Business &amp; Accountancy Daily

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Tax | Spanish tax case closed, says Mourinho

The tax dispute between José Mourinho and the Spanish tax authority is now closed, according to the Manchester United manager

3 Nov 2017

Business | Called to account: November 2017

The latest scandals and penalties including, a seriao fraudster jailed for £400k tax fraud, ex-rock band accountant faces music over missing £2m, director receives 12-year ban after owing £8m

3 Nov 2017

Called to Account

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Tax | Abolition of Class 2 NICs delayed by a year

The government has announced that there will be a one year delay before the removal of Class 2 national Insurance contributions (NICs) to assess the impact of its abolition on self-employed individuals with low profits

3 Nov 2017

Employment Tax

Tax Planning

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Tax | Republicans reveal US tax reform legislation

The US ways and means committee has formally introduced legislation to the House of Representatives to overhaul the US tax code, with the Tax Cuts and Jobs Act which will slash corporate tax to 20% and is intended to fulfil president Donald Trump’s pledges during his election campaign and first months of office

3 Nov 2017

HR | People in the news: Deloitte, MHA MacIntyre Hudson, UHY Hacker Young

In this week’s moves and appointments roundup, Deloitte hires former RBS group strategy director as partner, MHA MacIntyre Hudson gains a partner in its London office, two AAT trainees and a partner join UHY Hacker Young

3 Nov 2017

Careers

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Business | FTSE 250 exec pay challenges increasing

FTSE 250 companies have a way to go in improving transparency on senior executive pay compared to the FTSE 100 and are facing more challenges from shareholders on remuneration levels, which continue to rise, according to analysis by Deloitte

3 Nov 2017

Leadership & Management

Tax | HMRC helps teach tax in schools

HMRC has announced its first partnership with a university to enable trainee teachers to deliver a programme on the facts of tax to local school children

3 Nov 2017

Finance | EY takes over from PwC as Nationwide auditor

The Nationwide Building Society has chosen EY as its new auditors, replacing PwC, following a competitive tender process

3 Nov 2017

Auditing

Corporate Governance

Business | Grant Thornton launches small business brand

Grant Thornton has chosen Liverpool to launch a new national small business brand called G, which is designed to bring together communities of small companies and entrepreneurs, providing support for business growth and opportunities to build connections

3 Nov 2017

Accountancy Firms

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Finance | ICAEW warns FRC against anticipating future legal changes

The Financial Reporting Council (FRC) should step back from trying to anticipate future legislative changes as it updates its reporting guidance, or risk undermining is effectiveness, according to ICAEW

3 Nov 2017

HR | Job hunting stresses out 85% of accountants

The majority (85%) of accountants have admitted that searching for a new job results in them feeling stressed, with dead-end searches, rejection and uncommunicative recruiters topping the list of things causing stress levels to rise

3 Nov 2017

Careers

2 Nov 2017

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Finance | Expert witnesses: what you need to know

Being an expert witness requires expertise and judgment whether in a complex financial accounting case or a contract dispute. Dr Chris Pamplin of the UK Register of Expert Witnesses considers the role of the expert witness, focusing on the key attributes of an expert witness from specialist knowledge to a deep understanding of technical terms and issues

2 Nov 2017

Tax | Corporate loss relief reforms: tax overhaul for business

Paul Davies ACA, tax writer at CCH, looks at changes to corporate loss-buying rules in light of the corporate loss relief reforms and a raft of complex tax avoidance measures supporting the revised approach, effective retrospectively from 1 April 2017

2 Nov 2017

Tax | Interest rates double to 0.5%

For the first time since July 2007, the Bank of England (BoE) has raised interest rates from 0.25% to 0.5% to help curb high inflation

2 Nov 2017

Politics

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Tax | Case: Tribunal upholds penalty for inaccuracy in Merrie

A taxpayer's appeal against an inaccuracy penalty was dismissed by a First Tier Tribunal (FTT) after it was found he did not take reasonable care to avoid this error by seeking professional advice, therefore the minimum 15% penalty was upheld

2 Nov 2017

Tax | Scottish government opens debate on income tax policy

The Scottish government has published a discussion paper to initiate debate about income tax policy ahead of the budget in December, with suggestions that it may be planning to make use of devolved powers to raise rates or change thresholds

2 Nov 2017

Business | Licence to cheat: fake spy in £1.6m VAT fraud

A company director, who ran a fake security company to carry out a VAT fraud of more than £1.6m while pretending to friends and family to be a spy who frequently worked abroad, has been jailed

2 Nov 2017

Called to Account

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Tax | Warning against curtailing EIS and SEIS reliefs

Tax relief schemes for investors in entrepreneurial and SME businesses are working as intended and should not be curtailed, RSM has warned following the publication of HMRC’s latest statistics for take up of the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS)

2 Nov 2017

Finance | PRA note to bank non executive directors over IFRS 9 preparations

The Prudential Regulation Authority (PRA) has published a note for non executive directors on getting ready for the implementation of IFRS 9 Financial Instruments, saying it is important, particularly for those who are also on a firm’s audit committee, to engage with the new standard and challenge management effectively

2 Nov 2017

Tax | Estonia tops competitive international tax table

Estonia has once again topped the international tax competitiveness index compiled by the Tax Foundation, a US think tank, while the US is placed at number 30 and the UK at 14 in the rankings with France taking bottom place at number 35

2 Nov 2017

Business Tax

International Tax

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Tax | Scheme launched to tackle NMW underpayment in social care

The government has launched a new compliance scheme for social care providers to address underpayments for workers on sleep-in shifts, totalling some £400m, in a bid to ensure workers are paid what they are owed and that services remain financially viable

2 Nov 2017

1 Nov 2017

Finance | FTSE 100 Auditors Survey 2017

Despite a surge in audit tenders, the FTSE 100 audit market, valued at over £600m, remains the domain of the Big Four auditors. Philip Smith considers the impact on fee levels, the non audit services (NAS) cap and the competition among the biggest audit firms with PwC potentially losing £100m in audit fee income over the next year

1 Nov 2017

Tax | Littlewoods loses claim for £1.25bn interest payment from HMRC

The Supreme Court has found in favour of HMRC in a long running case concerned the payment of interest on a VAT refund due to Littlewoods, with the judges dismissing the catalogue company’s claim that it was due an additional £1.25bn in compound interest

1 Nov 2017

Business | FRC publishes conflicts of interest for senior team

The Financial Reporting Council (FRC) has published a register of interests for its senior team for the first time, which reveals that chief executive Stephen Haddrill is married to a civil servant responsible for relationship management with the regulator, while several FRC directors have pension entitlements from employment with Big Four firms

1 Nov 2017

Accountancy Firms

Leadership & Management

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Finance | FTSE 100 Auditors Survey 2017 shows rotation impact as EY increases market share

According to Accountancy’s FTSE 100 2017 auditor survey, there is still only one company in the FTSE 100 that is audited by a firm outside the Big Four of Deloitte, EY, KPMG and PwC

1 Nov 2017

Tax | HMRC updates guidance on VAT on supply of telecommunications services

HMRC has updated its guidance about how to determine the place of supply of services in order to work out where the services are liable to VAT to reflect legislative changes which came into force on 1 November regarding the supply of telecommunications services

1 Nov 2017

Finance | Guidance for government bodies on sustainability reporting

The Treasury has published guidance on sustainability reporting in the public sector, outlining minimum requirements, some best practice guidance, and the underlying principles to be adopted in preparing the information

1 Nov 2017

Business | PSCs fuelling growth in companies in ‘significant’ financial distress

Nearly half a million businesses across the UK are in a state of 'significant' financial distress, 27% more than at the same point last year, according to research by Begbies Traynor which also suggests larger numbers of personal service companies (PSCs) are getting into difficulties

1 Nov 2017

Accountancy Firms

Finance | Legal updates: November 2017

In this month's legal updates, experts at law firm Gateley plc outline corporate tax evasion offences under the Criminal Finances Act, the key changes as part of the new General Data Protection Regulation (GDPR) and consider whether the Duomatic principle could be invoked in order to validate the appointment of administrators

1 Nov 2017

Finance

Law and Regulation

Finance | Audit updates: November 2017

In our monthly roundup of developments in audit and governance, BDO picks up Mitie audit, Charity Commission warning on audited accounts, Deloitte negligence claim brought by DMX Technology

1 Nov 2017

Auditing

Corporate Governance

Tax | VAT updates: November 2017

Graham Elliott, VAT expert at City & Cambridge Consultancy considers missed direct debit and default surcharge in Spiral Packs case, Mercedes beats HMRc over agile car leases, liability of pension fund management

1 Nov 2017

Tax | Consultations: Nov - Dec 2017

A roundup of current consultations from HMRC, including extra-statutory concessions (ESCs) draft legislation, Making Tax Digital for VAT, capital allowances and accounts depreciation

1 Nov 2017

HMRC

Consultations

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Business | Development updates: November 2017

Professional development news roundup including, Baldwins swoops on Campbell Dallas, profits up at Moore Stephens, ICAEW loses reserved legal services bid, co-op group could not use early conciliation certificate

1 Nov 2017

Tax | Employment tax updates: November 2017

Jackie Hall ACA CTA, partner at RSM on automatic enrolment requirements for new employers, salary sacrifice changes to company cars, personal credit card for employer PAYE penalties withdrawn

1 Nov 2017

Tax | Tax filing deadlines: Nov 2017- Apr 2018

The key HMRC filing deadlines from November 2017 to April 2018 including deadline for employment intermediary’s quarterly report, PAYE cheque payments, online CIS returns, online personal tax self-assessment returns

1 Nov 2017