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Tax | Making Tax Digital: an interview with HMRC’s Theresa Middleton

Making Tax Digital for VAT is rapidly approaching, with only two months until digital VAT filing becomes mandatory on 1 April. Amy Austin, reporter at Accountancy Daily, went to meet Theresa Middleton, director of Making Tax Digital for Business at HMRC to talk about how successful the pilot has been and what issues have been raised, how HMRC will handle the onslaught of queries and how it will ramp up efforts to make people of aware of the requirements to file digitally going forward

1 Feb 2019

Tax

Making Tax Digital

HMRC

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Tax | 700,000 taxpayers miss self assessment deadline

A record 93.68% of self assessment tax returns were completed by yesterday’s midnight deadline, with 700,000 taxpayers filing last night, according to HMRC

1 Feb 2019

Business | Asda loses Court of Appeal case over equal pay

Asda shopworkers have won a landmark ruling in a long-running equal pay dispute covering thousands of workers, leaving the supermarket giant facing substantial payments of back pay

1 Feb 2019

Leadership & Management

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Finance | £21m damages bill for Grant Thornton’s ‘flagrant’ audit failures

Grant Thornton has been ordered to pay an audit firm record of £21m in damages to former client AssetCo after a High Court judge branded its auditing of the company, which nearly collapsed as a result of an accounting scandal, to be a ‘flagrant breach of professional standards’, exhibiting failures ‘of the utmost gravity’

1 Feb 2019

Auditing

Corporate Governance

Audit Regulations

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Tax | Court confirms HMRC information powers extend overseas

HMRC has won an appeal at the Court of Appeal over its decision to serve an information request to a long-standing non-UK resident, in a landmark decision about the scope of the tax authority’s powers beyond the UK borders

1 Feb 2019

Tax | Scottish budget passed after deal with Green party

The Scottish Budget was approved by 67 votes to 58 with Finance Secretary Derek Mackay getting backing from Green MSPs, after he agreed to boost to local government funding and implement an alternative system to council tax

1 Feb 2019

Business | Baldwins acquires Stockport firm to aid NW expansion

Baldwins accountancy group, a member of CogitalGroup, has acquired a Stockport-based accountancy practice in a bid to strengthen its regional footprint in the north west

1 Feb 2019

Business

Companies

Accountancy Firms

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Tax | Call for rethink on first time buyers relief

HMRC reports more than 241,000 first time homeowners have pocketed the cash they would have spent on stamp duty land tax (SDLT), saving a total of £570m since first time buyers relief (FTBR) was introduced, but the Association of Accounting Technicians (AAT) has branded the scheme ‘costly and bureaucratic’

1 Feb 2019

Tax | UK tax reliefs top £164bn

The UK’s tax relief bill grew to a record £164bn in 2018-19, significantly more than the health budget, but are being distributed unequally between households, according to research from the Resolution Foundation based on the latest figures from HMRC

1 Feb 2019

HR | FRS 102: intangible assets – NEW CPD module

This month’s exclusive Accountancy Daily CPD module will look at the accounting requirements for intangible assets under FRS 102 including scope, recognition and measurement, internally generated assets and amortisation

1 Feb 2019

Business

Training & CPD

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Finance | Charity investigated over ‘significant’ unaccounted funds

The Charity Commission has opened a statutory inquiry into The Bersam Trust to look into concerns over potential misconduct and mismanagement in the administration of the charity

1 Feb 2019

Business

Charities

Finance | Legal updates: February 2019

In this month's legal updates, Sophie Brookes at law firm Gateley plc explains proposed changes to limited partnership law, the difference between guarantees and indemnities, and an invalid power of attorney can cause a guarantee to fail

1 Feb 2019

Finance

Law and Regulation

Tax | VAT updates: February 2019

This month's review of VAT cases and VAT news from Graham Eliiot, director of City & Cambridge Consultancy, including Vacation Rentals VAT exemption, split supplies reverse charge, ‘no show’ payments, claims for non-EU businesses, food and beverages and DIY claims

1 Feb 2019

Tax

VAT

Case Reports

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Finance | Accounting filing deadlines: Feb - Apr 2019

The key accounting deadlines from implementation of a raft of amendments to SORPs following FRS 102 triennial review to deadlines to comment on cryptoasset guidance, amendments to FRS 101 and FR2 102

1 Feb 2019

Tax | Consultations: February 2019

This month's consultations from HMRC include amendments to tax returns, taxation of trusts’ comment period extended, electronic sales suppression and digital services tax

1 Feb 2019

Tax

HMRC

Consultations

Tax | Filing deadlines: Feb - Jul 2019

The key HMRC filing deadlines from February to July 2019 including Forms P46(Car) for quarter ended 5 Jan, PAYE cheque payments for month ended 5 Feb and payment of outstanding income and CGT in respect of personal tax returns for 2017/18 to avoid 5% surcharge

1 Feb 2019

Finance | Accounting updates: February 2019

In this month’s roundup of accounting and reporting developments, FRC set to amend FRS 102 defined benefit pension rules, FRC consults on tougher stewardship code, former Tesco FD cleared in £250m accounting fraud, Patisserie Valerie calls in KPMG as administrators

1 Feb 2019

Tax | Tax updates: February 2019

This month's review of tax cases and tax news including taxpayer loses £1m Excalibur scheme appeal, HMRC targets multinationals with profit shifting disclosure, tribunal confusion over BlackRock VAT for financial services case

1 Feb 2019

Tax | Employment tax updates: February 2019

In our monthly roundup of employment tax developments HMRC releases P11D guidance to clarify OpRA rules, Treasury to review 2019 loan charge

1 Feb 2019

Finance | Audit updates: February 2019

In this month’s roundup of audit news, MPs probe Big Four and mid-tier firm heads about sustainability of audit, FRC consults on tougher stewardship code and changes to third country auditor fees due to Brexit, Carillion audit investigation to continue well into 2019, audit wins at SSE and ICG, while Aston Martin puts audit out to tender

1 Feb 2019

Auditing

Corporate Governance

Audit Regulations

Accounting Consultations

31 Jan 2019

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Tax | Taxpayer loses £1m ‘Excalibur’ scheme appeal

A taxpayer claiming £1m in tax relief in respect of a £1m capital loss arising from investment in the ‘Excalibur’ tax scheme has lost his appeal at an Upper Tribunal, opening the way for HMRC to reclaim an estimated £155m in tax from other scheme members

31 Jan 2019

Business | Suspended sentence for bankrupt who hid asset

A bankrupt tiler from Cardiff has been given a suspended prison sentence after he tried to hide a property asset which should have been used to pay his debts, including a £100,000 tax bill

31 Jan 2019

Business

Called to Account

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Tax | HMRC challenged over ‘shameless’ pensions overtaxing

HMRC repaid over £30m to pension savers who had been taxed incorrectly on lump sum withdrawals in the last quarter of 2018, while the total paid back since the start of pension freedoms in April 2015 now tops £400m, prompting calls for a change in approach

31 Jan 2019

Business | Businesses in ‘critical’ financial distress up by 25%

The number of businesses in ‘significant’ financial distress rose by 15,000 in the last quarter of 2018 and now stands at 481,000, while the proportion whose distress level is ‘critical’ was 25% higher than the same quarter of the previous year, according to data from Begbies Traynor

31 Jan 2019

Business

Companies

Accountancy Firms

Restructuring & Insolvency

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Tax | Charities urged to prepare for Making Tax Digital VAT

The Charity Commission is urging trustees to ensure charities are getting ready for the implementation of Making Tax Digital for VAT, which starts on 1 April

31 Jan 2019

Tax | Tax data: CGT data, HMRC rates of interest - Feb 2019

Download the HMRC CGT indexation allowance for December 2017 onwards, RPI Index for December 2018 and HMRC rates of interest, and the current stamp duty land tax (SDLT) and land and buildings transaction tax (LBTT) rates, and more

31 Jan 2019

30 Jan 2019

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Tax | ‘Off-plan’ purchases and capital gains tax post-Higgins

Mark Cawthron, tax writer at Croner-i, looks at how prospective purchasers of flats off-plan, and developers offering such flats, might think about reacting to the decision in the recent case of Higgins, with a view to seeking to mitigate or remove such difficulty

30 Jan 2019

Business | Good Work Plan: what the new workplace laws mean for employers

Workplace practices are set to change when the government introduces new regulations for workers, increasing the compliance burden for employers. Kate Palmer, associate director of advisory at Peninsula, explains the implications and potential pitfalls

30 Jan 2019

Leadership & Management

Tax | Why the Beatles' legacy lives on in tax

As this week reveals the UK’s top taxpayers, George Bull and Andrew Hubbard at RSM, consider how attitude has switched over the years with the highest earners publicly stating how much tax they pay and the US proposing a super-tax on multi-millionaires

30 Jan 2019

Finance | Audit and consulting split would make Big Four less resilient

The heads of the Big Four firms have warned the Bsiness, Energy and Industrial Strategy (BEIS) committee that the Competition and Markets Authority’s (CMA) recommendation to split non-audit and audit services into separate entities would challenge the firms’ resilience as audit services only make up a small amount of fee income

30 Jan 2019

Auditing

Corporate Governance

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Finance | FRC set to amend FRS 102 defined benefit pension rules

The Financial Reporting Council (FRC) is consulting on changes to FRS 102 to improve the accounting regime for defined benefit pensions, as well as amendments to FRS 101 to take into account IFRS 17 Insurance Contracts

30 Jan 2019

Business | Consulting services drives RSM global revenues to record $5.4bn

RSM’s global network has reported record global revenues of $5.37bn(£4.1bn) for 2018, up 5.4% on the previous year and marking five consecutive years of growth, driven in part by an increase in demand for consulting services

30 Jan 2019

Business

Companies

Accountancy Firms

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Finance | FRC consults on tougher stewardship code

The Financial Reporting Council (FRC) is consulting on an updated and tougher stewardship code which the regulator says sets substantially higher expectations for investor stewardship policy and practice

30 Jan 2019

Finance | Regulator halts charity fundraising over financial concerns

The Charity Commission has opened a statutory inquiry into a health charity, J.E.L.A Foundation, and restricted its bank and fundraising platform transactions over concerns about potential financial irregularities

30 Jan 2019

Business

Charities

Business | Company insolvencies up in 2018

While company insolvency rates dipped in the final quarter of last year, the total number of company insolvencies increased in 2018 to 16,090, the highest level since 2014, figures from the Insolvency Service show

30 Jan 2019

Business

Companies

Restructuring & Insolvency

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Business | Business urge action on Brexit re-negotiation

Although the government has won the support of Parliament for prime minister Theresa May to negotiate a revised withdrawal deal for the UK’s departure from the EU, business groups remain deeply concerned about the uncertainty and potential disruption surrounding Brexit plans, with under 60 days to go to the deadline

30 Jan 2019

Business

Companies

Image for oecd spearhead changes corporate tax digitised economy

Tax | OECD to spearhead changes to corporate tax for digitised economy

The OECD is to push for global agreement on a new approach to corporate taxation to meet the challenges arising from digitalisation of the economy, which would include revisions to the arm’s length principle and a focus on taxing profits where they are derived, with the aim of introducing new rules by 2020

30 Jan 2019

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Latest news

Tax | Making Tax Digital: an interview with HMRC’s Theresa Middleton

Tax | 700,000 taxpayers miss self assessment deadline

Business | Asda loses Court of Appeal case over equal pay

Finance | £21m damages bill for Grant Thornton’s ‘flagrant’ audit failures

Tax | Court confirms HMRC information powers extend overseas

Tax | Scottish budget passed after deal with Green party

Business | Baldwins acquires Stockport firm to aid NW expansion

Tax | Call for rethink on first time buyers relief

Tax | UK tax reliefs top £164bn

HR | FRS 102: intangible assets – NEW CPD module

Finance | Charity investigated over ‘significant’ unaccounted funds

Finance | Legal updates: February 2019

Tax | VAT updates: February 2019

Finance | Accounting filing deadlines: Feb - Apr 2019

Tax | Consultations: February 2019

Tax | Filing deadlines: Feb - Jul 2019

Finance | Accounting updates: February 2019

Tax | Tax updates: February 2019

Tax | Employment tax updates: February 2019

Finance | Audit updates: February 2019

Tax | Taxpayer loses £1m ‘Excalibur’ scheme appeal

Business | Suspended sentence for bankrupt who hid asset

Tax | HMRC challenged over ‘shameless’ pensions overtaxing

Business | Businesses in ‘critical’ financial distress up by 25%

Tax | Charities urged to prepare for Making Tax Digital VAT

Tax | Tax data: CGT data, HMRC rates of interest - Feb 2019

Tax | ‘Off-plan’ purchases and capital gains tax post-Higgins

Business | Good Work Plan: what the new workplace laws mean for employers

Tax | Why the Beatles' legacy lives on in tax

Finance | Audit and consulting split would make Big Four less resilient

Finance | FRC set to amend FRS 102 defined benefit pension rules

Business | Consulting services drives RSM global revenues to record $5.4bn

Finance | FRC consults on tougher stewardship code

Finance | Regulator halts charity fundraising over financial concerns

Business | Company insolvencies up in 2018

Business | Business urge action on Brexit re-negotiation

Tax | OECD to spearhead changes to corporate tax for digitised economy