Business &amp; Accountancy Daily

Image for former tesco fd will not face fraud trial

Business | Former Tesco FD will not face fraud trial

Carl Rogberg, former finance director at Tesco, will no longer face trial alongside two of his former colleagues in September, the Serious Fraud Office (SFO) has confirmed

1 Aug 2018

Companies

Image for top 25 survey 2018 uk outlook global accounting networks

Business | Top 25 survey 2018: UK outlook for global accounting networks

The UK accounts for 10% share of global fee income from the global networks and associations with total UK revenue hitting $19.4bn, up from $18.8bn year on year, despite the threat of Brexit and increasing scrutiny of the audit market, reports Amy Austin

1 Aug 2018

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Business | Top 25 survey 2018: increased disclosure improves share of women partner numbers

More global accountancy networks are reporting gender diversity numbers with 14 (56%) out of the 25 firms in this year's survey voluntarily providing a gender breakdown of their partner numbers as the number of female partners reaches an all-time high, reports Amy Austin

1 Aug 2018

Leadership & Management

Image for eu court rules payment service providers must pay vat

Tax | EU court rules payment service providers must pay VAT

Companies that collect instalment payments for other organisations are not exempt from paying VAT, according to the judgment in the DPAS case by the Court of Justice of the European Union (CJEU)

1 Aug 2018

Tax | Big businesses stung by DPT liabilities

Businesses are paying more tax than anticipated under the government’s diverted profits tax (DPT), possibly as a result of companies being over-cautious, according to a leading international law firm

1 Aug 2018

Business | Former company director jailed for 10 years

A fraudster with a history of running companies while disqualified and using money that should have gone to creditors to fund a luxury lifestyle has been sentenced to 10 years in prison

1 Aug 2018

Image for hmrc issues offshore income ultimatum

Tax | HMRC issues offshore income ultimatum

HMRC has issued taxpayers with a warning about the new Requirement to Correct legislation governing income or profits from overseas assets, which comes into force on 30 September

1 Aug 2018

Tax | Accountants slam Rent a Room test

Accountants have criticised government plans to introduce a rule that means the owner has to be living in the property in order to qualify for tax relief for renting out a room in their house

1 Aug 2018

Tax | Employment tax updates: August 2018

Jackie Hall ACA CTA, partner at RSM on the National Living Wage under review, Finance Bill measures affecting employers, professional subscriptions

1 Aug 2018

Tax | VAT updates: August 2018

Graham Elliott, VAT expert at City & Cambridge Consultancy on place of supply issue at stake in Hutchison case, housing renovation under 10-year rule, claiming VAT where not charged by the supplier in Zipvit

1 Aug 2018

Finance | Accounting updates: August 2018

In this month’s roundup of developments in accounting and financial reporting, former RSM Tenon FD faces £60k sanction, PRAG publishes updated SORP for pensions accounting, charity annual returns will have to report international funding sources

1 Aug 2018

Finance | Legal updates: August 2018

In this month's legal updates, experts at law firm Gateley plc on simple agreement clause excludes misrepresentation, lawyers and ICAEW dispute distributions, draft regulations on governance reporting requirements issued

1 Aug 2018

Finance

Law and Regulation

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Business | Development updates: August 2018

In the latest career development updates, Smith & Williamson reports 9% fee hike, Cogital snaps up £54m Wilkins Kennedy, defined benefit pension rules out for consultation

1 Aug 2018

Tax | Tax updates: August 2018

This month's review of tax cases and tax news including penalties for Making Tax Digital disclosed, Supreme Court dismisses JP Whitter’s CIS status appeal, decision upheld on ‘source’ of interest payments, insurance costs pulled into OpRA rules on company cars

1 Aug 2018

Finance | Audit updates: August 2018

In our monthly roundup of developments in audit and governance, EY picks up £1.6m SIG audit from Deloitte, top director Melanie Hind leaves UK audit regulator, FRC launches shorter sharper governance code for UK PLCs, MPs pressure FRC over BHS audit findings

1 Aug 2018

Auditing

Corporate Governance

Audit Regulations

Finance | Charity Commission takes control of troubled animal charity

The Charity Commisson has taken action against the Capricorn Animal Rescue and Sanctuary after expressing ‘continued concerns’ about the management and governance of the charity and has now appointed an interim manager

1 Aug 2018

Charities

31 Jul 2018

Image for woolf when compliance and truth part ways audit

Finance | Woolf: when compliance and truth part ways in audit

Emile Woolf FCA ponders whether this is the beginning of the end for the impartiality of accounting and auditing

31 Jul 2018

Auditing

Corporate Governance

Image for bt reveals ps500m pension deficit error

Business | BT reveals £500m pension deficit error

Telecoms giant BT has disclosed a £500m pension deficit, blaming ‘human error’ in calculations made by its independent actuary, in the latest quarterly earnings report, reports James Bunney

31 Jul 2018

Finance | Brewery and chairman fined for not providing pension details

Samuel Smith Brewery and its chairman Humphrey Smith have been fined £28,000 for failing to provide information to The Pensions Regulator (TPR)

31 Jul 2018

Pensions

Image for fasb issues implementation easement us leases standard

Finance | FASB issues implementation easement for US leases standard

The US Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) to reduce costs and improve implementation of the leases standard for US preparers

31 Jul 2018

Business | Local councils must transform to survive say accountants

Central government has halved local council funding since the 2008 financial crash and many need radical transformation if they are to survive as budgets are cut

31 Jul 2018

Careers

Leadership & Management

Image for tax filing deadlines aug dec 2018

Tax | Tax filing deadlines: Aug - Dec 2018

The key HMRC filing deadlines from August to December including employment intermediary’s quarterly report, PAYE cheque payments, online CIS return, disguised remuneration-related tax affairs

31 Jul 2018

Tax | Child trust fund providers must submit annual return, warns HMRC

HMRC has issued a reminder to child trust fund (CTF) account providers to ensure that they submit an annual return of information for all accounts even if they missed the original deadline

31 Jul 2018

Tax | Stamp duty cut costs government £284m

Around 121,500 first time buyers have saved a total of £284m after the government dropped stamp duty payments on properties costing up to £300,000, according to official statistics

31 Jul 2018

Finance | FRC revises guidance for preparing Strategic Reports

The Financial Reporting Council (FRC) has revised the guidance for companies preparing the mandatory Strategic Report, which encourages larger listed companies to consider wider stakeholders and issues that impact performance over the longer term

31 Jul 2018

Business | Shopkeeper to repay £250k or face another three years in jail

A Blackpool shopkeeper, who was jailed for tax fraud after lying about her business’ income, has been ordered to pay £250,000 in three months or face another three years in jail and still owe the money

31 Jul 2018

Tax | IHT receipts hit £5.2bn as property prices soar

The latest government statistics, published today, show an increase in revenue from inheritance tax (IHT) as estates grew in value due to rising property prices

31 Jul 2018

Tax

Personal Tax

HMRC

Tax | Inheritance tax form 407 updated

HMRC has provided revised guidance on the use of inheritance tax (IHT) form 407 to assess potential tax liabilities on household and personal goods

31 Jul 2018

Tax | Loan scheme tax loophole closed

HMRC has moved to close a tax loophole that replaced income with loans, and warns against misleading advice from financial advisers that such schemes are still an acceptable way to avoid paying tax

31 Jul 2018

30 Jul 2018

Image for economic trends brexit jitters could change political status quo

Business | Economic trends: Brexit jitters could change political status quo

Martin Beck, senior economist at Oxford Economics, considers the economic impact of a potential change of government, even under the scenario of a Labour-led coalition

30 Jul 2018

Companies

Image for spike hmrc investigations high net worth raises ps12bn

Tax | Spike in HMRC investigations into high net worth raises £1.2bn

The amount of tax increased from the top earners and wealth creators in the country has increased by nearly a third in the last year following a spike in HMRC investigations

30 Jul 2018

Finance | Grant Thornton cleared of misconduct over Globo audit

The Financial Reporting Council (FRC) has concluded its investigation into Grant Thornton UK’s (GTUK) audit of Globo Plc, finding insufficient evidence of misconduct and advising that no further action be taken against the accountancy firm

30 Jul 2018

Auditing

Corporate Governance

Image for editors comment growing tax code

Tax | Editor’s comment: growing the tax code

As HMRC continues with its attempt to close the £33bn tax gap, by releasing dozens of new tax measures as part of the Draft Finance Bill 2018-19, Sara White, editor of Accountancy asks whether all these new tax initiatives take the spotlight off Making Tax Digital for VAT which is quickly approaching

30 Jul 2018

Tax | Childcare providers to open tax-free childcare account

HMRC has issued guidance on how childcare providers can open an account to receive payments from parents through the tax-free childcare scheme

30 Jul 2018

Business | Nine-year ban for restaurant owner

A Yorkshire restaurant owner has been banned from running a company for nine years after failing to pay the correct amount of tax

30 Jul 2018

Image for rate rise could leave boe insolvency spike

Business | Rate rise could leave BoE with insolvency spike

A leading accountant has issued a stark warning that an interest rate rise will leave the Bank of England ‘with blood on its hands’ as more people struggle to cope with financial difficulties

30 Jul 2018

Companies

Restructuring & Insolvency

Leadership & Management

Image for fca consult tighter rules crowd funded loans

Finance | FCA to consult on tighter rules for crowd-funded loans

Regulators are launching a consultation into rules for loan-based crowdfunding platforms amid concerns that some business models are too complex and do not offer adequate protection for lenders

30 Jul 2018

Finance | Charity disqualification rules extended

Senior managers working in the charity sector will be forced to resign if they would be disqualified from acting as a trustee due to criminal convictions or bankruptcy

30 Jul 2018