Business & Accountancy Daily

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Image for winton picking pensions pieces after carillion

Business | Winton: picking up the pensions pieces after Carillion

The Pension Regulator (TPR) has done too little, too late to reduce the risks to Carillion’s pension schemes. Anne-Marie Winton, partner at ARC Pensions Law, considers what powers TPR needs to be given, such as being able to enforce retrospective fines, to better protect pension schemes in the future

12 Jun 2018

Image for monitoring group says widespread support audit standards reform

Finance | Monitoring Group says widespread support for audit standards reform

The Monitoring Group is to push ahead with proposals for reform of the way in which audit standards are set globally, including steps to make the process independent of the audit profession, saying feedback to its consultation has revealed widespread support for some, but not all, of its proposals

12 Jun 2018

Corporate Governance

Accounting Consultations

Image for air partner review ps4m accounting hole gives all clear

Finance | Air Partner review of £4m accounting hole gives all clear

Private jet operator Air Partner has closed an internal review into a £4m overstatement of corporation tax in its accounts, saying the issues have been ‘contained and resolved’ and there is no evidence of any cash or other assets being misappropriated nor of any customer, operator or supplier being impacted

12 Jun 2018

Accounting Standards

Financial Reporting

Image for government given more power scrutinise mergers

Business | Government given more power to scrutinise mergers

Updated rules to strengthen the government’s powers to inspect mergers and takeovers that may raise national security concerns have come into force, which lower the threshold for intervention from £70m to £1m in certain cases

12 Jun 2018

Accountancy Firms

Image for stanier replace harra head tax strategy

Tax | Stanier to replace Harra as head of tax strategy

HMRC has named internal candidate Ruth Stanier as the department’s new director general of customer strategy and tax design, replacing Jim Harra who left the job eight months ago

12 Jun 2018

Leadership & Management

Image for aat calls scrapping inheritance tax reliefs

Tax | AAT calls for scrapping of inheritance tax reliefs

Many of the current exemptions and rules around inheritance tax (IHT) are too complicated, not widely understood and should be scrapped according to the Association of Accounting Technicians (AAT), which says there is a case for getting rid of IHT altogether

12 Jun 2018

11 Jun 2018

Image for tax compliance non doms becoming uk resident

Tax | Tax compliance for non-doms becoming UK resident

As tax residency and jurisdiction becomes increasingly political, Chris Downing, tax director at Inspire Accountants, considers the treatment of high net worth individuals coming to the UK, based on the position of a non-domiciled individual becoming resident in the UK for tax purposes

11 Jun 2018

International Tax

Image for kpmg fined ps45m over quindell audit failures

Finance | KPMG fined £4.5m over Quindell audit failures

KPMG has been reprimanded and handed a £4.5m fine from the Financial Reporting Council (FRC), and the firm’s audit engagement partner William Smith has been reprimanded and fined £120,000, following their admission of misconduct in relation to the audit of the financial statements of Quindell plc for the period ended 31 December 2013

11 Jun 2018

Corporate Governance

Image for tax and accounting staff awarded queens birthday honours

Business | Tax and accounting staff awarded in Queen’s Birthday Honours

A deputy director of international tax and an administrative officer at HMRC have picked up gongs in the Queen’s Birthday Honours while a number of accountants and tax professionals have been recognised for their contributions to diversity and equality

11 Jun 2018

Accountancy Firms

Image for deloitte called poundworld administration

Business | Deloitte called in to Poundworld administration

Deloitte has been confirmed as administrators to discount retailer Poundworld, which is the latest high street casualty facing collapse, with the potential loss of 5,100 jobs

11 Jun 2018

Restructuring & Insolvency

Image for retailing cvas could face landlord challenge

Business | Retailing CVAs could face landlord challenge

House of Fraser may face stiff challenges from landlords on plans to halve the number of its stores and reduce rents as part of its proposals for a company voluntary arrangement (CVA), which is set to be put to vote in ten days’ time

11 Jun 2018

Accountancy Firms

Restructuring & Insolvency

Image for retired people set bequeath wealth not spend

Business | Retired people set to bequeath wealth, not spend

Wealthy retired people in England are hanging on to their money, which is likely to be bequeathed to later generations on their death rather than spent during their own lifetime, according to research from the Institute for Fiscal Studies (IFS)

11 Jun 2018

Image for walmart sues ex chief tax officer over move amazon

Business | Walmart sues ex-chief tax officer over move to Amazon

US retailing giant Walmart has sued its former chief tax officer for violating her employment contract by defecting to online rival Amazon to become one of its senior tax executives

11 Jun 2018

Leadership & Management

Image for ftse 350 pensions support highest 10 years

Business | FTSE 350 pensions support highest for 10 years

FTSE 350 companies’ ability to support their defined benefit (DB) pension obligations has returned to pre-recession levels after a decade, with pension scheme covenant strength at the end of 2017 now at the same level as 2007, PwC analysis shows

11 Jun 2018

Image for government mandate listed company pay ratio data

Business | Government to mandate listed company pay ratio data

Listed companies will have to justify their chief executives’ salaries and reveal the gap to their average UK worker, under new laws to be laid in Parliament, as part of the government’s bid to improve business transparency and accountability

11 Jun 2018

Accountancy Firms

Leadership & Management

Image for hike number director disqualifications

Business | Hike in number of director disqualifications

The number of British company directors to be disqualified increased for the third year running to 1,231 in 2017/18, according to analysis from Moore Stephens which also shows that bans for disqualified directors are getting longer

11 Jun 2018

Image for deloitte uk signs bal deal immigration compliance

Tax | Deloitte UK signs BAL deal on immigration compliance

Deloitte UK and law firm Berry Appleman & Leiden LLP (BAL) have set up an alliance to offer an immigration service for global employers

11 Jun 2018

Accountancy Firms

8 Jun 2018

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Business | Called to account: June 2018

In this month's roundup of cases and disqualifications, IT director jailed for £190K VAT fraud, fraudster ordered to pay £195k

8 Jun 2018

Called to Account

Image for four month extension disguised remuneration loan settlement offer

Tax | Four-month extension to disguised remuneration loan settlement offer

HMRC has extended the deadline for contractors and others who have used disguised remuneration loan schemes by an additional four months to take advantage of a settlement opportunity announced late last year, by extending the deadline for providing information to 30 September

8 Jun 2018

Image for fca issues listing rules sovereign controlled companies

| FCA issues listing rules for sovereign-controlled companies

The Financial Conduct Authority (FCA) has finalised rules creating a new category within its premium listing regime to cater for companies controlled by a shareholder that is a sovereign country, opening the way for government owned businesses to list in the UK

8 Jun 2018

Corporate Governance

Image for finance mole age barrier quiz night

Business | Finance Mole: age barrier to quiz night

Finance Mole is no more than a one hit wonder as his joker fails to take on young people’s music knowledge plus, Hargreaves Lansdown’s founder launches £24m into space, Bill Dowell throws his Deloitte leaving do

8 Jun 2018

Image for teacher lands suspended sentence ps100k tax fraud

Business | Teacher lands suspended sentence for £100k tax fraud

A teacher who stole £100,000 of tax repayments to spend on gambling and Leeds Utd football matches has been handed a suspended 21-month prison sentence

8 Jun 2018

Called to Account

Image for businesses advised check house world cup rules

Business | Businesses advised to check in-house World Cup rules

ICAEW is warning businesses not to get tackled by employees’ World Cup fever, with the tournament set to kick off next week and an audience of billions expected

8 Jun 2018

Accountancy Firms

Image for people news deloitte bdo menzies

HR | People in the news: Deloitte, BDO, Menzies

Career news this week includes 54 UK partner promotions at Deloitte, BDO promotes 14 partners across its tax, audit and advisory lines, Menzies gains a forensic accountant and corporate investigation specialist

8 Jun 2018

Image for benefits flow pwcs water drinks trial

Business | Benefits flow from PwC’s water drinks trial

PwC says it has identified a stream of benefits flowing from a one month trial of introducing metal reusable bottles into the office for drinking water, and suggests ditching plastic bottles could mean an annual fall of around 23 tonnes of plastic purchased by the firm’s staff, as well as improvements in well-being

8 Jun 2018

Accountancy Firms

Image for buy let landlords face shorter cgt payment window

Tax | Buy-to-let landlords face shorter CGT payment window

Owners of second homes and buy-to-let (BTL) landlords face a much shorter period in which to pay any capital gains tax (CGT) due on property sales from April 2020, the Association of Taxation Technicians (ATT) is warning

8 Jun 2018