Business &amp; Accountancy Daily

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Tax | Consultations and tax reviews: April 2017

This month we provide a snapshot of major tax reviews announced in Budget 2017, albeit many without fixed dates for consultations, from Making Tax Digital penalties to HMRC risk profiling for large business tax issues and taxation of benefits in kind

31 Mar 2017

Tax

Consultations

Budget

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Tax | Tax filing deadlines: Apr-Aug 2017

The key HMRC filing deadlines from April to August 2017 including registration deadline for payroll benefits in kind, ATED five-year revaluation deadline, company car notifications and online CIS returns

31 Mar 2017

Tax | Editor’s comment: national insurance fiasco leaves black hole

The ill-thought plans to hike national insurance rates for the self employed leaves the Chancellor with a large hole in the accounts. The aim to align NICs rates is not wholly irrational but it should be part of a wider review of employment taxes and the changing work environment, says Sara White, editor of Accountancy

31 Mar 2017

Tax | Country by country reporting to be extended to partnerships

Country by country reporting is to be extended to partnerships, HMRC has confirmed in a policy paper outlining amendments to The Taxes (Base Erosion and Profit Shifting) (country-by-country reporting) Regulations 2016

31 Mar 2017

Tax | Corporate interest deductibility draft guidance released

As new rules on corporate interest deductibility come into force on 1 April 2017 for multinational groups with £2m plus in net interest expense, HMRC has issued a consultation on the draft guidance to iron out any final issues before the measures are included in Finance Bill 2017

31 Mar 2017

Finance | Charity Commission introduces accounts templates

The Charity Commission has launched an accounts templates pack for small charitable companies, designed in partnership with Companies House, to help trustees of charitable companies with an income of under £500,000 prepare their accounts

31 Mar 2017

Business | UK’s bill to leave EU could top €65bn

The UK could face a potential bill of between €25.4bn (£21.7bn) and €65.1bn (£55.8bn) to settle its financial commitments once it leaves the EU, according to calculations from Bruegel, a Brussels-based economic think tank

31 Mar 2017

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| People in the news: BDO, Bibby, Brown Shipley

This week's news of professional moves in the sector includes a private equity partner at BDO, Bibby promotes a member of staff to CEO, Brown Shipley fills new head of lending role

31 Mar 2017

Careers

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Tax | Apprenticeship levy labelled ‘blunt instrument’

Just a week before it is due to come into operation, the new apprenticeship levy has been branded ‘a blunt instrument’ by a parliamentary select committee, which says the government's flagship policies around apprenticeships lack focus and are not targeting the right sectors in order to fill widening skills gaps

31 Mar 2017

Tax | HMRC under fire over customs declaration system

The Treasury committee is calling for urgent scrutiny of the ‘business critical’ Customs Declaration Service (CDS) being developed by HMRC to handle an anticipated five-fold increase in activity levels once the UK leaves the EU, which it says is at serious risk of not being ready on time

31 Mar 2017

Finance | Charity censured for selling £21m property for £6m

The Charity Commission has found the trustees of the Spiritualist Association of Great Britain were responsible for serious mismanagement when they disposed of the charity’s London property for £6m in 2010, only for it to be sold on shortly afterwards for £21m

31 Mar 2017

Charities

Called to Account

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Finance | FRS 102 and employee benefits - NEW CPD module

This month's CCH Daily CPD module focuses on employee benefits under the scope of Section 28 in FRS 102 under new UK GAAP, with advice on stating employee benefits in accounts and calculating more challenging benefits regarding termination

31 Mar 2017

30 Mar 2017

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Finance | Companies Act: share capital and merger relief - part 2

Anne Cowley ACA considers the treatment of share for share exchangesin mergers and acquisitions and the impact on share capital under Companies Act 2006, sections 611-615

30 Mar 2017

Finance | Woolf: audit standards overload with IFRS 16 Leases

The onslaught of complex IFRS standards,particularly the IFRS 16 Leases overhaul and IFRS 7 requirements, pushes disclosure to the extreme, but for what purpose, asks Emile Woolf FCA

30 Mar 2017

Auditing

Corporate Governance

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Business | Great Repeal Bill sets out plan to convert EU Directives into UK law

In the next steps tpwards the UK's exit from the EU, the government has issued a white paper on the Great Repeal Bill, setting out how it plans to deal with existing EU rules in a post-Brexit world including EU Directives and rulings from the CJEU, although this will be subject to the final exit agreement

30 Mar 2017

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Finance | IASB consults on improvements to disclosures in financial statements

The International Accounting Standards Board (IASB) is consulting on future steps to improve the quality and effectiveness of disclosures in financial statements with a view to overhauling IAS 1 Presentation of Financial Statements

30 Mar 2017

| FRC embarks on review of sanctions

The Financial Reporting Council (FRC) has commissioned an independent review of the sanctions it imposes under its enforcement procedures, with a focus on its financial penalties after ‘some very public accidents’

30 Mar 2017

Audit Regulations

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Business | Academy votes to retain PwC for Oscar ballot

PwC has held on to its role as the official ballot-counter for the Oscars, despite its very public mistake this year which saw the wrong film named as best picture, but the process for revealing the winners on the night will be subject to additional safeguards at next year’s 90th ceremony

30 Mar 2017

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Tax | Low-paid self-employed urged to check NI options

Self-employed workers with low profits are being urged to check their National Insurance record and make up any deficiencies as a way of protecting future state retirement pension entitlement and other contributory state benefits, before voluntary contributions become more expensive for them after April 2018

30 Mar 2017

Tax

Personal Tax

Tax Planning

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Business | Brexit: MEPs set out conditions for approval

The UK will need to ensure fair treatment of EU citizens and refrain from developing trade agreements with third countries before completing its exit from the EU if it is to gain approval for an eventual Brexit, MEPs have said

30 Mar 2017

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Tax | Post-Brexit VAT: cross-border compliance issues

VAT will be a key concern for businesses post Brexit with cross-border compliance top of the agenda. Bishop Fleming's VAT director, Wendy Andrews, highlights potential issues for businesses and consumers following the government's triggering of Article 50

30 Mar 2017

29 Mar 2017

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Tax | Exports and the EU Customs Union: post-Brexit options

The Institute of Export & International Trade’s senior director of special projects, Mike Josypenko considers some of the implications for UK SME businesses of exiting the EU’s Single Market and Customs Union

29 Mar 2017

Tax | Government delays anti-recycling rules for non doms until 2018

An overhaul of the tax status for non doms with overseas trusts will see the loss of trust protection over certain property transaction into trusts but the government has delayed anti-recycling rules which would have stopped UK resident beneficiaries from receiving trust monies tax free via an indirect distribution and onward gift, reports Sara White

29 Mar 2017

Business | ICAEW rebrands with soft launch of refreshed logo

ICAEW has rebranded with an overhaul of the website and the launch of a new logo, featuring the Economia woman from mythology - the Greek god of money - with a dagger and pair of pincers, arguably in a slightly more modern style than the current logo

29 Mar 2017

Leadership & Management

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Tax | Government Gateway to link with Making Tax Digital

Existing clients of accountancy firms and tax advisers will transfer to newly-established Agent Services Accounts required to access HMRC under Making Tax Digital, the tax authority has confirmed

29 Mar 2017

Business | May triggers Article 50 in a letter to the EU

Prime Minister, Theresa May has triggered Article 50 setting in motion the Brexit process for the UK to leave the EU, as the historic Article 50 letter is delivered to European Council president Donald Tusk

29 Mar 2017

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Finance | Culture, financial controls and risk management in a Brexit world

Organisational culture has consistently been the business topic of recent months. Its influence on risk, and its relevance for regulators and investors, is becoming increasingly tangible. Malcolm Finn, financial controller at Costa Coffee and Mike Cowan, head of finance 4.0 at EY consider the significance of culture in the context of the organisation's finance function, and how culture is key to overall risk management

29 Mar 2017

Finance | BCBS clarifies interim treatment of accounting provisions pre IFRS 9

The Basel Committee on Banking Supervision (BCBS) has released details of the interim regulatory treatment of accounting provisions and standards for transitional arrangements in the run-up to IFRS 9 implementation

29 Mar 2017

Finance | IASB consults on IFRS 8 Operating Segments review

The International Accounting Standards Board (IASB) is consulting on proposals to make minor amends to IFRS 8 Operating Segments, with a new requirement to disclose the title and role of the influential decision maker

29 Mar 2017

Tax | HMRC updates historical claims for VAT bad debt relief

HMRC has published a brief setting out its policy on the scope for claims for VAT bad debt relief on supplies made between 1 January 1978 and 19 March 1997, which has been updated following two legal rulings which found that some of the conditions previously attached to claims were disproportionate

29 Mar 2017

Finance | IAS 34 consultation hints at earlier interim segment reporting

The International Accounting Standards Board (IASB) is to amend IAS 34 Interim Financial Reporting to tweak reporting dates to require companies that change their segments to provide restated segment information in the first interim report after the change

29 Mar 2017

Tax | OTS encourages discussion on tax complexity

The Office of Tax Simplification (OTS) has published a focus paper on tax complexity, together with updated versions of its various complexity-themed papers, in a bid to encourage greater discussion of options such as ‘layered legislation’ and ways to regularise thresholds

29 Mar 2017

Business | Mobility products supplier enters administration

Keith Marshall and Gareth Harris of RSM restructuring advisory have been appointed joint administrators of Hartmond Ltd, a Yorkshire-based mobility products supplier, which has collapsed with the loss of all jobs

29 Mar 2017

Restructuring & Insolvency

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Business | Outlook for financial services positive post-Brexit

The UK financial services industry will see slower but continued growth up to 2020 despite challenges on the horizon from Brexit, according to EY analysis published on the day the UK triggers Article 50 to start the official process to leave the EU

29 Mar 2017

Finance | FRC puts up membership fee by 2.5%

The Financial Reporting Council (FRC) has increased its fees on accountancy professional bodies by 2.5% with an overall 5% increase in the fees on preparers, detailed as part of its plan and budget for 2017/18

29 Mar 2017

Business | Economic trends: testing the mettle

Despite being surprisingly resilient to Brexit concerns in the run up to 2019, Chris Williamson, chief economist at Markit, forecasts a period of turbulence for the economy as the UK heads towards unchartered waters

29 Mar 2017