Shadow chancellor targets IR35 and making tax digital reforms, Tax fears put 70% of family farm businesses at risk, and Croner Intelligence launches Workflows AI tool to draft letters

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Business & Accountancy Daily

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Business | Conducting an internal investigation: tips and advice

Nicola Sharp and Syedur Rahman, senior associate solicitors at Rahman Ravelli, explain the value of internal investigations and the importance of carrying them out correctly, outlining the various processes when interviewing staff, collecting evidence and dealing with wrongdoing

15 Jun 2018

Accountancy Firms

Image for hmrc wins ps50m project blue tax challenge

Tax | HMRC wins £50m ‘Project Blue’ tax challenge

HMRC has claimed victory in the Supreme Court in a long running battle which will see property developers pay £50m of stamp duty land tax (SDLT) on the purchase of the former Chelsea Barracks in London more than ten years ago

15 Jun 2018

Image for ps33bn tax gap shows avoidance activity decline

Tax | £33bn tax gap shows avoidance activity in decline

Latest HMRC figures show an estimated £33bn tax gap in the UK in 2016-17, amounting to 5.7% of total theoretical tax liabilities and the same level as the previous year, with small businesses responsible for 41% of the tax not collected

15 Jun 2018

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Finance | Warning over delay to updating charity accounting regulations

Four accountancy professional bodies are calling for the government to address delays in updating charity accounting regulations, which they say are causing ‘unnecessary and confusing’ complications because they are not in line with FRS 102

15 Jun 2018

Accounting Standards

Financial Reporting

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Business | Cash collection bosses disqualified for holding onto £5.8m

Four family members who ran a cash collection company have been banned for a combined 32 years for failing to pay millions of pounds to the company’s clients, who included local authorities and charity collections

15 Jun 2018

Called to Account

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HR | People in the news: Grant Thornton, RSM, Everton FC

This week's news of professional moves in the sector includes a partner joins Grant Thornton’s transfer pricing team, a corporate tax director and VAT associate director join RSM, Everton football club appoints a finance director

15 Jun 2018

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Business | Universal credit regime fails to deliver value for money

The government’s flagship universal credit system, designed to replace the previous patchwork of benefits, has not delivered value for money and it is uncertain that it ever will, according to a highly critical report from the National Audit Office (NAO)

15 Jun 2018

Accountancy Firms

Image for frc highlights hot topics corporate reporting

| FRC highlights ‘hot topics’ in corporate reporting

The Financial Reporting Council (FRC) has set out the current ‘hot topics’ for its corporate reporting review function which it says will be relevant in forthcoming 2018 interim reports, the first to be prepared under the new standards IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers

15 Jun 2018

Image for unacceptable risk ireland over corporation tax regime

Tax | ‘Unacceptable’ risk to Ireland over corporation tax regime

Ireland faces an ‘unacceptable level of risk’ to its tax base because of the ‘volatile and highly concentrated nature of corporation tax receipts’, and the government should consider moves to address this, an investigation by the public accounts committee (PAC) has warned.

15 Jun 2018

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Finance | EU tightens money laundering sanctions

The EU is to introduce tougher criminal laws to tackle money laundering, including harmonised rules on offences and sanctions across all member states, in a bid to ensure that criminals and terrorists face equally severe penalties across the whole EU

15 Jun 2018

Financial Reporting

14 Jun 2018

Image for government signals support frc and ifrs post brexit

Finance | Government signals support for FRC and IFRS post-Brexit

The government has revealed plans to transpose EU-adopted IFRS into UK law and introduce a UK corporate reporting and audit framework, which will be controlled by the Financial Reporting Council (FRC), subject to EU agreement

14 Jun 2018

Accounting Standards

Financial Reporting

Image for hmrc plans profit fragmentation are step too far

Tax | HMRC plans for profit fragmentation are a step too far

Andy White, senior partner at CBW, examines whether the tax authority’s latest attempts to clampdown on tax avoidance through a curb on profit fragmentation are really necessary and, more importantly, how they could fundamentally infringe upon taxpayers’ rights

14 Jun 2018

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Finance | Large private companies face extension of corporate governance code

The Financial Reporting Council (FRC) has published a consultation on corporate governance principles for large private companies, on behalf of James Wates who has been chairing a coalition group considering the need for improved transparency and accountability in this area

14 Jun 2018

Corporate Governance

Accounting Consultations

Image for mps press frc reveal details pwc bhs fine

| MPs press FRC to reveal details of PwC BHS fine

MPs are demanding that the Financial Reporting Council (FRC) provides details of the reasons why it has fined PwC £10m over its 2014 audits of Taveta Group and BHS, saying the financial penalty is ‘unprecedented’ and suggesting there should be a wider investigation over the firm’s auditing of the Taveta group accounts

14 Jun 2018

Accountancy Firms

Image for companies housebe part our transformation

Business | Companies House…be part of our transformation

With a major transformation programme underway at Companies House we are keen to engage with stakeholders and users to gather feedback on our products, systems and services

14 Jun 2018

Accountancy Firms

Image for scotland clarifies devolved land tax exemptions

Tax | Scotland clarifies devolved land tax exemptions

The Scottish government has confirmed that it will introduce legislation clarifying that a tax exemption for businesses transferring ownership of property within a group of companies using shares as financial security has been available since the introduction of Land and Buildings Transaction Tax (LBTT) in 2015

14 Jun 2018

International Tax

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Finance | KPMG takes Rio Tinto audit from PwC

FTSE 100 international mining giant Rio Tinto has named KPMG as its new external auditor, replacing PwC which has held the role for 40 years

14 Jun 2018

Corporate Governance

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Business | Fraudster who evaded tax on £3m business is jailed

A West Midlands fraudster who paid no tax on the profit from his £3m online business has been jailed for two years following an investigation by HMRC

14 Jun 2018

Called to Account

13 Jun 2018

Image for pwc fined ps10m over bhs audit failures

Finance | PwC fined £10m over BHS audit failures

The Financial Reporting Council (FRC) has hit PwC with a fine of £10m for misconduct in relation to the 2014 audits of BHS and the Taveta Group, prior to the sale of the high street chain for £1

13 Jun 2018

Corporate Governance

Accountancy Firms

Image for making vat digital top tips businesses

Tax | Making VAT Digital: top tips for businesses

If your business is registered for VAT and has a taxable turnover of over £85,000, from 1 April 2019 businesses will have to comply with new Making Tax Digital VAT rules or face fines of up to 15% of their annual VAT bill, warns Alison Horner, VAT partner at MHA MacIntyre Hudson

13 Jun 2018

Making Tax Digital

Image for supreme court rejects appeal pimlico plumbers over workers rights

Tax | Supreme Court rejects appeal from Pimlico Plumbers over workers’ rights

The Supreme Court has dismissed Pimlico Plumber’s appeal and has ruled that a plumber can be classed as a ‘worker’ rather than self employed, in a landmark ruling which will have wider implications in the gig economy

13 Jun 2018

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Business | Dixons Carphone suffers major data breach with payment cards

Dixons Carphone has admitted it is investigating a serious data breach involving unauthorised access to data held by the company, which has included attempts to compromise 5.9m cards in one of the processing systems of Currys PC World and Dixons Travel stores, although it says no fraud has been committed

13 Jun 2018

Accountancy Firms

AI & Technology

Image for 15 year director ban over multimillion pound vat fraud

Business | 15-year director ban over multimillion pound VAT fraud

A director involved in a multimillion VAT fraud has been given a maximum 15-year disqualification following an investigation by the Insolvency Service into a ‘missing trader’ transaction chain

13 Jun 2018

Called to Account

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Business | ‘Alpha male’ culture deters women in finance

Financial services companies need to abolish their 'alpha-male' culture, with reforms to bonus negotiations and the promotion of flexible working to encourage the progression of women to senior levels, a Treasury committee report has recommended

13 Jun 2018

Accountancy Firms

Leadership & Management

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Business | Drugs innovator runs out of cash

Steve Absolom and Rob Croxen, partners in KPMG’s restructuring practice, have been appointed joint administrators to Purogenix Ltd, a start-up which was seeking new ways to manufacture the antibiotic Amoxicillin using a bio-generic method

13 Jun 2018

Accountancy Firms

Restructuring & Insolvency

Image for beps minimum standards review recent developments

Tax | BEPS minimum standards: review of recent developments

Paul Davies, tax writer at Croner-I, takes a closer look at recent development in relation to the four Base Erosion and Profit Shifting (BEPS) minimum standards covering transfer pricing, country by country reporting and dispute resolution

13 Jun 2018

International Tax

Shadow chancellor targets IR35 and making tax digital reforms, Tax fears put 70% of family farm businesses at risk, and Croner Intelligence launches Workflows AI tool to draft letters

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