Business &amp; Accountancy Daily

Image for retailer argos failed pay ps14m nmw

Business | Retailer Argos failed to pay £1.4m of NMW

Argos, the high street retailer now owned by Sainsburys, has to pay back £1.4m owed to employers, according to the latest list of employers named for underpaying their workers the national minimum wage (NMW) or national living wage (NLW)

17 Aug 2017

Image for dodwell senior accounting officer penalties and appeals

Tax | Dodwell: senior accounting officer penalties and appeals

HMRC has lost the first appeal to be heard at tribunal in relation to the senior accounting officer (SAO) regime. Bill Dodwell, partner and head of tax policy at Deloitte considers the implications for accountants

17 Aug 2017

Tax | Risk-based PAYE penalties to continue in 2017-18

HMRC is continuing with a risk-based approach to PAYE late filing penalties for the tax year beginning 6 April 2017, with the first penalties of the year being issued in September

17 Aug 2017

Tax | LITRG urges fast action on missed tax credit renewals

The Low Incomes Tax Reform Group (LITRG) is urging taxpayers who have missed the end of July tax credit renewals deadline to contact HMRC urgently, in order to get payment reinstated

17 Aug 2017

Business | Salad days over for Kent-based supplier in administration

Ian Vickers and Chris Stevens, partners at FRP Advisory, have been appointed as joint administrators to Southern Salads Ltd, which has ceased trading with immediate effect with all but a handful of its approximately 260 staff made redundant

17 Aug 2017

Restructuring & Insolvency

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Business | Government to avoid a hard Irish border post-Brexit

The government has released a paper on the UK’s relationship with Ireland and Northern Ireland post-Brexit, stating that there will be no hard border and that the Common Travel Area will be maintained as well as the rights for UK and Irish citizens

17 Aug 2017

16 Aug 2017

Tax | Marchant: VAT troubles for Uber

The rise of the gig economy raises questions about the chargeability of VAT and liability under supply and service principles, highlighted by legal action against Uber over disputed VAT. Robert Marchant, VAT partner at Crowe Clark Whitehill examines the issues at play

16 Aug 2017

| Standard Life Aberdeen confirms KPMG as auditors

Standard Life Aberdeen has confirmed that KPMG will be its auditors, after it completed the £11bn merger of Standard Life and Aberdeen Asset Management on 14 August 2017

16 Aug 2017

Auditing

Image for frc hits pwc record ps51m fine over rsm tenon audit

Finance | FRC hits PwC with record £5.1m fine over RSM Tenon audit

The Financial Reporting Council (FRC) has given PwC a £5.1m fine - its largest ever – and a severe reprimand for what the regulator termed ‘extensive’ misconduct in the audit of the financial statements of RSM Tenon Group, for the financial year ended 30 June 2011

16 Aug 2017

Auditing

Corporate Governance

Audit Regulations

Image for japans tax reform amid falling revenues

Tax | Japan's tax reform amid falling revenues

As Japan’s tax revenues fall for the first time in eight years, the Japanese government has been advised to raise its consumption tax to 15% and put off plans to cut corporation tax, say global tax writers

16 Aug 2017

Business | Standard setters call for greater audit scepticism

Three global standard-setting boards for auditing, accounting ethics and accounting education have released a new publication showcasing observations and potential ways to enhance audit scepticism

16 Aug 2017

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Business | PwC predicts more £100m+ football transfer deals

Football’s financial scores are likely to head on upwards following Brazilian footballer Neymar’s record-breaking €222m (£202m) fee for switching from Barcelona to Paris Saint-Germain, according to analysis by PwC, which suggests the biggest transfers could consistently exceed £100m by the 2024/2025 season

16 Aug 2017

Image for online service launched estates under inheritance tax threshold

Tax | Online service launched for estates under inheritance tax threshold

HMRC has introduced an online service for estates that are unlikely to pay any inheritance tax (IHT) as they are under the £325,000 threshold

16 Aug 2017

Tax | Wales considers criminal powers to investigate devolved tax crime

The Welsh government is consulting on the criminal investigatory powers to be provided to the Welsh Revenue Authority (WRA) to tackle and deter devolved tax crime, once devolved taxes come into force next year

16 Aug 2017

Finance | SEC fines KPMG £4.8m over energy company audit failures

KPMG is to pay more than $6.2m (£4.8m) to settle charges brought by the Securities and Exchange Commission (SEC) that it failed to properly audit the financial statements of Miller Energy Resources, resulting in investors being misinformed about the company’s value

16 Aug 2017

Auditing

Corporate Governance

Audit Regulations

15 Aug 2017

Image for farming trading partnership part 1

Tax | Farming: trading as a partnership - part 1

In part one of our exclusive series on farming taxation and accounting, Phil Fenn, partner at Mercer and Hole, warns that although operating as a partnership is standard practice for many UK farms, there are potential pitfalls such as the risk of unlimited liability and the implications around each partner owning a share of the assets

15 Aug 2017

Business | Government publishes policy paper on future EU customs relationship

The government has published a paper setting out proposals for a future customs relationship with the EU post-Brexit, designed to allow UK businesses to continue to trade with their European partners in the future, while expanding their markets beyond the EU

15 Aug 2017