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Finance | FRC proposes simplifications to FRS 102 to cut costs

The Financial Reporting Council (FRC) is consulting on proposals to make some significant changes to FRS 102 to clarify loan definitions and alter the market definition of some directors loans

23 Mar 2017

Tax | US corporate tax regime could shift to territorial basis

The US corporate tax regime could be set for a major shift to a territorial basis, rather than its current worldwide basis, under plans to overhaul its system

23 Mar 2017

Business | London firm CBW in Guernsey partnership

Carter Backer Winter (CBW), based in the City of London, has entered into partnership with local accountancy firm Chandler Backer & Co, to form CBW Guernsey in a new joint venture to provide islanders with a range of services, including tax and transaction services

23 Mar 2017

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Tax | Charities removed from scope of 45% tax on restitution interest

HMRC has published draft legislation in relation to changes to the existing rules which apply a special corporation tax at 45% to any restitution interest payable by HMRC following a claim for a mistake, which are designed to benefit charitable and life insurance companies

23 Mar 2017

Business | MPs challenge Chancellor over cyber security risks

Andrew Tyrie, the chair of the Treasury committee, has challenged the Chancellor about arrangements to ensure cybersecurity in the financial services sector, which he describes as ‘opaque’ and ‘a headless framework’, warning these are potentially inadequate in tackling the risks facing the banking system

23 Mar 2017

AI & Technology

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Business | EU’s financial regulator up for review

The European Commission has launched a consultation on the role of the European Supervisory Authorities (ESA) to review its effectiveness and long-term stability ahead of Brexit, with possible reform to give it more power in regulating financial markets across the EU

23 Mar 2017

22 Mar 2017

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Tax | Publishing tax strategies - what you need to know

Large businesses are now required to publish their tax strategy online, with smaller businesses looking to follow suit. FD Recruit outlines the new ruling coming into effect this year, who is affected and why smaller businesses might voluntarily join in

22 Mar 2017

Business | AAT beats ICAEW to sign women in finance charter

AAT has beaten the ICAEW to become the first accountancy body to sign up to the government’s women in finance charter, as the Treasury announces almost half of UK financial services staff are now covered by the pledge for signatory firms to work together to help build greater gender balance

22 Mar 2017

Tax | HSBC chief loses closure notice bid over non-dom status

The tax status of Stuart Gulliver, HSBC group chief executive, has been put in the spotlight again following a procedural ruling at First Tier Tribunal (FTT), which found that HMRC is not bound by an earlier decision regarding his non-UK domicile status when considering his more recent tax returns

22 Mar 2017

| PCAOB cracks down on ex-PwC Brazil partner over audit failure

A former partner at PwC’s Brazilian firm has been fined $10,000 (£8,021) and given a two-year ban by the Public Company Accounting Oversight Board (PCAOB) for audit failures in relation to the accounts for US consumer goods and bakery supplier Sara Lee

22 Mar 2017

Finance | IFRS 9 transition arrangements fraught with difficulty, warns EBA

The European Banking Authority (EBA) has issued an opinion on the transitional arrangements and credit risk adjustments to mitigate the effect of the accounting standard IFRS 9 Financial Instruments on prudential ratios, warning that it could mean banks recognise lower loan-loss provisions or impairments than they do at present

22 Mar 2017

Tax | Tax-free childcare rollout from 28 April

The government’s tax-free childcare scheme will begin for parents of the youngest children on 28 April with general rollout for parents with children under 12 throughout 2017, as government launches a Childcare Choices website allowing parents to pre-register to join the scheme

22 Mar 2017

Tax

Personal Tax

Tax Planning

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Business | Finance staff pick Dublin as post-Brexit location

Dublin’s financial services sector stands to gain from a post-Brexit boost when it comes to bankers choosing the location they would most like to live, once they are displaced from London, according to a survey by online removals platform Movinga

22 Mar 2017

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Business | FTSE 100 CEOs earn 386 times national living wage

FTSE CEOs earn 386 times the pay of a worker earning the national living wage (NLW), according to research by the Equality Trust, which is calling for support from the public to put pressure on the government to introduce mandatory pay gap reporting

22 Mar 2017

Leadership & Management

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Tax | Landfill tax to be extended to illegal waste sites

HMRC is consulting on whether to extend the scope of the landfill tax to include material disposed of at illegal waste sites, as announced at Budget 2017, in a bid to tackle criminal activity

22 Mar 2017

21 Mar 2017

Image for lewis probate fees set hit ps20k larger estates

Tax | Lewis: probate fees set to hit £20k for larger estates

The government recently announced that probate fees will rise, in some cases by substantial amounts, with the stated aim of helping to fund the modernisation of the courts and tribunals service. Anne Lewis, partner at Cripps, considers the potential pitfalls for high net worth individuals

21 Mar 2017

Tax | Government seeks to clarify partnership taxation

Beneficiaries of a nominee or bare trust arrangement will be treated as partners under proposals to clarify the taxation of partnerships, a consultation outcome has revealed

21 Mar 2017

Tax | Potential tax rule changes for late-life oil and gas assets

The Treasury has now published the discussion paper on the tax treatment of late-life oil and gas assets, first announced at Budget 2017, which considers potential changes to the tax rules to facilitate the transfer of such assets to new investors, in a bid to support economic recovery in the sector

21 Mar 2017

Business | Campaign to crack down on business cartels

The Competition and Markets Authority (CMA) is targeting illegal business cartels in a bid to ensure a fair deal and free competition, with the launch of its first-ever advertising campaign and up to £100,000 on offer to whistleblowers

21 Mar 2017

Tax | HMRC mulls ‘split payment’ approach to online VAT collection

HMRC has issued a call for evidence on an alternative method of collecting VAT for online business to consumer sales, in a bid to tackle the growing problem of tax losses on sales via online marketplaces made by businesses based overseas

21 Mar 2017

Tax | HMRC to crack down on fraud in construction industry

HMRC is consulting on proposals to combat organised fraud in labour provision within the construction sector, which include introducing a VAT reverse charge and changes to the qualifying criteria for gross payment status (GPS) within the construction industry scheme (CIS)

21 Mar 2017

Tax | Tax break on employee costs in legal cases

HMRC has published draft guidance on changes to tax rules where an employer funds costs or pays for legal indemnity insurance for employees for proceedings related to their employment, with the aim of making them simpler to operate

21 Mar 2017

Tax | Rules introduced on cash equivalent of assets as benefits

HMRC has set out details of new rules for calculating the taxable value of the benefit of an asset provided to an employee, member of their family or household, for private use, in circumstances where ownership of the asset is not actually transferred

21 Mar 2017

Business | Restauranteur jailed for cooking the books in VAT scam

An Edinburgh businessman who ran two Indian restaurants in the city has been sentenced to 21 months in prison, after his £86,000 VAT evasion was uncovered by an HMRC investigation

21 Mar 2017