Business &amp; Accountancy Daily

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Business | Top 25 survey 2017: lack of promotion for women at global accounting networks

Global accountancy networks are still struggling to disclose female partner numbers, with gender diversity growth across the networks stalling as women partner numbers fall by 10% compared to the previous year, reports Rachel Willcox

1 Aug 2017

Leadership & Management

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HR | Top 25 survey 2017: UK outlook for global accounting networks

The UK accounts for 10% share of global fee income from the global networks and associations with total UK revenue hitting $18.8bn, up from $18.2bn year on year, although the market has been hit by the 14% drop in sterling value compared to the dollar due to the Brexit vote, reports Rachel Willcox

1 Aug 2017

Careers

Leadership & Management

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Business | SFO opens bribery investigation into British American Tobacco

UK tobacco company British American Tobacco (BAT) is under formal investigation by the Serious Fraud Office (SFO) over allegations it paid bribes in East Africa

1 Aug 2017

| Kids Company directors face disqualification proceedings

The Insolvency Service is to take legal action against all the former directors of the collapsed charity Kids Company and its former chief executive, who now face the prospect of disqualification from running or controlling companies for up to six years

1 Aug 2017

Restructuring & Insolvency

Charities

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Business | Treasury seeks to promote ‘patient’ finance for start-ups

The Treasury is planning to establish a national investment fund to help cutting-edge British start-ups, which it says receive less funding than their US counterparts, and is consulting on the options for increasing the availability of patient finance

1 Aug 2017

Image for oecd releases beps report neutralising branch mismatch arrangements

Tax | OECD releases BEPS report on neutralising branch mismatch arrangements

The OECD has released an update to its work on action two of the base erosion and profit shifting (BEPS) project, designed to address the effects of branch mismatch arrangements, which had previously been overlooked

1 Aug 2017

Tax | Calls for Isle of Skye ‘tourist tax’

As the holiday season reaches its height, the Isle of Skye is being urged to consider introducing a tourist tax to fund additional facilities, with calls from a local businessman to institute a small fee charged at the Skye Bridge on visitors

1 Aug 2017

Business Tax

Tax Planning

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Tax | HMRC issues guidance on reform to corporation tax loss relief

HMRC is seeking comments on the first tranche of draft guidance covering legislation to reform corporation tax loss relief, which is included in the Finance Bill to be introduced after the summer recess

1 Aug 2017

Business | Treasury Committee to look at Brexit impact on financial services

Nicky Morgan, newly installed head of the Treasury Committee, has asked the Prudential Regulation Authority (PRA) for details of how the financial services sector is preparing for the possibility of a ‘hard’ Brexit where no trading agreement is reached in advance of the UK’s departure from the EU

1 Aug 2017

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Tax | Tax filing deadlines: Aug 2017-Apr 2018

The key HMRC filing deadlines from August 2017 to April 2018 including deadline for employment intermediary’s quarterly report, PAYE cheque payments, online CIS returns, PAYE settlement agreement

1 Aug 2017

HMRC

Tax Planning

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Business | Development updates: August 2017

In the latest career development updates, defining working time post-Tyco case, auto enrolment pensions, Jane Ellison returns to Treasury, HMRC moves staff into Croydon regional hub, Nicky Morgan chairs Treasury Committee

1 Aug 2017

Finance | Audit updates: August 2017

In our monthly roundup of developments in audit and governance, FRC to investigate PwC over BT audits, KPMG resigns as Pret a Manger auditor, Mitie set to end Deloitte audit after 30 years

1 Aug 2017

Finance | Legal updates: August 2017

In this month's legal updates, experts at law firm Gateley plc consider consent powers and absolute veto in Watson case, money laundering rules tightened, Canadian oil company faces accounting fraud charge

1 Aug 2017

Finance

Law and Regulation

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Tax | Employment tax updates: August 2017

The latest employment tax news from HMRC and Rangers in employee benefit trust case, tax complexity risk to employee share ownership, trusts and estates to register online only

1 Aug 2017

Employment Tax

HMRC

Tax | VAT updates: August 2017

Graham Elliott, VAT expert at City & Cambridge Consultancy considers altered building status in J3 Building VAT case, payable orders for VAT withdrawn, care services decision reflects EU parity

1 Aug 2017

Tax | Tax data: CGT data, HMRC rates of interest - Aug 2017

Download the HMRC CGT indexation allowance for April 2017, RPI Index for June 2017 and HMRC rates of interest, changes to stamp duty land tax (SDLT) and land and buildings transaction tax (LBTT) rates, and more

1 Aug 2017

HMRC

Tax Planning

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Finance | Accounting updates: August 2017

In this month’s roundup of developments in accounting and financial reporting, FRC confimrs ni IFRS changes to FRS 102, IFRS chief calls for clarity on cashflow and income, FRC to revise PN 12 money laundering guidance

1 Aug 2017

Tax | Tax updates: August 2017

This month's review of tax cases and tax news including making Tax Digital delayed until 2020, company director not obligated to submit self assessment return, double glazing salesman loses employee status case

1 Aug 2017

Finance | Accounting for LLPs – NEW CPD module

This month's exclusive CCH Daily CPD module focuses on limited liability partnership (LLP) accounting standards and the 2017 SORP, small LLPs applying section 1A and micro LLPs, specific accounting requirements for LLPs and auditor resignation

1 Aug 2017

31 Jul 2017

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Tax | Pretty green: Ireland's future post US tax reform and Brexit

As the US Trump administration considers its options for tax reform and Brexit approaches, Calum Fuller examines the impact on foreign direct investment in Ireland and whether it is equipped for change

31 Jul 2017

Finance | FRC to investigate Deloitte’s Mitie audit

The Financial Reporting Council (FRC) has announced an investigation into Deloitte’s audit of the financial statements of Mitie Group, just days after almost a third of shareholders opposed the firm’s reappointment at the FTSE 250 services company

31 Jul 2017

Tax | Evans: new territory for US taxes

A territorial tax system is essential, but perceptions US businesses horde cash offshore in order to avoid tax is unfair, says Linda Evans, global tax policy director at IBM

31 Jul 2017

Finance | Local bodies' audit fees reduced by 18%

Local government and police bodies will have their fees reduced by 18% for audit services, a total aggregate saving of over £6m, following the results of a successful procurement process undertaken by the Public Sector Audit Appointments (PSAA)

31 Jul 2017

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Tax | Chancellor backtracks on post-Brexit corporation tax cut

Chancellor Philip Hammond has denied having plans to cut corporation tax and minimise regulations post-Brexit in a bid to make the UK a more attractive destination for businesses

31 Jul 2017

Business | Three-year hike in business experiencing financial distress

The level of financial distress amongst UK companies has increased 25% in the second quarter of the year compared with the same period the previous year, the largest annual rise since 2014, according to figures from Begbies Traynor

31 Jul 2017

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Tax | HMRC revised policy on care home building VAT

HMRC has published a brief setting out its revised policy on the VAT zero rate for new buildings intended for use solely as care homes, following a series of legal cases turning on this issue

31 Jul 2017

Business | Bridal company directors face music over liquidation fraud

A husband and wife who ran a bridal boutique have been given prison sentences for, among other things, diverting company funds to themselves after its insolvency, following an investigation and prosecution by the Insolvency Service

31 Jul 2017

Restructuring & Insolvency

Called to Account

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Business | Directors disqualified for £715k of fake invoices

Two directors of a Sheffield building business have each been disqualified for eight years for causing the company to factor false invoices totalling £715,000

31 Jul 2017

Called to Account

Tax | US abandons ‘border tax’ plans

The US administration has signalled its intention to move ahead with plans for what President Trump is calling ‘a once-in-a-generation opportunity’ to overhaul the US tax code, but has abandoned plans to introduce a so-called ‘border tax’

31 Jul 2017

28 Jul 2017

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| Gillon: how artificial intelligence will change the accounting profession

Machines do not suffer from human failings and can perform many commodotised and repetitive jobs, so accountants need to start getting to grips with how artificial intelligence (AI) will change their jobs and improve their productivity, says ICAEW IT technical manager Kirstin Gillon

28 Jul 2017

Finance | BT pays £225m bill over Italian accounting errors

The accounting scandal at its Italian subsidiary has forced BT to pay £225m in settlement of warranty claims with Deutsche Telekom and Orange under the terms of its EE acquisition agreement, the telecoms giant has revealed

28 Jul 2017

Business | Deloitte gender pay gap figures show bonus disparity

Deloitte is the second of the Big Four to publish its gender pay gap data under new regulations introduced this year, with the results showing a sharp difference in male and female bonus rates

28 Jul 2017

Leadership & Management

Image for tax avoidance using gold bullion slated

Tax | Tax avoidance using gold bullion slated

Following the resurgence of a questionable gold bullion remuneration scheme, Tim Walford-Fitzgerald, private client partner at HW Fisher & Company, says it is bound to fall foul of HMRC

28 Jul 2017

HR | People in the news: Smith Cooper, Duff & Phelps, Blick Rothenberg

This week’s news of professional moves in the sector includes an insolvency director at Smith Cooper, Duff & Phelps gains a global senior advisor and Blick Rothenberg adds a partner to it global tax team

28 Jul 2017

Careers

Image for fca push improved bank account service levels

Business | FCA push for improved bank account service levels

The Financial Conduct Authority (FCA) is consulting on proposals to make it easier for customers to make effective comparisons of the service levels available for personal current accounts and business current accounts, by requiring publication of key metrics

28 Jul 2017

Image for quantuma draws recovery deal digital print specialist

Business | Quantuma draws up recovery deal for digital print specialist

Andrew Watling and Carl Jackson, partners at corporate restructuring, insolvency and business advisory firm Quantuma, have been appointed as joint administrators to digital print specialist NXP Europe Ltd and have found a buyer for the company within 24 hours, saving all 30 jobs

28 Jul 2017

Restructuring & Insolvency

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Finance | FRC calls for greater audit challenge

There has been no overall change in audit quality in the past year and there remain significant issues in the area of professional scepticism, according to the Financial Reporting Council’s (FRC) second annual Developments in Audit report

28 Jul 2017

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Business | Surge in employment tribunal claims expected

Employment law specialist, Peninsula, has warned that there is likely to be a surge in employment cases following a ruling by the Supreme Court which abolished employment tribunal fees, which can cost individuals up to £1,200

28 Jul 2017