Business &amp; Accountancy Daily

Image for frc fines ex tenon firm and partner over quindell audit

Finance | FRC fines ex-Tenon firm and partner over Quindell audit

The Financial Reporting Council (FRC) has fined and reprimanded the audit firm Arrandco Audit Ltd, formerly RSM Tenon Audit Ltd (Tenon) and the audit engagement partner Jeremy Filley after both parties admitted misconduct in relation to the audit of the financial statements of Quindell Portfolio plc and Quindell Ltd

23 Jan 2018

Auditing

Audit Regulations

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Business | Manchester United top earning football club

Manchester United has held on to the top spot as the highest revenue-generating club in the world for the tenth time, with a revenue of €676m (£581m), while the 20 highest earning football clubs generated a record €7.9bn (£6.8bn) of revenue in 2016/17, an increase of 6% on the previous year, according to research from Deloitte

23 Jan 2018

Image for technical consultation change landfill tax regime

Tax | Technical consultation on change to landfill tax regime

HMRC has launched a technical consultation on secondary legislation to extend landfill tax to illegal waste sites and to clarify the definition of ‘taxable disposal’, following changes to the regulations for England and Northern Ireland from 1 April 2018

23 Jan 2018

Tax

HMRC

Consultations

Image for uk ceos optimistic global economy despite brexit worries

Business | UK CEOs optimistic on global economy despite Brexit worries

The number of UK CEOs expecting the global economy to improve over the coming year has more than doubled, according to a PwC survey published at the World Economic Forum in Davos

23 Jan 2018

Image for charity commissions funding under discussion

Finance | Charity Commission's funding under discussion

The Charity Commission has been awarded £5m from government per year to help it respond to significant increases in demand on its core regulatory functions, but is to consider asking larger charities to make a financial contribution to its work

23 Jan 2018

Charities

Law & Guidance

Finance | Woolf: it’s not about the money

The Financial reporting Council (FRC) needs to explore the potential impact of non-financial sanctions, such as reputational damage, for firms at fault for audit failures, argues Emile Woolf

23 Jan 2018

Auditing

Audit Regulations

22 Jan 2018

Image for internal audit accountability and reporting lines part 3

Finance | Internal audit: accountability and reporting lines - part 3

In the final instalment of this three-part series, Chartered Institute of Internal Auditors chief executive Ian Peters considers the accountability of the internal audit function

22 Jan 2018

Auditing

Image for goodwin hmrc needs clear confusion crew cab van tax status

Tax | Goodwin: HMRC needs to clear up confusion on crew cab van tax status

A disagreement between HMRC and Coca-Cola over the benefit in kind tax status of crew cab vans has left some businesses and their tax advisers in limbo as the soft drinks giant loses its case at the First Tier Tribunal over vehicle classifications, warns Brent Goodwin, senior VAT manager at Newby Castleman

22 Jan 2018

Tax | HMRC part-fixes IT problems with self assessment service

Following IT problems with the self assessment pre population service, HMRC has now confirmed that the system is up and running, so taxpayers can see pre-poluated data when they log into accounts but there are still problems with setting up a direct debit

22 Jan 2018

Tax | IRS clarifies guidance for computing transition tax

The US Internal Revenue Service (IRS) has issued additional guidance (Notice 2018-13) for computing the transition tax on the untaxed foreign earnings of foreign subsidiaries of US companies under the Tax Cuts and Jobs Act

22 Jan 2018

Business | Baker Tilly International revenues up to $3.4bn

Baker Tilly International has confirmed year-on-year growth of 6.4% as its revenues hit $3.4bn (£2.45bn) in the year to 31 December 2017

22 Jan 2018

Image for smes access financial ombudsman service over disputes

Business | SMEs to access Financial Ombudsman Service over disputes

The Financial Conduct Authority (FCA) is consulting on plans to give over 150,000 small businesses access to the Financial Ombudsman Service to solve disputes with a financial services firm, in a bid to improve the protections available to SMEs

22 Jan 2018

Image for guidance claiming relief corporation tax losses

Tax | Guidance on claiming relief on corporation tax losses

HMRC has published guidance for companies to work out and claim relief from corporation tax on terminal losses, capital losses and property income losses

22 Jan 2018

Business | Accountancy salaries rising faster than average

Advertised salaries in the accountancy and finance sector rose by 3.3% last year, faster than the national average of 2.3%, according to data from Reed Accountancy & Finance which also shows that the number of jobs posted for the sector increased by 7%

22 Jan 2018

Careers

Image for nao report reveals poor financial position nhs

Business | NAO report reveals poor financial position of NHS

As the winter beds crisis in the NHS hits the headlines, the NAO is warning that additional funding, aimed to help the NHS get on a financially sustainable footing, has instead been spent on coping with existing pressures

22 Jan 2018

Image for kingston smith kicks bankruptcy process ex newcastle footballer

Business | Kingston Smith kicks off bankruptcy process for ex-Newcastle footballer

Christopher Purkiss, insolvency practitioner and Michaela Hall, partner, of Kingston Smith’s corporate recovery and insolvency arm have been appointed trustees to the bankruptcy estate of former Newcastle United and Everton footballer Steve Watson

22 Jan 2018

Restructuring & Insolvency

Image for government get tough company pension failures

Business | Government to get tough on company pension failures

Prime Minister Theresa May has indicated the government plans to introduce sanctions for top executives who fail to protect employee pension schemes, as part of her renewed commitment to creating fairer pay practices

22 Jan 2018

19 Jan 2018

Image for young scale carillion insolvency masks fundamental problems

Finance | Young: scale of Carillion insolvency masks fundamental problems

As is often the case with high profile business failures, Carillion’s insolvency has a number of unusual features, not least its political dimension. In other ways, it is simply a familiar story on a larger scale, says Nathanael Young, senior associate in the commercial litigation and dispute resolution team at SA Law

19 Jan 2018

Image for bull robots could increase uk corporation tax rate 25

Tax | Bull: robots could increase UK corporation tax rate to 25%

If the threat of robots taking people’s jobs in the future proves true then corporation tax must increase to offset the impact of reduced tax revenues from income tax and national insurance contributions (NICs), explains George Bull, tax partner at RSM

19 Jan 2018

Tax | HMRC challenged to investigate Ryanair’s ‘opaque’ crew payments

MPs have asked HMRC to investigate Ryanair and the agencies it uses to supply cabin crew, to ensure that they are paying at least the national minimum wage/national living wage (NMW/NLW) to all their staff, after the airline failed to supply answers about its payment practices to two select committees

19 Jan 2018

Business | ACCA members authorised to handle probate

ACCA has been approved to authorise individuals and firms to carry out probate work, having successfully applied to the Legal Services Board to authorise practitioners to undertake probate work across England and Wales

19 Jan 2018

Image for ciot hosts memorial past president chris jones

Business | CIOT hosts memorial for past president Chris Jones

CIOT, along with LexisNexis and the Jones family, is hosting a memorial on 30 January to celebrate the life and achievements of past president Chris Jones, who died suddenly in November last year

19 Jan 2018

Restructuring & Insolvency

Leadership & Management

Image for government launches carillion support taskforce

Tax | Government launches Carillion support taskforce

The government’s newly formed taskforce set up to monitor and advise on mitigating the impacts of Carillion’s liquidation on construction firms has had its first meeting

19 Jan 2018

Image for people news mazars crowe clark whitehill catax

HR | People in the news: Mazars, Crowe Clark Whitehill, Catax

Career news this week includes an insurance audit partner at Mazars, two partners in assurance and advisory and global mobility services join Crowe Clark Whitehill, specialist tax firm Catax appoints an operations director

19 Jan 2018