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Business & Accountancy Daily

Latest news

Image for investment firms caution against big four break

Finance | Investment firms caution against Big Four break up

Investors want to see improvements in audit quality and are concerned about the current dominance of the Big Four, but are holding back from calling for a break up of the largest firms or a ban on the supply of non-audit services, according to the responses made to the first stage of the Competition and Markets Authority (CMA) review of the sector

19 Nov 2018

Auditing

Corporate Governance

Accounting Consultations

Image for alder hmrc should be required correct their own records

Tax | Alder: HMRC should be required to correct their own records

The taxpayer’s life is once being put through the wringer in trying to comply with HMRC’s latest initiative, requirement to correct (RTC), says Nick Alder, tax investigations partner at Kreston Reeves

19 Nov 2018

Tax | Claiming children on US tax returns after divorce

US attorney Judith Goldberg discusses the complexity of divorce in the US, and the tax rules and compliance issues associated with the custody of children that divorcing spouses need to take into consideration

19 Nov 2018

Tax

Personal Tax

International Tax

Image for free download using big data prevent critical issues ari

Business | Free download: using Big Data to prevent critical issues - ARI

Download ARI’s white paper, using Big Data to identify, predict and prevent critical issues, to help anyone running a company car fleet

19 Nov 2018

Business

Companies

Image for dave dunckley confirmed ceo grant thornton

Business | Dave Dunckley confirmed as CEO of Grant Thornton

Grant Thornton has announced that Dave Dunckley, previously head of mid-market clients, has been confirmed as the firms CEO elect, subject to regulatory approval

19 Nov 2018

Leadership & Management

Image for only 25 public know role auditor

Finance | Only 25% of public know the role of an auditor

Half of the UK public (48%) believe it is auditors who are responsible for avoiding company failures, but only a quarter can accurately identify what an auditor does, according to a survey by ACCA which says there is an urgent need for a wider debate about the role of accountants

19 Nov 2018

Tax | Tech giants to fight EU ‘link tax’

Tech giants are redoubling their opposition to moves by the European Parliament to update online copyright laws, amid claims that some of the new provisions amount to a ‘link tax’ for providers like Google who republish content

19 Nov 2018

Business | Patisserie Valerie CEO resigns

Patisserie Valerie has appointed Stephen Francis as its chief executive officer with immediate effect following Paul May’s resignation, which comes only weeks after shareholders approved a rescue deal for the café chain

19 Nov 2018

Leadership & Management

Image for students warned about fake hmrc email scam

Tax | Students warned about fake HMRC email scam

HMRC has issued a warning to university students that they are being targeted by scammers with fake tax refunds in an effort to steal money and personal details, after receiving thousands of fraud reports in just a few weeks from students at colleges across the UK

19 Nov 2018

Tax

HMRC

Tax Planning

Image for publisher johnston press pre pack administration deal

Business | Publisher Johnston Press in pre-pack administration deal

Johnston Press, the national media publisher of around 200 titles including the I newspaper, The Scotsman and the Yorkshire Post, has been sold out of pre-pack administration shortly after appointing administrators

19 Nov 2018

Business

Companies

Restructuring & Insolvency

Image for bookkeeper jailed over ps240000 tax fraud

Business | Bookkeeper jailed over £240,000 tax fraud

A Stockton-on-Tees bookkeeper who owed more than £240,000 in tax due has been jailed following an HMRC investigation

19 Nov 2018

Business

Called to Account

16 Nov 2018

Image for big four reject breakup response cma study

Finance | Big Four reject breakup in response to CMA study

An invitation to comment on a Competition and Markets Authority (CMA) audit market study has resulted in the Big Four unanimously rejecting the possibility of being broken up and expressing a range of opinions on market share caps and non-audit service restrictions

16 Nov 2018

Auditing

Audit Regulations

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Business | How accounting firms can use chatbots to connect with clients

Melissa Hernandez, executive at Propero Partners, discusses the practical applications of artificial intelligence and the use of web-based chatbots by accounting firms to increase engagement with customers

16 Nov 2018

Tax | HMRC signs lease for Nottingham regional centre

HMRC has signed a 25-year lease for its Nottingham regional hub with the tax authority planning to move employees into the building by 2021, with the building becoming the final lease that HMRC has signed out of the 13 regional centres

16 Nov 2018

Tax

HMRC

Tax Planning

Image for oecd cracks down misuse preferential tax regimes

Tax | OECD cracks down on misuse of preferential tax regimes

The OECD says international efforts spearheaded by its base erosion and profit shifting (BEPS) project to curb harmful tax practices and prevent the misuse of preferential tax regimes are having a tangible impact worldwide, according to its latest report on progress

16 Nov 2018

| US Pentagon fails first-ever audit

The first-ever audit of the Pentagon has identified multiple issues resulting in a heavily qualified opinion of the financial management systems and information technology at the US Department of Defense (DOD), which says it plans to use the findings to improve its financial controls

16 Nov 2018

Auditing

Image for ps1m fund aid charities improve digital skills

Business | £1m fund to aid charities improve digital skills

The government has announced a new £1m fund to expand training programmes for charities so that employees and trustees can improve their digital skills, including developing social media presence and online fundraising

16 Nov 2018

Business | Dow Schofield Watts merges with financial modelling firm

JL Advisory, which provides financial modelling services for public and private sector clients throughout the UK, has joined forces with accountancy firm Dow Schofield Watts as part of its growth plans

16 Nov 2018

Business

Companies

Accountancy Firms

Leadership & Management

Image for oman suspends kpmg beginning audits year

Finance | Oman suspends KPMG from beginning audits for a year

KPMG has been suspended from auditing entities regulated by Oman’s Capital Market Authority for a year following the discovery of what were described as ‘major financial and accounting irregularities’

16 Nov 2018

Auditing

Audit Regulations

HR | People in the news: Crowe, KPMG, Ayming

This week's news of professional moves in the sector includes a tax partner appointment at Crowe, KPMG appoints an international tax director in its London office, ex-KPMG partner joins Ayming

16 Nov 2018

Business

Careers

Image for boss jailed fraudulently moving ps51k funds

Business | Boss jailed for fraudulently moving £51k in funds

The boss of a personal injury claims business has been jailed for 21 months and banned for seven years after fraudulently removing company funds in the months before the courts would make a winding-up order resulting in the closure of the business

16 Nov 2018

Business

Companies

Called to Account

15 Nov 2018

Image for changes tax liabilities termination payments create complexity

Tax | Changes to tax liabilities on termination payments create complexity

An overhaul of the rules on taxation of termination payments has directly affected the tax treatment of payments in lieu of notice (PILONs) and foreign service relief (FSR), creating complicated questions for businesses when applying them to redundancy situations. Tim Stovold, head of tax at Kingston Smith, explains

15 Nov 2018

Tax | What you need to know: annual investment allowance increased to £1m

The £1m annual investment allowance (AIA) limit could translate into an effective annual limit of less than £17,000 due to straddling periods, explains Will Silsby, technical officer at the Association of Taxation Technicians

15 Nov 2018

Tax | HMRC steps up MTD letter campaign

HMRC has issued another 180,000 letters, following on from the 20,000 sent last week, to businesses affected by Making Tax Digital (MTD) for VAT, explaining the change and what they need to do to prepare for April 2019

15 Nov 2018

Business | Brexit deal proposals prompt Cabinet resignations

A proposed agreement between the UK and the EU, including single market access for Northern Ireland and a five-year post-transition commitment to VAT, has prompted resignations from Cabinet ministers Esther McVey and Dominic Raab

15 Nov 2018

Business

Companies

Accountancy Firms

Image for bbc still resolve tax issues freelancers

Tax | BBC still to resolve tax issues for freelancers

The BBC has unresolved issues relating to the tax status of dozens of its on-air presenters and others hired through personal service companies (PSCs) which may have future financial implications for the broadcaster, a National Audit Office (NAO) inquiry has found

15 Nov 2018

Finance | IASB confirms one-year deferral for IFRS 17

The International Accounting Standards Board (IASB) is proposing a one-year deferral of the effective date for IFRS 17 Insurance Contracts, under which insurance contract liabilities will be calculated as the present value, to 2022

15 Nov 2018

Business | 55% of charities fail to assess board financial competence

A survey of 200 charities suggests that the governance competency of charities continues to be deficient in financial matters and are failing to take advantage of available guidance and training

15 Nov 2018

Finance | FRC announces audit monitoring priorities

The Financial Reporting Council (FRC) has indicated it plans to focus on the use of audit quality indicators (AQIs) and applying technology in audits during its inspections for 2019/20, as the regulator released details of its thematic reviews, priority sectors and audit areas of focus

15 Nov 2018

Auditing

Corporate Governance

Audit Regulations

Image for government caves pressure fixed odds betting changes

Tax | Government caves in to pressure on fixed odds betting changes

The government has been forced into a U-turn over the planned timetable for reducing the stakes on fixed odds betting terminals (FOBTs), which will now be introduced in April 2019 following public and political outcry and a ministerial resignation

15 Nov 2018

Business | Jail term for London grocer’s £120k VAT fraud

A London man who set up fake companies, including a jewellery shop and a holiday villas firm, as part of a £120,000 VAT fraud has been jailed for three years, following an HMRC investigation

15 Nov 2018

Business

Companies

Called to Account

Navigate

Tax Services

Latest news

Finance | Investment firms caution against Big Four break up

Tax | Alder: HMRC should be required to correct their own records

Tax | Claiming children on US tax returns after divorce

Business | Free download: using Big Data to prevent critical issues - ARI

Business | Dave Dunckley confirmed as CEO of Grant Thornton

Finance | Only 25% of public know the role of an auditor

Tax | Tech giants to fight EU ‘link tax’

Business | Patisserie Valerie CEO resigns

Tax | Students warned about fake HMRC email scam

Business | Publisher Johnston Press in pre-pack administration deal

Business | Bookkeeper jailed over £240,000 tax fraud

Finance | Big Four reject breakup in response to CMA study

Business | How accounting firms can use chatbots to connect with clients

Tax | HMRC signs lease for Nottingham regional centre

Tax | OECD cracks down on misuse of preferential tax regimes

| US Pentagon fails first-ever audit

Business | £1m fund to aid charities improve digital skills

Business | Dow Schofield Watts merges with financial modelling firm

Finance | Oman suspends KPMG from beginning audits for a year

HR | People in the news: Crowe, KPMG, Ayming

Business | Boss jailed for fraudulently moving £51k in funds

Tax | Changes to tax liabilities on termination payments create complexity

Tax | What you need to know: annual investment allowance increased to £1m

Tax | HMRC steps up MTD letter campaign

Business | Brexit deal proposals prompt Cabinet resignations

Tax | BBC still to resolve tax issues for freelancers

Finance | IASB confirms one-year deferral for IFRS 17

Business | 55% of charities fail to assess board financial competence

Finance | FRC announces audit monitoring priorities

Tax | Government caves in to pressure on fixed odds betting changes

Business | Jail term for London grocer’s £120k VAT fraud