Business &amp; Accountancy Daily

HMRC

Tax Planning

Tax | Spurs score second win over HMRC

HMRC has lost its case at Upper Tribunal over money paid to two Tottenham Hotspur football players on leaving the club, after the judge agreed these were payments in connection with the termination of an employment and not earnings

7 Dec 2017

Tax | Case: UK inheritance tax law conforms with EU rules

The Court of Appeal considered whether a restriction imposed by UK inheritance tax law on charities violates the EU law principle of freedom of movement of capital

7 Dec 2017

Tax | RTI implementation cost employers £292m

Employers have criticised the introduction of Real Time Information (RTI) after paying £292m in one-off and transitional costs, which were not fully forecasted at the start of the programme, with stakeholders stressing the importance of applying the learning from RTI when introducing Making Tax Digital

7 Dec 2017

Tax | Consultation on devolved Welsh landfill tax

HMRC has announced a four week technical consultation on legislation covering the devolution of landfill tax to Wales and closure of the landfill communities fund (LCF)

7 Dec 2017

Business | UK insolvency regime tackles ‘zombies’

The UK’s insolvency regime has been commended by the OECD for its streamlined approach in tackling so-called ‘zombie’ firms, in a report looking at how to accelerate the restructuring or exit of weak firms in order to improve productivity growth

7 Dec 2017

Restructuring & Insolvency

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Business | Pay for BAME staff 12.9% below average at Deloitte

Deloitte has publicly reported its ethnicity pay gap for the first time, with the data showing the mean pay gap for its Black, Asian and minority ethnic (BAME) employees is 12.9%

7 Dec 2017

Leadership & Management

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Finance | FRC update on auditors’ legal responsibilities

The Financial Reporting Council (FRC) has issued a revision to ISA (UK) 250 Section A – consideration of laws and regulations in an audit of financial statements, which includes updated guidance on the auditor's responsibilities in respect of money laundering, terrorist financing and proceeds of crime legislation in the UK

7 Dec 2017

Auditing

Corporate Governance

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Business | IFRS Foundation to move offices to Canary Wharf

The IFRS Foundation, the governance and oversight body of the International Accounting Standards Board (IASB), has confirmed it is to stay in London with a planned move to new offices in London’s Canary Wharf during the summer of 2018

7 Dec 2017

Accountancy Firms

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Business | Mazars in employee benefit consultancy expansion

Top 10 accounting firm Mazars has signed a joint venture partnership with retirement solutions provider, The Embark Group, by combining their current activities in the UK employee benefits consulting sector into a single business, as well as an expansion of its financial planning services

7 Dec 2017

Accountancy Firms

6 Dec 2017

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Finance | Companies Act 2006 Part 4: avoiding liability through contracts

This article, the fourth in our series on the Companies Act 2006, will focus on where a company is bound by the acts of its directors and ways to avoid personal liability through the use of contracts

6 Dec 2017

Finance

Financial Reporting

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Tax | End of personal credit card payments to HMRC

From January, individual taxpayers will not be able to use personal credit cards to settle tax bills with HMRC as a result of EU rules on recharging credit card fees

6 Dec 2017

Business | EU citizens and post Brexit working

From the outset, control over the UK’s borders was always going to be a pivotal factor in the Brexit negotiations. Here Croner-i HR experts ask how the government plans to safeguard the position of EU citizens living in the UK and set out the key areas where there is some clarity

6 Dec 2017

Leadership & Management

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Finance | Poundland owner Steinhoff reports accounting irregularities

South African retail giant Steinhoff International, which owns discount chain Poundland in the UK, has discovered accounting irregularities and has called in PwC to investigate, while the CEO has left the company

6 Dec 2017

Tax | Lloyds wins redundancy VAT case

Lloyds Banking Group has won a significant tax case, worth over £5.6m, after the tax tribunal determined that redundancy payments were not subject to VAT. David Wilson, VAT associate director at RSM, examines a case of HMRC refusing to back off

6 Dec 2017

Finance | Charity trustees urged to act on safeguarding

Charity Commission has published a safeguarding strategy urging all trustees to act proactively to ensure no one who comes into contact with their charity suffers distress or harm, highlighting safeguarding as a key governance priority

6 Dec 2017

Charities

Law & Guidance

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Tax | HMRC warning on disguised remuneration scheme ‘bets’

HMRC has updated its warnings on disguised remuneration avoidance schemes with guidance on the use of schemes designed to avoid the new ‘loan charge’

6 Dec 2017

Tax | Ireland starts to collect Apple’s €13bn back tax

Ireland’s finance ministry has announced that it is to start collecting €13bn (£11.4bn) in back taxes from US tech giant Apple, which it had previously held off from doing following a hotly disputed European Commission ruling relating to the use of illegal state aid

6 Dec 2017

Tax | European Commission adopts extended VAT e-commerce rules

The European Commission has formally adopted VAT e-commerce rules which extend the existing ‘one stop shop’ for distance sales and reduce the cost for online businesses of complying with VAT obligations, with the aim of tackling the €5bn (£4.4bn) lost to fraud each year

6 Dec 2017

Tax | Case: Court of Appeal allows ‘excluded property’ ruling

The Court of Appeal allowed an appeal against a High Court ruling that money held in a non-UK bank was relevant property and so should incur a tax charge

6 Dec 2017

Tax | Treasury commits to publishing draft Finance Bill 2018 by July

The Treasury has confirmed the new fiscal calendar, highlighting that the Budget will be the primary fiscal event, supported by a Spring Statement on 13 March and release of draft legislation in July

6 Dec 2017

Tax | EU calls for a rethink on digital taxation

The EU is calling for a review of the global approach to digital taxation and a rethink on cross-broder tax rules in the era of the digital economy, particularly the use of transfer pricing rules, according to the economic and financial affairs council (ECOFIN)

6 Dec 2017

International Tax

VAT

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Finance | FRC delays strategic report guidance update

The Financial Reporting Council (FRC) is to delay publication of its amended guidance on the strategic report pending the government’s announcement of legislative changes in respect of reporting on section 172 of the Companies Act, the directors’ duty to promote the success of the company

6 Dec 2017

Finance

Financial Reporting

5 Dec 2017

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Finance | Getting to grips with IFRS 9 Financial Instruments

With the final countdown to IFRS 9 Financial Instruments now under way, Sarah Perrin ACA talks to leading IFRS experts about the key changes to impairment and measurement of loans and derivatives facing corporates under the new IFRS accounting rules

5 Dec 2017

Finance | Corporate Governance Code overhaul chance to strengthen internal audit role

Dr Ian Peters, chief executive of the Chartered Institute of Internal Auditors, explains why internal audit is being given a critical role in the Financial Reporting Council’s (FRC) review of the Corporate Governance Code

5 Dec 2017

Auditing

Corporate Governance

Audit Regulations

Accounting Consultations

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Tax | EU blacklists 17 countries as tax havens

The EU has issued a list of 17 countries who fail to comply with EU tax rules and have no tax transparency

5 Dec 2017

Tax | Gucci faces tax probe in Italy

Italian high end fashion brand Gucci has been the subject of a police raid over suspected tax evasion amounting to around €1.3bn (£1.15bn).

5 Dec 2017

Business Tax

Law and Regulation

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Business | Begbies Traynor launches business advisory practice

Begbies Traynor Group has split off its non-insolvency work and launched a boutique practice, BTG Advisory, providing commercial, strategic and partner-led advice to companies, investors, lenders and other stakeholders

5 Dec 2017

Accountancy Firms

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Finance | FRC to extend corporate governance code beyond FTSE 350

The Financial Reporting Council (FRC) is planning to overhaul the UK corporate governance code with a greater focus on stakeholders, integrity and corporate culture, as well as extending the rules to include large private companies outside the FTSE 350

5 Dec 2017

Corporate Governance

Accounting Consultations

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Business | HMRC triggers £1.2m payback from gun fan

A millionaire businessman serving four years in prison after failing to pay £1.3m in tax has been ordered to payback £1,232,189, or serve a further eight years in prison and still owe the money

5 Dec 2017

Called to Account

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Tax | Tax strategy disclosures among FTSE 100 approaches 60%

More than half of FTSE 100 companies (59%) have published a tax strategy as part of their annual report, according to analysis published by Deloitte

5 Dec 2017