Business &amp; Accountancy Daily

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Tax | Top mistakes people make when completing their tax returns

Every year, with new tax rules and new ways of earning money, people make classic mistakes when filling in their personal tax return in the rush for the 31 January 2018 self assessment deadline. Jonathan Amponsah CTA FCCA, founder of The Tax Guys guides taxpayers through potential pitfalls

5 Jan 2018

Tax | IT glitch at HMRC forces delays as self assessment returns rejected

HMRC is still trying to rectify problems with the self assessment tax return online service for taxpayers attempting to use Verify to access online services

5 Jan 2018

Business | Charities urged to check MiFID compliance requirements

Charities which invest and trade on the financial markets in the UK are being warned they now need to apply for a legal entity identifier (LEI) following changes to the regulations under the European Markets in Financial Instruments Directive (MiFID II)

5 Jan 2018

Charities

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Tax | MPs call for 25p ‘latte levy’ to tackle cup waste

MPs are putting pressure on government to introduce a 25p latte levy on disposable coffee cups to cut the amount of waste, calling for a total ban of single use cups by 2023 unless manufacturers can make them recyclable

5 Jan 2018

HR | Half of employees think colleagues undermine productivity

Gossiping, complaining and messy workspaces are the top pet peeves driving employees to wish for new colleagues in 2018, with many believing they could do a better job than their manager, according to research from CABA, the charity that supports the wellbeing of chartered accountants

5 Jan 2018

Careers

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Business | Disqualification on the menu for Chinese takeaway director

The director of a Chinese takeaway has been disqualified for 10 years for causing the company to deliberately understate its profits, following an Insolvency Service investigation which found he owed some £500,000 in unpaid taxes

5 Jan 2018

Called to Account

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Finance | FRC issues agenda for 2018/19 priorities meeting

The Financial Reporting Council (FRC) has set the date for the 2018/19 priorities meeting where it will set out its key objectives and work plan for the next 12 months

5 Jan 2018

HR | People in the news: Blick Rothenberg, Wilkins Kennedy, KPMG

In this week’s moves and appointments roundup, heather Self joins Blick Rothenberg as a partner, wilkins Kennedy appoints a head of VAT, KPMG makes two promotions in its cyber security practice

5 Jan 2018

Careers

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Business | HW Fisher administrators save football site Squawka

HW Fisher administrators have saved London-based football website Squawka from liquidation, saving 35 jobs

5 Jan 2018

Restructuring & Insolvency

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Business | Companies slow to hit gender pay reporting deadline

With just three months to go before the deadline for publishing gender pay gap reports for the first time, official figures suggest more than 90% of affected companies have yet to comply with the new rules, according to research from RSM

5 Jan 2018

Tax | MPs to grill HMRC over online tax-free childcare IT difficulties

HMRC officials are set to be grilled by MPs over the operation of the new childcare service website, which has been heavily criticised by parents over difficulties in logging on since its launch last year, as part of a Treasury committee inquiry into childcare policy and its influence on the economy

5 Jan 2018

Business | Mechanic’s £210k tax fraud grinds to a halt

A car mechanic has been jailed for 18 months for failing to pay £210,000 of tax and national insurance due on self-employed earnings, following an HMRC investigation

5 Jan 2018

Called to Account

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Business | Chancellor will not rule out EU customs deal post-Brexit

Chancellor Philip Hammond has refused to rule out the UK being in a customs union with the EU as part of its end-state relationship, fuelling concerns that continued uncertainty over trading arrangements will result in confusion once Brexit takes place in March 2019

5 Jan 2018

4 Jan 2018

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Tax | Pension planning: transferring a defined benefit pension - part 5

In part five of our series on pensions, Kay Ingram, director of public policy at LEBC, considers the pros and cons of transferring a defined benefit pension, from the impact on beneficiaries, long-term health considerations and inheritance tax planning

4 Jan 2018

Business | KPMG expands cyber security arm with Cyberinc deal

Big Four accounting firm KPMG is set to acquire the identity and access management business division of Silicon Valley-based Cyberinc, which provides cyber security solutions globally

4 Jan 2018

Tax | FTT quashes tax barrister’s inaccuracy penalties

A tax barrister has won part of an appeal against three penalties for inaccuracies, after a First Tier Tribunal (FTT) found he had relied on professional accountancy advice and could not be expected to have specialist knowledge of all areas of taxation

4 Jan 2018

Business | ‘Fat Cat Day’ as FTSE CEOs pocket average worker’s annual pay

Today, just three working days into 2018, the typical FTSE100 chief executive has already banked what it will take the average UK employee the rest of the year to earn, according to calculations by the High Pay Centre and the CIPD

4 Jan 2018

Leadership & Management

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Tax | Case: penalty for failure to settle accelerated payment upheld

A First Tier Tribunal (FTT) dismissed a taxpayer’s appeal against an accelerated payment penalty from HMRC, arguing that there were no special circumstances which allowed a reduction

4 Jan 2018

Tax | Tax filing deadlines: Jan - Apr 2018

The key HMRC filing deadlines from January to July including deadline for PAYE cheque payments, online CIS returns, online personal tax self-assessment returns

4 Jan 2018

Tax

HMRC

Tax Planning

Tax | HMRC issues tax planning standard for agents and accountants

HMRC has updated its tax standard for agents and accountants to include requirements for providing advice on tax planning, stressing that individuals must not promote artificial tax planning arrangements that exploit gaps in legislation

4 Jan 2018

Tax

HMRC

Tax Compliance

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Business | KPMG refutes Hinkley Point C ‘conflict of interest’

KPMG has hit out at claims it was one of several consultancy firms to be involved in conflicts of interest when advising the government on the Hinkley Point C project, pointing out it did not have a role as a financial advisor to EDF, one of the two partners in the new nuclear power station

4 Jan 2018

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Tax | Multinationals report on short-term hit from Trump tax reforms

BP has become the latest multinational company to warn that President Trump’s recently announced tax reform package will have a short-term impact on its balance sheet, with the oil giant anticipating a $1.5bn (£1.11bn) one-off non-cash charge to the group income statement

4 Jan 2018

Business | ‘Zombie business’ numbers at record low

The numbers of so-called ‘zombie’ businesses, those only paying the interest on their debts, fell to an all time low at the end of 2017, according to research by R3

4 Jan 2018

Restructuring & Insolvency

3 Jan 2018

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Finance | Companies Act 2006 Part 8: types of directors

This article, the eighth in our series on the Companies Act 2006, will focus on the role of directors, defining the different types of directors and their roles and how they are appointed and removed

3 Jan 2018

Finance

Financial Reporting

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Business | Oulton: privilege under scrutiny

The scope and circumstances in which legal privilege applies to advice is becoming increasingly narrowly defined and accountants need to be aware of potential risks, warn Mayer Brown partner Jim Oulton and solicitor Zahra-Rose Khawaja

3 Jan 2018

Law & Guidance

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Finance | Charity Commission launches amended annual return requirements

The Charity Commission has made amendments to the content of the annual return for 2018, including dropping proposals for charities to report on their claims for rate relief or gift aid, but has retained a new requirement to report on executive pay

3 Jan 2018

Tax | IRS sets out rules for computing transition tax

The US Treasury Department and the Internal Revenue Service (IRSH) has issued guidance for computing the transition tax following the enactment of the Tax Cuts and Jobs Act, ushering in major US tax reform

3 Jan 2018

Tax | Case: HMRC’s amendment of limited partners’ individual tax returns was lawful

The Supreme Court ruled, in the landmark De Silva case, that HMRC’s amendment of the taxpayers’ individual tax returns was lawful after partnership losses were stated at much reduced levels in a partnership settlement agreement

3 Jan 2018

Business | Quantuma wind up failed Brighton law firm

Andrew Hosking, partner, and director Sean Bucknall from Quantuma have been appointed as administrators to a Brighton law firm which has been forced to close, with the loss of 24 jobs, after it suffered a major fall in turnover in the last six months

3 Jan 2018