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Image for brain drain how can accountancy firms stop talent emigrating

Business | Brain drain: how can accountancy firms stop talent emigrating?

Brexit uncertainty is causing large numbers of talented EU workers to leave the UK but this is not just down to the referendum result says Simon Wright, operations director of CareersinAudit.com, who suggests lack of progression within accountancy firms plays a part

13 Oct 2017

Accountancy Firms

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Business | Tips and advice: how to deal with mental health in accountancy

Rob Alder, head of business development at the Association of Accounting Technicians (AAT), provides advice for accountants when approaching their boss about mental health issues and stress as almost half of accountants admit they suffer from stress on a regular basis

13 Oct 2017

Accountancy Firms

Leadership & Management

Image for ftt ruling shines spotlight actors nics intermediary company

Tax | FTT ruling shines spotlight on actor’s NICs via intermediary company

A First Tier Tribunal (FTT) has found that well-known actor Robert Glenister was within the National Insurance Contribution (NIC) intermediary rules when he was paid via a personal services company (PSC), in a ruling which may have implications for a number of other self-employed entertainers

13 Oct 2017

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Business | Millennial interviews: the growth finance head

This week CCH Daily speaks to Sarah Abrahams, head of growth finance at Grant Thornton on what made her choose to go into this particular role, whether she has any regrets and what she believes is the most important skill to have in accountancy

13 Oct 2017

Accountancy Firms

Leadership & Management

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Business | Accountancy Daily Weekly News Alert - manage your preferences

Find out how to manage your preferences to ensure you receive a tailored Accountancy Daily newsletter with the essential tax, accounting and audit analysis every Friday afternoon

13 Oct 2017

Accountancy Firms

Image for kpmg finds owner insolvent 163 year old local newspaper title

Business | KPMG finds owner for insolvent 163-year old local newspaper title

Administrators from KPMG have found a buyer for the Oldham Evening Chronicle, one of the oldest newspapers in the UK, which has been sold to local radio station Revolution 96.2

13 Oct 2017

Restructuring & Insolvency

Image for one five accountants still using paper ledgers

Tax | One in five accountants still using paper ledgers

Nearly 80% of accountants still rely on spreadsheets and one in five (18%) still use paper ledgers despite 60% saying that the finance and accounting profession is at a technological tipping point, according to research from software provider Xero

13 Oct 2017

Making Tax Digital

Accountancy Firms

AI & Technology

Image for charity commission issues alert military charities

Finance | Charity Commission issues alert on military charities

The Charity Commission has issued an alert to charities that support veterans, after its review of a sample of military charities set up since 2007 revealed concerns around fundraising, financial controls and safeguarding

13 Oct 2017

Image for people news kpmg rsm grunberg co

HR | People in the news: KPMG, RSM, Grunberg & Co

Career news this week includes a new head of tax at KPMG as well as a promotion for a director to head of automotive, RSM appoints a private client partner in its legal firm and Grunberg & Co promotes a partner

13 Oct 2017

Image for hmrc research views uks wealthiest tax compliance

Tax | HMRC to research views of UK’s wealthiest on tax compliance

HMRC is planning a research project looking at tax compliance behaviours amongst the very wealthiest individuals, which it concedes are a ‘hard to reach group’, with a view to investigating ways to improve it

13 Oct 2017

Image for eu auditors call greater public engagement

Finance | EU auditors call for greater public engagement

The general public must be informed of national and EU auditors’ work and their findings, and recommendations should be accessible and understandable by as many people as possible, the head of the French national audit office has said while attending a conference in Luxembourg to mark the 40th anniversary of the European Court of Auditors

13 Oct 2017

Corporate Governance

Image for diageo tops corporate governance table

Business | Diageo tops corporate governance table

Drinks giant Diageo has emerged as the highest ranked UK-listed company for the quality of its corporate governance in the Institute of Directors (IoD) annual report on the health of large company boards, compiled by Cass Business School

13 Oct 2017

Accountancy Firms

Leadership & Management

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Business | Insolvent financial adviser couple banned for hiding assets

A married couple who used hidden funds to maintain a lavish lifestyle after their financial advisory business collapsed have been banned from working in financial services for integrity failings by the Financial Conduct Authority (FCA), which has fined the wife £50,000 for attempting to mislead the regulator during an FCA interview

13 Oct 2017

Accountancy Firms

Restructuring & Insolvency

Called to Account

12 Oct 2017

Image for hmrc simple assessments what you need know

Tax | HMRC simple assessments: what you need to know

As the first HMRC simple assessments are sent out, Meg Wilson CTA explains how they work for affected taxpayers including new pensioners and anyone who has underpaid PAYE and what action they need to take as they are pulled into the first wave of implementation, effectively seeing the abolition of their annual tax return

12 Oct 2017

Making Tax Digital

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Tax | Murphy: unpicking the Irish Budget

The Irish finance minister, Paschal Donohoe, announced his first budget this week against a backdrop of economic growth and low unemployment levels, but Brexit, US tax and trade reforms and various geopolitical threats pose potent challenges says Fiona Murphy, tax partner at Irish accountancy firm RBK

12 Oct 2017

International Tax

Image for buy let landlords warned over cgt liability downsizing

Tax | Buy-to-let landlords warned over CGT liability in downsizing

Recent tax changes and other government moves designed to cool the buy-to-let market are starting to have an effect, with an increase in the number of landlords with significant property portfolios wishing to downsize, but concerns around potential capital gains tax (CGT) liabilities are increasing, law firm Irwin Mitchell Private Wealth reports

12 Oct 2017

Image for monarch collapse prompts airline insolvency review

Business | Monarch collapse prompts airline insolvency review

In the wake of the collapse of Monarch Airlines, transport secretary Chris Grayling has indicated the government is considering reforms to the rules governing insolvent airlines, a move which has been welcomed by insolvency and restructuring trade body R3

12 Oct 2017

Restructuring & Insolvency

Image for iasb consults narrow scope amendments ifrs 9 and ias 28

Finance | IASB consults on narrow-scope amendments to IFRS 9 and IAS 28

The International Accounting Standards Board (IASB) is consulting on minor amendments to IFRS 9 Financial Instruments and to IAS 28 Investments in Associates and Joint Ventures to aid implementation, even before IFRS 9 is implemented

12 Oct 2017

Accounting Standards

Financial Reporting

Audit Consultations

Image for ftse 100 set target have one bame director 2021

Business | FTSE 100 set target to have one BAME director by 2021

FTSE 100 companies are to aim to have at least one Black Asian Minority Ethnic (BAME) director by 2021 and FTSE 250 by 2024 as part of the Parker Review which sets out achievable objectives to encourage greater diversity, with only 8% of 1,050 FTSE 100 directors currently BAME

12 Oct 2017

Accountancy Firms

Leadership & Management

Image for higher taxes cut inequality without damaging wealthy says imf

Tax | Higher taxes cut inequality without damaging the wealthy, says IMF

The International Monetary Fund (IMF) is calling for developed countries to consider introducing higher income tax rates for the wealthiest, arguing the evidence suggests this would help reduce inequality without having an adverse impact on growth, contrary to received thought

12 Oct 2017

Image for ebay pays ps16m uk tax while revenues hit 13bn

Tax | Ebay pays £1.6m UK tax while revenues hit $1.3bn

Online platform eBay has found itself facing scrutiny over its tax policies, after its UK business paid £1.6m in tax last year, even though its US parent reported total revenues from its UK operations of $1.32bn (£1bn)

12 Oct 2017

Image for accountant pay ps2k over vat security bond failure

Business | Accountant to pay £2k over VAT security bond failure

A Lymington accountant has been ordered to pay compensation of £2,000 plus costs for failing to pay a security bond, enforced by HMRC, to ensure VAT payments until three days before the case went to court

12 Oct 2017

Called to Account

11 Oct 2017

Image for transfer pricing intellectual property and intercompany charges

Tax | Transfer pricing: intellectual property and intercompany charges

Companies risk millions in fines by not complying with transfer pricing rules on intercompany charges and licensing fees for intellectual property paid to local trading subsidiaries. Ken Almand, partner and UK head of transfer pricing at RSM and Paul Sutton, founder, LCN Legal, explain the essentials for TP tax compliance

11 Oct 2017

International Tax

Image for payment transparency reporting large business goes online

Business | Payment transparency reporting for large business goes online

Under new rules to force companies to pay invoices more quickly and speed up payment to suppliers, the government has launched an online reporting service for large businesses who have to to publish mandatory business payment practices reports twice a year online

11 Oct 2017

Accountancy Firms

Restructuring & Insolvency

Image for astbury golf course rough frp advisory administrators appointed

Business | The Astbury golf course in the rough as FRP Advisory administrators appointed

FRP Advisory administrators have been appointed to Astbury Hall stately home and The Astbury golf course as they seek a buyer for the £10m, 320-acre Shropshire site

11 Oct 2017

Restructuring & Insolvency

Image for bitcoin platform launch opens cryptocurrency options

Business | Bitcoin platform launch opens up cryptocurrency options

A platform launched in London this week is to allow companies to conduct business in Bitcoin and other cryptocurrencies, cutting out traditional banks just days after JP Morgan Chase CEO Jamie Dimon described Bitcoin as a ‘fraud’

11 Oct 2017

AI & Technology

Image for pension body proposes national retirement income targets

Finance | Pension body proposes national retirement income targets

The Pensions and Lifetime Savings Association (PLSA) has launched a consultation on introducing a set of new national retirement income targets (RITs) to make it simpler for people to understand how much they need to save to support themselves when not working, and on changes to the current retirement saving system to encourage greater take-up

11 Oct 2017

Image for mackay will hmrcs tax support service mid sized businesses work

Tax | MacKay: will HMRC's tax support service for mid-sized businesses work?

Businesses turning over upwards of £10m or with 20 or more employees will have access to help with tax queries about their growing business under HMRC's new plans. Jane MacKay, head of tax at Crowe Clark Whitehill, asks whether this growth support service targeted at mid-sized businesses will work

11 Oct 2017

Image for hmrc stops use personal credit card pay employer paye penalties

Tax | HMRC stops use of personal credit card to pay employer PAYE penalties

Employers will not be able to use personal credit cards to settle outstanding PAYE late payment penalties, PAYE settlement agreements or Construction Industry Scheme (CIS) late filing penalties from January 2018

11 Oct 2017

Image for money no deal brexit scenario come reserve says hammond

| Money for ‘no deal’ Brexit scenario to come from reserve, says Hammond

The Chancellor of the Exchequer, Philip Hammond, has told the Treasury Committee that the money which will be spent on a ‘no deal’ Brexit scenario will come from reserve and that he will not allocate funds to government departments ‘in advance of the need to spend’

11 Oct 2017

Accountancy Firms

Image for auditor general warns scottish health authority faces significant financial challenges

Finance | Auditor general warns Scottish health authority faces ‘significant’ financial challenges

Scotland’s auditor general has issued a highly critical report on NHS Tayside, saying the health authority continues to face significant financial challenges despite its aim of achieving a financial balance within two years, while there is no sign it is currently able to repay over £30m in loan funding from the government

11 Oct 2017

Corporate Governance

Accountancy Firms

Image for hmrc issues guidance vat electronic payments

Tax | HMRC issues guidance on VAT electronic payments

HMRC has issued guidance about paying VAT to HMRC electronically, and receiving repayments by Bacs, as well as updates to the land and property, education, and construction VAT manuals

11 Oct 2017