Business &amp; Accountancy Daily

HMRC

Case Reports

Image for downing street rules out eu customs union

Business | Downing Street rules out EU customs union

Downing Street has issued a statement saying that Britain will ‘categorically’ leave the customs union after Brexit, as prime minister Theresa May and secretary of state for exiting the European Union David Davis prepare to meet chief EU negotiator Michael Barnier today

5 Feb 2018

Business | PwC rated most valuable global professional services brand

All of the Big Four accountancy firms have moved up the league table of the world’s most valuable brands, which is topped by online retailer Amazon, with PwC heading the list of ratings for professional firms

5 Feb 2018

Image for lights go out energy storage company administration

Business | Lights go out for energy storage company in administration

Chris Newell and Frank Wessely, partners at Quantuma, have been appointed joint administrators to Cella Energy Ltd, a pioneering Oxfordshire company which has been developing advanced hydrogen energy storage and has collapsed, with the loss of all jobs

5 Feb 2018

Image for begbies traynor buys cjm boost property services

Business | Begbies Traynor buys CJM to boost property services

Begbies Traynor Group has spent £250,000 to acquire CJM Asset Management, in a bid to boost its property services division

5 Feb 2018

Image for mazars seeks buyer police forensics supplier

Business | Mazars seeks buyer for police forensics supplier

Simon Chandler, partner, and Scott Bevan, director, of Mazars have been appointed as joint administrators of Key Forensic Services Ltd, which is a major supplier to police forces and has significant financial problems

5 Feb 2018

2 Feb 2018

Business | Called to account: February 2018

In this month's roundup of cases and disqualifications, a gang are jailed for £2.4m VAT fraud, director banned over company’s VAT evasion, mechanic’s £210k tax fraud grinds to a halt

2 Feb 2018

Called to Account

Image for gdpr versus current data protection laws what you need know

Business | GDPR versus current data protection laws: what you need to know

The General Data Protection Regulation (GDPR) is due to replace existing data protection laws across the EU in May 2018, changing the way data storage and usage is governed and introducing harsh penalties for non compliance. Martin Hodgson of Croner-i Business Essentials looks at the differences between GDPR and current data protection law

2 Feb 2018

Leadership & Management

Image for what happens if you miss self assessment deadline

Tax | What happens if you miss the self assessment deadline

With the 31 January deadline to submit your self-assessment tax return for the year ended 5 April 2017 having come and gone, Blick Rothenberg personal tax assistant manager explains what you should do if you missed the deadline

2 Feb 2018

Personal Tax

HMRC

Image for deloitte named defendant steinhoff class action

Finance | Deloitte named as defendant in Steinhoff class action

Deloitte is facing a class action from Dutch law firm BarentsKrans, which is bringing legal proceedings on behalf of shareholders in Steinhoff International Holdings, owners of Poundland, after the South African company’s share price was hit by news of accounting irregularities

2 Feb 2018

Tax | Record 10.7m taxpayers file tax returns before deadline

The number of taxpayers who submitted their tax returns before the 31 January deadline hit 10.7 million, surpassing previous years records, with over 758,000 people cutting it fine and leaving it to the last minute to file

2 Feb 2018

Business | Phony accountant steals £144k in tax

A Derby bookkeeper who pretended to be a fully qualified accountant to steal £143,957 in tax, sending more than £100,000 to an online lover in Canada, has been jailed for three-and-a-half years

2 Feb 2018

Called to Account

Image for fca look individual personal pensions market

Business | FCA to look at individual personal pensions market

The Financial Conduct Authority (FCA) has launched a consultation on non-workplace pensions, in a bid to find out whether competition is working well and if there are issues that need to be addressed in order to protect consumer

2 Feb 2018

Pensions

Image for hmrc publishes guidance updated non dom rules

Tax | HMRC publishes guidance on updated non dom rules

HMRC has released a raft of guidance in relation to non-doms, including updates to the deemed domicile rules and the remittance basis, plus information about cleansing mixed funds, which apply from 6 April 2017

2 Feb 2018

HR | People in the news: Haysmacintyre, Moore Stephens, Smith Cooper

This week's news of professional moves in the sector includes a partner promotion and a senior management hire at Haysmacintyre, Moore Stephens gains a transfer pricing partner from RSM, Smith Cooper appoints a senior executive and senior manager in its corporate finance team

2 Feb 2018

Careers

Image for pwc top accounting firm lgbt inclusion

Business | PwC top accounting firm for LGBT inclusion

As the largest firms continue to feature in the latest Stonewall workplace equality index of top employers supporting LGBT employees, ICAEW is calling for more accountancy practice, particularly smaller firms, to join their ranks

2 Feb 2018

Business | Student housing builder in administration

Paul Flint, associate partner, and Paul Dumbell, director from KPMG’s restructuring team have been appointed joint administrators of Pinnacle Student Developments (Liverpool) Ltd, a building developer which has failed following the collapse of one of its main contractors

2 Feb 2018

Restructuring & Insolvency

Image for rd tax specialist catax buys fast track ps25m

Business | R&D tax specialist Catax buys Fast Track for £2.5m

Specialist tax relief firm Catax has acquired Fast Track, a leading R&D tax credit consultancy, for £2.5m in a deal which gives the company its first London base

2 Feb 2018

1 Feb 2018

Image for top 75 firms survey 2018 risk profit meltdown

Business | Top 75 Firms survey 2018: risk of profit meltdown

In a record year for firms as fee income surges towards £15bn, profitability is being squeezed and smaller firms are at risk. Philip Smith analyses the latest financial results, profitability, growth areas and considers the key trends to watch

1 Feb 2018

Business | Top 75 Firms survey 2018: seventh consecutive year of market growth

The Accountancy Top 75 2018 survey shows that fee income, for so long the measure of success in the profession, continues its run of seven consecutive years of growth since 2011

1 Feb 2018

Top 75 Surveys

Image for premier league clubs put record ps430m january transfer net

Business | Premier League clubs put record £430m in January transfer net

Premier League football clubs have hit a new spending record in the latest transfer window, according to analysis by Deloitte which says total expenditure this January is the highest ever at £430m

1 Feb 2018

Image for guidance published changes business investment relief

Tax | Guidance published on changes to business investment relief

HMRC has published guidance on updates to the business investment relief (BIR) rules, which apply from 6 April 2017 and mean a qualifying investment can now be made by acquiring existing shares in a target company, amongst other changes

1 Feb 2018

Finance | FTSE 250 firm SIG reports accounting irregularities

FTSE 250 building products supplier SIG has revealed its profits for 2016 have been overstated by up to £3.7m, with possible further overstatements in prior years, after a whistle-blower alerted the company to accounting irregularities which have been confirmed by forensic accountants

1 Feb 2018

Finance | IFRS 16: are you ready? – NEW CPD module

This month's exclusive CCH Daily CPD module focuses on the review and scope of IFRS 16 Leases, which is effective for periods beginning on or after 1 January 2019

1 Feb 2018

Business | NAO says MoD equipment plan is ‘not affordable’

The Ministry of Defence (MoD) could be facing a £20bn shortfall in the cash it needs to equip the armed forces for the next decade according to a report from the National Audit Office (NAO), which says its plans are not affordable and is scathing about the department’s forecasting and budgeting

1 Feb 2018

Image for treasury and beis committees look sme support

Business | Treasury and BEIS committees to look at SME support

MPs are to scrutinise the lending market for SMEs and whether they have enough support in dealing with larger companies, with two new inquiries announced by select committees

1 Feb 2018

Image for milestone stage date automatic pension enrolment

Finance | Milestone stage date for automatic pension enrolment

Today marks the final staging date in the automatic enrolment scheme for pensions, which means that all employers have a legal requirement to start the process to ensure that by 1 July 2018, all eligible workers are enrolled into a workplace pension scheme

1 Feb 2018

Pensions

Image for ipsasb proposes public sector leasing accounting model

Finance | IPSASB proposes public sector leasing accounting model

The International Public Sector Accounting Standards Board (IPSASB) is consulting on a new lease accounting model for the public sector which proposes moving to a single right-of-use model to replace the risks and rewards incidental to ownership model in IPSAS 13, Leases

1 Feb 2018

Finance

Accounting Standards

Financial Reporting

Image for development updates february 2018

Business | Development updates: February 2018

In the latest career development updates, Grant Thornton sees digital forensics and tech investment as key for 2018, small talent pool reason for lack of senior women, RSM reports 9% increase in fee income

1 Feb 2018

Finance | Audit updates: February 2018

In our monthly roundup of developments in audit and governance, PwC faces two-year audit ban in India, KPMG quits Grenfell Inquiry role over audit conflicts, Monitoring Group considers single board restructure

1 Feb 2018

Auditing

Corporate Governance

Image for employment tax updates february 2018

Tax | Employment tax updates: February 2018

Jackie Hall ACA CTA, partner at RSM on pre-population service delay hits tax agents, rise in auto enrolment pension contributions, beneficial register of interests for trusts must be accurate

1 Feb 2018

Employment Tax

Image for accounting updates february 2018

Finance | Accounting updates: February 2018

In this month’s roundup of developments in accounting and financial reporting, Charity Commission launches amended annual return requirements, Carillion collapses as banks refuse to extend credit line, Companies House introduces abridged accounts service

1 Feb 2018

Finance

Accounting Standards

Financial Reporting

Tax | VAT updates: February 2018

Graham Elliott, VAT expert at City & Cambridge Consultancy is surprised at the decision over novation and land rights in Hanuman Commercial, disclosure of VAT avoidance schemes guidance effective, compound interest ruling in Littlewoods

1 Feb 2018