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Finance | Big data and audit analytics: is it an integral part of audits? – part 1

In the first of a series on big data and audit, Katharine Bagshaw FCA examines the use of data analytics in audit and talks to major audit firms about how technology and data manipulation can improve the quality and effectiveness of audit

24 Jul 2017

Auditing

Corporate Governance

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Tax | HMRC starts to move staff into Croydon regional hub

HMRC has started to gradually move its staff into its first regional hub in Croydon today, with 2,600 full-time equivalent employees to occupy the new offices by 2021 as part of its office restructuring plans

24 Jul 2017

Tax | Tell Us Once service to alert government departments about bereavements

HMRC has published guidance for tax agents about bereavement support, setting out a single point of contact for alerting government services about a client bereavement including details of some of the support available to agents when acting for families and customers in the event of a bereavement

24 Jul 2017

Tax | HMRC’s VAT policy on student accommodation overturned

Building contractors are likely no longer to be required to pay VAT on subcontractors’ services on new build student accommodation following a First Tier Tribunal (FTT) tax ruling, although this will depend on the precise circumstances of each development

24 Jul 2017

Tax | Osborne picked up Cabinet redundancy payment

Former Chancellor George Osborne picked up a five-digit redundancy payment when he was sacked in the reshuffle when Theresa May took over as prime minister after the Brexit vote

24 Jul 2017

Business | Only 12% of Civil Service workers under 30

Although Civil Service employee numbers have increased, diversity is lacking with the proportion of ethnic minority workers only increasing by 0.5% and women remain underrepresented at senior levels, according to data from the Office for National Statistics (ONS)

24 Jul 2017

Business | AAT salaries up 2% for students

The average salary for accounting technicians is up by 5% to £22,000 for AAT affiliate members in full-time work although AAT students have only seen a 2% increase but there is also a gender pay gap, shows salary research from the Association of Accounting Technicians (AAT) shows

24 Jul 2017

Business

Accountancy Firms

Careers

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Tax | One week to go to tax credit renewal deadline

With just one week to go until the 31 July tax credit renewal deadline, HMRC is urging the 960,000 people that are still to renew to do it now or risk having their payments stopped and, in some cases, being required to repay the money they have received since April

24 Jul 2017

Business | Smith & Williamson posts 12.8% rise in profit

Smith & Williamson has reported a 9.9% increase in operating income to £244.6m and a 12.8% hike in adjusted operating profit, which rose to £40.6m during the year to 30 April 2017

24 Jul 2017

Business

Companies

Accountancy Firms

Image for tax regime insurance linked securities introduced

Tax | Tax regime for insurance linked securities introduced

The Treasury has published new regulations designed to introduce a competitive regulatory and tax regime for insurance linked securities (ILS), which includes corporation tax exemptions to ensure that UK gets a share of this rapidly growing market

24 Jul 2017

21 Jul 2017

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Business | General Data Protection Regulation (GDPR): HR compliance issues

Social media is flooded with articles about the General Data Protection Regulation (GDPR), lots of statistics and conflicting information but very little in terms of cold hard facts. With the regulations less than 12 months away, Julie Lock, service development director at MHR looks at what GDPR is and what organisations should be doing from a HR perspective to ensure compliance

21 Jul 2017

Tax | HMRC issues guidance on tax treatment for FRS 105 accounts

HMRC has issued guidance on the tax implications of transition to the new accounting rules for small business under the FRS 105 Micro-entities Regime, as the first year of reporting under the FRSSE replacement comes into effect, setting out recommended tax treatment

21 Jul 2017

Tax | HMRC u-turn on Welsh language tax office

HMRC has reversed its decision to axe its only office team offering tax services for customers in Welsh, and has announced that the staff are to relocate to Porthmadog

21 Jul 2017

Tax

HMRC

Tax Planning

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Finance | PwC barred in Ukraine over bank audit

The National Bank of Ukraine has put out a statement saying it has removed PwC from the register of accounting firms authorised to audit banks, because of ‘misrepresented financial information’ in the audit of CB Privatbank, the largest commercial bank in the country, resulting in a $5.5bn (£4.2bn) ‘black hole’ in the balance sheet

21 Jul 2017

Auditing

Corporate Governance

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Tax | Consumers to pay VAT on roaming services outside the EU

From 1 November 2017, VAT will be charged on roaming services used by UK consumers outside the EU due to the government removing the ‘use and enjoyment’ rule on telecommunication services provided to consumers, as announced in Spring Budget 2017

21 Jul 2017

Tax | HMRC wins £29m tax avoidance case

HMRC has won an Upper Tribunal appeal against a tax avoidance scheme which sought to claim £122m was spent on research into brain disorders, when only £7m of it reached a genuine research company

21 Jul 2017

HR | People in the news: RSM Saffrey Champness, Blick Rothenberg

This week’s news of professional moves in the sector includes an audit partner at RSM, Saffrey Champness gains a partner in its Inverness office and Blick Rothenberg hires a partner for its global mobility tax team

21 Jul 2017

Business

Careers

Image for treasury introduces anti money laundering supervision body

Business | Treasury introduces anti-money laundering supervision body

The Treasury has announced the launch of the new Office for Professional Body Anti-Money Laundering Supervision (OPBAS), designed to tackle potential weaknesses in the supervisory system that criminals and terrorists may be trying to exploit, and is also consulting on further developments to the anti-money laundering (AML) supervisory regime

21 Jul 2017

Business | Ilkeston FC bought out of liquidation by Notts County FC owner

Non-league football club Ilkeston FC has been bought out of liquidation by Nottinghamshire businessman Alan Hardy, who also acquired League Two club Notts County in January 2017

21 Jul 2017

Business

Companies

Restructuring & Insolvency

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Tax | Creative sector sees 27% increase in tax relief payments

The UK creative sector has benefitted from a 27% increase in tax relief payments from £519m in 2015/16 to £661m in 2016/17, with an added £51m from new theatre and children’s television tax relief bringing this year’s record total to £712m

21 Jul 2017

20 Jul 2017

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Finance | Small business accounts: abridged accounts - part 8

Under the small company accounting regime businesses can produce abridged accounts with truncated primary statements. Anne Cowley ACA explains how to use abridged accounts, which should not be confused with the old abbreviated accounts

20 Jul 2017

Tax | HMRC’s NMW/NLW enforcement budget to increase by £5.3m

HMRC’s budget to ensure businesses are paying employees the national minimum wage (NMW) and national living wage (NLW) is to increase by £5.3m in 2017/18 after it grew significantly in April 2016 to £20m, according to government’s Labour Market Enforcement Strategy report

20 Jul 2017

Business | Government introduces parental bereavement Bill

A Bill has been introduced to allow employed parents who have suffered the death of a child to receive statutory paid leave to grieve, as part of the government’s promise to ensure bereavement support for employees despite a similar Bill failing to reach the second reading stage last year

20 Jul 2017

Business

Companies

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Tax | HMRC failing to match promise on tax fairness

HMRC is struggling to convince individuals, agents and small businesses that it applies penalties and sanctions equally although it has become more approachable and faster at responding to queries in the past year, according to a survey of performance against the key elements of the department’s Your Charter of customer rights

20 Jul 2017

Tax

HMRC

Tax Compliance

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Business | HS2 hits buffers over unauthorised redundancy payouts

The National Audit Office (NAO) has qualified the accounts of High Speed Two (HS2) Ltd, the company set up by the Department for Transport (DfT) to develop, build and operate a high speed rail network, on the grounds it paid out £1.76m in unauthorised redundancy payments and lacked sufficient controls

20 Jul 2017

Business

Companies

Accountancy Firms

Image for commission backs portable pan european pension product

Finance | Commission backs portable pan-European pension product

The European Commission is backing a new class of pan-European personal pension product (PEPP) in a bid to make it easier for workers who have had jobs in different member states to save for retirement

20 Jul 2017

Business

Pensions

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Business | Buyer found for weekly newspaper titles in administration

Chris Newell, a partner at corporate recovery and business advisory firm Quantuma, has been appointed administrator to Capital Media Newspapers Ltd, a London and Dorset weekly newspapers group, and has successfully sold some of the titles, saving the majority of the jobs in the business

20 Jul 2017

Business

Companies

Restructuring & Insolvency

Image for haulage director delivered jail over ps160k tax fraud

Business | Haulage director delivered to jail over £160k tax fraud

A company director from Worcestershire, who claimed he failed to pay tax on account of HMRC losing his business records, has been jailed for a £160,000 tax fraud following an HMRC investigation

20 Jul 2017

Business

Called to Account

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Finance | FRC to remove estimated cashflow reporting in statements

The Financial Reporting Council (FRC) has published feedback to its consultation on improving the statement of cashflows with the majority of respondents agreeing with proposals that estimated cashflows should not be reported in the statements and that the direct method statement should continue to be allowed

20 Jul 2017

Finance

Financial Reporting

Audit Consultations

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Latest news

Finance | Big data and audit analytics: is it an integral part of audits? – part 1

Tax | HMRC starts to move staff into Croydon regional hub

Tax | Tell Us Once service to alert government departments about bereavements

Tax | HMRC’s VAT policy on student accommodation overturned

Tax | Osborne picked up Cabinet redundancy payment

Business | Only 12% of Civil Service workers under 30

Business | AAT salaries up 2% for students

Tax | One week to go to tax credit renewal deadline

Business | Smith & Williamson posts 12.8% rise in profit

Tax | Tax regime for insurance linked securities introduced

Business | General Data Protection Regulation (GDPR): HR compliance issues

Tax | HMRC issues guidance on tax treatment for FRS 105 accounts

Tax | HMRC u-turn on Welsh language tax office

Finance | PwC barred in Ukraine over bank audit

Tax | Consumers to pay VAT on roaming services outside the EU

Tax | HMRC wins £29m tax avoidance case

HR | People in the news: RSM Saffrey Champness, Blick Rothenberg

Business | Treasury introduces anti-money laundering supervision body

Business | Ilkeston FC bought out of liquidation by Notts County FC owner

Tax | Creative sector sees 27% increase in tax relief payments

Finance | Small business accounts: abridged accounts - part 8

Tax | HMRC’s NMW/NLW enforcement budget to increase by £5.3m

Business | Government introduces parental bereavement Bill

Tax | HMRC failing to match promise on tax fairness

Business | HS2 hits buffers over unauthorised redundancy payouts

Finance | Commission backs portable pan-European pension product

Business | Buyer found for weekly newspaper titles in administration

Business | Haulage director delivered to jail over £160k tax fraud

Finance | FRC to remove estimated cashflow reporting in statements