Business &amp; Accountancy Daily

Image for kpmg resigns auditor pret manger

| KPMG resigns as auditor of Pret A Manger

KPMG has resigned its position as auditor of sandwich and coffee chain Pret A Manger, amid rumours it is gearing up for an initial public offering (IPO) on the New York Stock Exchange

28 Jun 2017

Auditing

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Tax | Cyber attack spread from Ukrainian tax software

A Ukrainian tax software company has denied that it was hacked and used to kick-start yesterday’s global cyber-attack

28 Jun 2017

Technology

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Business | Brexit hits UK’s attractiveness to overseas talent

Brexit has negatively affected the UK’s attractiveness to overseas talent, with nearly half of skilled non-Brits based in the UK likely to leave in the next five years, according to Deloitte research

28 Jun 2017

Image for lincoln accountant bankrupt after selling firm

Business | Lincoln accountant bankrupt after selling firm

A Lincoln accountant, whose firm was placed into administration in February 2017 and later sold to another local practice, has been made bankrupt

28 Jun 2017

Image for sfp secures sale insolvent carpentry business

Business | SFP secures sale of insolvent carpentry business

An insolvent carpentry business in Ramsgate has been sold by administrators from SFP, saving all jobs

28 Jun 2017

Restructuring & Insolvency

Image for christian charity dissolved after breaching accounts filing

Finance | Christian charity dissolved after breaching accounts filing

A charity set up to advance the Christian faith through evangelism and teaching has been removed from the register of charities after failing to submit accounting documents for two years, according to the Charity Commission

28 Jun 2017

Charities

Image for tax adviser jailed ps15m tax scam

Business | Tax adviser jailed for £1.5m tax scam

A self-appointed tax adviser has been jailed for five years after instructing his clients on how to fraudulently claim £1.5m in tax repayments, while keeping £300,000 from the false claims for himself

28 Jun 2017

Called to Account

Image for oecd looks principled approach beps profits attribution

Tax | OECD looks to 'principled approach' for BEPS profits attribution

The OECD is looking to set global principles for attributing profits to a permanent establishment, a move away from a more prescriptive approach, as part of its Base Erosion and Profit Shifting (BEPS) project

28 Jun 2017

27 Jun 2017

Image for self beps multilateral instrument huge step

Tax | Self: BEPS multilateral instrument huge step

The latest OECD attempt to curb aggressive tax avoidance is the multilateral instrument. Pinsent Masons partner Heather Self asks whether it will really work

27 Jun 2017

Business | UK and European Commission set out citizens’ rights proposals

Both the UK and European Commission have set out their positions on reciprocal rights for their respective citizens after Brexit

27 Jun 2017

Law & Guidance

Image for hmrc sees 18 hike taxpayer judicial reviews

Tax | HMRC sees 18% hike in taxpayer judicial reviews

HMRC was hauled up before a record 90 judicial reviews last year, compared to 42 in 2014, according to law firm RPC, as use of accelerated penalty notices (APNs) multiplies

27 Jun 2017

Finance | IASB reviews financial guarantees under IFRS for SMEs standard

The International Accounting Standards Board (IASB) has issued draft guidance for consultation for the IFRS for SMEs standard about the treatment of financial guarantees issued by a parent company in their financial statements

27 Jun 2017

Finance

IFRS

Audit Consultations

Image for dodwell giant step beps double tax treaty agreement

Tax | Dodwell: giant step on BEPS double tax treaty agreement

The new OECD Multilateral Convention to implement measures from the Base Erosion and Profit Shifting (BEPS) project in double tax treaties is remarkable, says Bill Dodwell, head of tax policy at Deloitte. Here he considers the speed at which the deal has been reached and the implications for business

27 Jun 2017

Tax | OTS to focus on digital and gig economy after first annual report

The Office of Tax Simplification (OTS) has released its first annual report, stating that digitisation of the tax administration means its remit ‘has never been more important’

27 Jun 2017

Finance | Exclusive download: UK GAAP and small business accounts part 1

In the latest exclusive Accountancy UK GAAP download series, part one of our essentials guide focuses on accounting changes for small businesses, from transition tips and the micro accounts regime, to audit exemptions and financial instruments

27 Jun 2017

Finance | Charity Commission updating online contact forms

The Charity Commission is conducting essential maintenance to the contact forms on its website overnight on 27 June 2017 so they will not be available

27 Jun 2017

Charities

Image for royal family set ps28m rise sovereign grant

Business | Royal Family set for a £2.8m rise in sovereign grant

The Queen is set for an additional £2.8m a year in funds to finance the Royal Family, based on the current calculations for the sovereign grant, which stands at £42.8m

27 Jun 2017

Image for hmrc clamps down supply splitting avoid vat

Tax | HMRC clamps down on 'supply splitting' to avoid VAT

HMRC has issued a ‘spotlight’ after it has become aware of attempts to avoid VAT by splitting a single supply of goods or services into separate supplies, warning that the schemes do not work and it will investigate anyone who uses one

27 Jun 2017

VAT

Tax Compliance

Image for scotland consults cutting air departure tax rates 50

Tax | Scotland consults on cutting air departure tax rates by 50%

Scottish government has launched two consultations on an overall 50% reduction policy plan for air departure tax (ADT), which will be introduced from April 2018, with the other assessing the environmental impacts from this reduction

27 Jun 2017

Business Tax

Tax Planning

26 Jun 2017

Image for criminal finances bill corporate liability rules net accountants

Tax | Criminal Finances Bill: corporate liability rules net accountants

Companies need to tighten prevention procedures to avoid falling foul of ‘relevant person’ rules in the Criminal Finances Act, particularly when it comes to potential breaches of tax rules. Kevin Hindley, managing director of Alvarez & Marsal Taxand says it is important to establish a robust framework to de-risk from potential prosecution under these provisions

26 Jun 2017

Finance | Editor's comment: ethics takes back seat in eyes of audit inspectors

The opaque world of limited liability partnerships may be set for a period of greater scrutiny with a spate of audit scandals rocking firms and a fairly dismissal level of adherence to acceptable ethical standards in the latest audit quality inspection (AQI) round, says Sara White, editor of Accountancy

26 Jun 2017

Leadership & Management

Image for northern ireland receives more funding conservative dup deal

Tax | Northern Ireland receives more funding in Conservative/ DUP deal

The Conservative party and the Democratic Unionist Party (DUP) have struck a confidence and supply deal which sees the Northern Irish party backing Theresa May’s minority government

26 Jun 2017

Politics

Image for fourth anti money laundering directive what you need know

Tax | Fourth Anti-Money Laundering Directive: what you need to know

From changes to politically exposed persons (PEP) to beneficial ownership registers, the newly enforceable Fourth Anti-Money Laundering Directive (4MLD) will force a due diligence rethink, warn Lisa Osofsky, managing director and Sarah Adenaike of Exiger LLC

26 Jun 2017

Tax | Changes at the top for Crowe Clark Whitehill

Managing partner of Crowe Clark Whitehill’s London office Nigel Bostock is set to become the firm’s chief executive as current incumbent David Mellor hands over the reins

26 Jun 2017

Leadership & Management

Image for changes uk anti money laundering rules hit psc regime

Business | Changes to UK anti-money laundering rules hit PSC regime

Due to the EU’s Fourth Money Laundering Directive being implemented into UK law, significant changes must be made to the people with significant control (PSC) register. Gateley law experts, Sophie Brookes and Christopher Davies, explain how companies will be affected by the new rules, which come into force on 26 June

26 Jun 2017

Image for hmrc working fix online self assessment filing errors

Tax | HMRC working to fix online self assessment filing errors

HMRC has confirmed that it is currently looking at options to fix errors which have arisen for certain taxpayers when submitting self assessment forms online, resulting in individuals with specific tax codes having to file returns on paper, reports Amy Austin

26 Jun 2017

Tax | Complex cases push down HMRC's tax investigation yield

HMRC’s yield from investigations has fallen 10%, from £73 for every £1 spent in 2014/15 to £66 in 2015/16, according to law firm Pinsent Masons

26 Jun 2017

Business | PSC regime updated as EU money laundering rules come into effect

Accountants will need to carry out more stringent checks into clients and financiers and face new company ‘rightholder’ rules as the Fourth Money Laundering Directive (4MLD) comes into force

26 Jun 2017

Image for nao slams government over risky and expensive hinkley project

Business | NAO slams government over ‘risky’ and ‘expensive’ Hinkley project

The government’s deal to construct nuclear power station Hinkley Point C has locked the public into a ‘risky and expensive project with uncertain strategic and economic benefits’, according to National Audit Office (NAO) head Amyas Morse

26 Jun 2017

Image for arthur andersen co heading court

Business | Arthur Andersen & Co heading to court

US firm Andersen Tax and its CEO Mark Vorsatz could face the French courts, after a summons was issued against it by French firm Arthur Andersen & Co, alleging its rival has committed forgery to stake claim to ‘Andersen’

26 Jun 2017