Business &amp; Accountancy Daily

Image for prime minister pledges ps2bn affordable homes

Tax | Prime minister pledges £2bn for affordable homes

Prime Minister Theresa May’s speech to the Conservative party conference included a commitment to what she called a ‘new generation’ of council and housing association homes, plus long term social rental deals, as part of moves to address problems in the housing market, but had few details of any innovations designed to attract the business vote

5 Oct 2017

Tax

Politics

Business | PwC global revenues up 7% to $37.7bn

PwC's firms around the world reported total gross revenues of $37.7bn for the year ending 30 June 2017, an almost 7% increase and marking 20 years of consecutive revenue growth for the PwC network, but leaving the firm in second place behind Deloitte’s global network total of $38.8bn

5 Oct 2017

Image for mediation service offer pension scheme administrator changes

Finance | Mediation service on offer for pension scheme administrator changes

The Pensions Administration Standards Association (PASA) is planning a voluntary mediation service to resolve the issues experienced by schemes during the transfer of administration services from one provider to another

5 Oct 2017

Pensions

Image for european commission seeks major vat reform single eu wide system

Tax | European Commission seeks major VAT reform to a single EU-wide system

The European Commission is planning the biggest reform of EU VAT rules in a quarter of a century, introducing a pan-European system which it says will be simpler to use and enable authorities to claw back some of the €150bn (£133bn) of VAT lost each year and tackle cross-border VAT fraud

5 Oct 2017

4 Oct 2017

Image for charity governance code 2017 what next trustees

Finance | Charity governance code 2017: what next for trustees?

The launch of the new Charity Governance Code 2017 introduces a number of significant governance changes for trustees and charities, with a focus on regular performance reviews of boards, trading subsidiaries and tight controls on length of service of trustees, explains Judith Miller, partner at Sayer Vincent

4 Oct 2017

Corporate Governance

Charities

Image for newcastle united loses challenge over hmrc raids

Tax | Newcastle United loses challenge over HMRC raids

Premier League side Newcastle United has lost a High Court challenge over a raid carried out at club offices by tax officials probing the finances of several football clubs

4 Oct 2017

Tax | Ireland referred to ECJ after failure to collect €13bn Apple tax

Ireland has been referred to the European Court of Justice (ECJ) after failing to collect €13bn (£11.5bn) from US technology giant Apple

4 Oct 2017

Tax | Welsh to raise stamp duty rates for £400k plus property purchases

Property buyers in Wales will be hit by a higher rate stamp duty on house purchases valued at over £400,000 in the first change to property tax as a result of new devolved tax powers which come into effect from 1 April 2018

4 Oct 2017

Tax | Amazon ordered to pay €250m in back taxes after EU ruling

Global online retailer Amazon has been ordered to pay €250m (£221m) after the European Commission ruled a decision taken by the courts in Luxembourg amounted to illegal state aid

4 Oct 2017

Business | Tesco restores dividend payments

Tesco is to resuming paying a dividend to shareholders, two years after it was forced to stop payments when the retailer became embroiled in an accounting scandal relating to a £263m ‘black hole’ in its accounts, which has resulted in three former executives currently facing fraud charges

4 Oct 2017

Called to Account

Image for dfid introduces open book accounting tackle supplier profiteering

Finance | DfID introduces open book accounting to tackle supplier profiteering

The Department for International Development (DfID) has announced reforms of its work with contracted suppliers in a bid to clamp down on the risk of profiteering, excessive charges and unscrupulous practices

4 Oct 2017

Business | ‘Mandate’ fraud cost business £32m in 2016/17

Businesses are being urged to alert staff to the dangers of mandate fraud after new figures show losses topped £32m last year

4 Oct 2017

Image for moves improve transparency online charity platforms

Finance | Moves to improve transparency of online charity platforms

The Charity Commission and the Fundraising Regulator are reviewing ways in which online charitable platforms operate, following concerns about possible fraudulent activity, oversight of the end-use of funds and transparency about the fees charged by sites

4 Oct 2017

Charities

Image for frc reports dividend disclosures improving

Finance | FRC reports dividend disclosures improving

The quality and quantity of dividend policy and practice disclosures has improved, with over half of FTSE 100 companies disclosing information about distributable profits or distributable reserves, according to a study by the Financial Reporting Council (FRC) financial reporting lab

4 Oct 2017

Finance

Financial Reporting

Image for ots examine use it simplify tax system

Tax | OTS to examine use of IT to simplify tax system

The Office of Tax Simplification (OTS) is to look at how advances in IT could simplify the design or administration of the tax system, particularly as Making Tax Digtal forces exclusive digital reporting and Blockchain currencies go more mainstream

4 Oct 2017

Business | Serial fraudster jailed for £400k tax fraud

A convicted fraudster has been sentenced to three years and five months in jail after committing a £400,000 tax scam by using false identities to set up fake businesses to claim VAT repayments, after previously receiving a suspended sentence for fraud

4 Oct 2017

Called to Account

3 Oct 2017

Image for claiming expenses against your business reduce your tax bill

Tax | Claiming expenses against your business: reduce your tax bill

When it comes to claiming expenses against a business it can be a minefield but there are ways to mitigate a large tax bill within the scope of HMRC’s ‘wholly and exclusively’ expenses parameters. Jonathan Amponsah CTA FCCA of The Tax Guys sheds light on whether items such as holidays, golf lessons, school fees and even care home fees can be claimed against a business

3 Oct 2017

Tax | Tax strategy reporting: compliance issues for big business

As requirements for businesses with a turnover above £200m and/or a balance sheet total over £2bn in their previous financial year to publish their tax strategies loom, Pinsent Masons partner Catherine Robins outlines the key issues to consider

3 Oct 2017

Finance | Tesco fraud trial to hear evidence from chairman

Richard Broadbent, former Tesco chairman, is to be a witness at the ongoing trial of three former Tesco senior executives, including ex-UK finance director Carl Rogberg, on charges of fraud and false accounting

3 Oct 2017

Business | Baldwins merges with Campbell Dallas in first Scottish acquisition

Baldwins, which joined CogitalGroup last year, has made its first expansion into Scotland and its largest deal to date with the acquisition of Campbell Dallas, in a move which will see its revenue doubled to around £40m, although the Scottish firm will not be rebranded

3 Oct 2017

Image for hmrc updates factsheet reporting child benefit changes

Tax | HMRC updates factsheet on reporting child benefit changes

HMRC has published an updated factsheet informing individuals on when to contact the tax authority about changes affecting child benefits and outlines the high income benefit charge for individuals with income over £50,000

3 Oct 2017

Finance | Deloitte on menu as auditor at Greencore Group

FTSE 250 international convenience food supplier Greencore Group has selected Deloitte as its external auditor with effect from the financial year ending 27 September 2019, replacing KPMG after ten years

3 Oct 2017

Auditing

Corporate Governance

Image for convicted money launderer ordered pay ps13m or serve more time

Business | Convicted money launderer ordered to pay £1.3m or serve more time

The ringleader of a gang, who laundered more than £107m of underworld cash through their London bureaux de change, has been stripped of property assets valued at £1.3m in the UK, France, Sri Lanka and India to repay his criminal income

3 Oct 2017

Called to Account

Image for frp advisory administrators failed scottish cabling company

Business | FRP Advisory administrators to failed Scottish cabling company

Iain Fraser and Tom MacLennan, partners with FRP Advisory, have been appointed joint administrators to Xtreme Business Solutions Ltd, a specialist supplier of cabling infrastructure and networked wireless systems and services, which has collapsed with the loss of all 50 jobs at the company, which had the Trump golf course amongst its clients

3 Oct 2017

Restructuring & Insolvency

Image for government appoints small business commissioner

Business | Government appoints small business commissioner

The government has appointed former Conservative MP Paul Uppal to be the first small business commissioner, a role designed to be the voice of as well as support the sector

3 Oct 2017

Careers

Leadership & Management

Image for lack awareness slows take hmrc webchat facilities

Tax | Lack of awareness slows take up of HMRC webchat facilities

HMRC’s online webchat service scores highly for customer satisfaction, but too few taxpayers are aware of its existence and so fail to make use of it, research has found

3 Oct 2017

Tax

HMRC

Technology

Image for moore and smalley rebrands under mha network name

Business | Moore and Smalley rebrands under MHA network name

North West-based firm Moore and Smalley will trade as MHA Moore and Smalley from October 1 2017 after confirming an official name change to highlight membership of the UK-wide MHA network, part of Baker Tilly International

3 Oct 2017