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Finance | Bannerman guidelines on third-party audit disclaimer revised

ICAEW has issued an update to its guidance designed to assist auditors in managing the risk of inadvertently assuming a duty of care to third parties in relation to their audit reports, commonly known as the Bannerman guidelines

24 May 2018

Finance | LLP accounting: classification of LLP members’ capital and remuneration – part 1

In the first of a new series on accounting for limited liability partnerships (LLPs), Iain Storey of Price Bailey explains the classification of LLP members’ capital and remuneration in the context of the LLP SORP

24 May 2018

Business | Data Protection Act 2018 enacts GDPR rules

The government has passed the Data Protection Act 2018, which ushers in major changes in the way companies handle and process personal data, under the General Data Protection Regulation (GDPR) effective 25 May

24 May 2018

Leadership & Management

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Tax | Dodwell: can we trust HMRC pre-populating tax returns?

Bill Dodwell, partner and head of tax policy at Deloitte, considers the implications of tax returns which are pre-populated with data by HMRC and asks whether taxpayers would check or understand the figures put in front of them

24 May 2018

Business | Risk assessment of government suppliers under scrutiny post-Carillion

The Public Accounts Committee (PAC) is to conduct an investigation into the relationship between ‘strategic suppliers’ and government in the wake of the collapse Carillion, over concerns about a lack of transparency and poor risk assessment of the company’s financial problems

24 May 2018

Business

Companies

Accountancy Firms

Finance | International reporting: IFRS 9 six months on

Six months after the implementation of IFRS9, we ask Jeroen Van Doorsselaere, Wolters Kluwer’s finance, risk and reporting business, for his views on how well implementations have gone and what challenges remain

24 May 2018

Tax | HMRC warns of £20bn post-Brexit customs bill

The head of HMRC has suggested businesses could face annual administration costs of up to £20bn depending on which option the UK selects for handling customs and trading with the EU post-Brexit and warned it could take several years for new systems to be up and running

24 May 2018

Tax

HMRC

Business

Image for ps56bn tax hike needed cure nhs ills

Tax | £56bn tax hike needed to cure NHS ills

Substantial tax rises are needed to fund the NHS as demand increases and government spending cuts take hold, according to a report from the Institute for Fiscal Studies (IFS) which suggests households could be paying an additional £2,000 in tax for the next 15 years, equivalent to an additional 10p in the pound

24 May 2018

Tax | Uber to offer employee benefits

Ride hailing company Uber is to give its self-employed drivers a package of work-related benefits, including access to medical cover, compensation for work-related injuries, sick pay, parental leave and bereavement payments, under a deal signed with insurer Axa

24 May 2018

Tax

Employment Tax

Personal Tax

Image for cryptoassets taskforce holds inaugural meeting

Tax | Cryptoassets taskforce holds inaugural meeting

The government’s new cryptoassets taskforce has had its first meeting, and is considering what, if any, regulation is required over the use of distributed ledger technology in financial services

24 May 2018

23 May 2018

Image for editors comment breaking big four accounting firms will not work

Finance | Editor's comment: breaking up Big Four accounting firms will not work

The Big Four accounting firms are under threat as MPs call for their break up to allow more competition across the mid-tier for the largest FTSE listed companies, but it is important to be totally clear about what the end goal is, says Sara White

23 May 2018

Auditing

Corporate Governance

Audit Regulations

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Finance | Tyrie challenged to start CMA review of Big Four

Prospects for a major review of the options for breaking up the Big Four accountancy firms have got closer as MPs have challenged Andrew Tyrie, the former chair of the Treasury committee and incoming head of the Competition and Markets Authority (CMA) to start work on this ‘as soon as possible’

23 May 2018

Tax | Farming: tax planning on farm property renovations

Julie Butler, partner at Butler & Co, considers tax planning arrangements and VAT rules around repairing and restoring neglected farmhouses and barns, comparing the reduced 5% VAT rate for renovation on an unoccupied property against various tax reliefs for habited properties

23 May 2018

Tax | Cryptocurrency and divorce – hidden assets and tax treatment

A growing number of divorce cases in the UK are understood to involve cryptocurrency, such as Bitcoin, as a listed asset of separating couples. Roger Isaacs, forensic accountancy partner at Milsted Langdon considers some of the issues at play

23 May 2018

Tax | Nunn: no entrepreneurs' relief could discourage minority shareholders

Yvette Nunn CTA, director of Berkeley Associates, examines plans to overhaul entrepreneurs’ relief but warns that the proposals could act as a disincentive for minority shareholders

23 May 2018

Finance | Charity Commission to investigate £36m aid charity

The Charity Commission has opened a statutory inquiry into Manchester-based Human Appeal amid concerns about its administration and failures to account for the charity’s funds

23 May 2018

Business

Charities

Image for ftse 100 pension schemes back surplus

Business | FTSE 100 pension schemes back in surplus

FTSE 100 pension schemes are back in surplus for the first time since the 2008 financial crash, but remain at risk due to impending changes in accounting, according to analysis from Lane Clark & Peacock (LCP)

23 May 2018

Business

Companies

Pensions

Image for housing market dip threatens tax take

Tax | Housing market dip threatens tax take

House sales continue to slide, with the number of property transactions in April 12.5% lower than the previous month, according to the latest statistics from HMRC, putting pressure on the tax take from stamp duty land tax (SDLT)

23 May 2018

22 May 2018

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Finance | Babington: Monitoring Group must ensure audit standard setting fit for future

As the Monitoring Group considers the response to its ambitious proposals to overhaul audit standard setting, Mark Babington, deputy director, audit policy of the Financial Reporting Council (FRC), calls for wide stakeholder involvement to ensure the proposed Public Interest Framework, set for release this autumn in draft format, is fit for purpose

22 May 2018

Auditing

Corporate Governance

Accounting Consultations

Image for mps flag potential ey conflict interest carillion inquiry

| MPs flag up potential EY ‘conflict of interest’ in Carillion inquiry

The Parliamentary joint committee investigating the collapse of Carillion has raised concerns about a potential conflict of interest involving EY, after it discovered the firm was hired by the outsourcer to help with its restructuring at the same time as EY was also asked by one of the company's clients, HS2 Ltd, to assess Carillion’s financial standing

22 May 2018

Finance | Editor’s comment: audit regulator under fire

Months of audit failures and punitive fines for audit firms has left the Financial Reporting Council (FRC) under fire from all quarters, but now the government has set up the Kingsman review to assess its structures, powers and funding. Sara White, editor of Accountancy, says it may be time to rethink the regulator

22 May 2018

Auditing

Corporate Governance

Image for half mid sized businesses positive about hrmc customer service

Tax | Half of mid-sized businesses positive about HRMC customer service

HMRC’s attempts to provide better customer service to mid-size businesses have seen a small improvement, with research showing that 55% of companies rate their overall experience positively, up from 51% the previous year

22 May 2018

Tax

HMRC

Tax | HMRC advisory fuel rates for company car users from 1 June

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 June 2018 reflecting the upward trend in forecourt fuel prices for higher emission cars

22 May 2018

Business | FCA ban for director over client monies misuse

Darren Newton, the former director of a debt management company, has been banned by the Financial Conduct Authority (FCA) from working in any regulated activity in the financial services sector, after the regulator found he had used £300,000 of client funds to buy the firm

22 May 2018

Business

Accountancy Firms

Called to Account

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Business | Director ban for luxury car dealer’s accounting failures

A car dealer who bought and sold luxury cars has been banned from running companies for 13 years after he failed to maintain adequate accounting records

22 May 2018

Business

Called to Account

Image for fca and insolvency service pledge closer working

Business | FCA and Insolvency Service pledge closer working

The Financial Conduct Authority (FCA) and the Insolvency Service have pledged to increase their collaboration around enforcement activities by signing a memorandum of understanding (MoU) designed to ensure greater coordination in the work of the two organisations

22 May 2018

Business

Accountancy Firms

Law & Guidance

Image for global cost fraud tops ps3 trillion

Business | Global cost of fraud tops £3 trillion

Companies are losing an average of 7% of their annual expenditure to fraud, which is now costing the UK £110bn a year, while the global cost has topped £3 trillion, according to research from Crowe Clark Whitehill, together with the University of Portsmouth’s Centre for Counter Fraud Studies (CCFS)

22 May 2018

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Latest news

Finance | Bannerman guidelines on third-party audit disclaimer revised

Finance | LLP accounting: classification of LLP members’ capital and remuneration – part 1

Business | Data Protection Act 2018 enacts GDPR rules

Tax | Dodwell: can we trust HMRC pre-populating tax returns?

Business | Risk assessment of government suppliers under scrutiny post-Carillion

Finance | International reporting: IFRS 9 six months on

Tax | HMRC warns of £20bn post-Brexit customs bill

Tax | £56bn tax hike needed to cure NHS ills

Tax | Uber to offer employee benefits

Tax | Cryptoassets taskforce holds inaugural meeting

Finance | Editor's comment: breaking up Big Four accounting firms will not work

Finance | Tyrie challenged to start CMA review of Big Four

Tax | Farming: tax planning on farm property renovations

Tax | Cryptocurrency and divorce – hidden assets and tax treatment

Tax | Nunn: no entrepreneurs' relief could discourage minority shareholders

Finance | Charity Commission to investigate £36m aid charity

Business | FTSE 100 pension schemes back in surplus

Tax | Housing market dip threatens tax take

Finance | Babington: Monitoring Group must ensure audit standard setting fit for future

| MPs flag up potential EY ‘conflict of interest’ in Carillion inquiry

Finance | Editor’s comment: audit regulator under fire

Tax | Half of mid-sized businesses positive about HRMC customer service

Tax | HMRC advisory fuel rates for company car users from 1 June

Business | FCA ban for director over client monies misuse

Business | Director ban for luxury car dealer’s accounting failures

Business | FCA and Insolvency Service pledge closer working

Business | Global cost of fraud tops £3 trillion