Business &amp; Accountancy Daily

Image for scotch whisky association calls spirit duty freeze

Tax | Scotch Whisky Association calls for spirit duty freeze

Nearly three-quarters of Scots believe that the tax imposed by HMRC on Scotch Whisky should be at least as competitive as European taxes on flagship food and drink products, according to a poll commissioned by the Scotch Whisky Association

11 Sep 2018

Business | Fortune 500 face £57.8bn tax in dispute

Tax disputes are escalating among Fortune 500 companies, as the increasing digitisation of activities makes it more difficult to agree on the location and source of corporate value and pose a growing threat to multinationals’ profitability, according to a research study by Baker McKenzie

11 Sep 2018

Business | Female SME director representation outstrips FTSE 100

A third of directors at UK SMEs are female - a higher percentage than in the FTST 100 - according to analysis by Moore Stephens, which says this is a sign that entrepreneurship amongst women continues to grow

11 Sep 2018

Leadership & Management

Image for retail cva growth prompts call business rates overhaul

Business | Retail CVA growth prompts call for business rates overhaul

If beleaguered Debenhams elects to go into a company voluntary agreement (CVA), it will bring to 30 the total of high profile high street chains which have looked to cut their real estate costs since last year’s business rates revaluation, according to analysis by Colliers

11 Sep 2018

Restructuring & Insolvency

Image for hmrc posts 6 rise fraud investigation tax take

Tax | HMRC posts 6% rise in fraud investigation tax take

HMRC’s elite fraud team, the fraud investigation service (FIS), collected £5.47bn in extra tax last year, an increase of £300m (6%) from the previous year, according to analysis by Pinsent Masons which suggests tax authorities are taking advantage of wider powers to launch civil investigations

11 Sep 2018

Business | Military charity’s financial controls rebuilt by regulator

A military charity, which was under investigation over concerns about poor financial controls, has been successfully reconstructed as a result of a Charity Commission inquiry that facilitated the appointment of new trustees and the adoption of stronger governance

11 Sep 2018

Finance | Government tightens up director duty reporting rules

Changes to the reporting requirements for larger companies come into force in January 2019, as part of a revisions to the Companies Act 2006 (CA 2006) under The Companies (Miscellaneous Reporting) Regulations 2018 which extends reporting requirements to the strategic report, corporate governance and executive pay

11 Sep 2018

Finance

Financial Reporting

Law and Regulation

10 Sep 2018

Image for paye and tax status platform workers

Tax | PAYE and the tax status of platform workers

The confusion surrounding the tax status of platform workers has led to the Office of Tax Simplification (OTS) proposing significant changes to bring them their status into line with PAYE, says Lee Hamilton, partner at Blick Rothenberg

10 Sep 2018

| Big tech could shake up the audit market

High-profile cases and the gathering pace of technology could mean that technology firms enter the audit market and disrupt the status quo, according to analysis by Source Global Research

10 Sep 2018

Tax | Insurance premium tax delivers 19% more revenue than forecast

The insurance premium tax (IPT) has delivered 19% more in tax revenues than was originally predicted, with revenues now close to £6bn, as businesses are taking out increasing amounts of insurance cover and the tax rate on policies has increased

10 Sep 2018

Business | Debenhams calls in KPMG turnaround experts

KPMG has been called in to advise Debenhams on options for its turnaround plan, which may see the store chain join other high street retailers in opting for a company voluntary arrangement (CVA), according to reports

10 Sep 2018

Image for mandatory audit firm rotation fails deliver lower costs

Finance | Mandatory audit firm rotation fails to deliver lower costs

Mandatory audit firm rotation (MAFR) has forced up audit costs for the FTSE 100, with fees increasing 10% in the last 12 months, but is delivering very mixed results in terms of reducing Big Four dominance and increasing competition, according to a report from Source Global Research

10 Sep 2018

Business | Tesla loses finance exec after one month

The chief accounting officer at Tesla has left the electric car maker less than a month after joining, citing concerns about the ‘level of public attention placed on the company’, which has been hit by a string of management changes

10 Sep 2018

Image for bar smes accessing invoice finance be lifted

Business | Bar on SMEs accessing invoice finance to be lifted

The government is set to introduce new laws making it easier for small and medium-sized enterprises (SMEs) to access invoice finance, which it claims will provide a £1bn long-term boost to the economy

10 Sep 2018

Image for tax fraud leads jail sentence clothing company boss

Business | Tax fraud leads to jail sentence for clothing company boss

The boss of a clothing company who bought a house with money from a £175,000 tax fraud has been jailed for sixteen months and is subject to a confiscation order

10 Sep 2018