Business &amp; Accountancy Daily

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Tax | Chancellor’s statement unlikely to spring surprises

There is general agreement that the Chancellor’s first spring statement, scheduled for Tuesday 13 March, is unlikely to contain any new policy measures, but looks to set to announce a raft of consultations and an update on the latest official economic and fiscal forecasts

9 Mar 2018

Tax | EU challenge to UK’s VAT treatment of derivatives trades

The EU is investigating the UK’s VAT treatment of commodity derivatives trades over concerns that it has not paid enough tax under single market rules

9 Mar 2018

Business | Wagamama and TGI Fridays named and shamed for NMW failures

High street names including Wagamama and TGI Fridays are among 180 employers listed and fined for underpaying more than 9,000 minimum wage workers by £1.1m

9 Mar 2018

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Business | Finance Mole: cranking up the thermostat

Finance Mole is settling into his new job until a heated moment with the Collections Lady knocks him off stride, plus Stephen Haddrill, CEO at the FRC and former CFO at Carillion face the wrath of MPs from joint select committees

9 Mar 2018

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Business | Councils struggle after funding cut by 49% over eight-year period

Local councils have had their government funding almost halved and are now under immense financial pressure, according to a report by the National Audit Office (NAO) which warns that one in 10 councils with social care obligations are at risk of exhausting their reserves in the next three years

9 Mar 2018

Image for oecd webinar digital tax scheduled

Tax | OECD webinar on digital tax scheduled

The OECD Centre for Tax Policy and Administration is planning a briefing on the latest plans for digital taxation ahead of the upcoming G20 finance ministers’ meeting

9 Mar 2018

| Global audit firm networks challenged to maintain quality

The International Forum of Independent Audit Regulators (IFIAR) has challenged the six largest global audit firm networks to do more to improve the quality of their auditing and ensure greater consistency worldwide, after it found progress plan to drive up standards was too patchy

9 Mar 2018

Auditing

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Finance | EU roadmap for ‘greener’ financial system

The European Commission has unveiled plans to develop a financial system that supports the EU's climate and sustainable development agenda, in a bid to cut greenhouse gas emissions by 40% by 2030

9 Mar 2018

HR | People in the news: BDO, Deloitte, UHY Hacker Young

Career news this week includes a tax partner in BDO’s London office, Deloitte appoints a tax partner to cover the public sector and charities, a corporate finance director joins UHY Hacker Young’s London office

9 Mar 2018

Careers

Finance | EFRAG needs to raise its profile

Although the European Financial Reporting Advisory Group (EFRAG) is successful in influencing IFRS standards it must broaden its limited scope to review the impact of technological change and sustainable finance, according to the group’s stakeholders

9 Mar 2018

8 Mar 2018

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Finance | IFRS 16 Leases: complying with the standard - part 1

With under a year until its introduction, Calum Fuller looks at IFRS 16 Leases’ requirements and what businesses should do to comply

8 Mar 2018

Tax | Remember what’s new for 2018/9?

Spring into 2018/9 content marketing with an extra boost!It’s an old cliché about a picture being worth a thousand words. But that doesn’t make it less true. Visualising important information can make a real difference to people’s understanding, as well as livening up your communications.

8 Mar 2018

Tax

Business Tax

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Tax | HMRC updates employee travel guide on tax and expenses

HMRC has published the 2018 version of guide 490: Employee travel, explaining income tax and national insurance contributions (NICs) liabilities for business expenses

8 Mar 2018

Finance | Anti-money laundering rules for accountants revised

The Treasury has approved the long-awaited anti-money laundering guidance for accountants and tax advisers and an extensive document has been released including details on how to determine whether a politically exposed person (PEP) is a high or low risk

8 Mar 2018

Tax | HMRC confirms soft approach to penalties for late trust registration

HMRC has written to the Society of Trust and Estate Practitioners (STEP) confirming that penalties for trusts that have not signed up to the Trust Registration Service (TRS) by the 5 March deadline will not be charged automatically but will instead be decided using a risk-based approach

8 Mar 2018

Business | Trio of accounting giants publish partner pay gap data

Three of the Big Four firms, Deloitte, EY and KPMG have published details of their partner pay gap for the first time, as part of moves to offer increased transparency by going beyond the requirements of new legislation on gender pay reporting

8 Mar 2018

Leadership & Management

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Tax | Tapered annual allowance guidance for DB pensions updated

HMRC has updated the pension guidance to clarify the calculation methods for the reduced tapered annual allowance for defined benefit pension and career average schemes for 2016-17 tax years onward

8 Mar 2018

Leadership & Management

Image for 25 ftse 350 board members are women

Business | 25% of FTSE 350 board members are women

Data published to mark International Women’s Day reveals a mixed picture – while more women than ever before are on boards of the UK’s largest companies, the proportion of females on the senior rungs below the top level continues to lag behind their male counterparts

8 Mar 2018

Leadership & Management

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Business | Investigation digs administrative hole for Countrywide Farmers

David Pike, Mark Orton and Will Wright from KPMG’s restructuring practice have been appointed joint administrators to agricultural retailer Countrywide Farmers, whose attempt to sell part of its business following trading difficulties was referred to the Competition and Markets Authority (CMA)

8 Mar 2018

Restructuring & Insolvency

Image for money laundering supervision guidance trusts and high value dealers

Tax | Money laundering supervision guidance for trusts and high value dealers

HMRC has updated its guidance on money laundering supervision for trusts, company service providers and high value dealers, outlining how to identify high risk areas to avoid being targeted by criminals

8 Mar 2018

Finance | Commission investigates charity’s accounts filing failure

The Charity Commission has opened a statutory inquiry into The Great Generation over concerns about the charity’s persistent failure to file its accounts on time

8 Mar 2018

7 Mar 2018

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Finance | Carillion accounts ‘work of fiction’

An MP has described KPMG’s last set of accounts for failed outsourcer Carillion as ‘a work of fiction’, while a leading investment group and shareholder in the company has asked audit committees at two other companies audited by KPMG to confirm the quality of the firm’s work

7 Mar 2018

Finance | Companies Act 2006 part 17: filing accounts

This article, the seventeenth in our series on the Companies Act 2006, will focus on how to file accounts outlining the different options available to the various categories of companies including abridged accounts and fileted accounts and when companies would switch between GAAPs

7 Mar 2018

Finance

Accounting Standards

Financial Reporting

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Finance | Charities urged to take action on safeguarding issues

The government and the Charity Commission have stressed the need for charities to take urgent action around safeguarding, in response to public outcry over recent revelations around sexual exploitation by individuals involved in international aid agencies, domestic charities and high street charity shops

7 Mar 2018

Charities

Law & Guidance

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Business | ICAS teams up with US accounting associations

The Institute of Chartered Accountants of Scotland (ICAS) has agreed a deal with US-based National Association of State Boards of Accountancy (NASBA) and the Association of International Certified Professional Accountants (AICPA) to enable members to practice in the other nation’s jurisdiction

7 Mar 2018

Business | FRC call for more measurement of corporate culture

In the run up to its planned revision of the UK corporate governance code, one of the Financial Reporting Council’s (FRC) senior executives has highlighted the importance of corporate culture, and the need to develop a way of reporting on a company’s values and behaviours

7 Mar 2018