Business & Accountancy Daily

Latest news

Image for london listed mining company finds ps33m hole accounts

Finance | London-listed mining company finds £3.3m hole in accounts

Asa Resource Group, a pan-African resources company listed on London’s alternative investment market (AIM), has reported ‘strong evidence’ that $4.3m (£3.3m) of funds from one of its mines in Zimbabwe have gone missing, and has dismissed its chief executive and group finance director

19 Apr 2017

Tax | Potential traps to avoid in your VAT return - part 2

In part two of our series on VAT compliance, The Tax Guys managing partner Jonathan Amponsah outlines five potential pitfalls to avoid in making VAT returns from overseas transactions to whether to claim VAT on business entertainment

19 Apr 2017

Tax | George Osborne quits as MP

Former Chancellor George Osborne has announced that he is quitting as an MP ‘for now’ in a letter to his Tatton constituents, following the announcement of a snap election and only one month after he was announced as the new editor of the Evening Standard

19 Apr 2017

Tax

Politics

Image for accountant ps200k fraud london metal exchange

Finance | Accountant in £200k fraud at London Metal Exchange

Annmarie Norris, who worked her way up to become head of the accounting department at the London Metal Exchange (LME) despite not having a professional qualification, has been jailed for 32 months for a £200,000 fraud, which the court heard was facilitated by ‘extremely lax’ accounting practices

19 Apr 2017

Tax | Finance Bill 2017 should not be rushed through without scrutiny

The Chartered Institute of Taxation (CIOT) has written to Chancellor Philip Hammond urging him not to rush through a large number of tax changes, inlcuding Making Tax Digital, without any real parliamentary scrutiny, particularly since complex measures such as interest restriction have already faced repeated amendment

19 Apr 2017

Finance | FRC Lab kicks off risk and viability reporting project

The Financial Reporting Council Lab is kicking off a project on risk and viability reporting and is looking for companies, investors and analysts to participate in the research by 21 April

19 Apr 2017

Tax | Shadow Chancellor wants tax rises for £70k plus earners

John McDonnell, Labour shadow Chancellor, has given an early indication that the party’s manifesto for the forthcoming election is likely to include higher tax rates for those earning over £70,000 and a cap on executive pay

19 Apr 2017

Tax | FTT upholds APN non-payment penalty

A First Tier Tribunal (FTT) has dismissed an appeal from an investor in a film scheme against a penalty for failing to pay an amount specified in an accelerate payment notice (APN) by the due date because the sum he paid was allocated to a separate partner payment notice (PPN) for another scheme

19 Apr 2017

Tax | US tax office extends filing deadline for overseas US residents

The Internal Revenue Service (IRS) has extended the 18 April filing deadline to taxpayers outside the US to 15 June

19 Apr 2017

Tax | Pensioners advised to delay completing tax returns

The Low Incomes Tax Reform Group (LITRG) has advised pensioners to wait until the end of May before completing a tax return due to HMRC issuing notices despite introducing a new system which means that pensioners with a state pension exceeding their personal allowance may no longer have to file a return

19 Apr 2017

18 Apr 2017

Image for making tax digital should be put cold storage say mps

Tax | Making Tax Digital should be ‘put into cold storage’, say MPs

In the latest twist in the Making Tax Digital saga, the influential Treasury Committee is reviewing calls for the move to quarterly reporting to be parked until HMRC can provide more clarity on software and IT availability issues folowing the latest hearing on the plans, reports Sara White

18 Apr 2017

Tax | May announces snap election on June 8

Prime minister Teresa May has announced a snap general election will be held on 8 June, saying she has only ‘recently and reluctantly’ decided this is needed to ensure parliamentary unity on Brexit negotiations, in a move likely to impact the passage of the Finance Bill through Parliament

18 Apr 2017

Tax

Tax Planning

Politics

Image for hmrc collects ps943m large businesses hit apns

Tax | HMRC collects £943m as large businesses hit by APNs

HMRC has collected £943m from large businesses via accelerated payment notices (APNs) over the last year, according to law firm Pinsent Masons, which says the collection is likely to relate to use of a range of suspected avoidance schemes and arrangements, including those making use of employee benefit trusts (EBTs) to reduce tax paid

18 Apr 2017

Tax | Trump tax reform hits setback

President Donald Trump’s plans for ambitious changes to US tax rules, including slashing the rate of corporation tax and introducing a one-off repatriation tax for multinationals with profits held offshore, are now likely to take longer to implement than previously expected

18 Apr 2017

Business | Warning about NLW impact on business financial distress

Levels of ‘significant’ financial distress are up 26% across key sectors of the UK supply chain, following increased cost pressures from rising inflation in both fuel and food prices, according to research from Begbies Traynor which also highlights further pressure to come from the latest National Living Wage (NLW) increase

18 Apr 2017

Business

Companies

Accountancy Firms

Image for internal auditors critical cyber security response

| Internal auditors critical to cyber security response

The Chartered Institute of Internal Auditors (CIIA) says a spate of recent high-profile data breaches and the introduction of new regulations mean internal audit has a critical role in providing advice and assurance around cyber security

18 Apr 2017

Finance | Integrated reporting hampered by silos

The adoption of integrated reporting (IR) can be challenging but it generates organisational, reputational and commercial benefits, according to research by ACCA into a range of IR adopters

18 Apr 2017

Finance

Financial Reporting

Image for hmrc clamps down online trader tax defaulters

Tax | HMRC clamps down on online trader tax defaulters

HMRC is imposing increasingly harsh penalties on small scale online retailers using internet marketplaces and who underpay their tax, according to research by Moore Stephens

18 Apr 2017

Tax | Brexit and EU rules: Posting of Workers Directive – part 2

In part two of our EU Directives series, Stefan Petrovski, accountant at Paris-based accounting firm Primexis, considers changes to the rules on secondment and posting of workers to other EU member states for provision of services by companies under the Posting of Workers Directive

18 Apr 2017

15 Apr 2017

Finance | FRC consults on revisions to Practice Note 15 on occupational pension schemes

The Financial Reporting Council (FRC) is consulting on proposed revisions to Practice Note 15 (Revised) – The Audit of Occupational Pension Schemes, to reflect the latest regulatory landscape and FRS 102, to replace Practice Note 22

15 Apr 2017

Auditing

Corporate Governance

Accounting Consultations

Navigate

Tax Services

Latest news

Finance | London-listed mining company finds £3.3m hole in accounts

Tax | Potential traps to avoid in your VAT return - part 2

Tax | George Osborne quits as MP

Finance | Accountant in £200k fraud at London Metal Exchange

Tax | Finance Bill 2017 should not be rushed through without scrutiny

Finance | FRC Lab kicks off risk and viability reporting project

Tax | Shadow Chancellor wants tax rises for £70k plus earners

Tax | FTT upholds APN non-payment penalty

Tax | US tax office extends filing deadline for overseas US residents

Tax | Pensioners advised to delay completing tax returns

Tax | Making Tax Digital should be ‘put into cold storage’, say MPs

Tax | May announces snap election on June 8

Tax | HMRC collects £943m as large businesses hit by APNs

Tax | Trump tax reform hits setback

Business | Warning about NLW impact on business financial distress

| Internal auditors critical to cyber security response

Finance | Integrated reporting hampered by silos

Tax | HMRC clamps down on online trader tax defaulters

Tax | Brexit and EU rules: Posting of Workers Directive – part 2

Finance | FRC consults on revisions to Practice Note 15 on occupational pension schemes