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Image for levine us may shift territorial tax regime

Tax | Levine: US may shift to territorial tax regime

The US tax system could be on the cusp of a major shake up with adoption of a territorial corporate regime which could hit importers heavily, explains Scott Levine, partner in the tax practice at global law firm Jones Day

13 Apr 2017

International Tax

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Tax | OECD sets out plans for first OECD Act on VAT

The OECD has set out plans to issue an official VAT and general sales tax act, incorporated into OECD guidance to help harmonise global compliance and collection to improve levels of VAT and general sales tax collection, and reduce evasion

13 Apr 2017

International Tax

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Business | Payday lender enters administration

Paul Boyle and David Clements of Harrisons Business Recovery and Insolvency Ltd have been appointed joint administrators of CFO Lending Ltd, a payday lender which has hit cashflow difficulties after it was required to provide over £34m of redress to more than 97,000 customers for unfair practices following an investigation by the Financial Conduct Authority (FCA)

13 Apr 2017

Restructuring & Insolvency

Called to Account

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Business | Maternity rights: what you need to know - part 1

The first in a series on parental rights during employment, focusing on maternity leave and pay, examines the rights and responsibilities of both employer and employee while considering the timing of maternity leave and implications of statutory maternity pay

13 Apr 2017

Accountancy Firms

Image for companies act share capital and restructuring pitfalls part 3

Finance | Companies Act: share capital and restructuring pitfalls - part 3

In part three of our series on share capital and the Companies Act 2006, Anne Cowley ACA gives a snapshot of some of the key opportunities and potential pitfalls for companies considering changing their corporate structure

13 Apr 2017

Accounting Standards

Financial Reporting

Law and Regulation

Image for us companies line 327bn offshore tax windfall

Tax | US companies in line for $327bn offshore tax windfall

President Trump’s plans for a new one-off repatriation tax to encourage multinationals to bring offshore profits back to the US stands to give the 50 biggest US companies a windfall of between $312bn (£249bn) and $327bn (£260bn), according to research by Oxfam

13 Apr 2017

International Tax

Image for apn claim interim relief refused

Tax | APN claim for interim relief refused

A High Court judge has found in favour of HMRC in a preliminary ruling about whether applicants could seek interim relief from paying accelerated payment notices (APNs) or partner payment notices (PPNs), in a decision which the tax authority says will potentially safeguard more than £756m

13 Apr 2017

Image for horse trainer tripped over ps280k tax fraud

Business | Horse trainer tripped over £280k tax fraud

A fake North Yorkshire horse trader who attempted to avoid an investigation into a £280,000 tax fraud by lying about having cancer has been jailed following an HMRC investigation

13 Apr 2017

Called to Account

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Business | Grant Thornton to open shared working office

Grant Thornton is creating the first collaborative working space in the south, based at the University of Southampton Science Park, to encourage collaboration and communication amongst employees and clients, with the space set to open in June

13 Apr 2017

Accountancy Firms

Image for brexit casts shadow over uk business confidence

Business | Brexit casts shadow over UK business confidence

Globally business optimism is at its highest level on record, increasing by 23% in the past year, but over the same period the UK has seen a marked drop in optimism because of Brexit uncertainty, according to research from Grant Thornton

13 Apr 2017

Accountancy Firms

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Business | CABA reports 20% increase in calls for help

CABA, the charity supporting chartered accountants, helped over 15,000 people last year, a 20% increase on the previous twelve months, according to its 2016 impact report published in its 130th year of operation

13 Apr 2017

Accountancy Firms

12 Apr 2017

Image for corporate interest restriction rules compliance tips and advice

Tax | Corporate interest restriction rules: compliance tips and advice

Ben Moseley, partner and Helen Chadwick, director at Deloitte LLP, analyses the impact of the corporate interest restriction rules effective 1 April 2017 providing insight into the complexities for multinational companies and compliance requirements

12 Apr 2017

International Tax

Law and Regulation

Image for pulitzer prize panama papers investigation 0

Tax | Pulitzer prize for Panama Papers investigation

The team behind the Panama Papers investigation, which revealed thousands of examples of international tax avoidance via offshore entities, has been awarded journalism’s top honour, the Pulitzer prize for explanatory reporting, a year after the findings were first published

12 Apr 2017

Accountancy Firms

Image for kpmg us removes head audit improper warnings

Finance | KPMG US removes head of audit for ‘improper’ warnings

The head of the audit practice at KPMG’s US firm, along with four other partners and one employee, have been asked to leave after it was discovered they had received improper advanced warning of regulatory inspections by the Public Company Accounting Oversight Board (PCAOB)

12 Apr 2017

Corporate Governance

Accountancy Firms

Called to Account

Image for ex hmrc chief lin homer appointed icas council

Business | Ex-HMRC chief Lin Homer appointed to ICAS Council

Dame Lin Homer, who left her position as head of HMRC a year ago, is to join the ICAS council as a public interest member for a four-year term, the Scottish institute has announced

12 Apr 2017

Accountancy Firms

Leadership & Management

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| Revised guidance for charity auditors on material significance

The three UK charity regulators have issued new joint guidance setting out what auditors and independent examiners must report, including a revised list of matters of material significance

12 Apr 2017

Image for treasury committee ramps scrutiny tax policy

Tax | Treasury committee ramps up scrutiny of tax policy

Tax policy faces greater scrutiny from the Treasury Select Committee as it plans four additional evidence sessions focusing on tax measures such as Making Tax Digital and the tax treatment of the self-employed

12 Apr 2017

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Business | Tax fraud marks end of road for haulier

A road haulage company director, has been disqualified for eight years after failing to maintain adequate company records and withholding some £175,000 due to HMRC

12 Apr 2017

Restructuring & Insolvency

Called to Account

Image for boards fail account stakeholder views finds icsa

Business | Boards fail to account of stakeholder views, finds ICSA

While 73% of businesses believe their boards consider the views of their stakeholders, 11% disagree claiming that stakeholder views are only taken into account on a small range of decisions, mainly those that are high profile, according to a poll from ICSA: the Government Institute

12 Apr 2017

Accountancy Firms

11 Apr 2017

Image for ias 21 hedging currency brexit world

Finance | IAS 21: hedging currency in a Brexit world

Foreign exchange volatility is one of the most worrying factors in the run-up to Brexit. Armaghan Haq of Lloyds Banking Group examines the implications of a volatile sterling and possible remedial action under IAS 21 accounting requirements

11 Apr 2017

Accounting Standards

Financial Reporting

Image for brexit and eu rules anti tax avoidance directive atad part 1

Tax | Brexit and EU rules: Anti-Tax Avoidance Directive (ATAD) - part 1

In the first of a series on EU Directives affecting the accounting and tax profession, both in statute and at the debate stage, Stefan Petrovski of Paris-based accounting firm, Primexis, analyses the significant changes that derive from recent EU directives in the accounting and finance field, starting with the Anti-Tax Avoidance Directive (ATAD)

11 Apr 2017

International Tax

Image for interest rates student loans revised

Tax | Interest rates for student loans revised

From April 2017, interest rates for plan two student loans will be charged based on income with HMRC stating that public authorities are not required to deduct student loan repayments despite IR35 reform to contractors in the public sector

11 Apr 2017

Image for hmrc briefing paye changes

Tax | HMRC briefing on PAYE changes

HMRC has published a briefing on changes to the PAYE P6 coding notice system which are meant to ensure taxpayers pay the correct tax whenever their circumstances change, and to remove the need to wait for tax refunds or make additional year-end payments

11 Apr 2017

Image for tescos ps129m dpa confirmed

Finance | Tesco’s £129m DPA confirmed

Tesco has confirmed that its subsidiary, Tesco Stores Ltd, has entered into a deferred prosecution agreement (DPA) with the Serious Fraud Office (SFO), under which it will pay a £129m fine, marking the conclusion of the regulator’s investigation into accounting irregularities at the grocery retailer

11 Apr 2017

Accounting Standards

Financial Reporting

Law and Regulation

Accountancy Firms

Image for barclays faces whistleblowing challenge

Business | Barclays faces whistleblowing challenge

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are investigating Barclays over claims that its CEO Jes Staley attempted to find out the name of a whistleblower who sent anonymous letters regarding the appointment of a former colleague of his to a senior position at the bank

11 Apr 2017

Accountancy Firms

Image for alixpartners called fashion jaeger administration

Business | AlixPartners called in to fashion Jaeger administration

Peter Saville, Ryan Grant and Catherine Williamson of AlixPartners have been appointed joint administrators to the upmarket fashion chain Jaeger, which has failed to find a buyer after an extensive search and has now collapsed, putting 680 jobs at risk

11 Apr 2017

Restructuring & Insolvency

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Finance | Companies House plans Easter downtime

Most of Companies House’s online services will not be available over the Easter holiday period due to planned maintenance

11 Apr 2017

Financial Reporting

AI & Technology

Image for kpmg takes over pwc micro focus auditor

Finance | KPMG takes over from PwC as Micro Focus auditor

FTSE 100 global infrastructure software business Micro Focus International is to replace current external auditor PwC with KPMG for the year ending 30 April 2017, ending a contract worth $6.2m (£4.9m) after 12-years

11 Apr 2017

Corporate Governance

Image for disqualification dentist owing hmrc ps100k

Business | Disqualification for dentist owing HMRC £100k

A Harley Street dentist has been disqualified as a director for seven years, after his company went into administration owing HMRC more than £100,000 and he was discovered to have spent over £1m of company money on a personally-owned property in a French ski resort

11 Apr 2017

Restructuring & Insolvency

Called to Account