Business & Accountancy Daily

Latest news

Image for sfo fines tesco ps129m over accounting misstatement probe

Finance | SFO fines Tesco £129m over accounting misstatement probe

Tesco is to pay £129m under the terms of a deferred prosecution agreement (DPA) to be formally confirmed next month, to settle a probe by the Serious Fraud Office (SFO) into accounting practices at the retailer which resulted in a £263m black hole in its half year interim results in 2014. The supermarket giant will also pay out £85m to affected shareholders via a scheme which will be set up and run by KPMG, reports Pat Sweet

28 Mar 2017

Accounting Standards

Financial Reporting

Called to Account

Image for testing safety net insurance audit and pn20

Finance | Testing the safety net: insurance audit and PN20

Moore Stephens insurance sector partner Tom Reed examines Practice Note 20 which refreshes rules around materiality and reporting under Solvency II following withdrawal of Practice Note 24

28 Mar 2017

Audit Regulations

Image for insolvency rule change will create period uncertainty

Business | Insolvency rule change will create period of uncertainty

An overhaul of the way insolvency cases are handled from 6 April will create a period of uncertainty for practitioners as physical creditor meetings fall by the wayside and email communications become the default preference, warns Sean Moran, partner and insolvency law specialist at Shakespeare Martineau

28 Mar 2017

Accountancy Firms

Restructuring & Insolvency

Image for us tax court sides amazon over luxembourg transfer pricing

Tax | US Tax Court sides with Amazon over Luxembourg transfer pricing

The US Tax Court has ruled in favour of Amazon over a costly transfer pricing dispute with the Internal Revenue Service (IRS) that could have seen it hit with a $1.5bn (£1.2bn) bill

28 Mar 2017

International Tax

Law and Regulation

Image for brexit french perspective fog and frogs

Business | Brexit from a French perspective - fog and frogs

It’s official… the clock is ticking to Article 50 day. France has been in Brexit mode since the vote and is now looking eagerly over La Manche in the hopes of attracting UK-based businesses to France in a post-Brexit world. Didier Hemion, partner at French accounting and consulting firm Primexis likes their pitch

28 Mar 2017

Accountancy Firms

Image for ftse 350 chiefs urged increase diversity

Business | FTSE 350 chiefs urged to increase diversity

Business minister, Margot James, has called on FTSE 350 companies to increase diversity, with the largest companies urged to take up the McGregor-Smith review recommendations on black and ethnic minority progression in the workplace

28 Mar 2017

Accountancy Firms

Image for more museums set benefit vat relief

Tax | More museums set to benefit from VAT relief

Government has added 29 museums and galleries, which offer free admission to the public, to the VAT refund scheme as part of its commitment to free public access to collections displayed in national museums and galleries, which begins 1 June 2017

28 Mar 2017

Image for meps push end hybrid mismatches

Tax | MEPs push for end to hybrid mismatches

MEPs on the economic and monetary affairs committee have voted to close loopholes which they say allow multinationals like Apple and others to avoid paying tax on profits by exploiting differences in the tax systems of EU and third countries

28 Mar 2017

International Tax

Image for 99p stores go administration

Business | 99p Stores go into administration

AlixPartners has been appointed as administrators to the discount chain 99p Stores, having been called in by Poundland which bought its rival for £55m less than two years ago

28 Mar 2017

Restructuring & Insolvency

Image for deliveroo riders legal challenge over employment status

Business | Deliveroo riders in legal challenge over employment status

Riders who work for Deliveroo are the latest members of the gig economy to take legal action challenging their employment status, and bring claims in relation to the National Minimum Wage (NMW), holiday pay and age discrimination

28 Mar 2017

Accountancy Firms

Image for 12 sided ps1 coin becomes legal tender

Business | 12-sided £1 coin becomes legal tender

A new 12-sided £1 coin becomes legal tender from Tuesday 28 March with the first redesign for more than 30 years, in a bid to tackle the rise of counterfeits, and will replace existing round pound coins over a six month transition period

28 Mar 2017

27 Mar 2017

Image for ifrs 15 revenue recognition overhaul

Finance | IFRS 15: revenue recognition overhaul

IFRS 15 Revenue from Contracts with Customers comes into force from next year but has been surpassed by businesses focussing on IFRS 9, IFRS 16 and IFRS 17. Jeroen Van Doorsselaere, vice president of risk and finance at Wolters Kluwer, outlines the new rules on revenue recognition under IFRS 15

27 Mar 2017

Financial Reporting

Image for dodwell resentful acceptance making tax digital

Tax | Dodwell: resentful acceptance of Making Tax Digital

Plans to roll out quarterly reporting under Making Tax Digital will raise admin and compliance costs but businesses are facing up to the reality of the overhaul in tax reporting requirements. Bill Dodwell, partner and head of tax policy at Deloitte, considers potential pitfalls, particularly with one-off payments

27 Mar 2017

Making Tax Digital

Image for leyton orient winding order pushed back until june

Tax | Leyton Orient winding-up order pushed back until June

Struggling League Two football club Leyton Orient has been granted a stay of execution to pay off its debt or sell by 12 June or be wound up

27 Mar 2017

Restructuring & Insolvency

Image for banned accountant jailed ps5m fraud friend

Business | Banned accountant jailed for £5m fraud on friend

An accountant from Cambridgeshire, who has already been excluded from ICAEW over accounting failures as a company director, has now been given an eight-year prison sentence for stealing more than £5m from three companies owned by a personal friend of 25 years' standing

27 Mar 2017

Called to Account

Image for tyrie calls probe real cost making tax digital

Tax | Tyrie calls for probe into real cost of Making Tax Digital

Andrew Tyrie MP, chairman of the Treasury Committee, has called for further analysis of the projected costs to small businesses of complying with quarterly reporting under Making Tax Digital as the Federation of Small Businesses (FSB) and HMRC’s estimations of the administrative burden differ immensely

27 Mar 2017

Making Tax Digital

Image for deloitte fashion supergroup

Finance | Deloitte in fashion at SuperGroup

FTSE 250 clothing retailer SuperGroup has announced it plans to replace PwC with Deloitte as its external auditor for the financial year ending 28 April 2018, following a competitive tender process

27 Mar 2017

Corporate Governance

Image for deloitte picks pz cussons audit pwc

Finance | Deloitte picks up PZ Cussons audit from PwC

Personal care and homecare supplier PZ Cussons is to drop PwC as its auditor following a competitive tender process, and plans to appoint Deloitte as its external auditor for the financial year commencing 1 June 2017, subject to shareholder approval at its AGM in September

27 Mar 2017

Corporate Governance

Image for kpmg finds buyer fit jones bootmaker

Business | KPMG finds buyer to fit Jones Bootmaker

KPMG has found a buyer for Jones Bootmaker, the footwear retailer with over 100 branches across the UK, selling the company to private equity firm Endless, in a move which saves the company from going into administration

27 Mar 2017

Accountancy Firms

Restructuring & Insolvency

Image for oecd countries favour accrual accounting

Finance | OECD countries favour accrual accounting

Nearly 75% of OECD countries have adopted accrual accounting for their year-end financial reports and more than a quarter now prepare their annual budgets on an accrual basis, according to research by the International Federation of Accountants (IFAC) and the OECD

27 Mar 2017

Accounting Standards

Financial Reporting

Image for charity trustee disqualified immigration visa fraud

Finance | Charity trustee disqualified for immigration visa fraud

The Charity Commission has disqualified a trustee, barring him from becoming involved with charities again, after an inquiry found he had used the Khalsa Missionary Society as a conduit for immigration fraud

27 Mar 2017

Image for warning smes over hike winding applications

Tax | Warning to SMEs over hike in winding up applications

Last year saw a 12% hike in HMRC applications to wind up businesses in order to recover unpaid tax, up to 3,906 in 2016 from 3,485 in 2015, according to analysis by Funding Options, which says SMEs are at particular risk

27 Mar 2017

Restructuring & Insolvency

24 Mar 2017

Image for adopting flexible working useful tips

Business | Adopting flexible working: useful tips

How can employers stuck in nine to five thinking free themselves up for flexible working? Jude Tavanyar, leadership consultant, explores the key issues for any organisation looking to move towards a flexible working approach

24 Mar 2017

Accountancy Firms

Leadership & Management

Image for cheques enter 21st century one day clearing

Business | Cheques enter 21st century with one-day clearing

A new electronic image scanning system for cheques will reduce the current maximum of six working days to clear cheques down to one day using an industry-wide, image-based cheque clearing system

24 Mar 2017

Accountancy Firms

Image for pwc agrees settlement 2bn mf global legal case

Finance | PwC agrees settlement in $2bn MF Global legal case

PwC’s US firm has come to a settlement with former audit client MF Global Holdings, ending a high profile trial in New York over claims the firm was allegedly negligent in its accounting advice to the derivatives broker, which went bankrupt in 2011 after suffering huge financial losses on European government debt

24 Mar 2017

Financial Reporting

Law and Regulation

Accountancy Firms

Image for people news rsm smith williamson fca

| People in the news: RSM, Smith & Williamson, FCA

This week's news of professional moves in the sector include a capital allowance specialist joins RSM, Smith & Williamson gains a partner in its restructuring team, FCA gains a non-executive director and appoints a new chair to its smaller business practitioner panel

24 Mar 2017

Image for ipswich charity had poor financial management

Finance | Ipswich charity had poor financial management

A Charity Commission inquiry into the Ipswich Kurdish Islamic Cultural Centre has concluded that there was misconduct and mismanagement in the charity’s administration, with multiple failings by the trustees including poor financial management

24 Mar 2017

Image for crest nicholson shareholders question foundations bonus plans

Business | Crest Nicholson shareholders question foundations of bonus plans

Housebuilder Crest Nicholson is to push ahead with its original plans for executive bonuses, despite a shareholder revolt against the company’s pay policy at its annual general meeting this week

24 Mar 2017

Accountancy Firms

Image for scottish government needs more work financial management

Tax | Scottish government needs ‘more work’ on financial management

The Scottish government needs to do more work if it is to be successful in managing public finances, according to an assessment by Audit Scotland which says it must build a clearer picture of how much financial devolution will cost and how staffing challenges will be addressed

24 Mar 2017

International Tax

Image for us grassroots coalition calls end fatca

Tax | US grassroots coalition calls for end to FATCA

A coalition of 23 US taxpayer protection and grassroots organisations is campaigning for the repeal of the Foreign Account Tax Compliance Act (FATCA), labelling the regulations 'unacceptable and un-American’ on the grounds they fail to tackle tax avoidance by US citizens based overseas while making it harder for them to live and work abroad

24 Mar 2017

International Tax

Image for over half accountants unhappy their pay

Business | Over half of accountants unhappy with their pay

Pressure has increased on firms to boost employee salaries as the 1.4% salary rise in accountancy falls below the UK average and 60% of finance employees plan to leave their job this year with the main reasons being lack of opportunity (30%) and pay (27%)

24 Mar 2017

Accountancy Firms

Image for accountants viewed boring well paid

Business | Accountants viewed as boring but well-paid

Stereotypes of accountants being boring but wealthy have not changed over the years as 44% of people consider accountancy to be the most boring career while over a quarter (27%) believe that it is the best paid profession

24 Mar 2017

Accountancy Firms

Image for pwc appointed administrators footwear retail chain

Business | PwC appointed administrators to footwear retail chain

Tony Barrell, deals director, and Mike Jervis, partner, of PwC have been appointed as joint administrators of Brantano Retail Ltd, after the value shoe retailer collapsed for a second time, putting some 1,000 jobs at risk

24 Mar 2017

Accountancy Firms

Restructuring & Insolvency