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Image for pwc faces record 625m fine over failed us bank

Finance | PwC faces record $625m fine over failed US bank

PwC faces paying $625m (£474m) in damages to US regulator, the Federal Deposit Insurance Corporation (FDIC), a record for an accounting firm, after a federal judge ruled the auditor had failed to detect fraud at Colonial Bank, which collapsed in 2009

3 Jul 2018

Auditing

Corporate Governance

Image for frc investigate kpmg audit conviviality

Finance | FRC to investigate KPMG audit of Conviviality

The Financial Reporting Council (FRC) is to investigate KPMG’s audit work for alcohol wholesaler and retailer Conviviality, which went into administration in April having identified a ‘material error’ in its financial forecasts and an unexpected £30m tax bill earlier in the year

3 Jul 2018

Finance | CIPFA plans index to measure local authority ‘financial resilience’

CIPFA is consulting on plans to launch an index to provide a meaningful measure of local authority financial resilience to reassure to councils who are financially stable and prompt challenge where it may be needed

3 Jul 2018

Business | ‘Missing trader’ VAT fraudsters receive lengthy bans

Two bosses who involved their companies in complex missing trader intracommunity (MTIC) fraud schemes using artificially extended trading schemes in attempts to reclaim millions of pounds of VAT fraudulently have received lengthy director bans

3 Jul 2018

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Tax | Scotland introduces first-time buyer property tax relief

Around 80% of first time home-buyers in Scotland are set to pay no tax on their purchase following the introduction of a new relief on 30 June, the Scottish government has said

3 Jul 2018

Business | PwC creates 54 equity partners

PwC UK has promoted 54 equity partners, up from 31 last year, but says that progress on diversity is slower than the firm would like

3 Jul 2018

Accountancy Firms

Careers

2 Jul 2018

Image for smith williamson reports 9 hike fee income fy18

Tax | Smith & Williamson reports 9% hike in fee income for FY18

Smith & Williamson, the financial and professional services firm, has reported a 8.9% hike in tax and business services revenue, as operating income hits £266.7m with profitability up double digits year on year, and continued growth across all business lines for the year ended 30 April 2018, reports Sara White

2 Jul 2018

Image for tall lack governance hampers crowdfunding

Finance | Tall: lack of governance hampers crowdfunding

With regulation of crowdfunding being somewhat loose, Richard Tall, corporate partner at Faegre Baker Daniels, considers how the regulator, the Financial Conduct Authority (FCA), could strengthen oversight and improve governance standards

2 Jul 2018

Image for tax chiefs set j5 tackle international tax crime

Tax | Tax chiefs set up J5 to tackle international tax crime

HMRC has formed an alliance with tax enforcement bodies in four countries to share intelligence and expertise in the battle against international tax crime

2 Jul 2018

Finance | NI and Ireland to join 2019 Charity SORP standard setting body

The Charity Commission plans to start working on a new Charity SORP next year and will involve representatives from regulators from Northern Ireland and Republic of Ireland for the first time

2 Jul 2018

Finance | Top director Melanie Hind quits UK audit regulator

Melanie Hind (nee McLaren), one of the Financial Reporting Council’s (FRC’s) most senior executives, has announced her departure from the audit regulator, which is currently under intense scrutiny from MPs and others over claims the organisation is ‘toothless’ and ‘too cosy’ with the Big Four accountancy firms

2 Jul 2018

Image for hmrc shuts down record 20000 fake websites

Tax | HMRC shuts down record 20,000 fake websites

There has been a 29% hike in the number of malicious websites which HMRC has asked to be removed following a spate of scams involving fake emails and texts

2 Jul 2018

Business | Ex-builder jailed for £750K VAT fraud

A former builder from Hampshire, who falsely claimed £750,000 of VAT repayments to pay for gambling and living expenses, has been jailed for two years and eight months following an investigation by HMRC

2 Jul 2018

Image for charity commission moves online real time updates

Finance | Charity Commission moves to online real time updates

The Charity Commission is developing its current service to allow charities to update information such as details of trustees in real time using its online service, with the aim of going live later this summer, at the same time as the 2018 annual return

2 Jul 2018

Tax | Tax updates: July 2018

This month's review of tax cases and tax news including contractual agreement settles Scion, reasonable excuse against fixed and daily penalties, pub group wins over capital allowances

2 Jul 2018

Tax

HMRC

Case Reports

Image for employment tax updates july 2018

Tax | Employment tax updates: July 2018

Jackie Hall ACA CTA, partner at RSM on off-payroll working extension to private sector and compliance with IR35 rules, brief reprieve for EMIs

2 Jul 2018

Tax

Employment Tax

Finance | Accounting updates: July 2018

In this month’s roundup of developments in accounting and financial reporting, government plans to endorse IFRS and maintain FRC as regulator post-Brexit, calls for CVA overhaul to protect company creditors, potential EY ‘conflict of interest’ in Carillion inquiry

2 Jul 2018

Finance | Legal updates: July 2018

In this month's legal updates, experts at law firm Gateley plc on court orders rectification of agreement, NOM clauses upheld at Rock Supreme Court appeal, businesses must take reasonable steps to protect information

2 Jul 2018

Finance

Law and Regulation

Tax | VAT updates: July 2018

Graham Elliott, VAT expert at City & Cambridge Consultancy on input tax where purchases not received, reduced rate insulation reversal, distance selling and goods delivery

2 Jul 2018

Tax

VAT

Case Reports

Business | Development updates: July 2018

In the latest career development updates, SIPPs pension transfers at risk, KPMG South Africa cuts 400 staff amid firm restructure, Pimlico Plumbers loses appeal over workers’ rights

2 Jul 2018

Finance | Audit updates: July 2018

In our monthly roundup of developments in audit and governance, PwC fined £10m over BHS audit failures, Bannerman third party audit disclaimer guidance updated, KPMG and partner fined £4.5m over Quindell audit failure

2 Jul 2018

Auditing

Corporate Governance

Audit Regulations

29 Jun 2018

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Finance | Roberts takes over top audit job at Grant Thornton

Jon Roberts, partner and head of public sector audit at Grant Thornton is taking over the audit service line as head of assurance at the mid-tier firm in a reshuffle of top jobs

29 Jun 2018

Business | Called to account: July 2018

In this month's roundup of cases and disqualifications, landlord sentenced over failure to disclose tax, couple disqualified after taking assets from insolvent company, father and son jailed over £1m VAT fraud

29 Jun 2018

Image for tax employee perks hits record ps33bn

Tax | Tax on employee perks hits record £3.3bn

The value of tax that employees have had to pay on their job perks is up by 18% in the last year, up from £2.8bn in 2015/16 to £3.3bn in 2016/17, with company car and van drivers hard hit

29 Jun 2018

Tax | Consultancy company tops tax defaulter list owing £10.6m

HMRC’s latest list of major tax defaulters is topped by a consultancy contracting company owing £10.6m on £12.5m unpaid tax, followed closely by a retail mail order house owing £5.2m, with a raft of restaurants and takeaways, as well as an accountant, also featuring

29 Jun 2018

Finance | SEC extends disclosure exemption for smaller public companies

The US Securities and Exchange Commission (SEC) is planning to amend the smaller reporting company (SRC) definition for listed companies to expand the number of companies that qualify for certain reporting disclosure exemptions

29 Jun 2018

Finance | ICAEW claims public finances ‘even worse’ than Chancellor admits

The UK’s public finances are ‘even worse’ than the Chancellor’s assessment in last year’s budget, as figures from the Whole of Government Accounts are released, according to a senior figure within the ICAEW

29 Jun 2018

Tax | Over one million couples fail to claim marriage allowance

Nearly three million couples have taken advantage of HMRC’s marriage allowance since it was set up, although over a quarter of eligible married couples are failing to take advantage of the tax break

29 Jun 2018

Business | LGBT helpline director banned

The director of a publicly-funded LGBT (lesbian, gay, bisexual, and transgender) helpline who paid herself nearly £150,000 while failing to meet PAYE liabilities has been banned from holding office for three and half years

29 Jun 2018

Companies

Business | FTSE 350 companies lagging in boardroom equality

Nearly half of all board appointments from now until 2020 in FTSE 350 companies need to go to women if government equality targets are to be reached, according to a report by the Hampton-Alexander Review

29 Jun 2018