Business & Accountancy Daily

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Image for big fours average bonus pay gap hits 51

Business | Big Four’s average bonus pay gap hits 51%

Recently published gender pay gap data shows Big Four firm, PwC, as the worst performer while smaller firm, Bishop Fleming, comes out on top with the lowest mean pay gap out of the top 25 accounting firms although average bonus data shows a large disparity across the profession, reports Amy Austin

6 Apr 2018

Accountancy Firms

Leadership & Management

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Tax | New tax year brings additional complexity

Sharp increases in auto enrolment pension payments, new Scottish income tax rates and bands and increasing complexity over higher rate taxpayer child benefit payments are some of the changes coming into force today, at the start of the 2018/19 tax year

6 Apr 2018

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Business | Called to account: April 2018

In this month's roundup of cases and disqualifications, HMRC triumphs in Cyclops tax avoidance case, 12-year ban for director over fake invoices, jail for tax fraudster over £280k

6 Apr 2018

Called to Account

Image for tax take sugar levy dissolves manufacturers reformulate

Tax | Tax take from sugar levy dissolves as manufacturers reformulate

The amount of tax to be raised via the new soft drinks industry levy, in force from today, has been slashed, with the government claiming the threat of the ‘sugar tax’ has resulted in over 50% of manufacturers reformulating their products in order to avoid the charge, which is now predicted to bring in £240m rather than £520m in its first year

6 Apr 2018

Image for people news rsm uhy hacker young mazars

HR | People in the news: RSM, UHY Hacker Young, Mazars

In this week’s moves and appointments roundup, RSM has made 11 internal promotions to partner across the UK and has appointed an associate director, UHY Hacker Young gains four employees in its audit department and Mazars appoints two partners in Birmingham and Manchester

6 Apr 2018

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Business | Tough charity funding environment calls for sharper finance skills

Charities are reporting increased competition for funding, amid concerns that pressure on cashflow could hit future services and the ability to hire skilled staff, while financial controls need to be tightened, according to research by RSM

6 Apr 2018

Accountancy Firms

Image for jail ringleaders tax fraud labour gang

Business | Jail for ringleaders of tax fraud labour gang

The ringleaders of an eight-strong gang of labourers from the West Midlands have been jailed for attempting to steal £300,000 through fake tax claims which were uncovered during an HMRC investigation

6 Apr 2018

Called to Account

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Business | PwC officially appointed as administrators at Conviviality

Matthew Callaghan, Ian Green and David Baxendale of PwC have been appointed as joint administrators to alcohol wholesaler and retailer Conviviality, which has been in difficulties ever since the company identified a ‘material error’ in its financial forecasts and an unexpected £30m tax bill earlier this year

6 Apr 2018

Accountancy Firms

Restructuring & Insolvency

Image for charity commission investigates rnib over safeguarding concerns

Finance | Charity Commission investigates RNIB over safeguarding concerns

The Charity Commission is investigating the Royal National Institute of Blind People (RNIB) and its subsidiary charity, RNIB Charity, over concerns about the safeguarding of vulnerable beneficiaries

6 Apr 2018

5 Apr 2018

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Tax | Making Tax Digital – exploding the myths

While VAT is now at the forefront of HMRC plans for the rollout of Making Tax Digital (MTD), digital reporting will apply to all the main taxes in future and will impact all UK taxpayers. Ian Carpenter and John Forth, VAT partners at RSM, explain potential pitfalls and considerations for businesses and accountants

5 Apr 2018

Making Tax Digital

Image for qa pensions tax and tapered annual allowance

Tax | Q&A: pensions tax and tapered annual allowance

Croner Taxwise tax consultant Angela Robson examines the impact of the tapered annual allowance on pension savings and offers various options to deal with tax liabilities

5 Apr 2018

Image for sme share option scheme hangs balance

Tax | SME share option scheme hangs in balance

A £380m scheme designed to broaden SME employee ownership risks going into limbo, as EU state aid approval for the enterprise management incentive (EMI) share option scheme expires today, and HMRC has admitted it is not currently known when and on what terms the EU will renew its approval

5 Apr 2018

Image for hmrc wins case over willing goldfinger tax avoidance confidant

Tax | HMRC wins case over willing Goldfinger tax avoidance confidant

HMRC has won a case at judicial review concerning the use of confidential information freely disclosed by an informant, who got in contact to provide details of a tax avoidance scheme called Goldfinger, with the judge deciding that there had been no inducement by HMRC to create a breach of confidence

5 Apr 2018

Image for small business demand drives asset based lending

Business | Small business demand drives up asset-based lending

Invoice finance and asset-based lending in the UK and Ireland continues to gain traction, rising to £23.4bn at the end of 2017, a 5% increase on the previous year, and driven largely by increased lending to small businesses

5 Apr 2018

Image for mps call simple pension pathway and single dashboard

Finance | MPs call for simple pension pathway and single dashboard

In its final report on pension freedoms, the work and pensions select committee is calling for the introduction of a ‘default decumulation pathway’ and a single pensions dashboard for information, as a way of protecting those on low incomes or who are disengaged with pension arrangements

5 Apr 2018

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Business | FRC lab seeking AI project participants

The Financial Reporting Council’s (FRC) financial reporting lab is seeking representatives of listed companies, investors/analysts and technology experts to participate in a project looking at the impact of the technology in the production and consumption of corporate reporting

5 Apr 2018

Accountancy Firms

AI & Technology

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Business | Hull-based plastics specialist in administration

Andrew Mackenzie, Julian Pitts and Gary Lee of Begbies Traynor have been appointed as joint administrators to Plasticon UK Ltd, a Hull-based manufacturer of storage tanks and industrial piping which has been suffering financial difficulties

5 Apr 2018

Restructuring & Insolvency

Image for regulator raises accounts filing concerns blackburn charity

Finance | Regulator raises accounts filing concerns at Blackburn charity

The Charity Commission has opened a statutory inquiry into The Islamic Educational Society of Blackburn over concerns about the charity’s repeated failure to file statutory accounting information on time

5 Apr 2018

4 Apr 2018

Image for what companies should do improve their gender pay gap

Business | What companies should do to improve their gender pay gap

Today is the last day for private companies to report their gender pay gap ahead of tomorrow’s deadline, but employers need to ensure they do not put the pay gap issue to one side once the deadline passes, warns Suzanne Tanser, reward business manager at Croner

4 Apr 2018

Accountancy Firms

Image for charity accounts new cpd module

HR | Charity accounts – NEW CPD module

This month's exclusive Accountancy Daily CPD module focuses on the auditing and reporting of charity accounts covering the legal background in planning engagements, the accounting and auditing requirements and whistleblowing requirement to make appropriate reports

4 Apr 2018

Image for hmrc targets employers apprentices nics relief research

Tax | HMRC targets employers of apprentices for NICs relief research

HMRC has teamed up with Kantar Public to carry out research on employer National Insurance contribution (NIC) relief for employees under 21 and apprentices under 25, with those chosen having to contact HMRC if they do not wish to take part

4 Apr 2018

Image for help buy extended scotland 2021

Tax | Help to Buy extended in Scotland to 2021

The Scottish Help to Buy scheme for first-time buyers and existing home owners is being extended for two years to 2021 with a further £100m investment, helping more people purchase a new-build home without raising a large deposit

4 Apr 2018

Image for businessman banned moving ps1m avoid paying debts

Business | Businessman banned for moving £1m to avoid paying debts

A boss of an Aintree-based construction firm has banned from running companies for eight years after he moved more than £1m out of his failing business to avoid paying debts

4 Apr 2018

Restructuring & Insolvency

Called to Account

Image for gig economy and technology challenge workforce strategy

Business | Gig economy and technology challenge workforce strategy

Companies need better strategies to manage the growing use of ‘non-traditional’ labour, including freelancers, contractors and ‘gig’ employees, while technology is changing the nature of the skills required in all sectors, including accountancy, according to two recent surveys

4 Apr 2018

Accountancy Firms

AI & Technology

Image for air partner hits ps33m accounting turbulence

Finance | Air Partner hits £3.3m accounting turbulence

Global aviation services group Air Partner has seen its shares nosedive after the company admitted identifying a £3.3m accounting error dating back to 2011

4 Apr 2018

Financial Reporting

Image for esma make prospectus simpler and cheaper

Finance | ESMA to make prospectus simpler and cheaper

The European Securities and Markets Authority (ESMA) has published the first part of its technical advice for a revised approach to prospectus regulation, as part of a long-running project to make simplifications to the format and content of prospectus

4 Apr 2018

Financial Reporting

Image for official receiver appointed six pension companies

Finance | Official receiver appointed to six pension companies

Six pension and finance companies involved in the operation of occupational pension schemes have been placed in provisional liquidation following an investigation by the Insolvency Service

4 Apr 2018

Restructuring & Insolvency

Image for editors comment making tax digital dummies

Tax | Editor’s comment: Making Tax Digital for dummies

As HMRC launches its Making Tax Digital income tax pilot Sara White, editor at Accountancy, discusses the lack of communication on HMRC's behalf and considers why sole traders were chosen to test the software first

4 Apr 2018

Making Tax Digital