Business &amp; Accountancy Daily

Restructuring & Insolvency

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Tax | PAYE updating service hit by HMRC IT problem

HMRC has reported IT problems stopping taxpayers from filing tax returns for 2016/17 and an issue affecting PAYE accounts, which means they are not updating correctly

2 Oct 2017

Business | Changes at the top for Mercer & Hole

Top 50 firm Mercer & Hole has announced changes to its management structure, with Paul Maberly becoming managing partner on Paul Webster’s retirement from the role, and Gill Tallon taking on a new position as deputy managing partner

2 Oct 2017

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Business | Wolters Kluwer sells CCH Information to Peninsula subsidiary Croner-i

Croner-i Ltd, a subsidiary of Peninsula Business Services Group, has acquired Wolters Kluwer Legal & Regulatory following the sale of CCH Information, Accountancy magazine and Croner-i

2 Oct 2017

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Business | Businessman jailed for £1.3m VAT fraud

A businessman who stole £1.3m through fraudulent VAT declarations in order to keep his business afloat has been jailed for four years and three months at Birmingham Crown Court, following an HMRC investigation

2 Oct 2017

Called to Account

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Tax | Tax breaks: will the sun set on disincorporation relief?

Few people seem to be claiming disincorporation relief when they convert from a limited company to sole trader or partnership status. Stephen Relf ACA CTA, specialist tax writer at Croner-I, examines how it works and whether it makes sense to take advantage of this tax relief

2 Oct 2017

Tax | Penalty system for abuse of apprenticeship levy

The HMRC penalty system for inaccurate information in returns and documents has been updated to apply to the apprenticehip levy

2 Oct 2017

Tax | Simple assessments to hit doormats shortly

With the first of HMRC’s new simple assessments due to hit taxpayers’ doormats shortly, AAT is alerting the first tranche of individuals who will be taken out of the current self assessment regime to the key elements of the process

2 Oct 2017

Business | SEC charges businessman and two companies over fraudulent ICOs

Businessman Maksim Zavslavskiy and two companies he founded have been charged by the US Securities and Exchange Commission (SEC) over allegedly defrauding investors in a pair of so-called initial coin offerings (ICOs) purportedly backed by investments in real estate and diamonds

2 Oct 2017

Called to Account

AI & Technology

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Tax | Criminal offences for tax evasion now in force

The Criminal Finances Act 2017 has come into effect as part of tougher government action on corporate fraud, with the introduction of two new criminal offences which mean corporations and partnership are now criminally liable when they fail to prevent their employees, agents, or others who provide services on their behalf from criminally facilitating tax evasion

2 Oct 2017

Finance | People with significant control (PSC) register – NEW CPD module

This month's CCH Daily CPD module focuses on the People with Significant Control (PSCs) legislation, covering the scope and identification of PSCs, relevant legal entities, indirect interests and how to maintain the PSC register

2 Oct 2017

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Tax | Pension tax relief bill hits £38.2bn

The cost of pension tax relief has hit £38bn as the government faces a growing bill to underwrite tax breaks on pensions for all taxpayers, including those paying higher rate tax

2 Oct 2017

Tax | 1,135 prosecutions for tax offences in the last year

HMRC brought prosecutions against 1,135 individuals for tax offences last year, below the previous year’s peak but above the department’s own target of 1,000, according to analysis by Thomson Reuters

2 Oct 2017

Tax Compliance

Tax | Tax updates: October 2017

This month's review of tax cases and tax news including late notification for enhanced life allowance protection refused, penalties for late filing set aside over timing issues, Diageo clashes with HMRC over diverted profits tax

2 Oct 2017

Tax | Employment tax updates: October 2017

Jackie Hall ACA CTA, partner at RSM on professional subscriptions, risk-based approach to PAYE penalties remains in place, Scottish employees faced added PSA complication

2 Oct 2017

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

Download the HMRC CGT indexation allowance for July 2017, RPI Index for August 2017 and HMRC rates of interest, and the current stamp duty land tax (SDLT) and land and buildings transaction tax (LBTT) rates

2 Oct 2017

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Business | Development updates: October 2017

In the latest career development updates, Rathbone Brothers pulls out of Smith and Williamson merger negotiations, HMRC opens Croydon regional hub, Deloitte's revenue increase 11.2%, PwC partner profits fall despite record revenues

2 Oct 2017

Tax | VAT updates: October 2017

Graham Elliott, VAT expert at City & Cambridge Consultancy on NT Advisors winning case over TOGC contingency fees, non-returned payment for services, imported finance-related services in Blackrock VAT dispute

2 Oct 2017

Finance | Accounting updates: October 2017

In this month’s roundup of developments in accounting and financial reporting, switch to IFRS 15 hits Capita's 2016 profits, Companies House rejects some micro entity accounts, Charity Commission annual return service launched

2 Oct 2017

Finance | Scottish government accounts ‘sound’, auditor general says

Scotland’s auditor general has found that the Scottish government produced a sound financial report for 2016/17 and managed its budget effectively, but has underlined the need for further improvements as new financial powers are introduced

2 Oct 2017

Tax | Tax filing deadlines: Oct 2017-Apr 2018

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

2 Oct 2017

Finance | Audit updates: October 2017

In our monthly roundup of developments in audit and governance, FRC drops probe into KPMG HBOS audit, FRC hits PwC with record £5.1m fine over collapsed RSM Tenon audit failure, Deloitte resigns as PayPoint auditor as KPMG appointed

2 Oct 2017

Corporate Governance

Finance | Legal updates: October 2017

In this month's legal updates, experts at law firm Gateley plc on government response to corporate governance shakeup and proper purpose and register of members

2 Oct 2017

Finance

Law and Regulation

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Business | ICAEW warns of ‘cash mountain’ build-up

Brexit uncertainty has resulted in businesses sitting on a cash mountain, according to an ICAEW survey, which found that two thirds of companies expect to have a growing cash surplus this year and next, and warns this is hampering investment decisions

2 Oct 2017

29 Sep 2017

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Business | How to tackle workplace boredom - tips and advice for accountants

With almost half of accountants admitting to being bored at work, firms must tackle this issue early before staff start to search for a new job. Lee Biggins, founder and managing director of CV-Library, provides advice on how to keep finance staff engaged

29 Sep 2017

Careers

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Tax | Cyprus: tax incentives for new residents

Cyprus' new residence criteria, income tax exemptions and non-dom regime has made the island a desirable destination for individuals looking to relocate. Alexandra Spyrou, chief financial officer at Elias Neocleous & Co, outlines the income tax rules and exemptions for non-doms

29 Sep 2017

Tax | ATT president calls for larger-scale MTD pilots

President of the Association of Taxation Technicians (ATT) Graham Batty has called on HMRC to broaden the scope of its Making Tax Digital pilots, both in terms of number of participants and duration

29 Sep 2017

Business | Millennial interviews: the finance analyst

In the first of our series on millennials in the accounting profession, we speak to Anu Vaman, finance analyst at Wolters Kluwer on why he decided to go into business rather than practice, why he does not want the top role of chief financial officer and where he sees himself in the future

29 Sep 2017

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Tax | Less than half of Scottish taxpayers aware of tax changes

Awareness of the Scottish rate of income tax (SRIT) was scant and dropped off after its introduction according to government research

29 Sep 2017

Personal Tax

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Business | KPMG advises in launch of blockchain payroll company

KPMG is advising a blockchain-based payroll provider as it gears up for an initial coin offering (ICO) on 18 October 2017

29 Sep 2017

AI & Technology

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HR | People in the news: Grant Thornton, Mercer & Hole, Blick Rothenberg

In this week’s moves and appointments roundup, Grant Thornton appoints a partner in its valuations services group, two long-running partners retire from Mercer & Hole, Blick Rothenberg appoints a partner in its tax investigations and dispute resolution team

29 Sep 2017

Careers

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Tax | SMEs understate turnover and hike costs to evade tax

Overstating costs and understating turnover, as well as paying cash in hand, are the most prevalent forms of tax evasion used by small to medium sized companies, according to research into tax evasion commissioned by HMRC

29 Sep 2017

Tax | Companies start to publish corporate tax strategy

This month is likely to see a surge in large companies publishing details of their tax strategy publicly for the first time, as new legislative requirements take effect, in a move which some accountancy firms are warning could have a potentially significant reputational impact

29 Sep 2017

Finance | Online platform to improve not-for-profit reporting

CIPFA has launch a new online platform that seeks to improve understanding of the varying financial reporting methods of not-for-profit organisations around the world, by bringing together information on national guidance into one place so that approaches across different countries can be compared directly

29 Sep 2017

Business | GT partners with Cranfield for first apprentice levy-funded MBA

This week marks the start of the first executive MBA programme in England to use the apprenticeship levy, in a programme delivered through a partnership between Cranfield School of Management and Grant Thornton UK

29 Sep 2017

| European Court of Auditors says EU finances better managed

The EU is getting better at managing its finances, with a sustained improvement in the estimated level of error in payments from the EU budget, according to the latest annual report from the European Court of Auditors (ECA), which has dropped its ‘adverse’ opinion after more than two decades

29 Sep 2017

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Tax | Government suspends sleep in shift NMW rules for further month

The government has announced a further one-month suspension of national minimum wage (NMW) enforcement concerning sleep-in shifts in the social care sector, but charities have said they are ‘deeply disappointed’ at the delay in finding a solution to the £400m funding crisis that regulation changes have produced

29 Sep 2017

28 Sep 2017

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Finance | FRS 102: accounting for distributable profits and intragroup loans

After a number of reporting errors made by listed companies, Sarah Perrin ACA examines the accounting rules for the treatment of distributable profits and intragroup loans rules under FRS 102

28 Sep 2017

Finance | UK must resist deviating from IFRS post-Brexit, says ICAEW

The UK should continue to apply internationally-accepted accounting standards if the UK wishes to retain its status as a major global financial centre, according to the ICAEW’s Financial Reporting Faculty

28 Sep 2017

Tax | Help to Buy schemes help 320,000 property purchases

Official figures show the government’s Help to Buy schemes have supported over 320,000 people to buy a home, including more than 275,000 first-time buyers, with nearly all purchases taking place outside London

28 Sep 2017

Property Tax

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Tax | Trump renews pledge on ‘largest tax cut in US history’

US President Donald Trump has underlined his intention to deliver ‘the largest tax cut in our country’s history’ with major reforms planned to what he called an ‘outdated, complex, and extremely burdensome tax code’, including a substantial cut in corporation tax

28 Sep 2017

Finance | Editor's comment: toothless audit regulator

Sara White, editor of Accountancy, discusses the Financial Reporting Council's (FRC) approach to enforcement and sanctions on the back of the regulator dropping its investigation into KPMG's HBOS audit

28 Sep 2017

Corporate Governance

Audit Regulations

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Business | SMEs still lack alternative sources of business finance

The British Business Bank, the UK’s national economic development bank, says new research underlines the need for greater choice for the UK’s smaller businesses looking for finance to grow

28 Sep 2017

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Tax | LITRG launches practical help for umbrella company workers

The Low Incomes Tax Reform Group (LITRG) has issued guidance for temporary workers who are working through an umbrella company, acknowledging that their payment and holiday calculations can be complex, and providing practical tips on how to avoid any potential problems with their pay and deductions

28 Sep 2017

Employment Tax

Image for call pension superfunds tackle ps400m db scheme deficit

Finance | Call for pension ‘superfunds’ to tackle £400m DB scheme deficit

The Pensions and Lifetime Savings Association (PLSA) is calling for changes to the regulations surrounding defined benefit (DB) pension schemes, after research found over a third of members are in schemes which have only a 50:50 chance of delivering all their benefits

28 Sep 2017

Pensions

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Finance | Woolf: when will auditors learn?

Emile Woolf FCA asks whether auditors have learned anything about the banking scandals, such as RBS, that have rocked business in the last decade

28 Sep 2017