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Tax | Implications of country-by-country reporting

Th European parliament has approved proposals for country-by-country reporting (CbCR) to be made publicly accessible but businesses are concerned that information disclosed could be misinterpreted. Tax experts at Global Tax Weekly assess the implications of the new rules

9 Aug 2017

International Tax

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Tax | HMRC to withdraw paper copies of SA302 for mortgage applications

HMRC is to stop issuing paper copies of clients’ tax calculations and tax year overviews for mortgage applications for self employed people using tax agents, insisting that it has come to an agreement with the Council of Mortgage Lenders about accepting online print outs

9 Aug 2017

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Business | Harlequin and Wilkins Kennedy reach £7.5m settlement

The long-running dispute between Harlequin Hotels and Resorts and top 20 firm Wilkins Kennedy has concluded after the two parties agreed a settlement

9 Aug 2017

Accountancy Firms

Called to Account

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Business | Ten-year exclusion for ex-FD of Tech Data Ltd

ACCA member Philip James has been excluded for 10 years and given a £100,000 fine after admitting misconduct in his role as finance director of Tech Data Ltd, following an investigation by the Financial Reporting Council (FRC)

9 Aug 2017

Accountancy Firms

Called to Account

Image for nao outlines risks charities face when receiving donations

Business | NAO outlines risks charities face when receiving donations

The National Audit Office (NAO) has identified the issues and risks faced by charities when receiving donations as a source of income, such as reputational damage, while the Fundraising Regulator has published six changes to the Code of Practice to help charities fundraise more effectively

9 Aug 2017

Accountancy Firms

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Business | Legal challenge over climate change risk disclosure ‘failure’

The Commonwealth Bank of Australia (CBA), the country’s largest listed company, is facing a legal challenge for failing to adequately disclose climate change risk and risks associated with fossil fuels in its 2016 annual report

9 Aug 2017

Accountancy Firms

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Business | PRA warns of Brexit regulation ‘extra burden’

Sam Woods, CEO of the Prudential Regulation Authority (PRA), has reiterated calls for UK financial services companies to have a transitional implementation period post-Brexit to adjust to the new relationship with the EU, and has indicated that work preparing for the changes ahead is putting a ‘a material extra burden’ on the regulator

9 Aug 2017

Accountancy Firms

Image for supreme court hear pimlico plumbers self employment case

Tax | Supreme Court to hear Pimlico Plumbers self employment case

Pimlico Plumbers has been granted permission to appeal to the Supreme Court over the decision of the Court of Appeal, which ruled that one of the company’s former self-employed plumbers was entitled to employment rights

9 Aug 2017

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Business | Failed finance transmission disqualifies TV company director

Bruce Pilley, a director of TVCatchup Ltd (TVC), has been given a nine-year director disqualification for failing to disclose the existence of a winding up order when negotiating a loan agreement

9 Aug 2017

Restructuring & Insolvency

Called to Account

8 Aug 2017

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Tax | Inheritance tax: residence nil rate band (RNRB) explained

The residence nil rate band (RNRB) is important to consider when estate planning and protecting property for direct descendants but there are some tricky tax considerations. Nimesh Shah, partner at Blick Rothenberg, explains how it works and potential pitfalls

8 Aug 2017

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Business | Accountant jailed for £350k VAT fraud

A Somerset accountant has been jailed for two years and three months for failing to pay £358,283 in VAT to HMRC, instead keeping the money as cashflow for his business

8 Aug 2017

Called to Account

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Business | Government consults on cyber security measures

The government is consulting on plans to implement the EU’s security of network and information systems (NIS) directive, which could see businesses facing fines of up £17m or 4% of global turnover for the failure to have effective cyber security measures in place to safeguard against IT hacking attacks and breaches

8 Aug 2017

Accountancy Firms

AI & Technology

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Business | Data protection laws mean stiffer fines for business breaches

The government has signalled its intention to update and strengthen data protection laws through a data protection bill, ushering in large fines for businesses which fail to meet the new requirements

8 Aug 2017

Accountancy Firms

AI & Technology

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Business | Plastics companies melt into administration

Chris Pole and Mark Orton, partners at KPMG have been appointed joint administrators to Gelpack Industrial Ltd and Gelpack Excelsior Ltd, leading manufacturers of plastic packaging for the industrial sector, which have collapsed putting some 200 jobs at risk

8 Aug 2017

Accountancy Firms

Restructuring & Insolvency

Image for brexit worries hit ftse 350 confidence economy

Business | Brexit worries hit FTSE 350 confidence in economy

Confidence in the UK economy has hit a five-year low amid growing concerns over political risk and Brexit, according to a survey of FTSE 350 companies by ICSA: The Governance Institute, which also found that attempts to improve boardroom diversity are stalling

8 Aug 2017

Accountancy Firms

Image for fish and chip shop director takes away disqualification

Business | Fish and chip shop director takes away disqualification

Keith McGilvray, director of a fish and chips takeaway in Aberdeen, has been disqualified as a director for seven years for failing to ensure the company preserved and maintained proper accounting records

8 Aug 2017

Restructuring & Insolvency

Called to Account

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Tax | ‘Dolce Vita’ in Italy for ex-UK non dom

A high net worth individual (HNWI) who was formerly registered as non-domiciled in the UK has become the first person to be granted resident non-dom status in Italy, under the country’s new regime introduced at the start of the year

8 Aug 2017

International Tax

7 Aug 2017

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Tax | Charity donations and income tax relief: how to claim

Making a donation to charity is one way to minimise tax bills. Stephen Relf CTA ACA, tax writer at Wolters Kluwer, sets out the income tax reliefs available for higher rate and additional rate taxpayers making Gift Aid donations, highlighting tax breaks and relevant advice to make the most of tax-free charitable donations

7 Aug 2017

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| Acquisition forced early tender for Micro Focus

FTSE 100 company Micro Focus had to bring forward its audit tender process after an acquisition of a software business meant there was a potential conflict

7 Aug 2017

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Tax | Holiday lets taxation centre stage at Edinburgh Festival

As the Edinburgh Festival gets underway, the Scottish Green party is claiming £10.6m of tax receipts are being lost because of the way the property taxation regime operates in relation to the growing number of homes locally let out as holiday accommodation via online booking sites

7 Aug 2017

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Business | Accountants look favourably on job hopping

Growing numbers of accountants are considering freelance and flexible working and are looking to change jobs more frequently, with job applications on the rise, according to data from online job board CV-Library

7 Aug 2017

Accountancy Firms

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Business | Administrators find light at end of tunnel for failed company

Damian Webb and Phillip Sykes, partners at RSM restructuring advisory have been appointed joint administrators of Cambridgeshire-based lighting firm Isotera Ltd, and have sold the business to agricultural technology specialist Greengage Lighting Ltd

7 Aug 2017

Restructuring & Insolvency

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Tax | Overseas businesses face eBay VAT charge changes

This month sees e-commerce giant eBay start charging 20% VAT on its fees to tens of thousands of businesses trading in the UK, in line with HMRC’s tougher stance against online traders who fail to register for VAT returns

7 Aug 2017

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Business | Working capital failure ties ups £136bn

Companies are struggling to improve their working capital performance, and nearly half have experienced a deterioration over the past year, according to research from Grant Thornton which suggests that up to £136bn in cash is tied up on the balance sheets of companies, which could be unlocked for further growth

7 Aug 2017

Accountancy Firms

Image for disqualified director sentenced managing two companies

Business | Disqualified director sentenced for managing two companies

A disqualified director has received an 18-month suspended prison sentence after pleading guilty to two counts of acting in the management of two companies following a hearing at Kingston Crown Court

7 Aug 2017

Called to Account