Business &amp; Accountancy Daily

Business Tax

Image for pensions regulator warns employers auto enrolment exemption scam

Business | Pensions Regulator warns employers on auto enrolment exemption scam

Employers have been warned not to fall for a scam involving the sale of fake certificates which suggest the holders do not have any workplace pension duties, with The Pensions Regulator (TPR) currently investigating a company

6 Jul 2017

Pensions

Image for treasury responds pressure over uk broadband speed

Tax | Treasury responds to pressure over UK broadband speed

Despite newly announced initiatives by the Treasury designed to encourage faster broadband connectivity – the technology which is essential for the operation of HMRC’s flagship Making Tax Digital initiative – independent research shows a strong urban/rural divide in speed of access

6 Jul 2017

Business | FCA head calls for open markets post Brexit

The chief executive of the Financial Conduct Authority (FCA), Andrew Bailey, has said that restricting trade it not an ‘inevitable or necessary’ response to Brexit, while the EU’s chief Brexit negotiator has said ‘frictionless trade’ is not possible once the UK leaves

6 Jul 2017

Image for france plans cut corporation tax 25 2022

Tax | France plans to cut corporation tax to 25% by 2022

French prime minister Edouard Philippe has confirmed plans to cut corporation tax from 33% to 25% over the next five years, but suggested that the timetable for other tax cuts may be delayed in his opening speech to the country’s National Assembly

6 Jul 2017

International Tax

Tax Planning

Image for hmrc ups requests foreign governments tax evasion assistance

Tax | HMRC ups requests to foreign governments for tax evasion assistance

HMRC has almost doubled its number of requests to foreign governments for assistance in cases of suspected tax evasion over a five-year period, according to figures obtained by law firm Pinsent Masons

6 Jul 2017

Business | Joinery company director nailed over £500k HMRC bill

The director of a joinery company has been banned for ten years after an Insolvency Service investigation discovered he was continuing to act as a director while disqualified, and owed HMRC some £500,000

6 Jul 2017

Restructuring & Insolvency

Called to Account

Image for oecd reports major progress fairer international tax system

Tax | OECD reports ‘major progress’ on fairer international tax system

The OECD is claiming major progress towards the goal of creating a fairer international tax system, with countries collaborating to close down loopholes, improve transparency and ensure that multinational enterprises pay tax where they carry out their activities, according to its latest report to G20 leaders

6 Jul 2017

5 Jul 2017

Image for hmrc claims victory rangers ebt big tax case

Tax | HMRC claims victory in Rangers EBT ‘big tax case’

HMRC has won a seven-year legal battle over the use of employee benefit trusts (EBTs) as a means of paying players and staff at Rangers football club, with the Supreme Court handing down a ruling that the payments should be classed as ‘earnings’ rather than loans, and are therefore taxable under PAYE

5 Jul 2017

Tax | Netherlands: overhauling dividend withholding tax on non-residents

The Dutch government is planning to exempt withholding tax on dividends paid to non-resident shareholders from January 2018. Paulus Merks, partner, Jian-Cheng Ku, legal director, and Tim Mulder, associate, from DLA Piper explain the changes to the rules and provide examples

5 Jul 2017

Business | Treasury’s Brexit forecasts did not highlight uncertainty in predictions

The Treasury’s processes and procedures for forecasting the economic impact of leaving the EU in the run up to last year’s referendum were broadly in line with those supplied by other institutions, but failed to emphasise sufficiently the level of uncertainty in its estimates, the National Audit Office (NAO) has found

5 Jul 2017

Image for single financial and pension advice body given go ahead

Business | Single financial and pension advice body given go-ahead

The government has set in motion legislation to create a new single financial guidance body bringing together the provision of advice for the public on debt, money and pensions, after a consultation showed strong support for the proposal to integrate the work of the existing three separate bodies

5 Jul 2017

Pensions

Image for international reporting ifrs 17 insurance contracts due 2021

Finance | International reporting: IFRS 17 Insurance Contracts due in 2021

Jeroen van Doersselaere examines what organisations need to do over the next three-and-a-half years order to comply with IFRS 17 Insurance Contracts

5 Jul 2017

Finance

Accounting Standards

IFRS

Image for meps pass country country reporting rules

Tax | MEPs pass country-by-country reporting rules

The European parliament has passed a directive requiring multinationals to publicly disclose information about the tax they pay in each country they operate, in a measure aimed at tackling tax avoidance and profit shifting

5 Jul 2017

Business | Government suppliers commit to pay 95% of invoices in 60 days

The government’s major suppliers have signed up to the Prompt Payment Code, which helps small businesses to be paid on time, with 32 committing to pay 95% of invoices with 60 days

5 Jul 2017

Image for case hmrc succeeds rangers ebt case

Tax | Case: HMRC succeeds in Rangers EBT case

In RFC 2012 Plc (in liquidation) v Advocate General for Scotland [2017] BTC 22, the Supreme Court dismissed the taxpayer’s appeal; money paid under a tax avoidance scheme into an EBT constituted earnings to which PAYE deductions should have been applied, since such money was a component of each footballer’s remuneration

5 Jul 2017

Business | Accountant to repay £110k or face more jail

A Londonderry accountant, who was jailed for 19 fraud and tax offences, including stealing from a client, has been ordered to pay back more than £110,000 or face a further five years in prison

5 Jul 2017

Called to Account

4 Jul 2017

Image for salary sacrifice getting grips post april 2017 rule changes

Tax | Salary sacrifice: getting to grips with post April 2017 rule changes

Salary sacrifice can still be a useful tool for employers wanting to recruit and retain key employees, but the new rules introduced from April 2017 may add complexity for those employers who still choose to use such schemes, warns Meg Wilson CTA

4 Jul 2017

Tax | Government ‘must hold nerve’ on fiscal policy, says Hammond

Chancellor Philip Hammond has pledged to hold firm on the government’s existing tax, economic and fiscal policies, despite pressure to spend more on public services and public sector workers

4 Jul 2017

Business Tax

Politics

Image for ots pushes simpler corporation tax regime

Tax | OTS pushes for simpler corporation tax regime

The Office of Tax Simplification (OTS) has published a range of recommendations for overhauling the corporation tax regime for both small and large businesses, with the aim of making calculations simpler, including fewer changes and more time to plan

4 Jul 2017

Tax | Welsh government asks public for tax ideas

The Welsh government is canvassing the public’s opinions for ideas for potential new Welsh taxes, and says it will publish a list of possible options which have been put forward in the autumn

4 Jul 2017

International Tax

Tax Planning

Image for commission investigate ps15m welsh charity

Finance | Commission to investigate £1.5m Welsh charity

The Charity Commission is to investigate NSA Afan (Community Regeneration) amid concerns over governance and financial controls at the Welsh charity, which experienced a theft a year ago

4 Jul 2017

Charities

Image for four ex barclays directors appear court over sfo fraud charges

Business | Four ex-Barclays directors appear in court over SFO fraud charges

Four former Barclays directors, including former chief executive John Varley, have appeared in court in a fraud case relating to the 2008 banking crisis, brought by the Serious Fraud Office (SFO), and released on bail

4 Jul 2017

Image for efrag seeks views ifrs 13 fair value

Finance | EFRAG seeks views on IFRS 13 Fair Value

The European Financial Reporting Advisory Group (EFRAG) is asking for feedback from preparers, users, academics and others on their experiences with IFRS 13 Fair Value Measurement, to feed into the IASB’s post implementation review of the standard

4 Jul 2017

Business | Film tax fraudsters told to repay £2m or face more jail

A former EY partner, two film producers and an independent financial adviser, who were jailed with three others for more than 36 years for committing a £2.2m tax fraud, have been ordered to pay back more than £2m of their criminal profits or face a further 10 years in jail

4 Jul 2017