High street warns of 'punishing tax burden', thinktank argues private jets are 'heavily subsidised' by taxpayers, and Croner Intelligence launches Workflows AI tool to draft letters

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Business | Charities: governance and risk management - part 3

Identifying, understanding and managing potential risks is a key responsibility of charity trustees and should be integral to business planning, says Fiona Condron, partner at BDO

24 Oct 2018

Leadership & Management

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Tax | HMRC wins £79m tax avoidance case

The Court of Appeal has found in favour of HMRC in a long running £79m tax avoidance case involving Teesside Power Ltd (TPL) which sought to use a scheme devised by EY to avoid corporation tax liabilities

24 Oct 2018

Tax | 100 days to go to online tax return deadline

HMRC is advising taxpayers that there are 100 days left to file their 2017/18 tax return and urging them to avoid the last-minute rush

24 Oct 2018

Tax | NAO identifies compliance risk in post-Brexit border planning

The National Audit Office (NAO) is warning that ongoing political uncertainty around Brexit and delays in negotiations has hampered planning for how the UK will manage its borders once it leaves the EU

24 Oct 2018

Tax | MP refuses to appear before Lords committee

MP Mel Stride, financial secretary to the Treasury, is under pressure to appear before a Lords committee after the publishing of a letter criticising his refusal to appear and answer questions about HMRC’s use of its powers

24 Oct 2018

Finance | Charities’ annual return deadline is a week away

There is just one week to go before the deadline for charities to make their 2017 annual return, the Charity Commission has warned, highlighting the additional requirements that will be present in future annual returns

24 Oct 2018

Tax | HMRC policy on loan charge for disguised remuneration schemes published

HMRC has published information on the loan charge which will apply to disguised remuneration loans that are outstanding on 5 April 2019, and which is expected to protect £3.2bn in tax by tackling avoidance schemes

24 Oct 2018

Finance | FRC demands end to ‘basic errors’ in corporate reporting

The Financial Reporting Council (FRC) is warning listed companies that they need to do more to eliminate ‘basic errors’ in corporate reporting, saying its monitoring has shown a need for improvements in key areas

24 Oct 2018

Auditing

Corporate Governance

Audit Regulations

Image for dodwell bilateral agreements curb use treaty shopping

Tax | Dodwell: bilateral agreements curb use of treaty shopping

Bill Dodwell, senior policy adviser at the Office of Tax Simplification (OTS) unpicks one of the rules in the OECD’s Base Erosion and Profit Shifting (BEPS) project which limits the use of treaty shopping through the use of bilateral agreements

24 Oct 2018

Tax | Croner-i launches interactive Navigate Tax tool

Croner-i has launched Navigate Tax, a brand new interactive online system packed with practical modules for busy tax practitioners

24 Oct 2018

23 Oct 2018

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Business | ICAEW facing potential £2m deficit

ICAEW is facing a ‘highly unusual’ potential £2m deficit in its budget as a result of the costs of updating its headquarters and a boom in student numbers, the professional body has disclosed

23 Oct 2018

Business

Companies

Accountancy Firms

Image for charity accounts part 8 retirement benefits

Finance | Charity accounts part 8: retirement benefits

This article, the eighth in our series on charity accounts, will focus on Charity SORP and Charity Commission guidance on accounting for retirement benefits including what disclosures need to be included as part of the accounts

23 Oct 2018

Tax | Q&A: pension tax relief on dividends

Croner Taxwise tax adviser Amaira Badat explains the restrictions on pension contributions, including the annual allowance, the lifetime allowance, and the money purchase annual allowance

23 Oct 2018

Finance | Audit Quality Forum to review ‘expectation gap’ in audit

The Audit Quality Forum (AQF) is the latest body to launch a probe into audit practice, announcing an independent review to tackle issues of audit quality and business confidence by looking at how audit can better serve the needs of business and wider society

23 Oct 2018

Auditing

Corporate Governance

Image for mtd heading giant car crash warns lords committee

Tax | MTD ‘heading for a giant car crash’ warns Lords committee

HMRC has only fully tested 23 software products compatible with Making Tax Digital (MTD) due to delays in rolling out the full trial and there is still widespread lack of awareness of the programme, Lords warn

23 Oct 2018

Finance | Housing SORP 2018 updated to reflect FRS 102 amendments

The National Housing Federation has updated the Housing SORP following recent amendments to financial reporting standards under FRS 102

23 Oct 2018

Tax | Conversation about tax devolution ‘cannot be held in a vacuum’

The 13th CIOT/IFS debate saw experts discuss the merits and pitfalls of the devolution of tax to local authorities in the UK, looking at both the evidence collected from existing examples and public perception of the issues at stake

23 Oct 2018

Tax | HMRC consults on draft legislation for devolved Welsh income tax

HMRC has produced a technical note setting out the government's position on the Welsh rates of income tax, which will be implemented in April 2019, and begun a consultation on the legislative changes required

23 Oct 2018

Business | UK millennial directors up by a third in a year

The number of millennial directors of SMEs in the UK has increased by more than a third in a year, with ‘generation start-up’ helped by lower costs of entry including the rise of shared workspace and cloud computing, research from Moore Stephens shows

23 Oct 2018

Leadership & Management

Image for pension funds failing assess ps75 trillion climate change risk

Business | Pension funds failing to assess £7.5 trillion of climate change risk

Some 87% of the assets managed by the world’s largest public pension funds have yet to undergo formal climate risk assessment, leaving $9.8 trillion (£7.5 trillion) unprotected from the economic shocks of global warming, according to analysis by the Asset Owners Disclosure Project (AODP)

23 Oct 2018

Tax | Government invests in no-deal Brexit customs support

The Treasury and HMRC are to plough £8m into a package of measures to support the customs intermediaries sector in preparing for potential capacity challenges with staff training and automation in the event of a ‘no deal’ Brexit next year

23 Oct 2018

Business | Scottish furniture supplier calls in administrators

Blair Nimmo, partner, and Alistair McAlinden, director at KPMG, have been appointed as joint administrators of First Furnishings Ltd (FFL) which has ceased trading with the loss of more than 50 jobs following financial difficulties

23 Oct 2018

Business

Companies

Accountancy Firms

Restructuring & Insolvency

22 Oct 2018

Image for ifrs 16 leases tips and advice restaurant and fast food sector part 6

Finance | IFRS 16 Leases: tips and advice for restaurant and fast food sector - part 6

Emily Browne, associate partner in the financial accounting and advisory services team at EY, examines the challenges of new accounting rules for food and catering groups with a large real estate portfolio, offering tips and advice on lease modifications, control issues and sub-leases

22 Oct 2018

Tax | IT head sets out digital tax priorities for HMRC

HMRC is focusing IT efforts on developing the Customs Declaration Service, Brexit transition and replacing the obsolete Government Gateway over the next two years, while the API development programme is at the heart of the rollout of Making Tax Digital. Sara White reports on HMRC's IT vision

22 Oct 2018

Tax | Asquith: Making Tax Digital for VAT is only the beginning

HMRC has the technology to roll out Making Tax Digital faster, as with pre-approved invoicing in Italy and Spain, but is treading carefully, says Richard Asquith, vice president of global tax compliance at Avalara

22 Oct 2018

Tax | HMRC builds up football image rights probe

HMRC has brought more footballers and their agents into the net of its enquiries into allegations about potential tax abuses related to players’ image rights as part of investigations into possible tax avoidance

22 Oct 2018

Business | More SMEs given access to Financial Ombudsman Service

The Financial Conduct Authority (FCA) has confirmed plans to extend access to the Financial Ombudsman Service (FOS) to more SMEs, which would see around 210,000 additional UK SMEs eligible to complain to the ombudsman

22 Oct 2018

Tax | MTD deadline pushed back for ‘small minority’

HMRC has confirmed that ‘a small minority’ of VAT-registered businesses with more complex requirements will not be required to switch to its flagship Making Tax Digital (MTD) for VAT regime at the deadline of 1 April 2019, but will be given a further six months to prepare

22 Oct 2018

Business | CBI warns Brexit uncertainty hitting investment

Eight out of ten firms say Brexit has had a negative effect on investment decisions, up from 36% a year ago, according to updated research from the CBI which shows that companies are implementing plans to reduce the potential impact

22 Oct 2018

Business

Companies

Image for seven year ban company boss over tax failures

Business | Seven-year ban for company boss over tax failures

An engineering boss from Peterhead, Aberdeenshire, has been given a seven-year ban from running companies after an Insolvency Service investigation found he had failed to pay the correct tax for four years

22 Oct 2018

Business

Companies

Called to Account

Image for lords grill hmrc over making tax digital progress

Tax | Lords to grill HMRC over Making Tax Digital progress

Senior executives from HMRC and the Treasury will give evidence on the balance of power between HMRC and the taxpayer and progress on the rollout of Making Tax Digital (MTD) for VAT to a House of Lords select committee this afternoon

22 Oct 2018

Business | Business model disclosures falling short

Investors are still looking for companies to make business model, risk and viability disclosures more useful, with clearer links to information contained in the annual report, according to research from the Financial Reporting Council's (FRC) financial reporting lab

22 Oct 2018

Business

Companies

Accountancy Firms

Image for iasb amends definition business ifrs 3

Finance | IASB amends definition of business in IFRS 3

The International Accounting Standards Board (IASB) has issued narrow-scope amendments to IFRS 3 Business Combinations to improve the definition of a business

22 Oct 2018