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Image for frc future uncertain wates principles launched

Finance | FRC future uncertain as Wates principles launched

Launching the Wates corporate governance code for large private companies, James Wates praised the work done but admitted that the future involvement of the Financial Reporting Council (FRC) was overshadowed by the impending publication of the Kingman review into the regulator

13 Dec 2018

Corporate Governance

Audit Regulations

Image for andersen global adds fourth uk firm

Business | Andersen Global adds fourth UK firm

Andersen Global, the international association of tax specialist firms set up by former Arthur Andersen staffers, has added a fourth UK firm, announcing a collaboration with Claritas Tax Ltd, a tax advisory and compliance services firm based in Birmingham

13 Dec 2018

Business

Companies

Accountancy Firms

Leadership & Management

Image for mobile phone boss rings 10 year ban

Business | Mobile phone boss rings up 10-year ban

A Glasgow mobile phone boss who submitted false tax returns and fake accounts, resulting in non payment of over £500,000 in tax, has been banned for ten years following an Insolvency Service investigation

13 Dec 2018

Business

Companies

Restructuring & Insolvency

Called to Account

Image for kpmg international posts record 29bn revenues

Business | KPMG International posts record $29bn revenues

KPMG International has announced record aggregated network revenues of $29bn (£22.9bn) for the fiscal year ending 30 September 2018, with a 7.1% increase on the previous year in local currency terms

13 Dec 2018

Leadership & Management

Image for nao critical bbcs 45 eastenders overspend

Business | NAO critical of BBC’s 45% Eastenders overspend

The BBC has failed to deliver value for money in its programme to build a new set for the TV soap EastEnders, according to a report by the National Audit Office (NAO) which said the broadcaster underestimated aspects of complexity, cost and risks of its approach, resulting in a 45% budget overspend

13 Dec 2018

Business | Big Four disclose 37 partners fired in four years

EY, PwC and KPMG have followed Deloitte’s lead in disclosing that they have also recently fired partners over accusations of bullying and sexual harassment, in what is being seen as a move to encourage a more inclusive culture at the Big Four

13 Dec 2018

Leadership & Management

Image for uks biggest companies pay ps84bn tax annually

Tax | UK’s biggest companies pay £84bn tax annually

The amount of tax paid by the UK’s largest companies has increased for the eighth year in a row and now tops £84bn according to research from PwC, which says much of the increase is down to a £15.8% increase in corporation tax

13 Dec 2018

12 Dec 2018

Image for scottish budget freezes higher rate threshold ps43430

Tax | Scottish Budget freezes higher rate threshold at £43,430

Higher rate taxpayers will face larger tax bills in Scotland from April 2019 as the Scottish Budget confirms plans to freeze the higher rate threshold for another year, reports Sara White

12 Dec 2018

Tax | Charities: tax pros and cons of setting up a charity - part 9

Stephen Relf FCA CTA, lead tax writer at Croner-I, discusses the requirements and obligations of setting up a charity, and what useful tax reliefs are available to both a business and an individual

12 Dec 2018

Finance | Jersey opens up US-style LLC status for companies

Jersey’s decision to allow the creation of limited liability companies (LLCs) will allow the island to attract more US-based clients and offer more flexibility than the current partnership status based on English law. James Willmott, partner and David Patterson, associate, corporate finance at Carey Olsen, examines the options

12 Dec 2018

Tax | How would a change of government hit high net worth taxpayers?

A vote of no confidence in the prime minister tonight is pushing the government closer to collapse as Brexit talks stump MPs. Geoffrey Todd, partner in the private wealth team at Boodle Hatfield, highlight three of the key concerns for high net worth (HNW) taxpayers should a Labour government led by Jeremy Corbyn come to power

12 Dec 2018

Business | CMA to push for pension management reform

The Competition and Markets Authority (CMA) has announced a range of reforms to the investment consultancy sector, following a market investigation undertaken at the request of the Financial Conduct Authority (FCA)

12 Dec 2018

Tax | Online marketplaces to be liable for missing VAT

The European Commission has announced new measures, due to come into force in January 2021, which will allow for a smooth transition to an updated VAT structure for dealing with online selling and will make online marketplaces liable for VAT not recovered by tax authorities

12 Dec 2018

Finance | FRC issues revised standard and guidance for bank audits

The Financial Reporting Council (FRC) has issued an international standard on auditing accounting estimates and related disclosures, covering the audit of expected credit losses in banks and which has been revised to reflect the increased importance and complexity of estimates in financial statements

12 Dec 2018

Finance | Oxford debate split over sustainability reporting

A debate over whether sustainability reporting should be mandated and organised by independent bodies or left for the markets heard broad agreement that such reporting should be done, but faced strong rejection of any compulsory requirement

12 Dec 2018

Tax | Scotland pressed on land value tax

The Scottish government should consider introducing a land value tax (LVT) as a way of delivering on its land reform objectives and raising revenue in a more progressive way, an academic report has suggested

12 Dec 2018

| PwC in auditor driving seat at Eddie Stobart

Eddie Stobart, one of the UK’s leading supply chain, transport and logistics companies, has announced it has appointed PwC as its new auditor, replacing KPMG

12 Dec 2018

Business | IAESB consults on updating tech education standards

The International Accounting Education Standards Board (IAESB) has launched a consultation on possible changes to international standards for the teaching of IT skills, following increased demand for proficiency and the disruptive effects of new technology in many sectors

12 Dec 2018

11 Dec 2018

Image for avoid getting caught out opra rules benefits kind

Tax | Avoid getting caught out by OpRA rules on benefits in kind

Andrew Brookes, head of employment solutions at Menzies LLP, examines the changes to the rules affecting optional remuneration arrangements (OpRA) and explains why employers must consider how their tax positions could be affected

11 Dec 2018

Finance | Crackdown on abuse of Scottish partnerships for money laundering

The government is to take action on the abuse of Scottish limited partnerships (SLPs) with a package of measures designed to introduce more stringent checks and greater transparency, including closer monitoring by Companies House

11 Dec 2018

Finance | Withdrawal of practice notes 25 and 27

The Financial Reporting Council (FRC) has announced the withdrawal of two practice notes, one relating to attendance at stocktaking and the other to the audit of credit unions in the UK

11 Dec 2018

Auditing

Corporate Governance

Image for bdo global network revenues hit 9bn

Business | BDO global network revenues hit $9bn

BDO saw a global combined fee income from its international network of independent member firms of $8.99bn (£7.13bn) for the year ended 30 September 2018, representing a year on year growth of 10.7% in US dollars and 8.3% at constant exchange rates

11 Dec 2018

Business

Companies

Accountancy Firms

Image for ciot president attacks loan charge legislation

Tax | CIOT president attacks loan charge legislation

The president of CIOT, Ray McCann, has told the Treasury sub-committee that the government’s approach to tackling disguised remuneration was ‘worse than retrospective legislation’ in that it removed the legal protections provided to taxpayers

11 Dec 2018

Business | Construction boss banned over tax failures

The boss of Bolton-based company that supplied construction workers has been disqualified for seven years for failing to declare all the company’s tax liabilities

11 Dec 2018

Business

Called to Account

Image for post implementation consultation client asset audit standard

Finance | Post-implementation consultation on client asset audit standard

The Financial Reporting Council (FRC) has launched a consultation to assess the effectiveness of the client asset audit (CASS) standard, which was introduced in 2015 to provide a principles-based framework to strengthen audit quality in response to some high profile failures

11 Dec 2018

Auditing

Corporate Governance

Accounting Consultations

Image for sme late payment costs swell ps67bn

Business | SME late payment costs swell to £6.7bn

The costs SMEs face in collecting late payments have rocketed, up from £2.6bn a year ago to £6.7bn currently, according to research by Bacs Payment Schemes (Bacs), part of UK retail payments authority Pay.UK

11 Dec 2018

Business

Companies

Accountancy Firms

Image for qa administration procedures estates

Tax | Q&A: administration procedures for estates

Croner Taxwise tax consultant David Woolley looks at HMRC’s continually-changing requirements for the administration of an estate and what representatives need to do to fulfil their filing obligations

11 Dec 2018

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Tax Services

Latest news

Finance | FRC future uncertain as Wates principles launched

Business | Andersen Global adds fourth UK firm

Business | Mobile phone boss rings up 10-year ban

Business | KPMG International posts record $29bn revenues

Business | NAO critical of BBC’s 45% Eastenders overspend

Business | Big Four disclose 37 partners fired in four years

Tax | UK’s biggest companies pay £84bn tax annually

Tax | Scottish Budget freezes higher rate threshold at £43,430

Tax | Charities: tax pros and cons of setting up a charity - part 9

Finance | Jersey opens up US-style LLC status for companies

Tax | How would a change of government hit high net worth taxpayers?

Business | CMA to push for pension management reform

Tax | Online marketplaces to be liable for missing VAT

Finance | FRC issues revised standard and guidance for bank audits

Finance | Oxford debate split over sustainability reporting

Tax | Scotland pressed on land value tax

| PwC in auditor driving seat at Eddie Stobart

Business | IAESB consults on updating tech education standards

Tax | Avoid getting caught out by OpRA rules on benefits in kind

Finance | Crackdown on abuse of Scottish partnerships for money laundering

Finance | Withdrawal of practice notes 25 and 27

Business | BDO global network revenues hit $9bn

Tax | CIOT president attacks loan charge legislation

Business | Construction boss banned over tax failures

Finance | Post-implementation consultation on client asset audit standard

Business | SME late payment costs swell to £6.7bn

Tax | Q&A: administration procedures for estates