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Image for 10 year ban icaew member mehigan over cup trust scandal

Finance | 10-year ban for ICAEW member Mehigan over Cup Trust scandal

ICAEW member John Anthony Mehigan has been banned for 10 years and fined £70,000 by the Financial Reporting Council (FRC) for his role in the discredited Cup Trust charity, which was involved in a £46m tax avoidance scheme

12 Jun 2017

Corporate Governance

Called to Account

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Finance | Charity reporting: rule changes on reporting material significance

Joanna Pittman, partner at Sayer Vincent, reviews compliance issues under new charity reporting regulations concerning matters of material significance, which are effective 1 May 2017 regardless of the accounting period being reported on

12 Jun 2017

Corporate Governance

Audit Regulations

Image for liz truss handed treasury role gauke joins dwp

Tax | Liz Truss handed Treasury role as Gauke joins DWP

The post-election cabinet reshuffle has seen former justice secretary and CIMA member Liz Truss appointed chief secretary to the Treasury, after previous incumbent David Gauke was promoted to secretary of state for work and pensions

12 Jun 2017

Image for ex cfo jailed ps800k company fraud

Business | Ex-CFO jailed for £800k company fraud

The former finance head of an asset management company who stole more than £800,000 from his employer has been jailed for five and a half years, after an investigation by the Metropolitan Police fraud and linked crime online unit

12 Jun 2017

Called to Account

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Tax | 3% of MPs are accountants

Out of the 650 MPs elected on 8 June as part of the general election, 20 of the successful candidates (3%) have an accounting background, with 51 accountants running in the election overall

12 Jun 2017

Accountancy Firms

Leadership & Management

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Tax | Election result may save SFO

The Serious Fraud Office’s (SFO) future could be protected after the Conservatives failed to secure a majority in the general election

12 Jun 2017

Accountancy Firms

Image for chiene tait expands back corporate finance offering

Business | Chiene + Tait expands on back of corporate finance offering

Edinburgh-headquartered Scottish firm Chiene + Tait has announced a further expansion with the opening of a Glasgow office, which will spearhead its push into the corporate finance market

12 Jun 2017

Accountancy Firms

Image for us vote water down dodd frank regulations

Tax | US vote to water down Dodd-Frank regulations

The US House of Representatives has voted through a Bill that would rescind many of the key banking reforms and regulations implemented after the 2008 financial crisis, although there is little chance that the Senate will pass this into legislation

12 Jun 2017

International Tax

Corporate Governance

Image for call longer period settle inheritance tax bills

Tax | Call for longer period to settle inheritance tax bills

Royal London is calling on HMRC to grant people more time to settle inheritance tax bills, after finding executors of larger, more complex estates risk having to pay these out of their own pocket, because of the time taken to wind up financial affairs

12 Jun 2017

9 Jun 2017

Image for hammond keeps his job chancellor exchequeur

Tax | Hammond keeps his job as Chancellor of the Exchequeur

Philip Hammond is set to remain as Chancellor in the new Conservative minority government, retaining his position at the Treasury, alongside other senior ministers including foreign secretary Boris Johnson and Brexit minister David Davis

9 Jun 2017

Making Tax Digital

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Tax | DUP could clash with Conservatives over Brexit

The Democratic Unionist Party’s (DUP) opposition to a hard Brexit could prove a stumbling block in attempts to strike a deal with the Conservatives, reports Calum Fuller

9 Jun 2017

Image for election 2017 what hung parliament means tax policy

Tax | Election 2017: what a hung parliament means for tax policy

The final outcome of the election with a hung parliament and a Conservative government propped up by the Northern Irish DUP leaves business in a period of uncertainty in the runup to Brexit. Brian Palmer, tax policy adviser at the AAT, asks what the post election tax landscape looks like for tax advisers and accountants

9 Jun 2017

Making Tax Digital

Image for financial secretary ellison casualty election fallout

Tax | Financial secretary Ellison casualty of election fallout

Former Conservative MP Jane Ellison, who was financial secretary to the Treasury in the previous government and heavily involved in the Making Tax Digital programme, is one of the casualties of a tumultuous election night, losing her seat in Battersea following a 9% swing to the Labour candidate

9 Jun 2017

Making Tax Digital

Image for couple win appeal against hmrc over compulsory vat registration

Tax | Couple win appeal against HMRC over compulsory VAT registration

A First Tier Tribunal (FTT) has allowed a husband and wife’s appeal against HMRC’s decision that the couple ran one business in partnership, rather than two separate businesses, and were therefore eligible for compulsory VAT registration

9 Jun 2017

Image for apple ceo wants trumps repatriation tax made mandatory

Tax | Apple CEO wants Trump’s repatriation tax made mandatory

Tim Cook, tech giant Apple’s CEO, has called for President Trump’s proposed repatriation tax, which aims to bring money from offshore income back into the US, to be mandatory for all US companies

9 Jun 2017

International Tax

Image for people news bdo newby castleman grant thornton

| People in the news: BDO, Newby Castleman, Grant Thornton

This week's news of professional moves in the sector includes 15 partner promotions at BDO, Newby Castleman gains an audit and accounts manager, Grant Thornton recruits a partner and a director in its forensic and investigation services and real estate tax team

9 Jun 2017

Image for uk property developers warned bulgarian vat case

Tax | UK property developers warned on Bulgarian VAT case

A recent opinion given by the advocate general of the European Court of Justice (CJEU), relating to VAT recovery on building costs, could have implications for property developers and housebuilders in the UK who enter into planning gain agreements, Saffery Champness is warning

9 Jun 2017

International Tax

Image for calculating mileage payments electric and hybrid company cars

Tax | Calculating mileage payments for electric and hybrid company cars

The Miles Consultancy (TMC) has produced a guide showing how businesses can calculate mileage repayment rates for electric and hybrid company cars instead of using HMRC’s advisory fuel rates or approved mileage allowance payments, which only cover petrol and diesel cars

9 Jun 2017

Image for ftse 250 oil company drops pwc deloitte

| FTSE 250 oil company drops PwC for Deloitte

In the latest competitive tender, PwC has been replaced by Deloitte at FTSE 250 oil and gas specialist Hunting plc as the company’s auditor after a 28-year tenure

9 Jun 2017

Image for tax risk highest uk us and australia says ey report

Tax | Tax risk highest in UK, US and Australia, says EY report

Developed economies, including the UK, US and Australia, rather than emerging economies as previously, have become the top five tax risk jurisdictions as a result of globalisation, according to research by EY

9 Jun 2017

International Tax

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Business | Time management: getting to grips with the basics

Time management has become something of a pseudoscience with books, courses and to-do lists to enable us to organise our time better, but the irony is this all requires time. Gudrun Limbrick, lead consultant at WordWorks, looks at the effectiveness of time management and provides some handy tips on getting your work life under control

9 Jun 2017

Leadership & Management

8 Jun 2017

Image for small business accounts disclosures and section 1a part 7

Finance | Small business accounts: disclosures and Section 1A - part 7

In the latest article in our series on practical accounting issues for small businesses under new UK GAAP, Anne Cowley ACA examines how to deal with disclosure requirements and the use of Section 1A, the difficulties over applying somewhat challenging guidelines on true and fair in practice and the importance of providing enough information about material balances and transactions

8 Jun 2017

Accounting Standards

Financial Reporting

Image for kpmg wins ps15m bt audit

Finance | KPMG wins £15m BT audit

Telecoms giant BT has named KPMG as external auditor, ending PwC’s decades long audit engagement held since 1984, following a competitive tender for the £14.8m audit business

8 Jun 2017

Corporate Governance

Image for cullinane return payment gold bullion avoid tax

Tax | Cullinane: return of payment by gold bullion to avoid tax

The return of some tax avoidance schemes popular before the credit crunch is a worrying trend as the use of gold bullion to circumvent NICs' payments rears its ugly head despite HMRC attempts to curb their use. CIOT tax policy director John Cullinane is critical of use of this tax planning tool

8 Jun 2017

Image for european supervisory bodies consult aml regulations

Business | European supervisory bodies consult on AML regulations

The EU regulators are consulting on draft regulations specifying how credit and financial institutions should manage money laundering and terrorist financing risks where a third country's law prevents the implementation in their group-wide policies and procedures

8 Jun 2017

Accountancy Firms

Image for rsm sews deal collapsed textile businesses

Business | RSM sews up deal for collapsed textile businesses

Jeremy Woodside and Chris Ratten, partners at RSM restructuring advisory, have been appointed joint administrators to a group of Lancashire textile businesses, which they have sold out of administration in a deal which saves over 100 jobs and maintains continuity of service to customers

8 Jun 2017

Restructuring & Insolvency

Image for iasb issues clarification ias 12 income taxes

Finance | IASB issues clarification on IAS 12 Income Taxes

The International Accounting Standards Board (IASB) has issued a new interpretation, IFRIC 23 Uncertainty over Income Tax Treatments, to specify how to reflect uncertainty in accounting for income taxes

8 Jun 2017

Accounting Standards

Financial Reporting

Image for uk among 60 signatories groundbreaking beps treaty

Tax | UK among 60+ signatories to groundbreaking BEPS treaty

Finance ministers from more than 60 nations have formally signed up to the OECD’s multilateral convention to tackle base erosion and profit shifting (BEPS), in a move to crackdown further on corporate tax avoidance which predictions suggest could increase global corporate tax take by up to 10%

8 Jun 2017

International Tax