Business &amp; Accountancy Daily

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Business | EY launches domestic abuse guide for UK employees

EY has launched a domestic abuse guide for its 14,500 staff in the UK, backed by a new campaign to put employers at the heart of tackling abuse, and is to offer special paid leave for those affected by domestic abuse

11 Jan 2019

Careers

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Finance | Third of councils risk emptying reserves in next 10 years

Over a third (36%) of all councils in England are at risk of financial failure in the next decade and 17% could be in crisis as early as 2021, according to research by Grant Thornton UK which examined the impact of cuts in revenue grants

11 Jan 2019

Finance

Financial Reporting

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Business | Accountants see marginal salary increase compared to lawyers

Accountants’ salaries saw a modest 3.2% growth in 2018 compared with legal services which saw salaries increase by 7.6%, although the average salary for an accountant remains higher, according to research from CV-Library

11 Jan 2019

Careers

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Business | KPMG cooks up pre-pack for kitchenware retailer

KPMG has been appointed to handle the administration of Steamer Trading Ltd, a speciality kitchenware retailer with 38 stores across the UK, and has immediately sold the business in a pre-pack deal to kitchenware retailer ProCook

11 Jan 2019

Restructuring & Insolvency

Image for ps60bn spike defined benefit pension deficit

Business | £60bn spike in defined benefit pension deficit

A survey of 5,600 of the UK’s corporate defined benefit pension funds shows that the deficit rose by £60bn to £290bn over the course of December 2018, reversing gains made in 2018 and indicating growing uncertainty over Brexit

11 Jan 2019

Pensions

10 Jan 2019

Image for top 12 tips self assessment tax returns and risk areas

Tax | Top 12 tips: self assessment tax returns and risk areas

With five million taxpayers yet to file their self assessment tax return Jonathan Amponsah, founder and CEO of The Tax Guys, provides tips to ensure returns are as accurate as possible to avoid any HMRC penalties as well as how to avoid problem areas such as cryptocurrency and student loans

10 Jan 2019

Finance | FRC consults on third country auditors' fees to prepare for Brexit

The Financial Reporting Council (FRC) has issued a four-week consultation on the fee structure for third country auditors (TCA) in the event of a no-deal Brexit, although it has indicated that the current fee structure is unlikely to change

10 Jan 2019

Auditing

Audit Regulations

Accounting Consultations

Image for dodwell replaces morton ots head

Tax | Dodwell replaces Morton as OTS head

Only five months after joining the Office of Tax Simplification (OTS) as a senior policy adviser, Bill Dodwell has taken over the helm at the organisation succeeding Paul Morton who has been tax director since March 2017

10 Jan 2019

Image for hmrc targets multinationals profit shifting disclosure

Tax | HMRC targets multinationals with profit shifting disclosure

The launch of the disclosure facility represents a 'last chance saloon' for companies to close cross-border arrangements and pay what they owe as HMRC steps up its campaign against tax avoidance by multinationals

10 Jan 2019

Finance | Rahman: decision to close Rolls-Royce investigation puts pressure on SFO

Is the Serious Fraud Office’s (SFO) decision to scale down its investigation into Rolls-Royce a well-informed move or a sign of panic? Aziz Rahman, senior partner at Rahman Ravelli, considers the SFO’s position

10 Jan 2019

Finance

Financial Reporting

Law and Regulation

Image for mtd pilot extended all eligible businesses

Tax | MTD pilot extended to all eligible businesses

The pilot programme for Making Tax Digital (MTD) for VAT has been extended by HMRC to all businesses that meet the requirements, giving those affected time to test their systems and train staff ahead of the April deadline

10 Jan 2019

Finance | Regulator opens inquiry into charity’s funding transfers

The Charity Commission has opened a statutory inquiry into CAWRM Ltd, a charity known as Jerusalem Merit, after identifying a number of serious regulatory concerns about possible financial irregularities

10 Jan 2019

Charities

Law & Guidance

Image for accountant jailed ps125k double fraud

Business | Accountant jailed for £125k double fraud

An accountant who committed a fraud at one of her employers, which meant the company had to make five redundancies among staff, and who then went on to steal money from a second business has been jailed for 32 months

10 Jan 2019

Called to Account

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Finance | NHS and local government bodies ignore auditors’ warnings

The number of NHS and local government bodies with significant weaknesses in their arrangements for delivering value for money is ‘unacceptably’ high, but bodies are failing to take action on auditors’ warnings, according to a report from the National Audit Office (NAO)

10 Jan 2019

Auditing

Corporate Governance

Image for southend fc faces winding order

Business | Southend FC faces winding up order

League One team Southend United has been served with a winding up order by HMRC over claims for unpaid tax debts, the latest in a series of financial difficulties which have beset the football club in the last 10 years

10 Jan 2019

Restructuring & Insolvency

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Business | Fashion house Hardy Amies in administration

Menzies has been appointed as administrators to high-end fashion house Hardy Amies, known for providing outfits for the Queen for many years, which has collapsed for the second time in just over a decade

10 Jan 2019

Restructuring & Insolvency

9 Jan 2019

Image for indirect trade demerger chargeable gains position part 2

Tax | Indirect trade demerger: chargeable gains position – part 2

In the second article of a two-part series on demergers, Paul Davies ACA CTA, tax writer at Croner-i, investigates how to ensure there is no disposal for capital gains purposes by the distributing company’s shareholders of their interests in the distributing company

9 Jan 2019

Tax | Inheritance tax: liability for unmarried couples - part 1

Eugenia Campbell, tax director at RSM, kicks off a new series on inheritance tax, focusing on the treatment of unmarried couples and cohabitees without children under the current nil rate band tax rules

9 Jan 2019

Tax | Loan charge settlements: what you need to know

The deadline for settling loan charges with HMRC is 5 April 2019. Meredith McCammond CTA, technical officer at LITRG, answers questions workers who have previously been enrolled in loan schemes may have

9 Jan 2019

Tax | MPs reject sweeping Treasury Brexit powers

The government’s no-deal Brexit preparations suffered a blow as a clause in Finance Bill 2018-19 (FB 2018-19) giving the Treasury broad powers in the event of a no-deal Brexit was narrowly defeated by rebels and opposition members

9 Jan 2019

Tax | Accountancy magazine subscribers - activate your online subscription

Following the closure of Accountancy magazine in December 2018, please make sure you activate your online subscription to access Accountancy Daily, including technical articles, insight and commentary, CPD and the Accountancy Archive.

9 Jan 2019

Finance | Accountants urged to adopt risk management role

CFOs must seize the opportunity to drive effective enterprise risk management according to a study by the International Federation of Accountants (IFAC), which warns many organisations are failing to embrace comprehensive ways of managing risks

9 Jan 2019

Business | Regulator investigates charity over lack of accounts

The Charity Commission has opened a statutory inquiry into Jalalabad Association to look into concerns over potential mismanagement in the administration of the charity, which has failed to submit accounts for four years

9 Jan 2019

Tax | Treasury to review 2019 loan charge

The Treasury has been forced to agree to review its controversial 2019 loan charge proposals, which are designed to tackle disguised remuneration, by the end of March after a cross-party group of MPs were successful in pushing through an amendment to the Finance Bill

9 Jan 2019

Business | Ban on pensions cold-calling comes into force

This week marks the introduction of the government’s ban on pensions cold calling, with unsolicited calls to individuals about their pension made illegal from 9 January and potential fines of up to £500,000 for those flouting the regulations

9 Jan 2019

Business | Grant Thornton International posts 9.4% revenue rise

Grant Thornton International has recorded combined global revenues of $5.45bn for the financial year ended 30 September 2018, driven by broad-based growth of 9.4% across the network, its highest rate in six years

9 Jan 2019

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Business | Shaw Gibbs merges with Pearson Bucholz

The top 100 accountancy firm has announced a decision to merge with Eynsham-based Xero Partner practice Pearson Bucholz with a view to pooling resources and improving its range of technology-based solutions

9 Jan 2019