Business &amp; Accountancy Daily

Leadership & Management

Image for japan charges departure tax international visitors

Tax | Japan charges departure tax on international visitors

This week sees the launch of an international tourist tax in Japan, requiring visitors to pay a 1,000 yen (£7.20) levy when leaving the country by plane or ship, which is expected to raise 50bn yen in 2019

8 Jan 2019

Tax

Personal Tax

International Tax

Image for tribunal confusion over blackrock vat financial services case

Tax | Tribunal confusion over BlackRock VAT for financial services case

A dispute between investment management firm BlackRock and HMRC over VAT on financial services has seen the case referred to the European Court of Justice (CJEU) after the Upper Tribunal failed to reach a verdict, reports James Bunney

8 Jan 2019

Tax | Half of taxpayers still to complete self assessment

ICAEW is warning the 5.5m individuals HMRC estimates have yet to complete their tax return against leaving it to the last minute, as they risk a penalty if they miss the 31 January 2019 deadline

8 Jan 2019

Tax | Doubts grow over IRS refunds during shutdown

Despite assurances from the US government, there is growing concern that billions of dollars in tax refunds from the Internal Revenue Service (IRS) will be delayed until the shutdown ends, potentially causing hardship for thousands of US taxpayers

8 Jan 2019

Finance | Regulator investigates charity for second time

The Charity Commission has opened a second statutory inquiry into The Mohiuddin Trust to look into concerns over potential misconduct and mismanagement, including continuing problems with poor financial controls identified in an earlier investigation

8 Jan 2019

Charities

Law & Guidance

Image for brexit worries see financial services move ps800bn

Business | Brexit worries see financial services move £800bn

Heightened uncertainty about how the UK will manage Brexit has driven financial services companies to move almost £800bn of assets to Europe, with Dublin proving a popular location, according to research by EY

8 Jan 2019

Image for search ends nao replacement head

Business | Search ends for NAO replacement head

Mazars partner Gareth Davies has been selected as the government’s preferred candidate to succeed Sir Amyas Morse as the comptroller and auditor general, and head of the National Audit Office (NAO), subject to parliamentary approval

8 Jan 2019

Business | 53% increase in retail CVAs in 2018

Research by Deloitte shows that the number of retailers that went into administration in 2018 rose by 6% to 125, but the number of company voluntary arrangements (CVA) spiked as retailers and businesses struggled with online competition

8 Jan 2019

Restructuring & Insolvency

| EY to replace KPMG as SSE auditor

FTSE 100 energy provider SSE has appointed EY as its external auditor, subject to approval by shareholders, ending a 20-year relationship with KPMG

8 Jan 2019

Image for qa vat architect fees design and build contracts

Tax | Q&A: VAT on architect fees for design and build contracts

Vivienne Scott, senior VAT consultant at Croner Taxwise, discusses whether design and build contracts allow architects to apply a zero rate VAT to the professional services they provide to contractors

8 Jan 2019

7 Jan 2019

Image for dodwell final countdown making tax digital vat

Tax | Dodwell: final countdown to Making Tax Digital for VAT

With the mandatory deadline to digitally report VAT under HMRC’s Making Tax Digital racing down upon us, Bill Dodwell, senior policy adviser at OTS, says this will not mean an immediate end to spreadsheet reporting as HMRC has accepted that some VAT calculations are just too complicated to comply immediately and more work needs to be done

7 Jan 2019

Tax | Scottish income tax catches out higher rate taxpayers

Pension saving may soften triple whammy for higher rate Scottish taxpayers with salary sacrifice reducing tax liability while higher pension contributions can offset higher rate child benefit clawback, explains Kay Ingram, director of public policy at LEBC Group

7 Jan 2019

Finance | SEC fines Crowe’s US firm $1.5m over audit failures

US firm Crowe has agreed to pay a penalty of $1.5m (£1.18m), after the Securities and Exchange Commission (SEC) identified significant failures in audits of Corporate Resource Services, which went bankrupt in 2015 after the discovery of $100m in unpaid federal payroll tax liabilities

7 Jan 2019

Corporate Governance

Audit Regulations

Image for upper tribunal rejects qc tax penalty appeal

Tax | Upper Tribunal rejects QC tax penalty appeal

The Upper Tribunal has dismissed an appeal against HMRC by a QC over penalty notices, with implications for self-employed workers facing cash flow difficulties and outstanding tax liabilities

7 Jan 2019

Finance | Audit updates: January 2019

In this month’s round-up of audit news, the Competition and Markets Authority releases its initial findings into the lack of competition in the listed audit market with the Big Four under fire, while the Kingman review questions to competency of the audit regulator, while Patisserie Valerie drops Grant Thornton in auditor switch to RSM

7 Jan 2019

Corporate Governance

Audit Regulations

Accounting Consultations

Image for accounting updates january 2019

Finance | Accounting updates: January 2019

In this month’s roundup of accounting and reporting developments, IFRS 16 Leases effective date hits balance sheet, SEC fines Hertz Global $16m over accounting misstatement, crackdown on abuse of Scottish partnerships for money laundering

7 Jan 2019

Tax | Government consults on doubling plastic bag charge

The government is consulting on proposals to extend and increase the plastic carrier bag charge, which would see it double to 10p and require all retailers to participate

7 Jan 2019

Business | 12-sided £1 coin rolls out to overseas territories

The new pound coin is going global, with Britain’s overseas territories and Crown dependencies set to design and mint their own versions of the 12-sided £1 coin for the first time since it was introduced in 2017

7 Jan 2019

Image for monarchs aircraft maintenance arm falls administration

Business | Monarch’s aircraft maintenance arm falls into administration

David Pike, Ben Leith and David Standish from KPMG’s restructuring practice have been appointed joint administrators of Monarch Aircraft Engineering Ltd (MAEL), which has been experiencing financial challenges since the collapse of budget airline Monarch in 2017

7 Jan 2019

Image for interim manager charity governance failings

Finance | Interim manager for charity with governance failings

The Charity Commission has appointed an interim manager, Geoff Carton-Kelly, a partner with FRP Advisory, to Jole Rider Friends after it suspended trustees following continued concerns about the charity’s governance

7 Jan 2019

Charities

Image for irelands realtime paye system 51 tax shock

Tax | Ireland’s realtime PAYE system 51% tax shock

The introduction of a realtime PAYE reporting system in Ireland risks leaving around 120,000 people with substantial underpayments in its first month of operation, ACCA is warning

7 Jan 2019

Tax | Millennials pick up income tax burden from elderly

Research by Moore Stephens shows that the tax burden on the older generation has fallen by 4% in the past year, with millennials paying an extra £5bn compared to the same period in the previous year

7 Jan 2019

Business | CIOT and ATT relocate in Whitehall

The Chartered Institute of Taxation (CIOT) and the Association of Taxation Technicians (ATT) have today moved office and will now be based at 30 Monck Street in Westminster

7 Jan 2019

4 Jan 2019

Business | Dealing with difficult bosses

Micromanager? Dictator? Bully? Favouritist? Incompetent? Bad bosses come in many forms and if you do not address the issue, working for them could have a severe impact on both your job performance and mental wellbeing. Simon Wright, managing director of CareersinAudit.com gives the inside track on survival tactics

4 Jan 2019

Leadership & Management

Image for reforming wealth tax will raise revenue

Tax | Reforming wealth tax will raise revenue

An ageing population and rising public service costs are putting a strain on the Treasury’s coffers. Torsten Bell and Adam Corlett of the Resolution Foundation argue that the Chancellor could generate £7bn a year by 2022-23 with adjustments to five wealth taxes and subsidies

4 Jan 2019

| KPMG refuses to retender for Aston Martin audit

The luxury car company has begun the search for a new auditor after KPMG declined to reapply for its audit tender, less than three months after the company made its debut on the London Stock Exchange

4 Jan 2019

Image for commercial property brought non resident cgt charge

Tax | Commercial property brought into non resident CGT charge

HMRC has issued draft guidance for the extension of the non resident capital gains tax rules bringing commercial property and company disposals into scope for the first time from April 2019

4 Jan 2019

Tax | HMRC turns to universities for digital expertise

With the introduction of Making Tax Digital for VAT only three months away, HMRC is looking to recruit tax specialists with digital skills, along with data analysts and digital experts

4 Jan 2019

Tax | US government shutdown freezes IRS services

Taxpayers face delays and the Internal Revenue Service (IRS) has suspended all non-essential work as the US government shutdown over a political funding dispute overlaps with the beginning of the tax filing season

4 Jan 2019

Business | ‘Fat Cat Friday’ as FTSE 100 CEOs pocket average worker’s annual pay

Just three working days into 2019, the typical FTSE 100 chief executive has already been paid what it will take the average UK employee the rest of the year to earn, according to the High Pay Centre and the CIPD

4 Jan 2019

Leadership & Management

Image for three sisters jailed ps323k vat scam

Business | Three sisters jailed for £323k VAT scam

Three sisters from Manchester have been jailed for a total of 60 months after stealing the passport details of tourists to falsely claim £323,000 in VAT refunds

4 Jan 2019