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Image for frc plans ps1m additional funds monitor audit firms says mclaren

Finance | FRC plans £1m additional funds to monitor audit firms, says McLaren

Harsher penalties for poor audit work and tougher monitoring by the Financial Reporting Council (FRC) is necessary given the current lack of confidence in the audit profession. Philip Smith talks to Melanie McLaren, FRC executive director of audit, about the tougher approach

16 Apr 2018

Corporate Governance

Audit Regulations

Image for high court claim loss damages over phones 4u breach contract

Finance | High Court claim for loss of damages over Phones 4U breach of contract

A case heard in the commercial court in January 2018 concerning Phones 4U and EE has raised important points about whether a company can claim for ‘loss of bargain’ common law damages for a repudiatory breach of contract. Miles Robinson, partner and Zahra Rose Khawaja, an associate at Mayer Brown International examine the ruling

16 Apr 2018

Financial Reporting

Law and Regulation

Accountancy Firms

Image for grant thornton sponsor digital cyber academy

Business | Grant Thornton to sponsor digital cyber academy

Grant Thornton is to join Deloitte and BAE system in a partnership with UK cyber security start-up Immersive Labs to help further advance the company’s digital cyber academy (DCA) which aims to provide real-life training

16 Apr 2018

Accountancy Firms

AI & Technology

Image for dft plans overhaul airline insolvency rules

Business | DfT plans overhaul of airline insolvency rules

The Department for Transport (DfT) has launched a call for evidence as part of its airline insolvency review to ensure airlines can wind down with the minimum impact on passengers and the taxpayer, and says there may need to be changes to insolvency regulations

16 Apr 2018

Accountancy Firms

Restructuring & Insolvency

Image for ots wants action patchwork business tax reliefs

Tax | OTS wants action on ‘patchwork’ of business tax reliefs

The Office of Tax Simplification (OTS) is calling for an urgent overhaul of what it calls ‘the complex patchwork’ of tax charges and reliefs which apply at various points in the business lifecycle to reduce complexity, make reliefs more accessible and to encourage UK businesses to fulfil their potential

16 Apr 2018

Image for 75 mps call increase hmrc funding

Tax | 75% of MPs call for increase in HMRC funding

Two out of three MPs believe that government should be clearer on its tax strategy, while three-quarters have called for increased investment in HMRC, according to research from the Association of Accounting Technicians (AAT) and ACCA

16 Apr 2018

Image for call devolved vat scotland

Tax | Call for devolved VAT in Scotland

The Scottish parliament should be given responsibility for setting VAT rates post-Brexit as existing legal obstacles to VAT devolution will no long apply, according to Reform Scotland, an independent, non-party think tank, which says Scotland needs to widen its tax base

16 Apr 2018

Image for kpmg south africa review audit files

Finance | KPMG South Africa to review audit files

KPMG South Africa has announced that two partners, Sipho Malaba and Dumi Tshuma, have resigned with immediate effect after disciplinary charges were brought against them, relating to failure to disclose relevant financial interests when working with a client, and says it will begin a major review of audit files

16 Apr 2018

Corporate Governance

13 Apr 2018

Image for finance mole offside muddle sales meeting

Business | Finance Mole: offside muddle at sales meeting

Finance Mole gets his comeuppance for finance cuts when he mistakenly attends the football-themed sales conference plus, Peter Rayner, incoming CIOT vice-president, shows off his funny side, FRC chief Stephen Haddrill comes out fighting

13 Apr 2018

Image for cfo checks out air partner

Business | CFO checks out of Air Partner

Private jet hire company Air Partner has announced the resignation of its chief financial officer (CFO), Neil Morris, after the company revealed it intends to restate certain historic results following the discovery of a £4m accounting error stretching back over several years

13 Apr 2018

Accountancy Firms

Leadership & Management

Image for frp advisory mopping kleeneze administration

Business | FRP Advisory mopping up Kleeneze administration

FRP Advisory has been appointed as administrators to Kleeneze, the 95-year old home shopping company which has ceased trading, putting 140 jobs at risk

13 Apr 2018

Accountancy Firms

Restructuring & Insolvency

Image for people news uhy hacker young rsm rotherham taylor

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

In this week’s moves and appointments roundup, UHY Hacker Young appoints a managing partner in its Manchester office, two promotions to regional managing partner at RSM, Rotherham Taylor promotes two managers

13 Apr 2018

Image for mazars reports 85 hike fee income

Business | Mazars reports 8.5% hike in fee income

Mid-tier firm Mazars has reported an 8.5% rise in overall fee income for the year ended 31 August 2017, marking its sixth successive year of growth

13 Apr 2018

Accountancy Firms

Image for 39 companies believe annual reports are too detailed

Finance | 39% of companies believe annual reports are too detailed

Companies are undecided about whether the quantity of information contained in annual reports is a good or a bad thing, although the majority still feel annual reporting is a useful exercise, according to research by ICSA: The Governance Institute and recruitment specialist The Core Partnership

13 Apr 2018

Financial Reporting

Accountancy Firms

Image for consultation electric car workplace charging tax exemptions

Tax | Consultation on electric car workplace charging tax exemptions

HMRC has launched a technical consultation seeking comments on workplace charging tax exemptions for electric and plug-in hybrid vehicles which were announced at Autumn Budget 2017

13 Apr 2018

12 Apr 2018

Image for hildyard corporate governance needs be strengthened

Finance | Hildyard: corporate governance needs to be strengthened

Prior to the global financial crisis, the issue of corporate governance was an unromantic fringe topic of little interest to all but the nerdiest technocrats in the already quite nerdish and technocratic area of economic policymaking and regulation. Now it is centre stage, says Luke Hildyard, policy lead on corporate governance at the Pensions and Lifetime Savings Association

12 Apr 2018

Corporate Governance

Image for ifrs 15 tips preparing june 2018 interim accounts

Finance | IFRS 15 tips: preparing for June 2018 interim accounts

Tony Perkins, audit partner at BDO, explains the pros and cons of the full retrospective or catch-up approach tin the transition to accounting for revenue recognition under the new IFRS 15 Revenue from Contracts with Customers focusing on issues for reporters preparing June 2018 interim accounts

12 Apr 2018

Accounting Standards

Financial Reporting

Image for how report expenses and benefits kind

Tax | How to report expenses and benefits in kind

As the final quarter before the 6 July deadline for reporting expenses and benefits in kind for the tax year ending 5 April 2018 starts, HMRC has issued bulletin 71 setting out the key compliance requirements for employers in a bid to force all users to move online

12 Apr 2018

Law and Regulation

Image for andersen global expands uk tax arm

Business | Andersen Global expands UK tax arm

Andersen Global, the international association of tax specialist firms set up by former Arthur Andersen staffers, is spearheading its push into the UK, signing its second collaboration agreement in a month, with tax practice Mark Davies & Associates joining the first UK member firm, RBCVAT Ltd

12 Apr 2018

Accountancy Firms

Image for carpetright closes 92 stores through cva

Business | Carpetright closes 92 stores through CVA

Carpetright is to close 92 stores, cut up to 300 jobs and reduce the size of its UK property estate and rental cost base through a company voluntary arrangement (CVA)

12 Apr 2018

Accountancy Firms

Restructuring & Insolvency

Image for thomas westcott continues expansion south west

Business | Thomas Westcott continues expansion in South West

South West firm Thomas Westcott, has merged with Okehampton-based accountancy practice Robert Humphry as part of its continued plans for expansion

12 Apr 2018

Accountancy Firms

Image for faster cgt payments may prove problematic landlords

Tax | Faster CGT payments may prove problematic for landlords

HMRC proposals to speed up capital gains tax (CGT) payments for residential property sales could cause cashflow and compliance issues for landlords, individuals and investors, warns Nimesh Shah, partner, Blick Rothenberg

12 Apr 2018

Image for hmrc seeks views insolvency regime abuse

Tax | HMRC seeks views on insolvency regime abuse

HMRC is exploring ways to tackle those who deliberately abuse the insolvency regime in trying to avoid or evade their tax liabilities, including through the use of phoenixism, and is seeking feedback on a discussion document

12 Apr 2018

Image for andrew tyrie head competition and markets authority

Business | Andrew Tyrie to head Competition and Markets Authority

Andrew Tyrie, the former MP and ex-chair of the Treasury select committee has been named as the new chair of the Competition and Markets Authority (CMA), UK’s independent competition authority

12 Apr 2018

Accountancy Firms

Leadership & Management

Image for extended bankruptcy fc who diverted employers funds

Business | Extended bankruptcy for FC who diverted employer’s funds

A financial controller has received a 13-year bankruptcy restrictions order (BRO) following a trial for diverting funds from her employer to herself, after an investigation by the Insolvency Service

12 Apr 2018

Called to Account

Image for ifrs foundation releases updated learning support ifrs smes

Finance | IFRS Foundation releases updated learning support for IFRS for SMEs

The IFRS Foundation has indicated that the first three updates of modules designed to provide support to anyone learning about, applying or reading financial statements prepared using the IFRS for SMEs standard will be available shortly

12 Apr 2018

Accountancy Firms