of accountants Wilkins Kennedy is to set up a new unit in Maidstone, as part of a move to create a hub providing a range of specialist services to businesses throughout Kent
As well as the Spring budget, March brings a raft of key dates to consider regarding pensions, including the introduction of capped early exit charges, the deduction of the money purchase annual allowance (MPAA) from £10,000 to £4,000 and new legislation on schemes without a sponsor
Only two of the Big Four have made it into the Sunday Times’ 2017 lists of the best companies to work for in the UK, with a number of smaller accounting firms trumping the giants
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