Business &amp; Accountancy Daily

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Finance | FCA seeks views on ‘smarter’ regulatory reporting

The Financial Conduct Authority (FCA) is seeking views on how technology can make it easier for firms to meet their regulatory reporting requirements and improve the quality of the information they provide

21 Feb 2018

Business | Pension trustees urged to adopt ‘black box’ thinking

Pension trustees and regulators are being urged to adopt a ‘black box’ approach, constantly identifying and evaluating problems with pension scheme deficits, in a bid to encourage best practice across the sector

21 Feb 2018

Pensions

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Business | Conflict of interest inquiry reaps £1m for charity

Some £1m of funds have been returned to a charity after the Charity Commission investigated reports of unauthorised payments to three trustees who were acting as consultants for the charity’s wholly owned subsidiary limited company

21 Feb 2018

Charities

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Tax | Incoming FCA chair’s ‘error of judgment’ over Ingenious investment

Charles Randell, who is the incoming chair of the Financial Conduct Authority (FCA), has admitted ‘an error of judgement’ which saw the former magic circle lawyer and government adviser end up paying £114,000 to HMRC after investing in a controversial tax avoidance scheme

21 Feb 2018

Tax

HMRC

Tax Compliance

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Business | Administration on menu for specialist meat supplier

Chris Pole and Mark Orton, partners from KPMG Restructuring, have been appointed joint administrators to specialist meat supplier Russell Hume Ltd, which was the centre of a food standards scare last month and which has now ceased trading with the loss of over 250 jobs

21 Feb 2018

Restructuring & Insolvency

20 Feb 2018

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Tax | US tax reform: impact of territorial tax changes - part 1

In part one of a three-part series on US taxation, PwC US national professional services partner Donald Doran explains the impact of the swingeing changes to the country's tax system for companies with stateside interests

20 Feb 2018

Tax

Business Tax

International Tax

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Finance | Demystifying changes to charities' annual returns

BDO partner Fiona Condron looks at the changes planned for charities and their annual return and highlights the issues to be aware of

20 Feb 2018

Finance | Consultation on changes to Charity SORP post-FRS 102

The Charity Commission and the Office of the Scottish Charity Regulator have issued a joint consultation on amendments to the Charities Statement Of Recommended Practice (SORP) following changes to UK-Irish accounting standards

20 Feb 2018

Tax | Small businesses spend three working weeks on tax compliance

The average UK small business spends £5,000 and three working weeks every year on tax compliance, according to research from the Federation of Small Businesses (FSB), which is calling for the system to be simplified

20 Feb 2018

Finance | William Hill fined £6.2m for ‘systemic’ money laundering failures

William Hill Group (WHG) has been fined £6.2m after a Gambling Commission investigation identified ‘systemic’ failure to prevent money laundering activity and breaches of social responsibility regulations at the betting firm

20 Feb 2018

Tax | Panama Paper investigations to net £100m in unpaid tax

HMRC’s investigations into the content of the leaked Panama Papers are expected to generate additional tax of £100m from recalcitrant tax avoiders

20 Feb 2018

Tax | Tax returns: tips and advice on year-end tax issues

With the current tax year ending on 5 April 2018, now is the time to get your tax affairs in order. Julia Rosenbloom, private client tax partner at Smith & Williamson, outlines 10 important tax planning points to consider

20 Feb 2018

Tax | HMRC consults on corporate intangible fixed assets regime

HMRC and the Treasury are consulting on potential changes to the corporate intangibles regime and reforms to the administration and tax compliance in the light of changing attitudes to intellectual property (IP) and the government's aim to reduce aggressive tax avoidance

20 Feb 2018

Business | Business unravels for 120-year old Scottish knitwear supplier

An historic Scottish textiles factory which was the preferred supplier of bespoke cricket sweaters to the MCC has gone into provisional liquidation with the loss of over 40 jobs, citing rising import costs as much of its material was sourced from the EU

20 Feb 2018

Restructuring & Insolvency

19 Feb 2018

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Business | Winton: balancing the needs of defined benefit pension stakeholders

Defined benefit pension schemes are at risk as funds are ransacked by companies, covenants are breached and trustees appear to have few powers. Anne-Marie Winton, partner at ARC Pensions Law LLP, considers the issue in light of the Carillion collapse

19 Feb 2018

Finance | KPMG audit partner faces MPs grilling over Carillion

KPMG’s head of audit as well as the audit partner for Carillion are scheduled to face MPs this week in the latest evidence session, with the inquiry releasing letters indicating that prior to the outsourcer’s collapse, a major shareholder was considering suing over losses incurred due to ‘unreliable’ financial information

19 Feb 2018

Tax | Nunn: reforming NICs is tough

At the core of the government’s response to the Taylor Review of 2017 on working practices in the gig economy is the need to deliver a flexible and productive labour market, but this flexibility will come at a tax cost, says Yvette Nunn, director of Berkeley Associates

19 Feb 2018

Tax | Company car uptake grows by 10k

The introduction of low tax electric cars has resulted in 960,000 individuals being provided with company cars in 2015/16, up 10,000 (1.05%) on the previous year, according to research from UHY Hacker Young

19 Feb 2018

Tax | BVI revamps limited partnership regime

The British Virgin Islands (BVI) has launched a new limited partnership regime in a bid to increase the jurisdiction’s attractions for investment funds, particularly private equity funds and joint ventures

19 Feb 2018

Business | Burton named managing partner for Saffery Champness

Top 20 firm Saffery Champness has appointed Matthew Burton as managing partner taking over from Rob Elliott who is stepping down after three terms in the role

19 Feb 2018

Careers

Leadership & Management

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Finance | Research shows Big Four ‘too cosy’ with ex-audit CFOs

When a CFO or other top executive of a company being audited was formerly employed by the accounting firm conducting the audit there is a risk from the ‘familiarity threat’ which can undermine audit independence and ‘breed coziness’, according to a report from the American Accounting Association which says the ‘revolving door’ might need to be closed

19 Feb 2018

Tax | Quarter of tax appeals filed online

A quarter of tax appeals are now being made online according to figures from HM Courts and Tribunals Service (HMCTS), which says its newly introduced service offers a quicker, more streamlined system as part of its planned £1bn investment in digitisation

19 Feb 2018

Business | Begbies Traynor ‘push the envelope’ to save 129 printing jobs

Nick Reed and Bob Maxwell, partners with Begbies Traynor in Leeds, have been appointed as joint administrators of Great Northern Envelope Company (GNE), and has sold the company to a rival in a pre-pack deal which preserves 129 jobs

19 Feb 2018

Restructuring & Insolvency

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Business | Accountant jailed for £1.7m Bermuda theft

An accountant from South Wales who stole more than £1.7m while working for the government of Bermuda and laundered the money through property purchases in the UK has been jailed for seven years and four months

19 Feb 2018