Croner Intelligence launches Workflows AI tool to draft letters, employee annual leave entitlement explained, and FRC identifies five ways AI output can go wrong

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Tax | Russian trusts: helpsheet for a trustee

Following the introduction of controlled foreign corporation rules in 2015, the way trust were used by Russian taxpayers was met with uncertainty. Ayshat Gaydarova, associate at Withers, outlines the most common queries around trust structuring options from a tax perspective

27 Sep 2017

Tax

Personal Tax

Tax Planning

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Tax | What Trump's tax reform will mean for US expats in UK

Nine months into the Trump presidency, proposed tax reforms have been impeded, leading to confusion for Americans around the world, Bambridge Accountants managing partner Alistair Bambridge explains

27 Sep 2017

Tax | ‘No decision’ on free software as Iris set to release first MTD-compliant package

Accoutancy software provider Iris has yet to decide whether it will provide free Making Tax Digital software as it is set to release the first programme which will allow users to make quarterly submissions by participating in HMRC’s pilot scheme, reports Calum Fuller

27 Sep 2017

Business | Guidance on stakeholder involvement in corporate decision making

ICSA: the governance institute and the Investment Association have published guidance designed to help company boards ensure they understand and weigh up the interests of their stakeholders when making strategic decisions

27 Sep 2017

Business

Companies

Accountancy Firms

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Tax | Labour plans to introduce gambling levy

A future Labour government would introduce a compulsory gambling levy on bookmakers and others in the industry, in a bid to provide more help for problem gamblers, deputy leader Tom Watson has said

27 Sep 2017

Tax | Under-declared sales and VAT cook up ban for Chinese restaurant owner

The director of a Chinese takeaway restaurant in Rainhill, near Liverpool, has been disqualified for five years for under-declaring cash sales and VAT

27 Sep 2017

Restructuring & Insolvency

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Tax | OECD publishes first analysis of dispute resolution implementations

The OECD has released the first analysis of individual country efforts to improve dispute resolution mechanisms, with six peer review reports, including one on the UK, evaluating how countries are implementing new minimum standards agreed in the base erosion and profit shifting (BEPS) project

27 Sep 2017

Business | Ex-FTSE 250 oil company execs in court over £299m fraud

The former chief executive officer (CEO) and ex-chief operating officer (COO) of the collapsed FTSE 250 oil and gas exploration company Afren are due in court today to face money laundering and fraud charges relating to over $400m (£299m) of Nigerian business deals

27 Sep 2017

Finance | FRC to publish register of members’ interests

The Financial Reporting Council (FRC) is to publish a public register of its members’ interests next month, in a bid to defuse recent claims that close links between former senior accountancy executives who now work for the regulator and their previous firms risk damaging its independence in conducting investigations into accounting failures

27 Sep 2017

26 Sep 2017

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Finance | Dixon: FRC had no chance of success over HBOS KPMG audit probe

The FRC’s decision not to pursue further action against KPMG over its audit of HBOS is no sign of dysfunctional regulation, says Ross Dixon, partner at law firm Hickman & Rose

26 Sep 2017

Auditing

Audit Regulations

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Business | Ex-rock band accountant faces music over missing £2m

The former accountant for the 1970s ‘prog rock’ band Deep Purple has been banned from being a director for 11 years for misappropriating company funds of at least £2m

26 Sep 2017

Business

Called to Account

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Finance | International reporting: IFRS 17 Insurance Contracts unpicked

Jeroen Van Doorsselaere, VP of risk and finance at Wolters Kluwer, unravels IFRS 17 Insurance Contracts, announced in May earlier this year, explaining what changes have been made to the previous insurance standard IFRS 4 which will be replaced by IFRS 17 when it is implemented in 2021

26 Sep 2017

Tax | Dodwell: BEPS measures set to raise multinational tax take

As the OECD plublishes its review of tax policy across member states, Bill Dodwell, partner and head of tax policy at Deloitte, examines the impact of the OECD Base Erosion and Profit Shifting (BEPS) plan on multinationals

26 Sep 2017

Business | Companies must consider human rights under Criminal Finances Act

As the Criminal Finances Act becomes law this month, law firm Hodge Jones & Allen warns that companies will have to consider corporate human rights violations in their compliance procedures to avoid prosecution and financial fines

26 Sep 2017

Tax | HMRC clarifies gift aid small donations scheme guidance

HMRC has issued updated guidance on the gift aid small donations scheme (GASDS) enabling a charity or community amateur sports club (CASC) to claim top-up payments on small donations up to £20, with revisions to the section covering community buildings

26 Sep 2017

Tax | Scotland’s devolved tax receipts pass £1bn mark

Revenue Scotland has collected more than £1bn from land and buildings transaction tax (LBTT) and Scottish landfill tax (SLfT) since the devolved taxes came into operation two years ago, latest figures show, but has not hit the government’s own targets for this year

26 Sep 2017

Tax | Second self-assessment tax payments raise additional £510m

Latest HMRC figures show the receipts for income tax, National Insurance Contributions (NICs) and capital gains tax rose by 3.5% between April and August this year, driven by a £510m increase in self assessment receipts in the second tranche of payments, according to analysis by Blick Rothenberg

26 Sep 2017

Business | Deloitte hit by cyber security incident

Deloitte has confirmed it was the victim of a cyber attack which saw hackers gain access to the Big Four firm’s email system over a lengthy period of time, with the ability to view sensitive client data

26 Sep 2017

25 Sep 2017

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Tax | HMRC confirms end of traditional tax return

HMRC has provided more details of the new simple assessment system, designed to end the traditional tax return process, under which taxpayers who used to provide information under self assessment will no longer need to do so, as returns will now be pre-populated with existing data from other sources

25 Sep 2017

Finance | The regulator's lot: examining the role of audit regulation

Regulators are unloved and frequently criticised, but play a key and underappreciated role in audit and the economy, finds Katharine Bagshaw FCA

25 Sep 2017

Auditing

Audit Regulations

Image for auto enrolment pensions will not provide adequate retirement income warns abi

Finance | Auto enrolment pensions will not provide adequate retirement income, warns ABI

The number of employees signed up to auto enrolment pensions has hit 7.5m but the low level of contributions by employees and employers is still too small to provide adequate future pension cover

25 Sep 2017

Business

Pensions

Careers

Leadership & Management

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Tax | Offshore penalties: how to avoid falling foul of strict tax rules

Severe penalties await those who fail to correct offshore tax non-compliance as the government firms up the rules for proposed ‘requirement to correct’ (RTC) and associated penalties applying to ‘failure to correct’ (FTC). Meg Wilson considers the implications for tax advisers and clients

25 Sep 2017

Finance | IASB announces members of transition group for IFRS 17

The International Accounting Standards Board (IASB) has announced the 18 members of its transition resource group to support the implementation of IFRS17 Insurance Contracts, with five out of the 18 members based in the UK

25 Sep 2017

Tax | Half of non doms consider leaving UK

Tax changes and Brexit are forcing non-doms to consider quitting the UK for good, putting billions of pounds of tax revenue at risk, according to research from Moore Stephens

25 Sep 2017

Business | Kebab shop owner takes away jail sentence for £179k tax fraud

A Warrington fast food takeaway boss, who lied about his shop’s takings as part of a £179,000 tax fraud, has been jailed for 30 months, following an HMRC investigation

25 Sep 2017

Business

Called to Account

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Tax | Warning on potential rise in CGT avoidance

HMRC collected £124m last year from investigations into SMEs and wealthy individuals suspected of avoiding capital gains tax (CGT), according to analysis by law firm Collyer Bristow which says a clamp down on the use of entrepreneur’s relief could prompt a hike in the use of avoidance schemes

25 Sep 2017

Tax | European Commission seeks action on digital economy taxation

The European Commission has set out its own path towards a new taxation policy for the digital economy which it wants all member states to endorse, saying the current framework does not fit with modern realities, and global progress on this issue is not adequate

25 Sep 2017

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Tax Services

Latest news

Tax | Russian trusts: helpsheet for a trustee

Tax | What Trump's tax reform will mean for US expats in UK

Tax | ‘No decision’ on free software as Iris set to release first MTD-compliant package

Business | Guidance on stakeholder involvement in corporate decision making

Tax | Labour plans to introduce gambling levy

Tax | Under-declared sales and VAT cook up ban for Chinese restaurant owner

Tax | OECD publishes first analysis of dispute resolution implementations

Business | Ex-FTSE 250 oil company execs in court over £299m fraud

Finance | FRC to publish register of members’ interests

Finance | Dixon: FRC had no chance of success over HBOS KPMG audit probe

Business | Ex-rock band accountant faces music over missing £2m

Finance | International reporting: IFRS 17 Insurance Contracts unpicked

Tax | Dodwell: BEPS measures set to raise multinational tax take

Business | Companies must consider human rights under Criminal Finances Act

Tax | HMRC clarifies gift aid small donations scheme guidance

Tax | Scotland’s devolved tax receipts pass £1bn mark

Tax | Second self-assessment tax payments raise additional £510m

Business | Deloitte hit by cyber security incident

Tax | HMRC confirms end of traditional tax return

Finance | The regulator's lot: examining the role of audit regulation

Finance | Auto enrolment pensions will not provide adequate retirement income, warns ABI

Tax | Offshore penalties: how to avoid falling foul of strict tax rules

Finance | IASB announces members of transition group for IFRS 17

Tax | Half of non doms consider leaving UK

Business | Kebab shop owner takes away jail sentence for £179k tax fraud

Tax | Warning on potential rise in CGT avoidance

Tax | European Commission seeks action on digital economy taxation