Business &amp; Accountancy Daily

Restructuring & Insolvency

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Business | No deal Brexit could affect financial services’ regulation to trade cross-border

Companies in the financial services sector could lose their regulatory permissions to conduct cross-border business in the event of a no deal Brexit, with businesses setting up European entities to mitigate this risk

27 Feb 2019

Restructuring & Insolvency

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Tax | HMRC consults on plans to be preferential creditor in insolvencies

The government has announced the first public consultation on plans to make HMRC a secondary preferential creditor for certain tax debts paid by employees and customers on the insolvency of a business, which have been branded a ‘cash grab’ by R3, the insolvency and restructuring trade body

27 Feb 2019

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HR | Kathryn Cearns named OTS chair

Kathryn Cearns, who spent ten years heading the ICAEW’s financial reporting committee, has been named as the new chair of the Office of Tax Simplification (OTS), succeeding Angela Knight, who has held the post for the past three years

27 Feb 2019

Careers

Leadership & Management

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Finance | CIPFA retains charity SORP secretariat

CIPFA has been selected to continue providing secretariat support for the charities statement of recommended practice (SORP), working with the SORP-making body, and will provide support for the drafting of the statement’s future updates for at least another three years, following an open tender process

27 Feb 2019

Business | Pop star Shakira facing court over Spanish tax demand

Colombian pop star Shakira is set to appear in court in Barcelona in June, to answer allegations that she failed to pay €14.5m (£13m) in taxes due while she was living in Spain

27 Feb 2019

26 Feb 2019

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Finance | ISA (UK) 540 (Revised): scalability and audit of accounting estimates

The revised international auditing standard, ISA (UK) 540 (Revised) Auditing Accounting Estimates and Related Disclosures, attempts to improve scalability issues and treatment of accounting estimates as more complex forward analysis becomes available for financial reporters. Michelle Roberts CA, specialist audit writer at Croner-i Tax and Accounting, considers the judgment issues for auditors

26 Feb 2019

Auditing

Audit Regulations

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Tax | Junior ISA saving rates raised 2.5% from April 2019

The annual saving limit for Junior ISAs and child trust funds (CTF) is set to rise 2.5% from 1 April for the estimated six million child account savers

26 Feb 2019

Finance | FRC extends probe into Carillion audit of financial statements

In an update to its investigation into failed outsourcer Carillion, the Financial Reporting Council (FRC) has revealed it has extended the scope of its probe into the preparation, approval and audit of the company’s financial statements to include certain matters relating to the financial statements for the year ended 31 December 2013

26 Feb 2019

Auditing

Corporate Governance

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Tax | Q&A: ultra-low emission vehicles and tax rates

In our regular Q&A series, Croner Taxwise adviser Faz Zaheer outlines the company car tax bands and rates for 2020-21, highlighting how they favour ultra-low emission vehicles (ULEVs)

26 Feb 2019

Tax | Parents earning £50k plus urged to check child benefit eligibility

Parents earning in excess of £50,000 are being urged to check their eligibility for child benefit over concerns that some may face large backdated tax bills and penalty charges, through failure to realise the implication of changes in circumstance

26 Feb 2019

Tax | HMRC loses car lease benefit in kind tax tribunal appeal

The two directors of a haulage company have won a tribunal appeal against HMRC’s claim that they had not paid the correct income tax on the use of leased company cars and the use of fuel cards, after the judge ruled payments from the directors’ loan account should be taken into consideration

26 Feb 2019

Business | Two jailed for £60m fraudulent HIV cure tax fraud

The director and finance director of a company set up to market a fraudulent tax avoidance scheme which attempted to raise more than £60m through claiming to invest in HIV research and conservation, have been jailed for a total of 14 and a half years, HMRC has revealed

26 Feb 2019

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Business | Not-for-profit enterprise boss faces music over director ban

The boss of an Ashford-based community interest company (CIC) has received a second director disqualification for continuing to run the music initiative despite previous ban, and for failure to maintain adequate accounting records

26 Feb 2019

Image for value fraud more halves 15 year high

Business | Value of fraud more than halves from 15-year high

The total value of fraud in the UK more than halved in 2018, down 64.7% from a record 15-year high of £2.1bn in 2017 to hit £746.3m, but there are concerns that the true figure could be substantially bigger, according to research by BDO

26 Feb 2019

25 Feb 2019

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Tax | How to avoid 12 tax mistakes entrepreneurs make

Building a business may take most of your time but it is important to make sure you are making the most of the thousands of pounds of potential tax relief and allowances claimable every tax year. Jonathan Amponsah CTA FCCA, founder and CEO of the The Tax Guys, highlights some common mistakes and ways to mitigate an unnecessary tax bill

25 Feb 2019

Tax | HMRC delays sending self assessment penalty notifications

Brexit-related pressures mean HMRC is to delay sending out notification of self assessment penalties for late filing of tax returns this year, as part of its contingency plans and to ensure there is capacity in its call centres for queries relating to the UK’s withdrawal from the EU

25 Feb 2019

Business | No deal Brexit advice for auditors and accountants

The Financial Reporting Council (FRC) and the Department for Business, Energy and Industrial Strategy (BEIS) have published information about the preparation required for auditors and accountants in the event there is no deal agreed for leaving the EU by Friday 29 March 2019

25 Feb 2019

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Tax | HMRC advisory fuel rates for company car users from 1 March

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 March 2019 with a 4p advisory electricity rate for fully electric cars

25 Feb 2019

Tax | OTS calls for auto enrolment into HMRC’s digital personal tax account

The Office of Tax Simplification (OTS) has called for government to consider auto enrolling all taxpayers into HMRC’s personal tax account service, after concerns that developing technology will cause individuals to lose sight of their tax obligations

25 Feb 2019

Business | Praxity members report record revenues up 12%

Praxity participant firms reported record combined global revenues of $5.83bn (£4.46bn) for the year ended 31 December 2018, representing a year-on-year increase of 12.21% in real terms, driven by a surge in audit and accountancy services

25 Feb 2019

Image for efrag endorses amended materiality definition ias 1 ias 8

Finance | EFRAG endorses amended materiality definition in IAS 1 / IAS 8

The European Financial Reporting Advisory Group (EFRAG) has endorsed the use of the upcoming materiality changes to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Accounting Estimates and Errors

25 Feb 2019

Business | Bankrupt nightclub boss given director ban

A bankrupt nightclub boss from Bristol has been given a jail sentence after he continued to manage companies despite being banned from doing so

25 Feb 2019