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Image for nunn isa spaghetti creates potential minefield savers

Tax | Nunn: ISA spaghetti creates potential minefield for savers

Yvette Nunn, director of Berkeley Associates, warns that advisers need to tread carefully when giving advice on ISAs as they grow increasingly complex, each having their own set of terms which need to be understood

20 Jun 2018

Tax

Personal Tax

Tax Planning

Image for property tax confusion hits bank mum and dad

Tax | Property tax confusion hits Bank of Mum and Dad

Attempts by the government to help first-time buyers onto the housing ladder could actually be pricing them out of the market because of anomalies in the way new stamp duty land tax (SDLT) rules operate

20 Jun 2018

Tax | Tax data: CGT data, HMRC rates of interest - July 2018

Download the HMRC CGT indexation allowance for December 2017 onwards, RPI Index for May 2018 and HMRC rates of interest, and the current stamp duty land tax (SDLT) and land and buildings transaction tax (LBTT) rates, and more

20 Jun 2018

Tax

HMRC

Tax Planning

Image for treasury challenged over plans close childcare vouchers scheme

Tax | Treasury challenged over plans to close childcare vouchers scheme

The Treasury committee is challenging the government’s decision to close the existing employer-led childcare voucher scheme in October without conducting a review of the impact on families who will then be required to move to the new online tax free childcare (TFC) system

20 Jun 2018

Finance | AQI 2018: Moore Stephens says first review ‘somewhat disappointing’

The Financial Reporting Council’s (FRC’s) first full inspection of Moore Stephens under its annual quality inspection (AQI) review process has found that the firm needs to clarify its relationship with other network firms and make better use of IT in its audit work, as well as improving its work on pension schemes

20 Jun 2018

Auditing

Corporate Governance

Image for aqi 2018 mazars improve bank audits and staff appraisals

Finance | AQI 2018: Mazars to improve bank audits and staff appraisals

Mazars should give audit quality a higher priority in its staff and partner appraisals and work on improving its auditing of banks, according to the findings of the latest audit quality inspection (AQI) by the Financial Reporting Council (FRC) which was largely positive about the firm’s approach

20 Jun 2018

Auditing

Corporate Governance

Image for extra nhs funding will see taxes increase

Tax | Extra NHS funding will see taxes increase

The government’s announcement that the NHS is to receive increased funding of £20.5bn per year by the end of five years, has signalled future tax increases, with the Prime Minister promising these will be imposed in a ‘fair and balanced way’

20 Jun 2018

Tax | ‘No plans’ for Treasury to assess value for money in PFI projects

MPs have taken the Treasury to task over its failure to assess the value for money from the private finance initiative (PFI) and says the department should do more to identify or address the impact of individual PFI projects on local budgets and clarify whether it will use this model in future

20 Jun 2018

19 Jun 2018

Image for aqi 2018 decline audit quality big four firms

Finance | AQI 2018: decline in audit quality at Big Four firms

One in four listed audits require improvements while a failure to challenge company managements about future forecasts and scrutinise financial decisions is undermining the value of audit by Big Four audit firms according to the latest FRC Audit Quality Inspection (AQI) reports, reports Sara White

19 Jun 2018

Auditing

Corporate Governance

Image for aqi 2018 kpmg under increased scrutiny over unacceptable decline audit quality

Finance | AQI 2018: KPMG under increased scrutiny over ‘unacceptable' decline in audit quality

The Financial Reporting Council (FRC) has singled out KPMG’s audit work for increased scrutiny over the next year, after identifying an ‘unacceptable deterioration in quality’ in its latest annual quality inspection (AQI), with half of the firm’s FTSE 350 audits judged in need of improvements and strong criticism of the level of management challenge, lack of professional scepticism, and inconsistencies in audit practice

19 Jun 2018

Finance | AQI 2018: PwC fails to adequately challenge management

The Financial Reporting Council (FRC) has highlighted concerns over PwC’s ability to challenge management, particularly when estimating future contract costs, and has also criticised the firm’s auditing of the mining sector, as part of the regulator’s 2017/18 Audit Quality Inspection (AQI), reports Amy Austin

19 Jun 2018

Auditing

Corporate Governance

Image for aqi 2018 deloitte pulled its assessment component auditors work

Finance | AQI 2018: Deloitte pulled up on its assessment of component auditors’ work

Deloitte has been criticised over its audit team’s oversight and assessment of component auditors’ work, especially in areas of risk, while also being hauled up over auditing of tax exposures in foreign jurisdictions, in the latest Audit Quality Inspection (AQI) report from the Financial Reporting Council (FRC), reports Amy Austin

19 Jun 2018

Auditing

Corporate Governance

Image for aqi 2018 ey bank audits under fire aqi score falls

Finance | AQI 2018: EY bank audits under fire as AQI score falls

The FRC’s Audit Quality Inspection has criticised EY’s audit of provisions at its financial services clients, together with pension scheme assets and liabilities, as the firm’s percentage of audits needing improvement has jumped, reports Philip Smith

19 Jun 2018

Tax | Updated guidance on VAT liability of goods on approval

HMRC has published updated guidance for mail order retailers and others, clarifying its policy regarding when goods are supplied on approval and the VAT liability of the delivery charges for these goods

19 Jun 2018

Finance | Commission investigates charity over poor financial controls

The Charity Commission has opened a statutory inquiry into Asthan Babe Ke Trust, following serious regulatory concerns that the charity has not been properly managed by its trustees, as a result of an internal dispute, who may not have sufficient oversight of its funds

19 Jun 2018

Business

Charities

Image for andersen global uk milestone collaboration

Business | Andersen Global in UK Milestone collaboration

Andersen Global, the international association of tax specialist firms set up by former Arthur Andersen staffers, has added a third London firm to increase its presence in the UK, signing a collaboration agreement with Milestone International Tax Partners

19 Jun 2018

Business

Companies

Accountancy Firms

Image for aqi 2018 bdo judged show continued improvement

Finance | AQI 2018: BDO judged to show ‘continued improvement’

BDO has received a largely clean bill of health in the Financial Reporting Council’s (FRC’s) annual quality inspection of the firm, with the regulator finding a continued improvement in recent years, with seven of the eight audits reviewed requiring no more than limited improvements, reports Pat Sweet

19 Jun 2018

Auditing

Corporate Governance

Image for aqi 2018 grant thornton told work auditor independence issues

Finance | AQI 2018: Grant Thornton told to work on auditor independence issues

Grant Thornton needs to address some independence and ethics issues, and increase management challenge in areas involving judgement according to the firm’s annual quality inspection (AQI) report, but the Financial Reporting Council (FRC) noted ‘some improvement’ on the previous year’s findings and more instances of good practice

19 Jun 2018

Auditing

Corporate Governance

18 Jun 2018

Finance | Sumner: what next for CVAs?

Company voluntary arrangements (CVA) are the flavour of the month, but are they merely a way for companies to absolve liability. Caroline Sumner, R3 technical and education director, considers the pros and cons

18 Jun 2018

Tax | US Treasury extends Foreign Bank and Financial Accounts (FBAR) deadline

The US Treasury has extended the deadline for the Report of Foreign Bank and Financial Accounts (FBAR) to October 2018

18 Jun 2018

Finance | Rules on sustainability reporting for pension scheme trustees

For the first time members are to be given powers to hold their pension schemes to account over how social and environmental factors impact their investments, with new regulations requiring trustees to produce a policy which includes an assessment of the sustainability of their investment decisions

18 Jun 2018

Tax | Supreme Court confirms rules of withdrawal of CIS gross payment status

HMRC is able to cancel a company’s gross payment status for the purposes of the construction industry scheme (CIS) without considering whether it would have a seriously detrimental effect on the business, the Supreme Court has decided

18 Jun 2018

Tax | Treasury urged not to lower VAT registration threshold

The Low Income Tax Reform Group (LITRG) is cautioning the Treasury against reducing the VAT registration threshold in the near future, as there are so many fundamental changes on the horizon for small businesses to get to grips with in the next few years, such as Brexit and HMRC’s Making Tax Digital programme

18 Jun 2018

Tax | OTS calls for widening of annual investment allowance

The Office of Tax Simplification (OTS) has published a review on simplifying tax relief for fixed assets, exploring the impact and issues involved in replacing capital allowances with accounting depreciation

18 Jun 2018

Finance | Commission investigates £6.5m charity

The Charity Commission has opened a statutory inquiry into Combined Funds Ltd and frozen the charity’s bank accounts, in response to what it calls ‘serious regulatory concerns’ about its governance and administration

18 Jun 2018

Business

Charities

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Latest news

Tax | Nunn: ISA spaghetti creates potential minefield for savers

Tax | Property tax confusion hits Bank of Mum and Dad

Tax | Tax data: CGT data, HMRC rates of interest - July 2018

Tax | Treasury challenged over plans to close childcare vouchers scheme

Finance | AQI 2018: Moore Stephens says first review ‘somewhat disappointing’

Finance | AQI 2018: Mazars to improve bank audits and staff appraisals

Tax | Extra NHS funding will see taxes increase

Tax | ‘No plans’ for Treasury to assess value for money in PFI projects

Finance | AQI 2018: decline in audit quality at Big Four firms

Finance | AQI 2018: KPMG under increased scrutiny over ‘unacceptable' decline in audit quality

Finance | AQI 2018: PwC fails to adequately challenge management

Finance | AQI 2018: Deloitte pulled up on its assessment of component auditors’ work

Finance | AQI 2018: EY bank audits under fire as AQI score falls

Tax | Updated guidance on VAT liability of goods on approval

Finance | Commission investigates charity over poor financial controls

Business | Andersen Global in UK Milestone collaboration

Finance | AQI 2018: BDO judged to show ‘continued improvement’

Finance | AQI 2018: Grant Thornton told to work on auditor independence issues

Finance | Sumner: what next for CVAs?

Tax | US Treasury extends Foreign Bank and Financial Accounts (FBAR) deadline

Finance | Rules on sustainability reporting for pension scheme trustees

Tax | Supreme Court confirms rules of withdrawal of CIS gross payment status

Tax | Treasury urged not to lower VAT registration threshold

Tax | OTS calls for widening of annual investment allowance

Finance | Commission investigates £6.5m charity