Shadow chancellor targets IR35 and making tax digital, 'Complex' fraud cases still proceed to judge-only trials, and Croner Intelligence launches Workflows AI tool to draft letters

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Business & Accountancy Daily

Latest news

Image for qa late claim input tax

Tax | Q&A: late claim for input tax

Croner Taxwise VAT advice consultant Sally Atkins considers whether deregistration for VAT prevents a company from reclaiming the VAT element of an invoice submitted long after the work was completed

14 Aug 2018

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Tax | Profit fragmentation rules set for overhaul

As the government rapidly finalises new rules on profit fragmentation, Lindsey Wicks, tax writer at Croner-I Tax & Accounting, considers the significance of the proposals, particularly the notification requirement which could net thousands of high net worth individuals and business owners

14 Aug 2018

International Tax

Law and Regulation

Image for south western firm expands medical practice acquisition

Business | South western firm expands medical practice with acquisition

Somerset-based chartered accountancy firm Albert Goodman has announced a merger with specialist medical accountants, MW Medical, based in Westbury-on-Trym, Bristol, to create one of country’s largest medical accounting practices

14 Aug 2018

Accountancy Firms

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Business | Homebase to announce CVA

Homebase looks set to become the next casualty of the current drop in ‘bricks and mortar’ trading, with reports that Alvarez and Marsal is to be brought in to carry out a company voluntary agreement (CVA) which will see the DIY retailer shut at least 42 stores, putting some 1,500 jobs at risk

14 Aug 2018

Accountancy Firms

Image for accountants date error sees client let apn penalty

Tax | Accountant’s date error sees client let off APN penalty

A taxpayer who contested a penalty issued by HMRC for late payment of an accelerated payment notice (APN) has won his case after a tribunal found his accountant was at fault for failing to notice the correct date by which action was required, despite reminders from his client

14 Aug 2018

Image for regulators launch ads warn against pension scams

Finance | Regulators launch ads to warn against pension scams

In the wake of changes to the rules on accessing pensions, the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) are seeking to raise awareness of pension scams, after research showed victims reported losing an average of £91,000 each last year

14 Aug 2018

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Finance | Narrow-scope improvements to FASB leasing standard

The Financial Accounting Standards Board (FASB) is consulting on narrow-scope improvements to the new leases standard designed to reduce costs and ease implementation for financial statement preparers

14 Aug 2018

Accounting Standards

Financial Reporting

Audit Consultations

Image for first neds appointed new financial guidance body

Business | First NEDs appointed to new financial guidance body

The Department for Work and Pensions (DWP) has appointed two non-executive directors to the board of the new single financial guidance body (SFGB), which will provide guidance on money and pensions

14 Aug 2018

Accountancy Firms

Image for one five championship teams financial difficulty

Business | One in five Championship teams in financial difficulty

As the 2018/19 season kicks off, most elite English and Scottish football clubs are in good financial shape but some have expressed concerns, according to a survey of football finance directors from BDO

14 Aug 2018

Accountancy Firms

13 Aug 2018

Image for requirement correct rtc final countdown taxpayers

Tax | Requirement to correct (RTC): the final countdown for taxpayers

As the deadline for requirement to correct notifications for offshore income and assets approaches, Lucy Brennan, partner at Saffrey Champness, examines the compliance issues before new tax penalties bite from 30 September

13 Aug 2018

International Tax

Law and Regulation

Image for adecco loses ps11m vat claim temp supplies

Business | Adecco loses £11m VAT claim on temp supplies

Adecco has lost a claim for an £11m VAT repayment at the Court of Appeal, which ruled that the employment agency had to account for VAT on the entire fee charged to its clients when it supplied them with temporary workers

13 Aug 2018

Accountancy Firms

Image for ey invests extra 1bn technology innovation

| EY invests extra $1bn in technology innovation

EY is to plough an additional $1bn (£784m) into new technology solutions, client services, innovation and the firm’s ‘ecosystem’ over the next two financial years

13 Aug 2018

Accountancy Firms

AI & Technology

Image for calls hmrc delay ir35 private sector extension

Tax | Calls for HMRC to delay IR35 private sector extension

HMRC’s consultation on extending the IR35 rules covering off-payroll working to the private sector closed last week, and contractor organisations are indicating there has been a groundswell of protest against the proposals, which have attracted controversy since their introduction in the public sector

13 Aug 2018

Accountancy Firms

Image for hmrc deals poker winner ps70k fraud confiscation order

Business | HMRC deals poker winner £70K fraud confiscation order

An international crime gang member who has finished his original prison sentence for fraud, has now been ordered to repay £70,000 years after his crime, after HMRC found he had winnings from a poker tournament

13 Aug 2018

Called to Account

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Business | Investigation into finances of Christian rehab charity

The Charity Commission has opened a statutory inquiry into Livingstone House Mother of the Harvest Ministries over concerns about misconduct or mismanagement with regards to the administration of the charity

13 Aug 2018

Accountancy Firms

Image for ftse 100 exec pay packets under challenge

Business | FTSE 100 exec pay packets under challenge

Shareholder pressure to curb pay for top executives is mounting and 22% of the UK’s top 30 firms received less than 80% support for their remuneration reports this year, up from just 6% last year, according to Deloitte

13 Aug 2018

Accountancy Firms

Leadership & Management

10 Aug 2018

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Business | Called to account: August 2018

In this month's roundup of cases and disqualifications, 15-year ban over multimillion pound VAT fraud, lawyer jailed over tax fraud, ex-builder jailed for £750K VAT fraud

10 Aug 2018

Called to Account

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Business | Premier League clubs spend £1.2bn in summer transfer window

The closing of the transfer window saw Premier League clubs spend £1.2bn on player transfers, down by £200m the first shortened summer transfer window, according to analysis by Deloitte’s sports business group

10 Aug 2018

Accountancy Firms

Image for icaew wants frc reformed post brexit world

Finance | ICAEW wants FRC reformed for ‘post-Brexit’ world

The Financial Reporting Council (FRC) needs significant changes in its governance, powers, culture and ways of working if it is to operate successfully in the post-Brexit landscape, ICAEW has made clear in its response to the current review of the regulator conducted by Sir John Kingman

10 Aug 2018

Accounting Standards

Accountancy Firms

Image for ifrs foundation moves london office

Finance | IFRS Foundation moves London office

The IFRS Foundation, the governance and oversight body of the International Accounting Standards Board (IASB), has relocated its offices within London, moving to a new address in Canary Wharf

10 Aug 2018

Accounting Standards

Accountancy Firms

Image for ey appointed house fraser administration

| EY appointed to House of Fraser administration

Embattled department store House of Fraser, which called in EY as administrators earlier today, has been sold for £90m to Sports Direct International in a deal which sees Mike Ashley's company acquire all its UK stores, the brand and all of the stock in the business

10 Aug 2018

Accountancy Firms

Restructuring & Insolvency

Image for baldwins acquires dental specialist practice

Business | Baldwins acquires dental specialist practice

Baldwins accountancy group, a member of CogitalGroup, has bought DBS Chartered Certified Accountants, a specialist accounting practice for the dental sector in a bid to extend its reach nationwide

10 Aug 2018

Accountancy Firms

Image for people news uhy hacker young bdo crowe

HR | People in the news: UHY Hacker Young, BDO, Crowe

This week's news of professional moves in the sector includes two partner promotions at UHY Hacker Young, a corporate advisory partner joins BDO, Crowe UK gains a forensic accounting partner

10 Aug 2018

Image for united nations initiative issues sustainability guide

Business | United Nations initiative issues sustainability guide

The United Nations Global Compact and the Global Reporting Initiative (GRI) have released a practical guide for companies to use when measuring their environmental impact

10 Aug 2018

Accountancy Firms

Image for mazars relocates new leeds office

Business | Mazars relocates to new Leeds office

Mazars has announced that it is to move to new offices in a state of the art commercial development in Leeds city centre as part of plans to continue the expansion of its practice in Yorkshire

10 Aug 2018

Shadow chancellor targets IR35 and making tax digital, 'Complex' fraud cases still proceed to judge-only trials, and Croner Intelligence launches Workflows AI tool to draft letters

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