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Image for godfrey billy artificial intelligence will set accountants free

Business | Godfrey-Billy: artificial intelligence will set accountants free

With artificial intelligence (AI) and automation threatening to change the face of the accounting profession, Kirsty Godfrey-Billy, chief accounting officer at Xero, asks how technology will reduce repetitive tasks and improve controls

19 Jul 2018

Tax | Armed forces to be compensated for Scottish tax differential

The Ministry of Defence (MOD) is to compensate thousands of military personnel based in Scotland against being left out of pocket because of differences between the Scottish tax regime and that used elsewhere in the UK, with top-up payments to be made each year

19 Jul 2018

Tax | HMRC tackles VAT avoidance via offshore looping

HMRC has amended legislation to shut down a VAT avoidance scheme in which financial services exploit current rules using offshore looping

19 Jul 2018

Finance | Streamlined energy and carbon reporting to be mandatory

Large companies will be required to adopt a streamlined energy and carbon reporting (SECR) framework from April 2019 which will see them include details of energy use, carbon emissions and their energy efficiency measures in their annual report, as part of the government’s drive for business and industry to cut energy use by at least 20% by 2030

19 Jul 2018

Finance

Accounting Standards

Financial Reporting

Image for charity ex trustees disqualified over financial mismanagement

Finance | Charity ex-trustees disqualified over financial mismanagement

Two former trustees, one of whom was an accountant, have been disqualified following a joint agency investigation and a Charity Commission inquiry which found serious misconduct and mismanagement in the charities they were running

19 Jul 2018

Business

Charities

Called to Account

Image for deloitte creates asia pacific firm

Business | Deloitte creates Asia Pacific firm

Deloitte is to create a new entity, Deloitte Asia Pacific, bringing together its geographies in Australia, China, Japan, New Zealand and Southeast Asia, with the aim of increasing its services and presence in the region, which it says is the fastest-growing area of its network

19 Jul 2018

Business

Companies

Accountancy Firms

Image for bdo south africa merge grant thornton

Business | BDO South Africa to merge with Grant Thornton

BDO South Africa has announced it is to merge with Grant Thornton Johannesburg, with the aim of creating the country’s leading mid-tier audit firm

19 Jul 2018

Business

Companies

Accountancy Firms

Image for tax fraudster pay ps67k or face two more years jail

Business | Tax fraudster to pay £67K or face two more years in jail

A Gloucester security services company director, who was jailed for a £497,000 tax fraud, must pay back £67,424 or face another two years in jail and still owe the money

19 Jul 2018

Business

Called to Account

18 Jul 2018

Image for company car tax key issues fleet managers

Tax | Company car tax: key issues for fleet managers

Nigel Morris, tax director, MHA MacIntyre Hudson examines the current state of company car taxation and the key issues for fleet managers

18 Jul 2018

Tax | Post-Brexit VAT non-alignment to add to consumer costs

An amendment to the Brexit customs paper, passed by a narrow majority in Parliament on Monday, which will see the UK exit the EU VAT regime is also likely to increase costs for UK consumers buying goods directly from EU businesses, RSM is warning

18 Jul 2018

HR | Dodwell named as member of the GAAR advisory panel

Bill Dodwell, former head of tax policy at Deloitte and regular contributor to Accountancy magazine, has been confirmed as a member of the General Anti-Abuse Rule (GAAR) advisory panel while also taking up a role as a part-time senior policy adviser at the Office of Tax Simplification (OTS)

18 Jul 2018

Business

Careers

Leadership & Management

Image for hmrc guidance disguised remuneration scheme loan charges

Tax | HMRC guidance on disguised remuneration scheme loan charges

HMRC has issued guidance on disguised remuneration schemes, whereby loans are paid instead of ordinary income to avoid income tax and National Insurance contributions (NICs), with users of such tax avoidance schemes now facing charges if they have not repaid their loan or agreement settlement by 5 April 2019

18 Jul 2018

Business | Government wins vote on leaving customs union

In a tense evening of voting, the government has seen off attempts to alter its agreed post-Brexit trade strategy, with the defeat of an amendment which sought to insist the UK should be forced to join a customs union with the EU if no agreement were reached on frictionless trade by 21 January 2019

18 Jul 2018

Business

Companies

Image for global insurers see costs ifrs 17 implementation balloon

Finance | Global insurers see costs of IFRS 17 implementation balloon

Global insurers have significantly underestimated the costs of moving toward a new accounting regulation, IFRS 17 Insurance Contracts, with more than a third now budgeting over €50m (£44.2m) for implementation, according to research from Deloitte

18 Jul 2018

Finance | FRC auditor fines hit £18m mark

Fines imposed by the Financial Reporting Council (FRC) shot up by 23% to reach £17.96m last year, compared with £14.59m in 2016/17 as the regulator responded to pressure to crack down on failures at audit firms, according to research by Thomson Reuters

18 Jul 2018

Auditing

Corporate Governance

Image for pension company liquidated over ps4m abuse

Finance | Pension company liquidated over £4m abuse

A Kent pension company has been ordered into liquidation at the High Court after an Insolvency Service investigation revealed it had abused over £4m of investors’ savings

18 Jul 2018

Business

Pensions

Image for hmrc clarifies vat treatment car dealer deposit contributions

Tax | HMRC clarifies VAT treatment of car dealer deposit contributions

HMRC has published a brief explaining its policy on the VAT accounting treatment of car sales promotions where payments are said to be made by motor dealers to finance companies on behalf of the end customer, amid concerns that dealerships and others are adopting different approaches to these dealer deposit contributions (DDCs)

18 Jul 2018

17 Jul 2018

Image for 2018 revised pension sorp briefing note

Finance | 2018 Revised Pension SORP: briefing note

A revised and refreshed version of the accounting rules for the pension sector, the Pension SORP, has been released to take into account recent amendments to FRS 102. Here the Pensions Research Accounting Group (PRAG) provides a briefing note on the significant changes

17 Jul 2018

Tax | PAYE code notices delayed

HMRC is warning employers of problems with its online PAYE service, which include failure to supply employers with this year’s P9 tax code notices, advising them of the correct code for employees for the new tax year, and instances where PAYE accounts are not showing the latest position

17 Jul 2018

Tax

Employment Tax

HMRC

Image for regulator investigates islamic independent school charity

Finance | Regulator investigates Islamic independent school charity

The Charity Commission has opened a statutory inquiry into Darul Uloom School, based in London, over concerns about potential misconduct and mismanagement at the charity, which has been the subject of investigations by the police and the Department for Education

17 Jul 2018

Business

Charities

Image for ps20bn fund nhs will raise taxes

Tax | £20bn fund for NHS will raise taxes

The Office for Budget Responsibility (OBR) is warning that the Prime Minister’s recent pledge to increase spending on the NHS is likely to put significant pressure on public finances, placing public sector net debt on an ‘unsustainable upward trajectory’, unless the government introduces future tax rises or spending cuts

17 Jul 2018

Finance | IAASB consults on updates to risks of material misstatement standard

The International Auditing and Assurance Standards Board (IAASB) is consulting on revisions to ISA 315, Identifying and Assessing the Risks of Material Misstatement, which are designed to ensure the standard reflects developments in technology and changes in business practice

17 Jul 2018

Auditing

Corporate Governance

Image for ftse 350 senior level gender diversity flatlining

Business | FTSE 350 senior level gender diversity flatlining

Corporate UK is missing out on a £13bn ‘gender dividend’ because companies are still failing to get enough women into top roles, with no real progress since 2016 and just 16% of FTSE 350 executive committees female, a proportion which has not changed in two years, according to research from diversity consultancy the Pipeline

17 Jul 2018

Leadership & Management

Image for single financial guidance body ceo announced

Business | Single financial guidance body CEO announced

The Department for Work and Pensions has appointed John Govett as the first chief executive officer of the new single financial guidance body (SFGB), which will bring together three existing money and pension advice services

17 Jul 2018

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Latest news

Business | Godfrey-Billy: artificial intelligence will set accountants free

Tax | Armed forces to be compensated for Scottish tax differential

Tax | HMRC tackles VAT avoidance via offshore looping

Finance | Streamlined energy and carbon reporting to be mandatory

Finance | Charity ex-trustees disqualified over financial mismanagement

Business | Deloitte creates Asia Pacific firm

Business | BDO South Africa to merge with Grant Thornton

Business | Tax fraudster to pay £67K or face two more years in jail

Tax | Company car tax: key issues for fleet managers

Tax | Post-Brexit VAT non-alignment to add to consumer costs

HR | Dodwell named as member of the GAAR advisory panel

Tax | HMRC guidance on disguised remuneration scheme loan charges

Business | Government wins vote on leaving customs union

Finance | Global insurers see costs of IFRS 17 implementation balloon

Finance | FRC auditor fines hit £18m mark

Finance | Pension company liquidated over £4m abuse

Tax | HMRC clarifies VAT treatment of car dealer deposit contributions

Finance | 2018 Revised Pension SORP: briefing note

Tax | PAYE code notices delayed

Finance | Regulator investigates Islamic independent school charity

Tax | £20bn fund for NHS will raise taxes

Finance | IAASB consults on updates to risks of material misstatement standard

Business | FTSE 350 senior level gender diversity flatlining

Business | Single financial guidance body CEO announced