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Finance | Kingman review calls for abolition of FRC as audit regulator

In a scathing review of the Financial Reporting Council (FRC), Sir John Kingman has called for the standard setter and audit regulator to be closed in its present form with immediate replacement by a new oversight authority with regulatory powers set in statute

18 Dec 2018

Corporate Governance

Accounting Consultations

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Finance | CMA reform plan for joint audits and consulting split for Big Four

A five-week consultation has been launched on the Competition and Markets Authority’s (CMA) proposals to address the lack of competition in the audit market with reforms including the introduction of joint audits for listed companies, with at least one firm being non-Big Four, and closer scrutiny of auditor appointments, reports Amy Austin

18 Dec 2018

Corporate Governance

Accounting Consultations

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Business | Smith & Williamson posts 3.6% income rise in interim statement

Smith & Williamson has released interim results for the first six months of the year, showing a 3.6% rise in operating income and a 6.3% hike in profits, despite what the firm called ‘a degree of external turbulence’

18 Dec 2018

Accountancy Firms

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Finance | Donald Brydon to head Project Flora audit review

Donald Brydon, outgoing chair of the London Stock Exchange Group and chair of Sage Group has been appointed to lead a new independent review of the quality and effectiveness of the UK audit market, in the wake of the Kingman review and the Competition and Markets Authority’s (CMA’s) interim findings, following a nine-month search for an independent chair

18 Dec 2018

Corporate Governance

Audit Regulations

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Business | Racing driver finishes last with three-year jail sentence

A company director, who funded his hobby racing sports cars across Europe through a £450,000 tax fraud, has been jailed for three years and four months

18 Dec 2018

Called to Account

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Tax | HMRC criticised for lack of MTD exemption guidance

With close to 100 days before Making Tax Digital (MTD) for VAT becomes compulsory, HMRC has come under fire for its failure to publish detailed guidance on when and how to claim exemptions from the new rules, with the Low Incomes Tax Reform Group (LITRG) warning this risks unfairly increasing the burdens on some individuals

18 Dec 2018

Making Tax Digital

Law and Regulation

Image for acca warns mtd brexit risk small businesses

Tax | ACCA warns of MTD Brexit risk for small businesses

ACCA is warning of future risks to small and medium-sized enterprises (SMEs) because of the potential for a no deal Brexit to clash with the introduction of HMRC’s new Making Tax Digital (MTD) for VAT regime, and says the government must provide more detailed guidance

18 Dec 2018

Making Tax Digital

Law and Regulation

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Business | Administrators called in to £790m tech start-up

Blippar.com Ltd, a tech startup that produces virtual reality apps for smartphones and had claimed to be one of the first UK tech ‘unicorns’, valued at more than $1bn (£790m), has gone into administration following an alleged dispute over continued funding

18 Dec 2018

Accountancy Firms

Image for qa tax benefits providing electric car charging

Tax | Q&A: tax benefits of providing electric car charging

Croner Taxwise tax advice consultant Pras Patel looks at what tax exemptions and benefits are available to employers who provide workplace charging points for electric or hybrid vehicles

18 Dec 2018

17 Dec 2018

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Tax | What will IR35 mean for the private sector?

The extension of IR35 rules to private companies from April 2020 will shift responsibility from contractors and their personal service companies (PSCs) to the hirers. Andrew Brookes, head of employer solutions at Menzies LLP, explains the tax implications

17 Dec 2018

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Business | Big Four alumni 2018: who’s working at the audit regulator?

As Big Four audit firms come under increasing pressure amid concerns about market dominance and conflicts of interest, Philip Smith asks how independent the Financial Reporting Council is as the regulator

17 Dec 2018

Accountancy Firms

Image for taylor review prompts gig economy reform package

Business | Taylor Review prompts gig economy reform package

The government has unveiled what it is calling ‘the biggest package of workplace reforms for over twenty years’ but has stopped short of banning zero hours contracts or developing a new approach to the payment and taxation of gig economy workers

17 Dec 2018

Accountancy Firms

Image for meps show support eu digital services tax

Tax | MEPs show support for EU digital services tax

A majority of MEPs in the European parliament have signalled support for amendments to the proposed tax on digital services to include companies such as Netflix and lower the taxable revenue threshold to include more companies

17 Dec 2018

International Tax

Law and Regulation

Image for johnston carmichael profits hit oil and gas downturn

Business | Johnston Carmichael profits hit by oil and gas downturn

Johnston Carmichael, Scotland’s largest independent firm of chartered accountants and business advisers, has posted a 4% growth in turnover to £45.5m but saw profits dip in what it described as ‘challenging marketplace’

17 Dec 2018

Accountancy Firms

Leadership & Management

Image for ons change student loan accounting adds ps12bn deficit

Finance | ONS change to student loan accounting adds £12bn to deficit

The Office for National Statistics (ONS) is to change the way in which it accounts for student loans, in response to calls from the Treasury committee that these should be treated as spending, in a move which will add around £12bn to the current deficit this year

17 Dec 2018

Financial Reporting

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Business | CogitalGroup revenues up 64% since launch

CogitalGroup has reported annualised revenues topping £450m, up 64% since its launch two years ago as a Big Four challenger, with half generated in the Nordic markets and half from the UK, and has indicated plans to build on its technology offerings and move into the US market

17 Dec 2018

Accountancy Firms

Leadership & Management

Image for landlord back jail over cgt evasion

Business | Landlord back in jail over CGT evasion

A Hampshire tax fraudster has been sent back to jail for failing to repay the £190,555 he obtained by evading capital gains tax (CGT) by failing to declare earnings from property sales

17 Dec 2018

Called to Account

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Business | Charity Commission warning over CEO gift card scam

The Charities Commission has issued an alert to charity trustees, employees and volunteers about the growing risk of CEO fraud through Christmas gift cards

17 Dec 2018

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Business | Deloitte names Houston as next CEO

Richard Houston is to be the next senior partner and chief executive of Deloitte North West Europe (NWE) and UK, succeeding David Sproul who has served two four-year terms, the maximum possible at the firm

17 Dec 2018

Accountancy Firms

Leadership & Management

14 Dec 2018

Image for hmrc delays mtd business due brexit

Tax | HMRC delays MTD for business due to Brexit

HMRC is to continue rolling out Making Tax Digital (MTD) for VAT but has warned that the wider extension of the MTD programme for businesses will be delayed as IT developers are refocused on Brexit customs delivery

14 Dec 2018

Making Tax Digital

Image for how make christmas tax deductible and keep hmrc happy

Tax | How to make Christmas tax deductible and keep HMRC happy

The season of goodwill is upon us. Many business owners will be ‘splashing out’ on gifts, parties, awards and other kind gestures to end the year on a high. Tax Guys CEO Jonathan Amponsah CTA FCCA, gives the lowdown on nine ways to reduce your tax bill this festive season while adhering to the tax code

14 Dec 2018

Law and Regulation

Image for payroll services company tops hmrc defaulters list owing ps12m

Tax | Payroll services company tops HMRC defaulters list owing £12m

An online electrical goods seller based in China and a payroll services company from London top the latest HMRC of tax defaulters, while takeaway owners, dog breeders and IT consultants are among others to be named and shamed

14 Dec 2018

Called to Account

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Business | Dealing with work relationships

Christmas parties during the festive season are popular with most accountants and tax advisers, but do not let behaviour cross the line and consider whether relationships at work should be declared, says Simon Wright, managing director of CareersinAudit.com

14 Dec 2018

Accountancy Firms

Leadership & Management

Image for boe redefines staggering expenses policy

Business | BoE redefines staggering expenses policy

The Bank of England (BoE) has published a new travel and expenses policy for staff, six months after the Treasury select committee took it to task for failing to consider value for money, with MPs saying they were ‘gobsmacked’ at the amounts spent on flights and the annual summer party

14 Dec 2018

Accountancy Firms

Image for fca ban and ps20k fine investment adviser

Business | FCA ban and £20K fine for investment adviser

The Financial Conduct authority (FCA) has banned Angela Burns from acting as a non-executive director (NED) and fined her £20,000 for failing to act with integrity at two mutual societies because she did not notify them of potential conflict of interest

14 Dec 2018

Accountancy Firms

Called to Account

Image for iasb propose amendment ifrs 17

Finance | IASB to propose amendment to IFRS 17

The International Accounting Standards Board (IASB) has decide to look at an amendment to IFRS 17 Insurance Contracts, relating to the separate presentation in the financial position statement of groups that are either assets or liabilities

14 Dec 2018

Accounting Standards

Financial Reporting

Image for nao attacks armys capita recruitment deal

Business | NAO attacks Army’s Capita recruitment deal

There is further controversy surrounding government outsourcing, after a highly critical National Audit Office (NAO) report found the Army’s use of Capita to run its recruitment systems resulted in delays and a recruiting shortfall

14 Dec 2018

Accountancy Firms