Business &amp; Accountancy Daily

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Tax | Hells Angel tax fraud blamed on accountant’s error

A bid by the Australian Tax Office (ATO) to launch a tax crackdown on outlaw motorcycle gangs has hit a roadblock, as the president of the Hells Angels has avoided conviction for fraud after his accountant took the blame for tax irregularities

7 Jun 2017

Tax | IRS facing multimillion dollar fee repayments to accountants

The US tax authorities may have to repay up to $300m to accounts preparers, after a court ruled that the fees charged for issuing Preparer Tax Identification Numbers (PTIN) required with submissions are illegal

7 Jun 2017

Tax | Warning on iTunes tax scam

Action Fraud, the UK’s national reporting centre for fraud and cyber crime, is warning people once again about scammers contacting victims claiming to be from HMRC, and tricking older and vulnerable people into paying bogus debts and taxes using iTunes gift cards

7 Jun 2017

Tax | UK in top 20 for simplest compliance regime

The UK’s accounting and tax compliance regime is rated amongst the top 20 countries worldwide for ease of doing business, according to research by TMF Group which also found that the Cayman Islands is the easiest overall

7 Jun 2017

Tax

Business Tax

Tax Compliance

Finance | KPMG retains Synectics audit

KPMG has retained its role as external auditor to Synectics, an AIM-listed company which specialises in the design, delivery and management of integrated security and surveillance systems, following a competitive tender process

7 Jun 2017

Auditing

Corporate Governance

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Business | Female leadership encourages women on boards

Gender diversity is being led from the top according to research by Deloitte, which found that companies with a female CEO or board chair have almost twice as many women on the board as companies led by men

7 Jun 2017

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Tax | General election 2017: manifesto tax policies at a glance

With days to go until the general election on 8 June, CCH Daily gives a snapshot of the key tax measures from income tax to the doubling of the employer charge for non-EU workers announced by the UK's political parties in their manifestos

7 Jun 2017

6 Jun 2017

Image for nunn hmrc needs learn lessons failed business record checks scheme

Tax | Nunn: HMRC needs to learn lessons from failed business record checks scheme

HMRC needs to learn lessons from its unpopular, defunct business record checks programme and needs to begin to invest in its systems ahead of Making Tax Digital, says Yvette Nunn, director of Berkeley Associates

6 Jun 2017

Business | Fraudster family in £45m payroll VAT scam

A family of fraudsters who pocketed more than £45m in the largest payroll VAT scam uncovered in the UK, spending the money on lavish lifestyles, have been found guilty of fraud and are due to be sentenced later this week

6 Jun 2017

Called to Account

Tax | HMRC replaces Jennie Granger with interim business tax head

After a raft of senior departures from HMRC, two temporary director generals have been appointed to replace Jennie Granger and Ruth Owen at the tax authority on an interim basis, taking over responsibility for the critical portfolios of business tax, Making Tax Digital and compliance, and customer services, although neither are permanent appointments

6 Jun 2017

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Tax | HMRC accused of breaking purdah rules

The Public and Commercial Services Union (PCS) has accused HMRC of breaching civil service purdah rules after contracts for its plan to move 60,000 staff to regional hubs were signed in the pre-election period

6 Jun 2017

Tax

HMRC

Politics

Tax | HMRC tries to recover £3.6bn after transfer pricing reviews

HMRC carried out 362 reviews into businesses' transfer pricing practices last year, with the amount of tax potentially unpaid or in dispute rising to £3.8bn, according to figures compiled by law firm Pinsent Masons

6 Jun 2017

Tax | KPMG in dispute with HMRC over partner tax

There are claims that ‘hundreds’ of KPMG partners could face large tax bills as a result of an ongoing and unresolved dispute between HMRC and the firm over historic eligibility claims

6 Jun 2017

Business | EU regulator warns UK companies against use of letterbox companies

UK financial firms have been warned they will not be allowed to set up letterbox companies in the EU following Brexit in order to get around supervisory rules in an opinion published by the European Securities and Markets Authority (ESMA)

6 Jun 2017

Careers

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Business | Insolvent garage owner disqualified

A Welsh garage owner who traded while insolvent has been disqualified from acting as a director for seven years, after an investigation by the Insolvency Service found he owed HMRC around £90,000 in tax

6 Jun 2017

Restructuring & Insolvency

Called to Account

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Business | Brexit: shock to the M&A market or business as usual?

Political uncertainty and currency fluctuations since Brexit have dented confidence in the UK mergers and acquisitions (M&A) market but longer term success will depend on what transparency there is over negotiations, and how the markets react, says Richard Smith and Joanne Maitland, Mayer Brown International LLP

6 Jun 2017

5 Jun 2017

Image for dividend tax changes how they affect trusts and beneficiaries

Tax | Dividend tax changes: how they affect trusts and beneficiaries

Peter Rayney FCA CTA TEP, examines the impact of dividend tax changes to trusts and their beneficiaries from bare trusts to interest in posession trusts, starting by highlighting some very important anti-avoidance rules, which effectively take precedence over all the other provisions, with worked examples of how to use trusts effectively

5 Jun 2017

Tax | Election: the tax snapshot

As the June snap election looms, Calum Fuller asks tax advisers what tax policy they are looking for from the new government with certainty and a stop to the constant changes to tax rules at the top of the agenda

5 Jun 2017

Finance | FRC scales back PwC Tesco accounting probe

The Financial Reporting Council (FRC) has closed part of its two year-plus investigation into PwC’s conduct as auditors of Tesco plc, after concluding there was not a realistic prospect that a disciplinary tribunal would make an 'adverse finding' against the firm and PwC partners involved in this particular strand of the investigation

5 Jun 2017

Business | EXCLUSIVE download: Brexit for accountants - what you need to know

With only weeks to go until the official Brexit negotiation talks start on 19 June, this exclusive Wolters Kluwer Brexit for Accountants whitepaper will guide you through the implications for accountants and finance directors, including corporate governance, accounting standards, tax, VAT, audit and employment law

5 Jun 2017

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Tax | Elliott: ancillary supplies get a break in Brockenhurst

Graham Elliott, VAT specialist and director at City & Cambridge Consultancy, reviews the case for removing VAT for student provided meals and entertainment performances at Brokenhurst College

5 Jun 2017

Tax | Dodwell: common sense prevails over College VAT charges

A sensible VAT ruling at the tax tribunal gives colleges a welcome respite, says Bill Dodwell, partner at Deloitte as he reviews the implications of the Brokenhurst College case

5 Jun 2017

Business | Accountant in Bankruptcy changes insolvency services contractors in Scotland

Two Scottish-based firms have been awarded a two-year contract to deliver insolvency services for the Scottish Accountant in Bankruptcy (AiB), which is expected to save up to £1.5m over the course of the deal

5 Jun 2017

Restructuring & Insolvency

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Tax | President Trump asks for tax filing extension

US President Donald Trump has applied for an extension to the deadline for filing his 2016 tax returns, amid continuing controversy over his failure to make the data public, but has not given the reason for his decision

5 Jun 2017

Business | IASB warns of major website update at weekend

The International Accounting Standards Board (IASB) has announced a major upgrade to its website is scheduled for the weekend, and is warning of potential disruptions to services during the period 10-11 June

5 Jun 2017

AI & Technology

Image for four times more businesses unable pay debts

Business | Four times more businesses unable to pay debts

The amount of UK businesses that would be unable to pay their debts if interest rates went up has quadrupled since last year, according to research by insolvency and restructuring trade body R3

5 Jun 2017

Restructuring & Insolvency

Image for gloucester charity investigated over failure file accounts

Finance | Gloucester charity investigated over failure to file accounts

The Charity Commission has opened a statutory inquiry into All Nations Community Centre, after the Gloucester-based charity failed to comply with a request to provide accounting information covering a period of five years

5 Jun 2017

Charities

Called to Account

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Business | Manchester United most valuable club in Europe

Manchester United may have failed to win the Premier League this season, but the club tops the table of KPMG’s ranking of the most valuable European football teams, and is the first to break the €3bn (£2.6bn) barrier

5 Jun 2017