Business &amp; Accountancy Daily

Finance | FRC publishes revised corporate governance code

The Financial Reporting Council (FRC) has published its revised UK corporate governance code, which it says places emphasis on businesses building trust, with greater board engagement with workforce views and an end to ‘formulaic calculations of performance-related pay’ for executives

16 Jul 2018

Audit Regulations

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Tax | Griffiths resigns as small business minister

Andrew Griffiths, MP for Burton, has resigned as small business minister in the Department for Business, Energy and Industrial Strategy (BEIS) after sending texts of a sexual nature to two female constituents

16 Jul 2018

Tax

Politics

Image for hmrc under fire over mutuality obligation contractor jobs

Tax | HMRC under fire over ‘mutuality of obligation’ in contractor jobs

HMRC has come under fire for failing to include a test for mutuality of obligation (MOO) as part of its check employment status for tax (CEST) tool used to determine whether or not public sector contractors fall within the IR35 framework, amid claims this approach will prove unworkable if it is extended to the private sector

16 Jul 2018

Tax | Reversal on care worker ‘sleep-in’ back pay causes HMRC concern

A Court of Appeal ruling on payments to care workers on ‘sleep-in shifts’, which says they should receive a flat rate per night and not the national minimum wage (NMW), is set to save social care providers £400m in back pay, but looks likely to raise a number of issues regarding HMRC’s enforcement approach

16 Jul 2018

Business | £2.4m VAT fraud gang leader jailed

The ringleader of a 19-strong gang has been jailed for four years and eight months after he led a £2.4m VAT repayment fraud

16 Jul 2018

Called to Account

13 Jul 2018

Image for hmrc delays making tax digital vat trial businesses

Tax | HMRC delays Making Tax Digital for VAT trial for businesses

HMRC has assessed 18 software suppliers as having met its requirements for Making Tax Digital for VAT, ahead of the mandatory deadline for online filing next April, while its public trial for businesses who will have to keep and submit digital records will not now start until later this year

13 Jul 2018

Business | Finance Mole: don’t take it personally

Finance Mole is unnerved when buyers from the other side of the pond start to take control out of his hands plus, Sir Philip Green fights back against the FRC's BHS audit fine, FRC has control taken away from it when an embargo is broken

13 Jul 2018

Image for people news mitchell charlesworth smith williamson frc

HR | People in the news: Mitchell Charlesworth, Smith & Williamson, FRC

Career news this week includes two partner promotions at Mitchell Charlesworth, Smith & Williamson gains a director in its forensic services team, the FRC appoints a director of enforcement

13 Jul 2018

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Tax | Hi-tech boost to employee share schemes

The number of employee share schemes hit a record high in the UK in 2016/17, as incentive becomes increasingly popular amongst tech start-ups, according to analysis by Moore Stephens

13 Jul 2018

Finance | Regulator lambasts Presidents Club charity trustees over reputational risks

The Charity Commission has heavily criticised the trustees of the Presidents Club Charitable Trust, which hit the headlines over incidents of harassment at a fundraising dinner, with a report citing ‘significant failures’ which meant they were in breach of a number of their key trustee duties

13 Jul 2018

Charities

Called to Account

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Finance | African insurer adds Deloitte as second auditor to crisis-hit KPMG

African financial services company Old Mutual, which has a listing on the London Stock Exchange, has announced it has appointed Deloitte as a joint auditor alongside KPMG, which has audited the company for almost two decades but has recently been involved in a string of scandals in South Africa

13 Jul 2018

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Business | Mazars teams with King’s College London to offer law degree

Mazars has announced a partnership with the Dickson Poon School of Law, King’s College London, to offer a specialised master of laws (LLM) in international tax law delivered through an advanced online learning environment

13 Jul 2018

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Business | A third of accounting graduates have regrets about their degree

As student graduations take place around the country, over a third of accounting graduates report they have regrets about their degree, with more than half saying their current job is not even related to their chosen subject, according to research by online jobs specialist CV-Library

13 Jul 2018

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Business | KPMG sells loan portfolio advisory business

KPMG has sold its portfolio solutions group business, which specialises in advising financial institutions in relation to non-performing and non-core banking assets worldwide, to Alantra, a global investment banking and asset management firm

13 Jul 2018

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HR | Attracting the best talent in finance: tips and advice

Employers must improve their hiring process to secure the top finance talent. Karen Young, director at Hays Accounting and Finance, provides tips and advice to employers across the finance industry looking to attract talented individuals

13 Jul 2018

Leadership & Management

12 Jul 2018

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Finance | Artificial intelligence and machine learning in mid-tier firms - part 2

Rob Munro explores the challenge to mid-tier firms posed by artificial intelligence, machine learning and blockchain as theses smaller firms struggle to compete with the Big Four who have the financial backing to invest heavily in these developing technologies

12 Jul 2018

Tax | 17% increase in time taken to answer calls at HMRC

HMRC is answering taxpayers’ calls 34 seconds slower (17%) on average than last year with answering times hitting four minutes and 28 seconds, according to the tax authority’s latest accounts, despite the overall quantity of calls dropping by 10%

12 Jul 2018

Business | Government plans to leave Single Market and Customs Union

Following Cabinet discussions at Chequers, the government has now issued a detailed policy paper setting out its commitment to leave the Single Market and Customs Union post Brexit, although it is looking for regulatory equivalence across a number of areas, including audit and accounting standards, and financial services

12 Jul 2018

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Finance | MPs call for major overhaul of Big Four audit firms

MPs and regulators are increasing the pressure on the Big Four to address claims that the audit market is ‘broken’, citing a lack of competition and poor quality auditing, amid calls for action from the Competition and Markets Authority (CMA) to address the issues, reports Pat Sweet

12 Jul 2018

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Tax | HMRC sees drop in taxpayer complaints upheld

HMRC has made improvements to the way in which it handles complaints, but needs to make more effort to ensure the changes are applied consistently across the board, according to the annual report from the Adjudicator’s Office, which is also critical of the department’s culture

12 Jul 2018

Tax

HMRC

Tax Planning

Image for airline insolvency review publishes interim findings

Business | Airline insolvency review publishes interim findings

The government’s airline insolvency review, set up in the wake of the collapse of charter operator Monarch last year, has published its interim report setting out its early conclusions and emerging thinking, which include changes to the insolvency regime

12 Jul 2018