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Business | Finance Mole: it’s something about pink

Finance Mole is duped by the Head of Sales when he is persuaded to don a pink wig for charity but gets his own back by clamping down on bad debtors at the monthly meeting

30 Nov 2018

Leadership & Management

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Tax | Xero tells Chancellor MTD software ready for launch

Gary Turner, managing director at software company Xero, has met with Chancellor Philip Hammond to confirm that Xero is ready for the launch of Making Tax Digital for VAT in April 2019

30 Nov 2018

Tax | HMRC set to collect £11.9bn in Scottish income tax

HMRC estimates Scottish rate of income tax revenue (SRIT) for 2017-18 will be £11.9bn, reflecting the more comprehensive tax setting powers available, and has implemented assurance processes to ensure collection, the annual National Audit Office (NAO) review has found

30 Nov 2018

Business | Football salaries kick off at £4m

As the football season gathers pace, so do players’ earnings, with research showing the top earner from the England national side earns 96 times more than the average UK citizen, while team mates are ploughing an average of £3.8m into buying a house and splashing out an average of £142,000 on a car

30 Nov 2018

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HR | VAT and exports – NEW CPD module

This month’s exclusive Accountancy Daily CPD module will look at the basic requirements for zero rating exported goods, examples of exports where additional rules apply and the options for zero rating supplies to individuals who will remove them from the UK

30 Nov 2018

Training & CPD

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Finance | Charity Commission warning on postal stamp fraud

The Charity Commission has issued an alert to trustees, employees and volunteers about postal stamp fraud and the risks associated with it

30 Nov 2018

Charities

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Business | Autonomy CEO and finance exec face US fraud charges

The US government has brought fraud charges against Mike Lynch, CEO and founder of Autonomy, and Stephen Chamberlain, former vice president of finance, relating to the software company’s $11bn (£8.6bn) sale to US tech giant Hewlett Packard (HP) in 2011

30 Nov 2018

Business | US boxer and DJ settle crypto coin touting claims with regulator

Two celebrities - professional boxer Floyd Mayweather Jr. and music producer Khaled Khaled, known as DJ Khaled - have between them paid over $700,000 to settle charges in the first cases to be brought by the Securities and Exchange Commission (SEC) related to unlawfully touting initial coin offerings (ICOs)

30 Nov 2018

Business | Deutsche Bank investigated over money laundering

The headquarters of Deutsche Bank in Frankfurt have been raided by prosecutors in a money laundering investigation connected to information gleaned as a result of the Panama Papers leaks

30 Nov 2018

Tax | Elliott: partial exemption on car finance

Graham Elliott, VAT specialist at City & Cambridge Consultancy, considers partial exemption on car finance in n VW Financial Services (UK) C-153/17)

30 Nov 2018

Tax

VAT

29 Nov 2018

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Finance | International reporting: IASB still has much to do

As 2018 draws to a close, Jeroen Van Doorsselaere discusses the long-term plans of the International Accounting Standards Board (IASB), the work it is doing on materiality, and its collaboration with other boards to develop a global common set of standards

29 Nov 2018

Finance | Accounting for climate change: current trends and expectations

Mark Chadwick, CEO of EcoAct UK, examines global sustainability reporting trends, the growing pressure on the financial sector to adequately account for climate risk, and how companies are applying climate reporting to their business models

29 Nov 2018

Finance | Companies House services not available on 1 December

Companies House has announced its online services will not be available on Saturday, 1 December, due to essential maintenance

29 Nov 2018

Finance

Financial Reporting

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Business | Nightclub boss banned for failing to keep accounting records

An Edinburgh nightclub boss has been banned for six years after failing to ensure the company kept proper accounting books and records

29 Nov 2018

Called to Account

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Finance | Gambling Commission gets tough on money laundering

The gambling regulator has taken action, including imposing nearly £14m in penalties, against online casino companies and their senior management, as part of an ongoing investigation into the way the industry combats money laundering and problem gambling

29 Nov 2018

Business | Crackdown on government supplier late payments

Companies which fail to demonstrate prompt payment to their suppliers could be stopped from winning government contracts, under new plans unveiled to tackle late payment

29 Nov 2018

Business | Accountancy contributes £59bn to GDP

In the UK, the accountancy profession contributed £59bn to GDP in 2017, while in Ireland the profession’s contribution was equivalent to 4.4% of the economy, according to research from the Consultative Committee of Accountancy Bodies (CCAB)

29 Nov 2018

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Business | Interior design company wound up for fake accounting

An interior design company based in Kent has been wound up in by the courts after it was found to be used as a vehicle to fraudulently secure credit

29 Nov 2018

Business | Labour mulls executive pay curbs

Giving a company’s customers as well as employees a vote on executives’ pay, cash-only bonuses and a requirement to publish the names of those with salaries over £150,000 are among the proposals for curbing excessive boardroom pay set out in a policy paper for the Labour party

29 Nov 2018

28 Nov 2018

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Tax | 10 things charities need to know about Gift Aid

Helen Elliott, partner at Sayer Vincent, looks at the 10 most important things about Gift Aid for charities to keep in mind, including the restrictions on who is eligible to use and what kinds of benefits are excluded

28 Nov 2018

Tax | HMRC writes to taxpayers about Welsh rates of income tax

With four months to go, HMRC has written to two million individuals in Wales ahead of the introduction of the new Welsh rates of income tax (WRIT), outlining residency and compliance issues

28 Nov 2018

Tax | Dodwell: sounds like an online tax for multinationals

Bill Dodwell, senior policy adviser at the Office of Tax Simplification (OTS), examines the controversial digital services tax on giant online multinationals and considers what tax other countries will introduce as a result

28 Nov 2018

Business | 12-year ban for directors over £800K of connected payments

Two marketing bosses have been disqualified for total of 12 years after causing their company to pay more than £830,000 to businesses they had connections with, while they also owed over £300,000 to creditors

28 Nov 2018

Called to Account

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Finance | Recommendations for IFRS 9 expected credit loss disclosures

A specialist taskforce on disclosures about expected credit losses has published ‘stretching’ recommendations for the UK's biggest banks in meeting requirements under IFRS 9 Financial Instruments, which will have a significant effect on how they calculate loan loss provisions

28 Nov 2018

Finance | European companies lagging on climate change reporting

Less than half (44%) of the largest European companies explain in their management reports how their business models are affected by climate change or environmental challenges, a review of company reporting under the EU’s environmental reporting law has found

28 Nov 2018

Business | Government to fund research into AI and accounting services

The government is ploughing £3m into research which will look at how businesses, including accounting firms, can make best use of artificial intelligence (AI) to reduce processing times and save money for consumers, improve customer engagement, and consider how people interact with technology

28 Nov 2018

Business | Small businesses owed average £25K in late payments

The average British small business is owed £24,841 in late payments on any given day, while 78% are owed money at any time outside of agreed payment terms, according to research by accounting software provider Xero

28 Nov 2018