Business &amp; Accountancy Daily

Restructuring & Insolvency

Image for 75 taxpayers likely use hmrcs personal tax account

Tax | 75% of taxpayers likely to use HMRC’s personal tax account

Personal tax accounts (PTAs), which were launched in 2015 as part of HMRC’s ‘digital by default’ strategy, have received positive feedback with 40% of taxpayers using it to file their self assessment tax return, according to independent research

24 Jul 2018

Business | Flights director grounded over failure to account for £2m

The director of a company that offered cheap air fares has been disqualified for nine years after failing to ensure the company kept proper books and records to account for some £2m of flight bookings

24 Jul 2018

Called to Account

Image for ots outlines current projects annual report

Tax | OTS outlines current projects in annual report

The Office of Tax Simplification (OTS), the independent adviser to government, has published its second annual report, covering the year to 31 March 2018 and detailing its current and future work

24 Jul 2018

Tax

Personal Tax

Tax Planning

Image for shortage brexit expertise hit uk business

Business | Shortage of Brexit expertise to hit UK business

Accounting firms have the largest number of Brexit experts currently available, but a shortage of consultants means UK companies are likely to struggle to adapt once the UK leaves the EU next March, according to a report from Source Global Research

24 Jul 2018

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Business | KPMG appoints chief risk officer

KPMG in the UK, which has been slated by the Financial Reporting Council (FRC) over an ‘unacceptable’ decline in its audit quality, has appointed a former regulator as the firm’s chief risk officer

24 Jul 2018

Leadership & Management

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Business | Increased powers to block foreign takeovers

The government is seeking new powers to scrutinise the purchase of assets such as intellectual property via foreign takeovers if they raise national security concerns

24 Jul 2018

Image for businesses financial distress levels rise 9

Business | Businesses’ financial distress levels rise 9%

There has been a 9% hike in the number of businesses experiencing ‘significant’ financial distress at the mid-way point this year compared to last, although the levels are now increasing at a slower rate than earlier in 2018, according to analysis from Begbies Traynor

24 Jul 2018

23 Jul 2018

Image for hopkinson ftse 100 faces increasing tax litigation over transfer pricing

Tax | Hopkinson: FTSE 100 faces increasing tax litigation over transfer pricing

The risk of tax litigation is rising for the FTSE 100 as companies increasingly face challenges from HMRC over complex transfer pricing arrangements. Raichel Hopkinson, head of practical law dispute resolution at Thomson Reuters Legal considers how to mitigate the tax risk

23 Jul 2018

Business | Shop owner jailed over £960k tax fraud

A shopkeeper who owned several stores selling Formula 1 merchandise has been jailed for four years after he fraudulently claimed over £960,000 in tax repayments to keep his businesses afloat

23 Jul 2018

Called to Account

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Finance | Auditing accounting estimates standard to be revised

The Financial Reporting Council (FRC) is consulting on a revision of its UK standard ISA (UK) 540, Auditing Accounting Estimates and Related Disclosures, to respond to the move to accounting for financial instruments on an expected loss basis which is of particular significance for banks

23 Jul 2018

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Business | ‘Woeful’ lack of progression in women on FTSE boards

Despite progress in female representation on non-executive board positions, there remains a lack of women in executive roles on the boards of the UK’s leading companies, according to the latest report from Cranfield School of Management

23 Jul 2018

Leadership & Management

Image for hmrc issues draft rules pension cold calling ban

Tax | HMRC issues draft rules on pension cold calling ban

HMRC has launched a technical consultation on draft regulations to ban pensions cold calling to ensure the proposed arrangements are robust and effective in protecting individuals from scams

23 Jul 2018

Business | BEIS wants public register of foreign owners of UK property

Foreign companies owning UK properties will have to reveal their ultimate owners on the world's first public register, or face up to five years in jail for concealing the identify of those using shell companies, as part of a crackdown on money laundering

23 Jul 2018

Image for kingfisher keeps deloitte its external auditor

Finance | Kingfisher keeps Deloitte as its external auditor

Deloitte has held on to its position as external auditor for FTSE 100 DIY retailer Kingfisher in the latest round of auditor rotations

23 Jul 2018

Image for ey picks ps17m beazley audit kpmg

Finance | EY picks up £1.7m Beazley audit from KPMG

EY is set to replace KPMG at FTSE 250 global insurer Beazley from 1 January 2019, following a competitive tender process

23 Jul 2018

20 Jul 2018

Business | What is wrong with unpaid internships?

With graduates struggling to enter employment after completing their studies, internships and work experience placements are essential but is it wrong that so many businesses do not pay their interns? Gudrun Limbrick, lead consultant at Word Works, looks at how the Taylor Review and government are trying to change this

20 Jul 2018

Finance | Global ethics board strengthens rules for accountants over inducements

The International Ethics Standards Board for Accountants (IESBA) has updated its global ethics code to strengthen rules to guard against accepting excessive inducements and hospitality, highlighting the importance of avoiding being put in a compromising situation

20 Jul 2018

Leadership & Management

Image for administrators grill gaucho steak chain

Business | Administrators grill Gaucho steak chain

Matthew Smith and Robert Harding, partners from Deloitte, have been appointed joint administrators of Gaucho Grill Ltd, Gioma (UK) Limited and Cau Restaurants Ltd, the operators of a chain of restaurants specialising in Argentinian steaks which has collapsed, putting over 1,200 jobs at risk

20 Jul 2018

Restructuring & Insolvency

Image for record ps850m tax reliefs claimed creative sector

Tax | Record £850m of tax reliefs claimed by creative sector

TV hit ‘Peaky Blinders’ and Gary Oldman’s portrayal of Winston Churchill in the film ‘Darkest Hour’ are just two of dozens of examples from Britain’s world-leading creative sector to have benefited from over £850m of tax breaks in the last year, according to the latest HMRC statistics

20 Jul 2018

Tax | OTS proposes PAYE for online platform gig workers

The Office of Tax Simplification (OTS) is suggesting the introduction of a PAYE option for online platform workers, which would see operators such as Deliveroo or Uber deducting tax from their earnings and thereby taking responsibility for fulfilling the tax obligations of their workers

20 Jul 2018

Business | Builder disqualified over hidden sales and VAT loss

The director of a West Midlands construction company has been disqualified for seven years after he failed to declare all the company’s sales income, resulting in an under-payment of VAT totalling over £200,000

20 Jul 2018

Called to Account

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Finance | KPMG in banking regulator’s spotlight

The Prudential Regulation Authority (PRA) is believed to have held discussions with financial institutions and other regulators over potential risks to KPMG’s business, following the firm’s string of problems in South Africa and challenges to its auditing of collapsed outsourcer Carillion

20 Jul 2018

HR | People in the news: EY, BDO, Edwin Coe

Career news this week includes a change in managing partner for talent at EY, BDO promotes a member of the audit team to senior partner and Edwin Coe gains a senior tax manager

20 Jul 2018