Business &amp; Accountancy Daily

Image for safeguarding concerns see regulator install interim manager charities

Finance | Safeguarding concerns see regulator install interim manager at charities

The Charity Commission has appointed an interim manager to Ampleforth Abbey and the St Laurence Education Trust as a result of continued concerns about the extent to which current safeguarding risks to pupils at the schools run by the charities are being adequately managed

3 Apr 2018

Charities

Business | Brexit uncertainties hit mid-sized business investment plans

With a year to go until Brexit begins, three quarters of UK mid-sized businesses say no clearer picture is emerging of the future UK/EU relationship and almost a third have put investment plans on hold in response, according to research by BDO

3 Apr 2018

Image for church leader jailed ps150k gift aid fraud

Business | Church leader jailed for £150k gift aid fraud

A church leader from Luton, who lied about charity donations to fraudulently claim £150,000 gift aid repayments, has been jailed for four years after an investigation by HMRC

3 Apr 2018

Called to Account

Image for iasb issues revised conceptual framework ifrs

Finance | IASB issues revised Conceptual Framework for IFRS

The International Accounting Standards Board (IASB) has issued its long-awaited revised Conceptual Framework for financial reporting, which underpins International Financial Reporting Standards (IFRS), stopping short of making major changes and focusing on topics that had not previously been covered or that showed obvious shortcomings

3 Apr 2018

Finance

Financial Reporting

IFRS

Image for kpmg called collapsed engineering company

Business | KPMG called in to collapsed engineering company

Blair Nimmo, Tony Friar and Stuart Irwin of KPMG have been appointed as joint administrators of Vaughan Engineering Ltd (VEL), which was a supplier to collapsed outsourcing company Carillion and has now ceased trading with the loss of over 150 jobs

3 Apr 2018

29 Mar 2018

Finance | Challenges of accounting for LLPs

Limited liability partnership (LLP) accounts create challenges over profits, revenue recognition and mergers, explains Sarah Perrin ACA

29 Mar 2018

| Audit rotation creates barrier for non-Big Four firms, says GT chief

Mandatory audit rotation hinders competition and creates barriers for mid-tier firms with fees hitting £300,000 for tenders, says Robert Hannah, chief operating officer at Grant Thornton, as the firms pulls out of bidding for FTSE 350 audits in the future, reports Amy Austin

29 Mar 2018

| Grant Thornton pulls out of bidding for FTSE 350 audits

Mid-tier firm Grant Thornton UK has made a strategic move away from tendering for statutory audit work in the FTSE 350, citing the difficulty of taking on the Big Four’s dominance in this area

29 Mar 2018

Business | Rapper jailed over $1.5m tax fraud

US rap artist and actor DMX, whose real name is Earl Simmons, has been given a one year jail term after he pleaded guilty to a $1.7m (£1.2m) tax fraud and admitted he ‘wasn’t following the rules’

29 Mar 2018

Called to Account

Image for treasury committee inquiry economic crime

Business | Treasury committee inquiry into economic crime

The Treasury committee has announced an inquiry into economic crime, with a twin focus on money laundering and terrorist financing, as well as frauds and scams affecting consumers

29 Mar 2018

Image for booze supplier conviviality brink administration

Business | Booze supplier Conviviality on brink of administration

Conviviality, the wholesaler and distributor of alcohol and impulse products, has announced it intends to appoint administrators, putting some 2,500 jobs at risk at the company which has recently reported identifying a ‘material error’ in its financial forecasts and an unexpected £30m tax bill

29 Mar 2018

Image for ey driving administration failed vehicle hire business

Business | EY driving administration at failed vehicle hire business

Colin Dempster, partner, and Fiona Taylor, associate partner, of EY’s restructuring team have been appointed joint administrators of commercial vehicle hire, sales and services business T.O.M. Group Ltd, which has ceased trading with the loss of over 400 jobs

29 Mar 2018

Finance | Legal updates: April 2018

In this month's legal updates, experts at law firm Gateley plc consider the duty of good faith and how it has been applied in a range of judgments as well as new laws which are set to be introduced to allow company directors to remove their personal addresses from Companies House

29 Mar 2018

Finance

Law and Regulation

Finance | Accounting updates: April 2018

In this month’s roundup of developments in accounting and financial reporting, revised anti-money laundering rules for accountants extend focus on PEPs, charity SORP amendments, FD whistleblower flagged Carillion accounting mess

29 Mar 2018

Tax | VAT updates: April 2018

Graham Elliott, VAT expert at City & Cambridge Consultancy is confused by HMRC’s reasoning in the Dynamic People case regarding the exemption of the special method, housebuilders’ input tax block clarified, insurance-related supply issue put into question twice

29 Mar 2018

Tax

VAT

Case Reports

Image for employment tax updates april 2018

Tax | Employment tax updates: April 2018

Jackie Hall ACA CTA, partner at RSM on the complications employers face when classifying employees as either salaried time-workers or unmeasured workers, trust registration penalties in force for employers

29 Mar 2018

Business | Development updates: April 2018

In the latest career development updates, auto enrolment costs double for employers, Big Four partner pay gap data shows major disparity, Milsted Langdon expands into Bristol, deadline for gender pay reporting

29 Mar 2018

Tax | Tax updates: April 2018

This month's review of tax cases and tax news including Making Tax Digital extended to income tax, changes to termination tax payments, copy Third party information notice was required by HMRC, penalties for late return were invalid

29 Mar 2018

Finance | Audit updates: April 2018

In our monthly roundup of developments in audit and governance, KPMG defends its audit at Carillion hearing, PwC collects £2.8m Johnson Matthey audit from KPMG, AIM companies to follow a corporate governance code

29 Mar 2018

Auditing

Corporate Governance

28 Mar 2018

Image for companies act 2006 part 20 auditors remuneration

Finance | Companies Act 2006 Part 20: auditor’s remuneration

This article, the last in our series on the Companies Act 2006, will focus on the auditor’s remuneration, including what details on audit remuneration companies must include in their accounts and how the fee is decided

28 Mar 2018

Finance

Financial Reporting

Auditing

Image for dodwell tax and sharing economy prove problematic

Tax | Dodwell: tax and the sharing economy prove problematic

Bill Dodwell, partner and head of tax policy at Deloitte, considers other countries methods of ensuring that online platforms and their users pay the correct amount of tax, after the Chancellor’s Spring Statement explored ways that these online platforms can encourage tax compliance

28 Mar 2018

Finance | IFRS rules on changing accounting policy under IAS 8 up for review

The International Accounting Standards Board (IASB) has issued a four-month consultation on minor amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, to improve the quality of financial reporting

28 Mar 2018

Tax | HMRC signs lease for Manchester regional centre

HMRC has signed a 25-year lease for its Manchester regional hub with the tax authority planning to move employees into the building by 2022, with the building becoming the eleventh lease that HMRC has signed out of the 13 regional centres

28 Mar 2018

Tax | Government takes axe to ‘staircase’ tax

The government is introducing legislation to help up to a thousand businesses which were affected by the ‘staircase tax’ introduced following a legal ruling on the way in which business rates in adjoining properties are calculated

28 Mar 2018

Business | RBS buys FreeAgent accounting software

Edinburgh-based accounting software supplier FreeAgent has been bought for £53m by RBS, marking the bank’s first acquisition since its disastrous £49bn takeover of Dutch giant ABN Amro in the lead-up to the financial crisis

28 Mar 2018

Business | Ex-BHS owner Chappell facing potential director disqualification

Dominic Chappell, the former racing driver who acquired BHS in 2015, is facing a potential 15 year disqualification over the high street retailer’s subsequent collapse, but previous owner Sir Philip Green will not face disqualification proceedings, the Insolvency Service has said

28 Mar 2018

Image for challenge companies and regulators over climate risk reporting

Finance | Challenge to companies and regulators over climate risk reporting

The UK government and regulators should do more to ensure mandatory requirements for corporate reporting of material environmental risks are followed and push for adoption of the framework developed by the Financial Stability Board’s taskforce on climate-related financial disclosures (TCFD), according to an independent report

28 Mar 2018

Business | FTSE 100 failing to report on cyber security testing

Two months before the introduction of the general data protection regulations (GDPR), only a minority of FTSE 100 companies are currently reporting in detail on their plans to demonstrate strong cyber security, according to analysis by Deloitte

28 Mar 2018

Business | Enhancements to Scottish debt arrangement scheme

The Scottish government is to make further revisions to its debt arrangement scheme (DAS) to make it more flexible, in a bid to encourage wider adoption of the initiative, which is designed to offer a statutory alternative to insolvency or debt consolidation

28 Mar 2018

Image for twin brothers jailed ps450k gift aid scam

Business | Twin brothers jailed for £450k gift aid scam

Identical twin brothers from Birmingham, who set up bogus charities to steal more than £450,000 in gift aid repayments, have been jailed for nearly 10 years following an HMRC investigation

28 Mar 2018