Business &amp; Accountancy Daily

Restructuring & Insolvency

Called to Account

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Business | 92% of European businesses not ready for GDPR

With just over six months to go until the EU’s general data protection regulation (GDPR) becomes law, just 8% of businesses across Europe report they are prepared for the new measures, which include provision for fines of face fines of up to €20m for failure to comply, according to research from RSM

16 Nov 2017

Tax | HMRC loses further tour operator VAT case at FTT

HMRC has lost its appeal at First Tier Tribunal (FTT) over its claim that an online ‘bedbank’ supplier of hotel rooms via a bookings website should have been paying VAT on its services, after arguing that in this particular instance foreign law applied

16 Nov 2017

Tax | HMRC’s tax-free childcare scheme delayed

The full rollout of tax-free childcare has been delayed to March 2018 with the scheme opening to parents whose youngest child is under six from next week, as part of a phased approach to rolling out the online service, which has experienced teething problems

16 Nov 2017

Tax

HMRC

Tax Planning

Tax | HMRC wins landmark De Silva film scheme case in Supreme Court

A £50m tax avoidance scheme which used reliefs put in place to encourage film productions has been defeated in the Supreme Court

16 Nov 2017

15 Nov 2017

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Finance | Companies Act 2006 Part 1: pros and cons of incorporation

This article, the first in our series on the Companies Act 2006, outlines the advantages and disadvantages of incorporating a company, taking into account elements such as taxation, ownership, expenses and the withdrawal of capital

15 Nov 2017

Finance

Financial Reporting

Law and Regulation

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Tax | The practicality of publishing tax strategies for multinationals

As rules stating large companies must disclose their tax strategies commence, Calum Fuller speaks to companies including SSE and Informa about how they are interpreting the requirements

15 Nov 2017

Tax | HSBC to pay €300m to settle tax evasion charges

HSBC has agreed to pay €300m (£266m) to the French authorities to settle a long-running investigation into tax evasion by French citizens via its private bank in Switzerland, details of which were first leaked by one of the bank’s former IT employees

15 Nov 2017

Business | BDO and Grant Thornton merge offices in South Africa

BDO’s South African arm has announced a merger with two Grant Thornton offices in Cape Town and Port Elizabeth

15 Nov 2017

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Tax | Deliveroo wins case confirming riders are self-employed

In the latest challenge to the employment status of ‘gig economy’ workers, Deliveroo riders have been ruled self-employed by labour law body the Central Arbitration Committee (CAC), in a move which runs counter to other recent rulings

15 Nov 2017

Business | 56% of CFOs struggling with data security

Over half of global CFOs admit that managing data security and privacy is the biggest challenge in corporate reporting and believe that lack of clarity over data ownership and governance is having an impact on reporting effectiveness

15 Nov 2017

Business | Companies failing to disclose worker information in annual reports

Despite growing public and government interest in companies’ recruitment, training and employment practices, meaningful information about employees in annual reports is still missing, according to new research from the Pensions and Lifetime Savings Association (PLSA)

15 Nov 2017

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Tax | MPs push for better Finance Bill scrutiny

MPs are challenging the Treasury to adopt a more strategic approach to tax policy making, calling for greater consultation over Finance Bills, clearer information about consultations and improvements to costing and impact assessments

15 Nov 2017

Tax

Tax Compliance

Tax Planning

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Tax | £100,000 tax exemption for sporting testimonials

HMRC has published updated guidance on the tax treatment of income from sporting testimonials, which confirms there will be a new ‘one-off’ exemption of £100,000 designed to ensure that employed sportspeople on modest incomes are protected from the recent changes to the rules

15 Nov 2017

14 Nov 2017

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Tax | Corporation tax loss relief rules: what you need to know

Lindsay Buckenham, tax director and Ben Moseley, partner at Deloitte, seek to demystify the biggest change to the UK’s corporation tax loss relief rules in a generation

14 Nov 2017

Tax | Interest rate rise hits buy-to-let landlords

The increase in interest rates will land yet more pain for buy-to-let landlords already facing significant changes to income tax relief on residential property. Jackie Hall ACA CTA, partner at RSM, considers the immediate impact of a rise in mortgage interest rates

14 Nov 2017

Tax | EU seeks quick agreement on tax avoidance curbs after Paradise Papers

Rules requiring tax advisers to report tax planning arrangements should be agreed and a blacklist of tax havens drawn up after the revelations contained in the Paradise Papers, according to the European Commission’s tax commissioner

14 Nov 2017

Tax | HMRC consults on company car reporting under PAYE regulations

HMRC has lanched a brief two-week consultation on draft PAYE regulations regarding company car reporting under salary sacrifice schemes, which will allow employers to submit data via real time information (RTI) rather than in a separate end of year return

14 Nov 2017

Business | Accounting job vacancies rise by 15%

Job vacancies for accounting professionals rose by 15% across the UK in the third quarter of 2017 compared to the same time last year, with Brexit uncertainties driving demand for contractors, according to recruitment specialists Robert Walters UK

14 Nov 2017

Business | Insolvency Service steps up hunt for ‘rogue’ directors

The Insolvency Service is increasingly using ‘public interest’ disqualification orders to remove potentially rogue directors from their positions before they can do more harm, with a 600% increase in a year, according to analysis by Moore Stephens

14 Nov 2017

Restructuring & Insolvency

Called to Account

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Tax | Canada plans to introduce tax on cannabis

The Canadian government is consulting on proposals to tax cannabis products, saying its current approach to the drug is not working and it is committed to legalising, regulating and restricting access to cannabis to keep it out of the hands of children, and profits out of the hands of criminals

14 Nov 2017

Tax | Warning of potential ‘catastrophic’ problems with HMRC’s customs system

HMRC has been told it must do more to ensure its new customs system, the Customs Declaration Service (CDS) is ready in time for Brexit, or face ‘catastrophic’ consequences, according to a report from the public accounts committee (PAC) which warns the department is facing an overload of development work in the run up to the UK quitting the EU

14 Nov 2017

Business | UK CFOs more uncertain about future than European counterparts

Optimism is growing among business leaders across Europe and the outlook for revenue growth, hiring and capital spending is improving, although in the UK uncertainty levels are markedly higher than elsewhere, according to Deloitte’s latest European CFO survey

14 Nov 2017

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Business | Businesses report £262m in annual fraud losses

Businesses reported £262m in fraud losses last year according to data from ActionFraud, the UK’s national fraud and cyber-crime reporting centre, obtained under the freedom of information act by RSM, which is warning companies need to do more to protect themselves

14 Nov 2017