Business &amp; Accountancy Daily

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Business | Government needs to toughen SME late payments regime

The government is failing to tackle larger companies who treat small businesses ‘disgracefully’, and needs to toughen up its regime to counter long payment terms and late payments, according to a report from the business, energy and industrial strategy (BEIS) committee

5 Dec 2018

Finance | Companies House to refer to UN sanctions over 'designated persons'

Companies house has issued guidance that United Nations (UN) sanctions have led to extra checks on applications to register some corporate bodies in order to ascertain if ‘designated persons’ (DPs) are involved

5 Dec 2018

Tax | £8m fund for post-Brexit customs support

Ahead of the UK leaving the EU next March, HMRC and the Treasury have announced an £8m funding scheme for customs intermediaries and traders towards the cost of training and IT improvements required to handle imports and exports post-Brexit

5 Dec 2018

Business | Weinberger steps down from EY’s top global role

EY has announced that Mark Weinberger is to step down as EY global chairman and CEO after six years in the role, during which time he championed increasing diversity at all levels in the firm and created a more inclusive culture

5 Dec 2018

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Finance | Crowe dominates charity sector audits

Crowe continues to dominate the audit market in the charity sector, according to a report which shows that over a quarter of charities have used the same auditor for more than ten years and only half of charities have an audit tendering process

5 Dec 2018

Tax | EU council hears doubts over digital services tax

The EU Economic and Financial Affairs Council (ECOFIN) has discussed the implementation of a digital services tax, with representatives disagreeing on how such a tax would work in practice and some countries calling for a delay until the OECD reaches a solution

5 Dec 2018

4 Dec 2018

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Business | Editor's comment: end of an era for Accountancy magazine

With less than four months to go until Making Tax Digital for VAT becomes mandatory for any VAT-registered business, the pressure is on HMRC to ensure that their IT systems are in place to deal with the complete overhaul of VAT reporting, while Accountancy magazine takes the decision to move exclusively online. Sara White, editor of Accountancy, looks at a rich legacy

4 Dec 2018

Accountancy Firms

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Finance | Charity accounts part 14: cost allocation

This article, the last in our series on charity accounts, will focus on cost allocation and outlines which costs should fall under which headings as well as outlining the various problems that arise with cost allocation in company accounts

4 Dec 2018

Tax | Ingram: probate fees hike is a tax on bereaved

Kay Ingram, director of public policy at LEBC, argues that an increase in probate fees puts an unfair burden on bereaved families and discusses what they can do to avoid being required to pay probate fees and inheritance tax upfront

4 Dec 2018

Tax | Ashley calls for immediate 20% tax on online sales

Sports Direct founder Mike Ashley has claimed that the high street is ‘already dead’ due to the impact of the internet on consumers, and that the only way to redress the balance would be to institute a 20% tax on online sales and massive cuts to business rates

4 Dec 2018

Tax | Lords call for greater oversight of HMRC powers

Recent powers provided to HMRC undermine the rule of law and hinder taxpayers' access to justice, and the tax authority should be subject to greater oversight and its powers reviewed, as the balanced has been tipped ‘unfairly’ in its favour, according to a House of Lords report

4 Dec 2018

Tax | Q&A: deemed domicile and remittance basis

In our regular Q&A series, Julian Payner, tax adviser at Croner Taxwise, examines issues of domicile and the remittance basis when completing a self assessment tax return for income tax and CGT for a Spaniard living in the UK

4 Dec 2018

Finance | AIM rule change prompts governance improvements

Companies listed on the Alternative Investment Market (AIM) have enhanced their corporate governance disclosures since a new rule change came into effect in September 2018 requiring them to demonstrate adherence to a recognised code, but there is still room for improvement, according to a progress review

4 Dec 2018

Auditing

Corporate Governance

Audit Regulations

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Business | Further advice given for EU-funded non-profits

The government has issued more guidance to EU-funded non-profit programmes and charities on what they can expect if the UK leaves the bloc without a deal and how they can maintain continuity of funding under the Cabinet Office guarantee

4 Dec 2018

Tax | HMRC amends rules on termination payment tax

HMRC has updated guidance on the new rules for the taxation of termination payments, introduced to counter manipulation of the system, to reflect changed dates in relation to employer national insurance contributions (NICs) and to sporting testimonials

4 Dec 2018

Finance | Call to ‘think small’ on audit standards

Standards setters should ensure auditing standards have a simpler language and structure in order to address the challenges of auditing smaller and less-complex entities, rather than the alternative of adopting a different approach, ACCA has claimed

4 Dec 2018

Auditing

Corporate Governance

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Business | CFOs at risk from business email hacking campaign

Chief financial officers (CFOs) around the world, including in the UK, are being targeted by an online criminal gang using sophisticated email hacking attacks to persuade individuals to make money transfers, according to a cyber security report which identifies a hit list of more than 50,000 senior finance executives

4 Dec 2018

AI & Technology

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Tax | EU committee backs VAT reverse charge

The EU committee on economic and monetary affairs has voted in favour of a proposed amendment to the EU VAT directive, allowing member states struggling with fraud to temporarily change the way it is recovered

4 Dec 2018

3 Dec 2018

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Business | How would a data breach impact your business?

Aon have created a free Cyber Risk calculator to help determine your level of risk and exposure. Input your details to generate a free personalised Cyber Risk report

3 Dec 2018

AI & Technology

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Business | RGL Forensics rebrands as BTVK Advisory

RGL Forensics is to merge with US accounting firm Baker Tilly Virchow Krause (BTVK) to create a global forensic accounting practice under the Baker Tilly brand

3 Dec 2018

Accountancy Firms

Restructuring & Insolvency

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Finance | Shell to link exec pay to carbon footprint

Royal Dutch Shell has responded to shareholder pressure to meet climate change goals, and is to set specific net carbon footprint targets which will be linked to executive remuneration, the oil giant has announced

3 Dec 2018

Tax | Business implications of HMRC’s Crown preference

Simon Willmett, financial director of Nucleus Commercial Finance, argues that the reinstated preferential status for HMRC in the event of a business insolvency may increase cash flow pressures for unsecured creditors

3 Dec 2018

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Business | MHA and Haines Watts Kent practices to merge

MHA MacIntyre Hudson and Haines Watts are planning to merge their Kent offices to create a single Kent operation under the MHA group brand and will create a team of 10 partners and more than 80 accounting and support staff in Kent, operating from MHA MacIntyre Hudson’s offices in Maidstone and Canterbury

3 Dec 2018

Accountancy Firms

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Tax | Human rights appeal on inheritance tax dismissed

The First Tier Tribunal (FTT) has dismissed an appeal by businessman Arron Banks that HMRC had breached his human rights by assessing him liable to inheritance tax (IHT) for donations made to UKIP in the period following the 2010 election

3 Dec 2018

Business | DWP to consult on pension dashboards

The Department for Work and Pensions (DWP) is to consult on proposals for new, free ‘pensions dashboards’ which would allow people to access their information from most pension schemes in one place online for the first time, following a letter from Frank Field MP

3 Dec 2018

Finance | IFRS chair endorses EU fitness check on standards

In his first speech as chairman of the IFRS foundation trustees, Erkki Liikanen has welcomed the outcome of the EU ‘fitness check’ on IFRS standards, and the emphasis on not requesting ‘carve outs’ from International Accounting Standards Board (IASB) requirements

3 Dec 2018

Tax | Chancellor gives VAT on X Factor single to charity

Chancellor Philip Hammond has announced his annual Christmas gift to charity, by revealing that the VAT collected on sales of the X Factor winner’s charity song will be donated to children’s charities

3 Dec 2018

Finance | KPMG grabs largest number of FTSE 100 audits

KPMG has grabbed the top slot for auditing FTSE 100 companies, with the largest number of clients, overtaking PwC which held this position in the rankings since they were first published in 2005

3 Dec 2018

Business | Called to account: December 2018

In this month’s roundup of cases and disqualifications, trainee accountant sentenced for £30K VAT fraud, first fine for accountant under The Pension Regulator’s enrolment rules, director banned for failing to keep company records and Somerset man jailed for £650K VAT fraud

3 Dec 2018

Called to Account

Finance | Audit updates: December 2018

In our monthly roundup of key audit and government news, call for changes to audit profession as it remains 'black box' to outsiders, ISA 315 amendments unsuitable for SMEs, FRC chief Haddrill quits, PwC lands Air Partner audit and Redrow business moves to KPMG

3 Dec 2018

Auditing

Corporate Governance

Audit Regulations

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Finance | Accounting updates: December 2018

In this month’s roundup of accounting and reporting developments, Companies Act 2006 amended for post-Brexit scenario, profit warning at Yü Group, Housing SORP 2018 issued, IFRS 17 Insurance Contracts delayed and poor quality disclosure reporting at smaller listed entities

3 Dec 2018

Tax | Tax updates: December 2018

In our monthly roundup of tax cases, a FTT decision on ‘period of ownership’ of an off-plan apartment overturned in Higgins, FTT allows new argument not heard in previous appeals in Vaccine Researcher Ltd Partnership and livery business eligible for business property relief

3 Dec 2018

Tax | VAT updates: December 2018

In our monthly roundup of VAT cases and developments, Graham Elliott, VAT specialist at City & Cambridge Consultancy, considers partial exemption on car finance in n VW Financial Services (UK) C-153/17), taxable person status for reverse charge in Wellcome Trust and input tax on abortive takeover bids in Ryan Air

3 Dec 2018

Business | Development updates: December 2018

In the latest career and firm news, Blick Rothenberg snaps up Hazlems Fenton, EY fee income hits £2.41bn as tax services grow and Dunckley replaces Romanovitch as Grant Thornton chief

3 Dec 2018

Finance | Legal updates: December 2018

In this month's legal updates, experts at law firm Gateley plc explain revised guidance for company directors under amendments to s172 duty of Companies Act 2006, employer liability for data breach by disgruntled employee in Morrisons, oligarchs battle over right of first refusal in United Co Rusal plc and extending personal liability in whistleblowing claims

3 Dec 2018

Finance

Financial Reporting

Law and Regulation

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Tax | Employment tax updates: December 2018

In our monthly roundup of employment tax developments and Budget announcements, Jackie Hall, partner at RSM examines off-payroll working in the private sector, employee shares and entrepreneurs' relief, change to national insurance contributions (NICs) from 2020 and small company apprentice levy cut

3 Dec 2018

Business | Horse researcher jailed for multiple frauds

A woman from Cheshire who set up a specialist horse research company has been jailed for four-and-a-half years after she defrauded a series of organisations to clear her debts and submitted £43,000 in false VAT returns

3 Dec 2018