Business &amp; Accountancy Daily

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Tax | Updated guidance on HMRC compliance checks

HMRC has updated its guidance on what happens during compliance checks on businesses, including details of what constitutes a ‘reasonable excuse’

24 Apr 2017

Finance | IASB plans amendments to IFRS 9 to address cashflow risks

The International Accounting Standards Board (IASB) is planning minor amendments to the financial instruments standard, IFRS 9, before it has even come into force to address concerns over pre-payable financial assets

24 Apr 2017

Tax | Conservative ‘tax lock’ could be unpicked

The Conservatives have yet to launch their election manifesto, but comments made so far on the campaign trail suggest the party is likely to consider abandoning its previous pledge not to raise income tax, VAT or national insurance taxes in the next Parliament

24 Apr 2017

Business | Top level corporate pay restraint continues

Top level pay restraint continues and executive pay levels are falling in real terms, with getting on for half of top bosses receiving no salary increase this year, according to PwC’s mid-season analysis of FTSE 100 remuneration policies

24 Apr 2017

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Tax | Treasury committee cancels Making Tax Digital hearing

The Treasury Select Committee has cancelled the two evidence sessions it had scheduled for this week, one on Making Tax Digital and the other with the Chancellor of the Exchequer, due to the upcoming snap general election

24 Apr 2017

Tax | President Trump signs executive orders on Dodd-Frank

The move towards an overhaul of the Dodd-Frank Act in the US is progressing with the issue of two executive orders following President Trump’s February announcement of a complete review of the effectiveness of the legislation

24 Apr 2017

Tax | Tax-free childcare scheme opens

The channels are now open for working parents to start applying for two new government childcare schemes launching this year – tax-free childcare which begins immediately and 30 hours free childcare which starts in September

24 Apr 2017

Business | Jail term for property developer in £640k fraud

A former Ascot-based property developer, who stole the details of an offshore company in the British Virgin Islands and forged documents to commit fraud and evade VAT, has been jailed for three years and seven months following an HMRC investigation

24 Apr 2017

Called to Account

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Business | Charity Commission finds failings in accounts quality

Over half of charity accounts still fail to explain how the charity is meeting its objectives, while a quarter do not meet basic standards for users, rising to almost half in the very smallest charities, according to research from the Charity Commission

24 Apr 2017

Charities

21 Apr 2017

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Business | Paternity rights: what you need to know - part 2

Part two in a series on parental rights focuses on the implications of paternity leave, examining the rights and responsibilities of both employer and employee while considering statutory paternity pay

21 Apr 2017

Finance | Companies House to reduce costs by 3.5% despite increase in workload

Companies House has outlined plans to reduce costs of baseline activities by 3.5%, despite having an increased workload, and will focus investment on improvements to digital services, expecting to have digital filing options for 99% of accounts by March 2018

21 Apr 2017

| People in the news: HW Fisher, Brown Shipley, R3

In this week’s moves and appointments roundup, HW Fisher hires an audit partner and promotes an additional five staff members to partner, Brown Shipley hires a lending specialist, R3 appoints a president

21 Apr 2017

Careers

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Tax | Snap election kills off probate fee proposals

The snap general election has derailed controversial plans to increase probate fees, dubbed a ‘stealth death tax’, as the Ministry of Justice (MoJ) has said there is now insufficient time for the necessary legislation to pass through Parliament

21 Apr 2017

Tax | ICAEW runs through charity rules on London Marathon donations

Ahead of this year’s London Marathon on Sunday, which holds the Guinness World Record for the largest single annual fundraising event, ICAEW has issued advice reminding accountants and others of the options to claim tax relief on any charitable donations for those taking part

21 Apr 2017

Tax | IMF warning on Trump tax plan risks

President Trump’s plans for US tax reforms and a relaxation of some financial regulations risks destabilising corporate spending and could result in a return of the excessive financial risk taking seen in the run up to the 2008 crisis, according to the International Monetary Fund (IMF)

21 Apr 2017

Tax

International Tax

Tax Planning

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Business | EY becomes official apprenticeship trainer

EY has been awarded employer provider status, which will allow the firm to officially deliver apprenticeship training to its people, and is looking to take on 200 apprentices in September

21 Apr 2017

Tax | IRS spells trouble for US reality TV star

Tori Spelling, the daughter of late multimillionaire media mogul Aaron Spelling and star of the TV show ‘Beverly Hills, 90210’, has allegedly seen $700,000 drained from the family bank account by the Internal Revenue Service (IRS) in the latest episode in a long-running tax saga

21 Apr 2017

Tax

International Tax

Tax Compliance

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Tax | Pensions held overseas fully taxable from April 2017, HMRC confirms

From the new tax year 2017/18, the full amount of any foreign pension received by a UK resident will be taxable where no UK tax relief was given on the pension savings, replacing the old 90% limit

21 Apr 2017

20 Apr 2017

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Finance | Small business accounts: investment property - part 5

In the fifth of our exclusive series on small company accounting, Anne Cowley examines the key new UK GAAP changes for small businesses accounting for investment property and explains how small rule changes can create substantial challenges

20 Apr 2017

Tax | Editor’s comment: no more scrutiny

Theresa May’s announcement of a snap general election comes at a critical time for the tax profession as the Finance Bill is set to face disruption. Sara White considers the risk of important tax measures being rushed through the legislative process without facing scrutiny beforehand

20 Apr 2017

Tax

Business Tax

Tax Planning

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Business | Economic trends: sterling works

Martin Beck, senior economist at Oxford Economics analyses how the pound has managed to remain resilient over the last year despite global political headwinds and Brexit fears

20 Apr 2017

Restructuring & Insolvency

Tax | Tax guidance updated for companies entering liquidation

HMRC has published updated guidance on mandatory online filing at the end of a company’s life, outlining the risks for companies that seek informal striking off or enter a Members’ Voluntary Liquidation (MVL) and therefore do not qualify for exemption

20 Apr 2017

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Business | Companies House flags changes to anti-money laundering rules

Companies House is calling on companies and accountants to get up to speed with changes to UK anti-money laundering rules, including new requirements affecting people with significant control (PSC) information, which come into effect from 26 June

20 Apr 2017

Finance | Vectura Group prescribes KPMG to replace Deloitte as auditor

FTSE 250 pharmaceutical specialist the Vectura Group, which supplies products for the treatment of lung disease, is to appoint KPMG as external auditor from the 2017 financial year, replacing incumbent Deloitte after a decade

20 Apr 2017

Auditing

Corporate Governance

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Business | IESBA seeks feedback on key issues for code of ethics revision

The International Ethics Standards Board for Accountants (IESBA) has launched a survey seeking comments, views, and insights from stakeholders as the first step in identifying the key issues it should address in revising its code of ethics for professional accountants

20 Apr 2017

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Business | Accountants offered incentives by peer-to-peer invoice finance marketplace

MarketInvoice, which bills itself the largest peer-to-peer online invoice finance marketplace, is launching a new incentive plan for referrals from accountants, commercial finance brokers and financial advisers in a bid to double lending to £2bn in 2017

20 Apr 2017

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Tax | HMRC not doing enough to tackle £1.5bn online VAT losses

HMRC’s understanding of the amount of tax lost to online VAT fraud and error, which it says may be up to £1.5bn annually, and its efforts to tackle the problem, have been criticised by the National Audit Office (NAO) as lacking sufficient detail or urgency

20 Apr 2017

Business | Premier League football clubs collect record £3.6bn

As the English football season draws to a close, Premier League clubs scored a new record of £3.6bn in revenues last year, but also fell into the red with an aggregate pre-tax loss of around £110m, according to research from Deloitte

20 Apr 2017