Banknotes go wild featuring puffins owls and bees, FRC fully clears Deloitte auditors after dropping Joules audit probe, and Croner Intelligence launches Workflows AI tool to draft letters

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Business & Accountancy Daily

Latest news

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Business | The purpose of non-disclosure agreements - part 2

Beth Hale and Nick Hawkins of CM Murray LLP urge accountancy firms, partners and employees to get up to speed on non-disclosure agreements (NDA), following the publication of a warning notice and ongoing inquiries on the use of the legal agreement

27 Jul 2018

Leadership & Management

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Business | Scottish insolvency rates on the rise

Total personal insolvencies in Scotland rose by 11.8% in the first quarter of this year, according to the latest statistics from Accountant in Bankruptcy (AiB).

27 Jul 2018

Business

Companies

Restructuring & Insolvency

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Tax | Top football agent scores £1.2m tax avoidance own goal

An upper tribunal has found against Jerome Anderson, former football agent, in a case of disputed tax loss relief

27 Jul 2018

Tax | Record tax take from non-doms

HMRC statistics show that individuals claiming non-domiciled taxpayer status paid a record £9.4bn in UK income tax, capital gains tax and National Insurance contributions last year, despite a 25% drop in their numbers

27 Jul 2018

Business | Women’s finance careers face seven-year handicap

According to research from ACCA, women in finance and accounting take on average seven more years than their male counterparts to reach executive level

27 Jul 2018

Tax | Technology sees HMRC property raids drop 30%

There has been a 30% drop in property raids carried out by HMRC, as it shifts to using artificial intelligence (AI) and big data to gather evidence for investigations, according to analysis from Pinsent Masons.

27 Jul 2018

Tax | Publishing details of deliberate tax defaulters found ineffective

HMRC’s own research has revealed that its programme for publishing details of deliberate defaulters (PDDD) is largely ineffective as a deterrent because its aim is not well-understood

27 Jul 2018

Business | Call for faster adoption of AI in finance

Research from Reed Accountancy & Finance shows just 4% of finance professionals are implementing AI systems

27 Jul 2018

Business

Companies

Accountancy Firms

26 Jul 2018

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Tax | Farming partnership disputes: the Sargeant case

The devil is in the detail in farming accounts especially when a partnership is involved. Julie Butler, partner and Libby James, tax and accounts associate at Butler & Co, examine the recent case of Sargeant

26 Jul 2018

Tax | Nunn: tax reliefs frozen in time are all but meaningless

Yvette Nunn, director of Berkeley Associates, discusses the downsides of frozen tax reliefs and how they become meaningless years later when their value drops to a low point

26 Jul 2018

Tax

HMRC

Tax Planning

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Tax | British Chambers of Commerce call for cuts in red tape

Three quarters of UK businesses believe the cost of complying with the UK tax system has escalated in the last five years according to the British Chambers of Commerce (BCC), which is calling for the government to cut ‘red tape’ and delay Making Tax Digital plans

26 Jul 2018

Tax | Tax credit income errors could cost 35,000 parents

HMRC is warning that thousands of parents could be at risk of missing out on hundreds of pounds from their tax credits by accidently reporting their income incorrectly through failure to take into account some statutory payments, ahead of next week’s deadline for renewal claims

26 Jul 2018

Tax | HMRC saves £5bn in Supreme Court compound interest ruling

HMRC is set to receive a £5bn boost after the Supreme Court ruled that tax repayments due to the Prudential Assurance Company (PAC) should be made on a simple interest basis

26 Jul 2018

Finance | FRC calls for improvements in auditing pension balances

After reviewing the audits of 125 entities with pension schemes, the FRC has concluded that significant improvements are needed

26 Jul 2018

Auditing

Corporate Governance

Audit Regulations

Tax | Call for pension tax relief changes

The Treasury select committee has called on the government to implement wide-ranging reforms to tax relief on pensions and ISAs

26 Jul 2018

25 Jul 2018

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Finance | International reporting: financial instruments priority for IASB

The International Accounting Standards Board (IASB) sets its sights on IFRS 9 Financial Instruments as it focuses on setting out clarifications surrounding characteristics of equity and what role technology will play in the future, explains Jeroen Van Doorsselaere, Wolters Kluwer vice president of risk and finance

25 Jul 2018

Tax | Dodwell: withholding tax ruling on funds critical post-Brexit

Bill Dodwell, senior policy adviser at the Office of Tax Simplification (OTS), considers the importance of the recent ECJ ruling on Undertakings for Collective Investment in Transferable Securities (UCITS) funds for withholding tax

25 Jul 2018

Business | Number of accountants hits record 530,000

Year-on-year growth in membership figures at the accountancy bodies has hit a five-year high, while the total fee income of the audit firms which audit public interest entities (PIEs) has increased, although there has been a notable decrease in the fee income for non-audit work, according to the Financial Reporting Council (FRC)

25 Jul 2018

Business

Accountancy Firms

Careers

Leadership & Management

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Tax | Judicial reviews involving HMRC jump 36%

The number of judicial reviews faced by HMRC rose to 122 in 2017, an increase of more than 30% over the previous year, marking a significant increase in the last three years

25 Jul 2018

Finance | IFAC revises guide to using ISAs in SME audits

The International Federations of Accountants (IFAC) has updated its guide providing practical support for small and medium-sized practices when implementing the international standards on auditing (ISAs) for SMEs

25 Jul 2018

Auditing

Corporate Governance

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Business | EU withdrawal agreement bill published

The government has confirmed details of a new bill that will legislate for the withdrawal agreement between the UK and the EU, and which includes a transition period post-Brexit during which EU laws will continue to apply, and new directives could come into force

25 Jul 2018

Business

Companies

Image for pac slates handling ps330m nhs contract

Business | PAC slates handling of £330m NHS contract

The government watchdog described the handling of a contract to provide primary care services as putting patients 'at risk of serious harm'

25 Jul 2018

Business

Companies

Accountancy Firms

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Business | Motor scrap company director off the road for fraud

The director of a Manchester car spare parts company has been disqualified for 12 years after he spent money from company's bank account using funds that were dishonestly obtained via a fraud on customers

25 Jul 2018

Business

Called to Account

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Tax | One million still to renew tax credits with a week to go

With just a week to go to the 31 July tax credit renewal deadline, over a million individuals have yet to get in touch with HMRC, which is urging taxpayers to renew online as the fastest and easiest option

25 Jul 2018

Navigate

Tax Services

Latest news

Business | The purpose of non-disclosure agreements - part 2

Business | Scottish insolvency rates on the rise

Tax | Top football agent scores £1.2m tax avoidance own goal

Tax | Record tax take from non-doms

Business | Women’s finance careers face seven-year handicap

Tax | Technology sees HMRC property raids drop 30%

Tax | Publishing details of deliberate tax defaulters found ineffective

Business | Call for faster adoption of AI in finance

Tax | Farming partnership disputes: the Sargeant case

Tax | Nunn: tax reliefs frozen in time are all but meaningless

Tax | British Chambers of Commerce call for cuts in red tape

Tax | Tax credit income errors could cost 35,000 parents

Tax | HMRC saves £5bn in Supreme Court compound interest ruling

Finance | FRC calls for improvements in auditing pension balances

Tax | Call for pension tax relief changes

Finance | International reporting: financial instruments priority for IASB

Tax | Dodwell: withholding tax ruling on funds critical post-Brexit

Business | Number of accountants hits record 530,000

Tax | Judicial reviews involving HMRC jump 36%

Finance | IFAC revises guide to using ISAs in SME audits

Business | EU withdrawal agreement bill published

Business | PAC slates handling of £330m NHS contract

Business | Motor scrap company director off the road for fraud

Tax | One million still to renew tax credits with a week to go