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Tax | Brexit: the future of VAT and customs

The lack of progress on agreement on a trading model and customs arrangements post-Brexit highlights the inherent differences between current EU trade and the customs rules governing non-EU trade. David McGeachy, partner and national head of VAT at Saffery Champness explains

22 Aug 2018

Accountancy Firms

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Tax | What’s changing: CGT overhaul for non-residents

Capital gains tax is being extended to non-residents for gains arising from property and land sales in the UK from April 2019. Stephanie Webber ACA CTA, specialist tax writer at Croner-i, examines the draft rules and potential pitfalls

22 Aug 2018

International Tax

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Finance | FASB proposes revisions to US credit losses standard

The Financial Accounting Standards Board (FASB) is consulting on proposals for amendments to the transition requirements and scope of the credit losses standard issued in 2016, with the aim of making implementation less complex

22 Aug 2018

Accounting Standards

Financial Reporting

Law and Regulation

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Finance | Four regulators to review charity SORP committee and practice

The four charity regulators in the UK and Republic of Ireland are to hold a governance review of the constitution and composition of the charities statement of recommended practice (SORP) committee and the SORP making process, which handles charity accounting rules

22 Aug 2018

Accounting Standards

Financial Reporting

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Business | Ex-Trump lobbyist guilty of tax fraud

US President Donald Trump’s former campaign chairman Paul Manafort has been found guilty on eight fraud charges, including five counts of tax fraud, two counts of bank fraud and one count of failure to report a foreign bank account, and is facing a potential jail sentence

22 Aug 2018

Called to Account

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Business | Call for banks to act on payment scams

The Financial Ombudsman Service (FOS) and other industry bodies have signalled they want banks to do more to tackle authorised push payment (APP) fraud, saying they should review their response to people and businesses who unwittingly act on fraudsters’ instructions and carry out the transactions themselves

22 Aug 2018

Accountancy Firms

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Business | RSM administrators to failed transport company

Alexander Kinninmonth, partner, and Richard Brewer, director, of RSM restructuring have been appointed joint administrators of Eastleigh-based transport, distribution and warehouse company Harris Transport Ltd which has collapsed with the loss of upwards of 70 jobs as a result of recent trading difficulties

22 Aug 2018

Accountancy Firms

Restructuring & Insolvency

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Business | Official warning for RSPCA over governance failures

The RSPCA has been rapped over the knuckles by the Charity Commission, which has issued the charity with an official warning after finding that a group of trustees failed to ensure they were sufficiently informed before making a reported six-figure settlement offer to the former acting chief executive

22 Aug 2018

21 Aug 2018

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Business | Economic trends: risky decision to raise interest rates

Raising interest rates amidst a climate of trade wars and stalling global trade is a high risk policy, particularly since the pace of economic growth is set to slow in the second half of 2018, argues Chris Williamson

21 Aug 2018

Accountancy Firms

Leadership & Management

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Tax | Q&A: statutory maternity pay, redundancy and PAYE

When an employee is made redundant and is receiving statutory maternity pay (SMP), Lizabeth Lay, tax & payroll adviser at Croner Taxwise explains the employer liability for payments, tax code calculations and PAYE compliance issues

21 Aug 2018

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Tax | Further updates to requirement to correct guidance

HMRC has supplied a further update to its guidance on the new requirement to correct (RTC) rule, which comes into effect from 30 September, with information about penalties and other sanctions, ways of making a correction and the information required when making a disclosure that no tax is due

21 Aug 2018

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Tax | Confusion over carer sleep-in payment rules

HMRC has been accused of ‘jumping the gun’ in its latest communication on back pay arrangements for ‘sleep-in’ carers, which at one point looked likely to create a £400m back pay liability for service providers, with a social care industry group calling for further clarification

21 Aug 2018

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Tax | HMRC consults on AML supervision fees

HMRC is consulting on plans to alter the way it charges fees to the businesses it supervises under money laundering regulations, saying its income from this needs to increase by 80% - 100% to cover the costs of a significant number of new staff

21 Aug 2018

Accountancy Firms

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Business | Number of administrations drops, reports KPMG

Despite high profile insolvencies continuing to hit the headlines, the total number of companies in England and Wales entering into administration during the second quarter of 2018 fell sharply, according to a study by KPMG

21 Aug 2018

Accountancy Firms

Restructuring & Insolvency

Image for third uk smes fear post brexit disruption

Business | A third of UK SMEs fear post-Brexit disruption

Research suggests 47% of the UK’s SMEs have started planning for the various possible outcomes from Brexit, with a third predicting potential supply chain disruption, ahead of the government’s publication of a series of technical notices covering the potential business impacts in the event of a no-deal scenario

21 Aug 2018

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Business | BoE chief economist warns of robot revolution

Andy Haldane, the chief economist at the Bank of England, has called on the UK to initiate a skills revolution, warning that the growth of artificial intelligence (AI) may make many jobs disappear

21 Aug 2018

Accountancy Firms

AI & Technology

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Business | Trump calls on SEC to abandon quarterly reports

The US president has reportedly asked the Securities and Exchange Commission (SEC) to investigate the effect of relaxing the rules to allow businesses to move from a quarterly to a bi-annual reporting model

21 Aug 2018

Accountancy Firms

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Business | Tax cheat sentenced

A man who convinced two friends to let him handle their tax returns and made fraudulent repayment claims to HMRC has been sentenced

21 Aug 2018

Called to Account

20 Aug 2018

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Finance | Internal audit: in-house versus outsourcing

As audit governance faces harsh criticism, Sarah Perrin ACA considers the use of internal audit and asks whether the increasing tendency to outsource this function is diluting the effectiveness of the process or introducing a level of independence

20 Aug 2018

Corporate Governance

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Finance | IFRS 16 Leases: discount rates and calculating net present value

Andrew Marshall FCA, senior technical partner at KPMG UK, considers the impact of discount rates when leases come onto the balance sheet under the new IFRS 16 Leases standard, effective from 1 January 2019

20 Aug 2018

Accounting Standards

Financial Reporting

Image for regulator shuts military charity over fundraising concerns

Business | Regulator shuts military charity over fundraising concerns

The Charity Commission has signalled its intention to wind up Support the Heroes, following the conclusions of its investigation into complaints relating to the veterans charity’s fundraising activities

20 Aug 2018

Accountancy Firms

Image for frc fines kpmg ps3m over ethical failures ted baker

| FRC fines KPMG £3m over ethical failures at Ted Baker

The Financial Reporting Council (FRC) has fined KPMG £3m and issued a severe reprimand for ethical failures in its auditing of fashion retailer Ted Baker, while Michael Barradell, senior statutory auditor and audit engagement partner, has been given a reprimand and a fine of £80,000

20 Aug 2018

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Tax | 1.2m first-time buyers open Help to Buy ISAs

Since the launch of the Help to Buy ISA in 2015, 146,753 property completions have been supported by the scheme with 67% of first-time buyers being between the ages of 25 to 34, according to recent statistics from HMRC

20 Aug 2018

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Business | Nine-year director ban for £1m false claims

A director from Birmingham has been banned from running companies for nine years after falsely claiming £1m worth of work to secure advance payments from lenders

20 Aug 2018

Accountancy Firms

Restructuring & Insolvency

Image for countrywide backs down over exec pay scheme

Business | Countrywide backs down over exec pay scheme

In the latest backlash over executive pay levels, estate agency group Countrywide has announced it has been forced to abandon plans to adopt a new remuneration policy worth potentially some £20m to its top team following opposition from major shareholders and representative groups

20 Aug 2018

Accountancy Firms

Leadership & Management

Image for treasury use tax regime cut plastic waste

Tax | Treasury to use tax regime to cut plastic waste

The Chancellor has indicated he will be announcing proposals for new tax measures to reduce the use of plastics at Budget 2018, after the Treasury received 162,000 responses, the highest in its history, to a recent call for evidence on how the tax system can be used to reduce plastic waste

20 Aug 2018

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| Blockchain startup aims to revolutionise auditing

Auditchain, a blockchain-based auditing system, will soon be launched for use in the audit sector to prevent fraud or error through a distributed network of accountancy professionals

20 Aug 2018

Accountancy Firms

AI & Technology