Business &amp; Accountancy Daily

Restructuring & Insolvency

Image for begbies traynor makes north east acquisition

Business | Begbies Traynor makes north east acquisition

Begbies Traynor Group has acquired KRE (North East) Ltd, a Newcastle based insolvency practice in a bid to strengthen its presence in the region

14 Feb 2019

Image for truck dealer jailed ps337k vat fraud

Business | Truck dealer jailed for £337K VAT fraud

A truck dealer from Liverpool who was responsible for a £337,000 VAT fraud while claiming benefits has been jailed following an HMRC investigation

14 Feb 2019

Called to Account

13 Feb 2019

Image for indirect disposals uk land bring non residents cgt

Tax | Indirect disposals of UK land bring non-residents into CGT

Changes to the capital gains tax (CGT) rules on sales of land mean that non-UK residents will be captured by the CGT regime for the first time from April 2019, raising complex tax compliance issues, explains Stephanie Webber CTA, tax writer at Croner-i

13 Feb 2019

Tax | Finance Act 2019 comes into force

The Finance Bill 2018-19 received Royal Assent on 12 February 2019 and became Finance Act 2019

13 Feb 2019

Finance | IFRS 16 creates £96m hit on balance sheet for construction lease company

Ramirent, a construction equipment leasing company based in Finland, has revealed that adopting IFRS 16 Leases will increase its net debt by 31% (€109m) from €350.6m (£307.8m) to €459.3m in 2018

13 Feb 2019

Finance | US brewer’s accounting failure overstates income by £300m

US brewing giant Molson Coors is to restate its financial statements for 2016 and 2017, after the company and its auditor PwC identified a material weakness related to its accounting for a joint venture deal carried out three years ago, due to ineffective internal controls

13 Feb 2019

Business | Director disqualified over unaccounted £500K

A building contractor from Irvine has been banned for seven years after failing to carry out his legal duties as a director of a limited company to keep adequate records, with an Insolvency Service investigation finding some £500,000 unaccounted for and £120,000 owing in tax

13 Feb 2019

Called to Account

Image for kpmg launch legal services offering uk

Business | KPMG to launch legal services offering in UK

KPMG International has reported record growth for its global legal services offering, and indicated it plans to extend its services this year, including in the UK where it will launch a legal consultancy arm

13 Feb 2019

Business | Company divestments gather pace

Growing numbers of companies are planning to divest businesses to gain competitive advantage, with 84% planning to do so within the next two years, according to research from EY, which says accurate performance data is key to achieving a buy-out

13 Feb 2019

Image for hmrc opens agent services account overseas applicants

Tax | HMRC opens agent services account to overseas applicants

HMRC has published guidance on how to apply for approval to get an agent services account for agent businesses based outside the UK, in an extension of its current functionality

13 Feb 2019

Business | Terrorism insurance gap closed

Business owners will now find it easier to buy terrorism insurance that will pay out if they lose custom in the wake of a terror attack because they cannot trade or are prevented from accessing their premises, following a change in the law

13 Feb 2019

12 Feb 2019

Image for insolvency investors left hanging event business failure

Business | Insolvency: investors left hanging in event of business failure

Investors in the company that owns Patisserie Valerie are looking at launching legal action over the collapse of the cafe chain, highlighting the dilemma facing investors in cases of insolvency and business failure. Mark Fletcher, senior associate and Thomas Bond, associate at Russell-Cooke consider the legal options

12 Feb 2019

Restructuring & Insolvency

Law & Guidance

Image for ciot confirms glyn fullelove president

HR | CIOT confirms Glyn Fullelove as president

The Chartered Institute of Taxation (CIOT) has announced its team of officers for 2019-20, with Glyn Fullelove becoming president, Peter Rayney as deputy president and Susan Ball as vice president from 21 May 2019

12 Feb 2019

Careers

Leadership & Management

Image for ftt decision defines dotas scheme promoter

Tax | FTT decision defines DOTAS scheme ‘promoter’

A First Tier Tribunal (FTT) has refused an unusual application by HMRC for an order that a scheme included ‘notifiable’ arrangements under disclosure of tax avoidance schemes (DOTAS) rules, on the grounds that the adviser who provided administration services for the scheme was not a promoter, as HMRC claimed, under the terms of the legislation

12 Feb 2019

Tax | No deal Brexit risk to UK travel companies over TOMS VAT issue

Any UK travel-based businesses operating in the EU after 29 March 2019 could see changes to their VAT accounting under the tour operators margin scheme (TOMS)

12 Feb 2019

Tax | Q&A: self assessment tax return penalties

Angela Robson, tax consultant at Croner Taxwise, outlines and explains what penalties will apply to individuals who failed to file their self assessment tax return before the 31 January deadline

12 Feb 2019

Tax | Calls for tax relief to support investigative reporting

The government is being urged to consider proposals for new forms of tax reliefs to encourage payments for online news content and support local and investigative journalism

12 Feb 2019

Tax | Corbyn urges politicians to follow his lead on tax return release

Labour party leader Jeremy Corbyn has published his 2017/18 tax return and is calling for other leading politicians to follow his example and release details of their earnings and tax payments

12 Feb 2019

Tax

Personal Tax

Politics

Image for call end ridiculous merry go round rpi formula

Tax | Call to end ‘ridiculous merry-go-round’ on RPI formula

The chairs of two influential Parliamentary select committees have stepped up their campaign to force a change in the way in which the retail price index (RPI) is calculated, to correct a statistical error which means this measure of inflation is flawed

12 Feb 2019

Tax | Chancellor’s Brexit 'deal dividend' judged ‘not credible’

In a highly critical report on Budget 2018, MPs have said it is ‘not credible’ for the Chancellor to refer to a Brexit ‘deal dividend’ and called for the Treasury to supply more information so that the Office for Budget Responsibility (OBR) can provide a detailed Brexit assessment at the Spring Statement next month

12 Feb 2019

Tax

Budget