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

Image for harding time overhaul accounting intangible assets

Finance | Harding: time to overhaul accounting for intangible assets

The accountancy profession must look beyond the tangible to think of new ways to articulate the value of intangible assets, says Andrew Harding, chief executive of management accounting at Association of International Certified Professional Accountants (AICPA)

6 Aug 2018

Accounting Standards

Financial Reporting

Image for amazons uk tax bill halved profits almost treble

Tax | Amazon’s UK tax bill halved as profits almost treble

News that Amazon’s UK tax bill almost halved last year to £1.7m, despite a near-trebling of profits at the online retail giant, has prompted renewed calls for changes to the tax regime for multinational digital companies

6 Aug 2018

Accountancy Firms

AI & Technology

Image for international law firm attacks hmrc over privacy concerns

Tax | International law firm attacks HMRC over privacy concerns

Law firm Mishcon de Reya has filed a complaint with the Information Commissioners Office (ICO), citing concerns over the use of the common reporting standard (CRS) and beneficial ownership registers

6 Aug 2018

Accountancy Firms

AI & Technology

Image for house fraser settles landlord cva challenge

Business | House of Fraser settles landlord CVA challenge

Embattled high street retailer House of Fraser looks set to go ahead with plans to close half its stores, putting around 6,000 jobs at risk, after the company announced it had settled challenges by a group of its landlords to its planned company voluntary arrangement (CVA)

6 Aug 2018

Accountancy Firms

Restructuring & Insolvency

Image for llp accounting framework review

Finance | LLP accounting framework up for review

The Consultative Committee of Accountancy Bodies (CCAB) is consulting on an updated draft of the statement of recommended practice – accounting by limited liability partnerships (LLPs SORP), which is designed to ensure LLPs continue to present financial statements that are comparable with those of other entities

6 Aug 2018

Accounting Standards

Law and Regulation

Audit Consultations

Audit Regulations

Image for begbies traynor administrators collapsed credit union

Business | Begbies Traynor administrators to collapsed credit union

Begbies Traynor partner Dean Watson, who is a specialist in credit unions, has been appointed as administrator of Polish Credit Union UK Ltd

6 Aug 2018

Restructuring & Insolvency

Image for call widen net gender pay gap reporting

Business | Call to widen the net on gender pay gap reporting

The business, energy and industrial strategy (BEIS) committee wants to see gender pay gap reporting extended to include small and medium-sized enterprises (SMEs), and also says companies should be required to publish action plans and narrative reports on what they are doing to close the gap

6 Aug 2018

Accountancy Firms

Leadership & Management

Image for ifac set take educational oversight ies

Finance | IFAC set to take on educational oversight for IES

IFAC (International Federation of Accountants) and the International Accounting Education Standards Board (IAESB) plan to overhaul accountancy training and professional development, bringing oversight under the auspices of the IFAC board

6 Aug 2018

Accounting Standards

Financial Reporting

Law and Regulation

Accountancy Firms

Leadership & Management

3 Aug 2018

Image for finance mole thumbs summer fridays

Business | Finance Mole: thumbs up for Summer Fridays

Finance Mole may be luxuriating in fancy air-conditioned office but summer working patterns are the real bonus plus, Treasury chucks out reams of draft legislation on a hot Friday afternoon, ICAEW member fights for a re-run of the Brexit referendum

3 Aug 2018

Image for hmrc raises interest rates wake boe base rate hike

Tax | HMRC raises interest rates in wake of BoE base rate hike

HMRC wasted no time in raising interest rates for late payments following the rise in the Bank of England base rate at the beginning of August

3 Aug 2018

Image for kpmg 2019 graduate scheme opens

Business | KPMG 2019 graduate scheme opens

KPMG’s 2019 graduate recruitment programme for its audit, tax, pensions and legal services opens this week, with the firm looking to recruit those possessing curiosity and a keen eye for detail

3 Aug 2018

Accountancy Firms

Image for scottish government may extend lbtt stamp duty reliefs

Tax | Scottish government may extend LBTT stamp duty reliefs

The Scottish government is to consider the introduction of land and buildings transaction tax (LBTT) relief for investors such as pension funds and insurance companies in Scottish property, in a move welcomed by the accountancy profession

3 Aug 2018

Image for xero acquires hubdoc 70m

Business | Xero acquires HubDoc for $70m

Cloud accounting firm Xero has acquired HubDoc, which provides data capture and financial document collection solutions for accountants, bookkeepers, and small businesses

3 Aug 2018

Accountancy Firms

AI & Technology

Image for barclays partners sme invoice financing firm

Business | Barclays partners with SME invoice financing firm

Barclays Bank has struck a deal with major UK invoice financing company in a move which it says will give its SME clients ‘seamless access’ to new ways to manage cash flow and generate growth

3 Aug 2018

AI & Technology

Image for pay finance hits three month high workers unsatisfied

Business | Pay in finance hits three-month high but workers unsatisfied

Average salaries for finance roles hit a three-month high in July as pay increased by 3% year-on-year, but many in the sector express dissatisfaction and say they are underpaid and badly trained

3 Aug 2018

Accountancy Firms

Leadership & Management

Image for property income allowance gives ps1000 tax relief

Tax | Property income allowance gives £1,000 tax relief

Property owners who receive an income from rent could be missing out on a recently introduced tax-free allowance potentially worth hundreds of pounds provided they have low rental income

3 Aug 2018

Image for people news pwc rsm litrg

HR | People in the news: PwC, RSM, LITRG

This week's news of professional moves in the sector includes a leader of financial services risk and regulation at PwC, RSM appoints an associate director as well as promoting two employees to managing partners, head of team appointment at LITRG

3 Aug 2018

2 Aug 2018

Image for llp accounting using merger accounting method part 2

Finance | LLP accounting: using the merger accounting method - part 2

In the first of a new series on accounting for limited liability partnerships (LLPs), Iain Storey of Price Bailey explains the key issues to consider when a partnership merges with an LLP, including disclosure requirments and group reconstruction relief

2 Aug 2018

Accounting Standards

Financial Reporting

Image for insolvent local council plans budget recovery meeting

Finance | Insolvent local council plans budget recovery meeting

Northamptonshire County Council, which faces £70m in debts and is 'technically bankrupt', is to hold a special full council meeting on 9 August to agree budget recovery plan

2 Aug 2018

Financial Reporting

Accountancy Firms

Restructuring & Insolvency

Image for bank england raises interest rate 075

Business | Bank of England raises interest rate to 0.75%

The Bank of England has raised UK interest rates by 0.25 percentage points to 0.75%, marking the first return to nearly pre-crash levels, with March 2009 the last time rates were at this level

2 Aug 2018

Accountancy Firms

Leadership & Management

Image for rbs avoids fca action despite damning sme lending report

Business | RBS avoids FCA action despite damning SME lending report

The Financial Conduct Authority is to take no action against the Royal Bank of Scotland over its ‘inappropriate treatment’ of its SME customers between 2008 and 2013

2 Aug 2018

Accountancy Firms

Called to Account

Image for hmrc performance sees revenue and cost improvements

Tax | HMRC performance sees revenue and cost improvements

The latest figures from HMRC on its performance show some improvement in revenue collected and cost savings over the previous year’s quarter, but response times at its call centres have deteriorated alongside a drop in customer satisfaction

2 Aug 2018

Image for accounting network revenue hits 200bn globally

Business | Accounting network revenue hits $200bn globally

In this years' Accountancy Network and Associations annual survey, the Big Four networks continue to dominate the global accounting market as combined revenues hit $200.12bn (£150.80bn), while the UK accounts for 10% of all global revenue at $19.4bn, reports Amy Austin

2 Aug 2018

Accountancy Firms

Leadership & Management

Image for uk manufacturing falters over interest rate rise fears

Business | UK manufacturing falters over interest rate rise fears

The UK manufacturing sector has had its weakest month in more than year, according to the latest IHS Markit/CIPS report, following concerns about an imminent interest rate rise

2 Aug 2018

Accountancy Firms

Image for uk audit firms under fire

Finance | UK audit firms under fire

In a hard-hitting editorial, the Financial Times today branded the UK’s audit industry ‘a cancer in the body corporate’ and called for change

2 Aug 2018

Audit Regulations

Image for hmrc updates gift aid guidance charities

Tax | HMRC updates Gift Aid guidance for charities

HMRC has issued revised guidance for charities on how the tax system operates, Gift Aid compliance and details about compliance with the General Data Protection Regulations (GDPR) when it comes to donor records

2 Aug 2018

Law and Regulation

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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