Business &amp; Accountancy Daily

19 Sep 2018

Image for supreme court flexes powers over interest prudential case

Tax | Supreme Court flexes powers over interest in Prudential case

In Prudential Assurance Company Ltd v R & C Commrs [2018] BTC 31, the taxpayer sought (among other claims) restitution of an amount calculated as compound, and not simple, interest but the Supreme Court, in its judgment delivered in July 2018, rejected this claim. Mark Cawthron LLB CTA examines the judgment

19 Sep 2018

Tax | ICAEW calls for halt on IR35 extension

ICAEW has called for the government to delay its proposed roll-out of IR35 to the private sector, citing the complexity of the present situation and wider issues with the way that workers are taxed

19 Sep 2018

Tax

Personal Tax

Property Tax

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Business | SKS in acquisition bid to create national network

Surrey-based SKS Business Services has begun spending a £10m ‘war chest’ with the aim of creating a national network and has acquired four accountancy practices in recent weeks, with more in the pipeline for the autumn

19 Sep 2018

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Tax | Apple pays €14bn outstanding tax bill to Ireland

The Irish government has confirmed receipt of €14.3bn (£12.7bn) from Apple, marking full recovery of the disputed state aid offered to the tech giant, which the EU ruled was an illegal ‘sweetheart’ tax deal more than two years ago

19 Sep 2018

Business | MPs call for regulation of ‘Wild West’ crypto-currencies

The Treasury select committee is calling for greater regulation of what it describes as the ‘Wild West’ crypto-asset market, to address problems including hacking vulnerabilities, minimal consumer protection, and anonymity in their trading and use, which MPs say aids money laundering

19 Sep 2018

Business | US regulator’s $5m fine for SeaWorld fraud

SeaWorld Entertainment and its former CEO have agreed to pay more than $5m (£3.8m) to settle fraud charges brought by the Securities and Exchange Commission (SEC) over claims of misleading investors about the impact of a documentary about its treatment of killer whales on the company’s reputation and business

19 Sep 2018

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Finance | KPMG admits misconduct over BNY Mellon

The Financial Reporting Council (FRC) has announced that KPMG and partner Richard Hinton have admitted misconduct in connection with client asset reports prepared for BNY Mellon entities in 2011, and are now facing potential sanctions

19 Sep 2018

Business | Jail on menu for restaurateur who flouted company ban

A restaurateur with outlets in London’s West End has been jailed for 14 months after he continued to run companies despite a previous ban, following a joint investigation by the Insolvency Service and the Metropolitan Police

19 Sep 2018

Called to Account

18 Sep 2018

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Finance | Charity accounts part 3: SoFA presentation and disclosures

This article, the third in our series on charity accounts, will focus on the objectives of charities’ Statement of Financial Activities (SoFA), outlining what information is included, and what information should be disclosed under FRS 102 SORP

18 Sep 2018

Tax | Q&A: principal private residence relief (PRR) tax liability

When a taxpayer owns more than one property it can make sense to apply for principal private residence relief (PRR) with HMRC if the ownership falls within the two-year time limit. Angela Robson, tax consultant at Croner Taxwise considers the timing issues

18 Sep 2018

Tax | 40% of businesses unaware of Making Tax Digital for VAT

Over 40% of businesses about to be affected by Making Tax Digital for VAT are not yet aware of it, despite the April 2019 deadline for its introduction, and 20% have made no preparations, according to research by ICAEW

18 Sep 2018

Finance | Big Four challenged over climate change reporting

Environmental lawyers ClientEarth have reported four companies to the Financial Reporting Council (FRC) over failures to address climate change trends and risks in their reports to shareholders, and have challenged their Big Four auditors to explain their approach

18 Sep 2018

Finance

Financial Reporting

Auditing

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Tax | OECD updates guidance on country-by-country reporting

The OECD’s inclusive framework on base erosion and profit shifting (BEPS) has released additional interpretive guidance to give certainty to tax administrations and multinationals on the implementation of country-by-country reporting (CBCR), which is action 13 in its plan to tackle tax avoidance

18 Sep 2018

Tax | HMRC’s head of strategy leaves for Bank of England job

Nick Lodge, director general of HMRC’s strategy group, has taken up a new position with the Bank of England, after a 28-year career with the tax authority

18 Sep 2018

Leadership & Management

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Business | Jail term for VAT-evading recruitment agency boss

The boss of two recruitment agencies who failed to pay over more than £470,000 VAT and spent it on houses and a luxury holiday home, has been jailed for 27 months following an HMRC investigation

18 Sep 2018

Called to Account

Business | Business losses from mandate fraud double

Losses to business from mandate fraud have more than doubled in the last year to reach £77m, according to analysis by RSM

18 Sep 2018