Business &amp; Accountancy Daily

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Charities

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Tax | Could Facebook updates determine your grandchildren’s tax status?

As HMRC ramps up its use of the Connect data analytics tool to search social media for potential earnings anomalies, the tax courts may be one step ahead if the outcome of a non-dom residency case when it probed the reasons for a party held in the early 1960s when determining tax residency, says Andrew Hubbard, consultant, RSM

27 Jul 2017

Tax | Dodwell: watch and wait for HMRC's post-Rangers action

Bill Dodwell, partner and head of tax at Deloitte, considers the fallout from the Rangers employee benefit trust (EBT) case as it is likely to have ramifications in other EBT/loan scheme cases

27 Jul 2017

Finance | Deloitte faces Mitie shareholders’ revolt

FTSE 250 outsourcer Mitie has reported significant opposition from shareholders to the reappointment of Deloitte at its annual general meeting (AGM), and has confirmed it has launched a competitive audit tendering process

27 Jul 2017

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Business | No change to pre-emption thresholds for Prospectus Regulation

The FRC has confirmed that the Investment Association and the Pensions and Lifetime Savings Association will keep the current limit of 10% in the Statement of Principles after the revised Prospectus Regulation (Regulation (EU) 2017/1129) entered force on 20 July, with effect from 21 July 2019

27 Jul 2017

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Tax | Petrol/diesel car ban ‘death knell’ for fuel duty revenues

Government plans to ban the sale of all new conventional diesel and petrol cars in the UK from 2040 in a bid to tackle air pollution ‘sound the death knell; for fuel duty revenues’, currently around £27.9bn, according to analysis from PwC

27 Jul 2017

Tax | UK second largest conduit for tax havens

The UK is number two on a list of the top five countries used by multinational corporations to access low-tax financial centres in order to minimise their tax liabilities, according to researchers at the University of Amsterdam

27 Jul 2017

Tax | OTS puts disincorporation relief in spotlight

The Office of Tax Simplification (OTS) is seeking views on future of disincorporation relief, which has only been taken up by a handful of companies since its introduction, and is due to fall by the wayside next year without further action

27 Jul 2017

Business | SEC defines Blockchain DAO token trading as securities in US

The Securities and Exchange Commission (SEC) has confirmed that offers and sales of digital assets by ‘virtual’ organisations using distributed ledger or blockchain technology will be regulated under federal securities laws in the US

27 Jul 2017

Business | Meat wholesaler gets the chop

Steven Ross and Allan Kelly, partners at RSM Restructuring Advisory have been appointed joint administrators of Cleveland Meat Company Ltd (CMC), which has collapsed with the loss of over 60 jobs

27 Jul 2017

Restructuring & Insolvency

26 Jul 2017

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Tax | Tax implications for mobile workers: cross-border working

For any employers working crossborder, there are many varying tax rules both across countries and in the US, by individual state, which makes tax compliance difficult for mobile workers, says global tax experts, with the US aiming to introduce a Bill to simplify matters for international workers

26 Jul 2017

Business | Economic trends: a flat decade

Laith Khalaf, senior analyst at Hargreaves Lansdown, examines the long-term impact of a decade without any interest rate rises and the negative affect on UK consumers

26 Jul 2017

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Business | Employment tribunal fees scrapped by Supreme Court

The Supreme Court has ruled that the government was acting unlawfully when it introduced employment tribunal fees in July 2013 and will have to pay more than £27m to individuals charged for taking their employers to court for cases on workplace issues

26 Jul 2017

Business | Director sentenced for £320k VAT fraud

A company director from Walsall who developed a system to replace cash payments in the scrap metal industry has been found guilty of a £320,000 VAT fraud and given a suspended prison sentence

26 Jul 2017

Called to Account

Image for brexit boost hmrcs tax take hits ps575bn

Tax | Brexit boost as HMRC’s tax take hits £575bn

A surge in corporate tax receipts helped push HMRC’s total tax take to a £575bn high for the last 12 months to June 2017, up 6.86% on the previous year, according to analysis from Blick Rothenberg

26 Jul 2017

Tax

Business Tax

HMRC

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Business | FCA proposals for individual accountability in financial services

The Financial Conduct Authority (FCA) has outlined proposals to extend the senior managers and certification regime (SM&CR) to all sector of the financial services industry, replacing the approved person regime, with implementation expected in 2018

26 Jul 2017

Law & Guidance

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Tax | Remote gambling set for freeplay tax spin

Remote gambling operators are under pressure to meet new rules about the tax regime for ‘freeplays’, which were included in the original Finance Bill 2017, then dropped, and are now set to be enacted with effect from 1 August in the revised legislation

26 Jul 2017

Tax

Business Tax

Tax Planning

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Business | Sage buys US cloud software provider Intacct

Accounting software provider Sage has acquired Intacct, a US provider of cloud-based financial management services, in a deal valued at $850m (£654m) to boost the company’s presence in the US market

26 Jul 2017

AI & Technology

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Tax | Halt on NMW enforcement for night-time social care

The government has bowed to pressure from charities and others in the social care sector and has temporarily suspended enforcement activity and is waiving historic financial penalties against employers who have failed to pay national minimum wage (NMW) rates to staff on overnight sleep-in shifts

26 Jul 2017

Finance | International reporting: do accounting standards safeguard financial stability?

Jeroen van Doorsseleaere, VP of risk and finance at Wolters Kluwer, asks whether IFRS 17 will benefit insurers and considers the IASB's inititives for the next 12 months, as announced at the annual IFRS conference

26 Jul 2017

Tax | Morton: what to expect from the OTS

Paul Morton, tax director of the Office of Tax Simplification (OTS), details what to expect from the OTS in the next 12 months, including Making Tax Digital, the OTS's first review of VAT and implications of individual taxation

26 Jul 2017

25 Jul 2017

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Tax | Top tips for surviving an HMRC tax investigation

Any company facing an HMRC investigation needs to make sure they are prepared for an unwanted escalation to a criminal probe in the worst case scenario. Mark Wilson, partner at Richard Nelson LLP, provides tips and advice from identifying any actual or potential criminal element, the different courses of action available to taxpayers and explains HMRC's powers

25 Jul 2017

Tax | Editor’s comment: coming to its senses on Making Tax Digital

The government's decision to delay Making Tax Digital quarterly reporting until 2020 was welcomed by the tax profession and business, and signalled recognition that HMRC itself was not ready for the digital overhaul of tax reporting as the project was flagged as high risk amber/red in the Infrastructure and Projects Authority (IPA) annual report. Sara White, editor of Accountancy considers the implications

25 Jul 2017

Tax | Nunn: listen and learn HMRC

Yvette Nunn, director of Berkeley Associates, welcomes the government's decison to delay HMRC’s Making Tax Digital project implementation until 2020, except for VAT, so that small businesses and landlords have more time to prepare, but warns that there are fundamental problems with current HMRC IT systems which need to be addressed

25 Jul 2017

Tax | HMRC hires VAO chief to replace Jennie Granger at business tax

Penny Ciniewicz, chief executive of the Valuation Office Agency (VOA), has been hired as head of HMRC’s customer compliance group taking over from Jennie Granger who stepped down in May and Angela MacDonald, currently operational excellence director in HMRC, will take on Ruth Owen’s old role of customer services group head, although both are relatively new to tax

25 Jul 2017

Leadership & Management

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| Free download: Managing legal without a legal team - effacts

Overcome the challenge of managing legal without an in-house legal team. In this exclusive factsheet download, Managing legal when you don’t have a legal team, effacts explores how technology can help CFOs identify areas of risk and boost legal accountability across the business.

25 Jul 2017

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Finance | FRC extends Redcentric investigation

The Financial Reporting Council (FRC) investigation into PwC’s audit of Redcentric has now been expanded, with news the regulator is to investigate the conduct of an individual as well as the firm

25 Jul 2017

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Business | Failure to monitor ‘revolving door’ of civil servants into business

Government departments are failing to apply the rules regarding senior civil servants moving on to work in business, designed to ensure there is no abuse of office or undue influence exerted, and do not monitor their compliance, according to the National Audit Office (NAO)

25 Jul 2017

Tax | Finance Bill (No.2) 2017 briefing confirms retrospective tax rules

The Treasury has issued a briefing note on Finance Bill (No.2) 2017 setting out the key legislative changes with a very brief description of each measure and clarifying whether measures will be retrospective from non-doms to loss relief reform, but hints that changes to the dividend nil rate could be delayed

25 Jul 2017

Business | Warning of tough action on labour law breaches

Companies have been warned they could face tougher action on breaches of labour laws, including failure to ensure their supply chain is meeting all regulations, as part of a new strategy being developed by Sir David Metcalf, the recently appointed director of labour market enforcement

25 Jul 2017

Law & Guidance

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Business | Accountants raise concerns over interview discrimination

A quarter of accounting professionals say they have experienced discrimination during an interview, most commonly because of their gender, according to research by CV-Library

25 Jul 2017

Careers

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Business | Quantuma appointed administrators at Mildren Homes

Andrew Watling and Carl Jackson, partners in the Southampton office of corporate recovery and business advisory firm Quantuma, have been appointed administrators of collapsed housebuilder Mildren Homes Ltd, which has failed with the loss of 13 jobs

25 Jul 2017

Restructuring & Insolvency

Finance | Wetherspoon calls time on PwC

Pub giant J D Wetherspoon (JDW) has announced the end of its 34-year relationship with PwC, with the firm set to be replaced by Grant Thornton as external auditors following a competitive tender process

25 Jul 2017

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Business | Accountants must prepare for £1 coin changeover

The Treasury and Royal Mint have advised the accountancy sector to make sure their clients have prepared for the 12-sided £1 coin as the old round pound loses legal tender status on 15 October

25 Jul 2017