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Tax | Farming: loss relief for farmers - part 3

In the third of our exclusive series on farming taxation and accounting, Michael Steed CTA, head of tax at BPP Professional Development, considers whether a farmer can keep claiming sideways loss relief for farming losses in light of Scambler case

29 Aug 2017

Finance | International reporting: IFRS 9 is rushing down the tracks

IFRS 9 Financial Instruments is fast approaching with companies having to implement the standard by January 2018, Jeroen Van Doorsselaere, vice president of risk and finance, and Sarfaraz Ahmed, market manager at Wolters Kluwer consider the timetable

29 Aug 2017

Tax | Sports Direct wins tribunal over HMRC VAT claims

Retailer Sports Direct has scored a second victory against HMRC in a dispute over VAT rules relating to distance selling, with the Upper Tribunal agreeing with an earlier First Tier Tribunal (FTT) that HMRC was wrong to say the appeal should be struck out

29 Aug 2017

Tax | OECD publishes compliance ratings on tax transparency

Ireland is one of three jurisdictions to have been judged as compliant with international standards for the exchange of information on request between tax authorities following a new and enhanced peer review process conducted by the OECD’s global forum on transparency and exchange of information for tax purposes

29 Aug 2017

Tax

International Tax

Tax Compliance

Image for corporate governance code cover pay ratios and employees voices

Business | Corporate governance code to cover pay ratios and employees’ voices

The government has set out a package of corporate governance reforms which will see listed companies required to publish pay ratios between chief executives and their average UK workers for the first time as part of plans to enhance boardroom accountability through wider reporting

29 Aug 2017

Business

Companies

Image for 3 sdlt surcharge raises extra ps2bn

Tax | 3% SDLT surcharge raises extra £2bn

Property transactions over the past twelve months have remained largely flat, but the Treasury has gained an extra £2bn in tax due to the 3% stamp duty land tax (SDLT) on additional residential properties, according to analysis by Blick Rothenberg

29 Aug 2017

Tax

Property Tax

HMRC

Image for deloitte hikes revenues 112 distributable profits flat

Business | Deloitte hikes revenues 11.2% but distributable profits flat

Deloitte has reported revenues of £3.38bn for the year ended 31 May 2017, an 11.2% increase, but distributable profits remained flat at £608m, as a result of the firm’s investment in staff and acquisitions

29 Aug 2017

Business

Accountancy Firms

Image for companies house rejecting frs 105 filings

Finance | Companies House rejecting FRS 105 filings

Micro entities attempting to file filleted accounts under FRS 105 Micro Entities Regime are finding their submissions are rejected by Companies House

29 Aug 2017

Finance

Accounting Standards

Financial Reporting

Image for charity commission online services restored after server issues

Finance | Charity Commission online services restored after server issues

The Charity Commission his restored its services after server problems caused its site to crash on Friday, 25 August 2017

29 Aug 2017

Business

Charities

AI & Technology

Image for catelin government must secure transition period customs post brexit

Business | Catelin: government must secure transition period for customs post-Brexit

As Brexit negotiations begin in earnest, Institute of Directors EU and trade analyst Claudia Catelin considers the government’s stance on customs

25 Aug 2017

Business

Companies

Law & Guidance

Image for recruiting future finance leaders qualities look

HR | Recruiting future finance leaders - qualities to look for

Karen Young, director at Hays Senior Finance, outlines what qualities recruiters should be looking for to earmark an individual as future finance leadership material, including honesty and decisiveness as well as work ethics

25 Aug 2017

Business

Careers

Leadership & Management

Image for ebay seller avoids jail after ps200k tax fraud

Tax | Ebay seller avoids jail after £200k tax fraud

Businessman Imtiaz Rashid’s attempt to purchase a house in cash led to HMRC’s discovery of his £200,000 tax fraud, Leeds Crown Court heard

25 Aug 2017

Finance | Audit threshold rise for co-operatives under review

A rise in the audit exemption thresholds for co-operatives and community benefit societies, bringing them into line with companies at the £5.2m figure, is out for consultation

25 Aug 2017

Auditing

Audit Regulations

Accounting Consultations

Image for charity annual return service 2017 released

Finance | Charity annual return service 2017 released

The Charity Commission has released the 2017 annual return service for charities to submit income and expenditure figures for 2017, which is due within 10 months of the end of financial reporting period for charities with income of more than £10,000

25 Aug 2017

Finance | CCAB issues draft anti-money laundering guidance for accountants

CCAB has issued draft guidance on anti-money laundering for all entities providing audit, accountancy, tax advisory, insolvency or related services, including trusts and company services, pending final Treasury approval, to comply with new rules effective from 26 June

25 Aug 2017

HR | People in the news: Moore Stephens, Crowe Clark Whitehill, Shaw Gibbs

Career news this week includes an appointment of a partner and an associate director at Moore Stephen’s, Crowe Clark Whitehill gains a partner in its business solutions team and Shaw Gibbs promotes a member to head of insolvency and advisory

25 Aug 2017

Business

Careers

Business | National living wage sees costs rise for UK businesses

A report from the British Chamber of Commerce (BCC) and Middlesex University has found four in every five businesses have seen their costs increase this year through changes to the national living wage, pension auto enrolment and the apprenticeship levy

25 Aug 2017

Business

Companies

Image for hmrc advisory fuel rates company car users 1 september

Tax | HMRC advisory fuel rates for company car users from 1 September

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 September 2017 reflecting the downward trend in forecourt fuel prices

25 Aug 2017

Tax | Canadian court rules for taxpayer in transfer pricing tax probe

The Federal Court of Canada has ruled that the Canadian Revenue Agency may not conduct further face-to-face person interviews with representatives from a multinational concerning its transfer pricing affairs, having already discussed earlier tax years

25 Aug 2017

Finance | Tesco opens £85m compensation scheme for investors hit by accounting scandal

Tesco has opened its compensation scheme for shareholders who lost money as a result of the supermarket giant overstating its profits in 2014, with administrators, KPMG, accepting claims until 22 February 2018

24 Aug 2017

Finance | Big data and audit analytics: data driven, tech-enabled auditing – part 2

In part two of a big data series, Katie Houldsworth, partner on the Deloitte UK audit executive and Katie Canell, director of audit innovation at Deloitte, examine the role of data driven, tech-enabled auditing, how the use of data analytics is changing the shape of audit and the challenge to recruit specialist staff

24 Aug 2017

Auditing

Corporate Governance

AI & Technology

Image for public procurement process locking out smaller firms says fsb

Business | Public procurement process locking out smaller firms, says FSB

Small businesses are failing to grow their share of public sector contracts with the latest figures from the Federation of Small Businesses (FSB), showing a fall in SME marketshare to 23%, far short of the government's target to ensure SMEs win a third of these contracts

24 Aug 2017

Tax | HMRC clarifies client information exchange for tax agents

To address ongoing confusion about tax documentation availability to agents, HMRC has confirmed that it will no longer provide information to agents following the change in the way it supplies confidential customer information to agents, first introduced from 2 May 2017

24 Aug 2017

Tax | Rapper DMX confined to home after breaching bail for tax fraud charges

US rapper DMX has been confined to his suburban New York home after repeatedly breaching bail conditions on tax fraud charges

24 Aug 2017

Business | UK to ‘align’ data protection laws with EU post-Brexit

British data protection laws will be closely aligned with the EU’s post-Brexit allowing personal data to continue to move back and forth while adhering to the General Data Protection Regulation (GDPR), which comes into force from May 2018

24 Aug 2017

Tax | One week deadline for parents to update children’s educational status

As students collect their GCSE results today, parents are being urged to inform HMRC if any of their children are continuing in full-time education or are undertaking an apprenticeship otherwise their child benefit and child tax credit payments could stop

24 Aug 2017

| Lord: audit must adapt and take advantage of artificial intelligence (AI)

Human and machine collaboration, and the use of artificial intelligence (AI) in auditing is both inevitable and likely to yield better results if accountants actually take advantage of the opportunity, says PwC head of audit strategy and transformation Gilly Lord

23 Aug 2017

Auditing

Business

AI & Technology

Image for hmrc loses case over tesco clubcard vat treatment

Tax | HMRC loses case over Tesco Clubcard VAT treatment

Tesco has won a dispute at the First Tier Tribunal (FTT) against HMRC over whether the supermarket giant is entitled to a refund on the VAT charged by third parties relating to its Clubcard loyalty scheme, with reference to the similar Aimia VAT case over the Nectar reward scheme

23 Aug 2017

Tax | Changes to tax code reporting creates bonus risks, warns ICAEW

Employees who receive one-off or irregular payments should check their personal tax accounts and check whether they need to change their tax code numbers as the current system will treat them as recurring

23 Aug 2017

Tax | Failures see HMRC’s childcare website down for 160 hours

Although HMRC has made improvements to its childcare website, after facing technical difficulties when it launched in April, total downtime has reached 160 hours with HMRC receiving 1,507 complaints despite 208,000 parents successfully applying for an account

23 Aug 2017

Tax | Franco-German push for single EU corporation tax

For much of the EU's history, harmonisation of the member’s tax rules was not on the agenda, but following the election of Emmanuel Macron to the French presidency earlier this year, it is now a top priority

23 Aug 2017

Business | UK to take control of law from EU courts post-Brexit

The government has set out plans to end the direct jurisdiction of the Court of Justice of the European Union (CJEU) after the UK leaves the EU, with the UK taking control of its own laws

23 Aug 2017

Business

Law & Guidance

Tax | HMRC loses ‘common sense’ case over business property relief

A recent tribunal case could have much wider implications for landholders after it considered the availability of business property relief for a livery business, say RSM partners Jackie Hall and Andrew Hubbard

23 Aug 2017

Tax

Business Tax

HMRC

Image for buy let landlords look overseas properties

Tax | Buy-to-let landlords look to overseas properties

With the buy-to-let property market under pressure more landlords are considering to add luxury overseas properties to their portfolios with a large number of sales reaching the £78m mark

23 Aug 2017

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Tax Services

Latest news

Tax | Farming: loss relief for farmers - part 3

Finance | International reporting: IFRS 9 is rushing down the tracks

Tax | Sports Direct wins tribunal over HMRC VAT claims

Tax | OECD publishes compliance ratings on tax transparency

Business | Corporate governance code to cover pay ratios and employees’ voices

Tax | 3% SDLT surcharge raises extra £2bn

Business | Deloitte hikes revenues 11.2% but distributable profits flat

Finance | Companies House rejecting FRS 105 filings

Finance | Charity Commission online services restored after server issues

Business | Catelin: government must secure transition period for customs post-Brexit

HR | Recruiting future finance leaders - qualities to look for

Tax | Ebay seller avoids jail after £200k tax fraud

Finance | Audit threshold rise for co-operatives under review

Finance | Charity annual return service 2017 released

Finance | CCAB issues draft anti-money laundering guidance for accountants

HR | People in the news: Moore Stephens, Crowe Clark Whitehill, Shaw Gibbs

Business | National living wage sees costs rise for UK businesses

Tax | HMRC advisory fuel rates for company car users from 1 September

Tax | Canadian court rules for taxpayer in transfer pricing tax probe

Finance | Tesco opens £85m compensation scheme for investors hit by accounting scandal

Finance | Big data and audit analytics: data driven, tech-enabled auditing – part 2

Business | Public procurement process locking out smaller firms, says FSB

Tax | HMRC clarifies client information exchange for tax agents

Tax | Rapper DMX confined to home after breaching bail for tax fraud charges

Business | UK to ‘align’ data protection laws with EU post-Brexit

Tax | One week deadline for parents to update children’s educational status

| Lord: audit must adapt and take advantage of artificial intelligence (AI)

Tax | HMRC loses case over Tesco Clubcard VAT treatment

Tax | Changes to tax code reporting creates bonus risks, warns ICAEW

Tax | Failures see HMRC’s childcare website down for 160 hours

Tax | Franco-German push for single EU corporation tax

Business | UK to take control of law from EU courts post-Brexit

Tax | HMRC loses ‘common sense’ case over business property relief

Tax | Buy-to-let landlords look to overseas properties