Business &amp; Accountancy Daily

Top 75 Surveys

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Business | EXCLUSIVE: Number of trainee contracts nears 20,000 at Top 75 accounting firms

The number of graduates, school leavers and apprentices on trainee contracts at the leading UK accounting firms is up 4% year on year to nearly 20,000, although the longer term outlook is less positive as firms expect to reduce the size of the trainee intake next year

4 Mar 2019

Leadership & Management

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Tax | Stamp duty land tax payment window cut to 14 days

The payment window for stamp duty land tax (SDLT) has been halved to 14 days affecting commercial and residential property transactions while a new penalty system will also come into force with immediate effect

4 Mar 2019

Finance | Headaches of a defined benefit pension scheme

Increasing regulation, the threat of government intervention and recent court decisions mean that defined benefit pension schemes are proving to be a real liability for employers, says Rosalind Connor, partner at ARC Pensions Law

4 Mar 2019

Pensions

Law & Guidance

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Business | Giraffe restaurants at risk of closure as CVA planned

The owners of high street restaurant chain Giraffe and Ed’s Easy Diner, Boparan Restaurant Group (BRG), is to close a third of its restaurants around the country as part of a company voluntary agreement

4 Mar 2019

Restructuring & Insolvency

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Tax | Scotland being ‘short changed’ over government funding

Ahead of next week’s Spring Statement, the Chancellor is being urged to address claims Scotland is being ‘short changed’ as a result of additional funding being allocated to Northern Ireland

4 Mar 2019

Tax

International Tax

Budget

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Tax | Changes to VAT treatment of PCP contracts

HMRC is highlighting changes to the VAT treatment of personal contract purchases (PCP) and similar contracts, which were previously viewed as supplies of goods and a separate supply of credit, but which in some instances are now considered to be a single supply of taxable leasing services

4 Mar 2019

Tax | HMRC warns of 360% rise in landline phone tax scams

HMRC is warning households with a landline number to be vigilant of phone calls from fraudsters pretending to be the tax authority, after a surge in the number of scams using this approach

4 Mar 2019

Tax

HMRC

Tax Compliance

Image for increased vat recovery financial services exports no deal brexit

Tax | Increased VAT recovery for financial services exports in no deal Brexit

In the event of a no deal Brexit, the government has said it has planned changes to the UK VAT legislation to allow companies to reclaim VAT on supplies of certain financial services made to the EU

4 Mar 2019

Business | NAO criticises outsourcing contracts at probation service

In a highly critical review of progress on Ministry of Justice (MoJ) reforms to the probation service, the National Audit Office has slammed its ineffective contracts with outsourcing suppliers

4 Mar 2019

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Finance | IAASB seeking views on extended external reporting assurance

The International Auditing and Assurance Standards Board (IAASB) is seeking feedback on progress in developing draft guidance in the first phase of a project to develop guidelines for assurance on extended external reporting (EER)

4 Mar 2019

Finance

Financial Reporting

Audit Consultations

1 Mar 2019

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Tax | 1.17m businesses still to sign up to Making Tax Digital

With only one month to go, there are still 1.17m businesses, out of a total of 1.2m, which are yet to sign up to Making Tax Digital for VAT, although HMRC says 2,000 business are now signing up each day

1 Mar 2019

HR | Top five: global career hotspots for accountants

Many of us are familiar with the expression ‘the world is your oyster.’ Yet with so much political change taking place across the globe, just how much of the world should you set your sights on when it comes to your career? Simon Wright, managing director of CareersinAudit.com gives his views on 2019’s career hotspots for the accountancy world

1 Mar 2019

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Tax | Group action on £1bn tax avoidance 'E' Share losses scheme

Over a thousand business owners who are caught up in a tax avoidance scheme involving 'E' shares and are facing £1bn in losses are being invited to join a group action against the accountants and IFAs who provided them with advice, over claims of mis-selling

1 Mar 2019

Finance | Scottish public sector must improve quality of reporting

Public sector bodies in Scotland need to improve the quality of their performance reporting by putting a greater focus on disclosures about sources of funding, key performance indicators and risks factors, all in the context of financial statements, says Audit Scotland

1 Mar 2019

HR | People in the news: PKF Littlejohn, Johnston Carmichael, RSM

Career news this week includes a chief digital officer at PKF Littlejohn, Johnston Carmichael gains a private client tax director and RSM appoints a financial reporting partner

1 Mar 2019

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Business | Accountant jailed for £400k VAT scam

An accountant who tried to avoid going to jail by forging a medical report from a Cypriot hospital has been jailed for a £400,000 VAT scam

1 Mar 2019

Called to Account

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Business | Accounting technician framework to identify necessary skills

The International Federation of Accountants (IFAC) is to develop a framework identifying the skills required by accountants, based on work by AAT, in recognition of the important role they play in many jurisdictions and the fact an accounting technician qualification is frequently a pathway into the profession

1 Mar 2019

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Business | Big Four back mandatory ethnicity pay gap reporting

The Big Four are backing a call for mandatory ethnicity pay gap reporting proposed by INvolve, an organisation that champions diversity and inclusion in business, and have developed guidance on how to report the necessary data

1 Mar 2019

Leadership & Management

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HR | Distribution of profits – NEW CPD module

This month’s exclusive Accountancy Daily CPD module will look at the legal framework and the accounting issues of distributable profits as well as the underlying importance of commercial prudence and best practice regarding disclosure

1 Mar 2019

Training & CPD

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Business | ICAEW warns against bloated board papers

Company boards are drowning in paperwork and the increasing volume of information has reached such a scale that it is undermining team work, the ability to make good decisions and prevents boards from becoming more diverse and inclusive, a study by ICAEW has found

1 Mar 2019

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Business | PwC and ICAS test blockchain for qualification verification

PwC is testing the use of blockchain technology to issue staff with digital versions of their certifications, kept in virtual wallets, as part of an initiative looking at ways to reduce the amount of time and cost organisations spend checking an individual’s identify and qualifications

1 Mar 2019

Tax | Consultations: March 2019

This month's HMRC, Treasury and OECD consultations focus on stamp duty land tax (SDLT) for non-resident property purchasers, electronic sales suppression and artificially reduced profits, tax challenges of the multinationals and the digitisation economy, and the plastic packaging tax

1 Mar 2019

Tax

Consultations

Finance | Legal updates: March 2019

In this month's legal updates, Sophie Brookes at law firm Gateley plc considers US sanctions versus EU Blocking Regulation, Google fined as GDPR targets media giants and Brexit and contractual references

1 Mar 2019

Finance

Law and Regulation

Finance | Audit updates: March 2019

In this month’s round-up of audit news, FRC extends probe into Carillion audit, no deal Brexit advice for auditors, Vodafone drops PwC in swap to EY, BDO picks up £200k Halfords audit from KPMG

1 Mar 2019

Auditing

Corporate Governance

Audit Regulations

Tax | Tax updates: March 2019

In this month’s round up of tax developments, Harry Potter star loses appeal, HMRC fines homeless man, landmark overseas powers case, July deadline for first MTD, child benefit eligibility warning, Brexit VAT expenses deadline, probate fees hike

1 Mar 2019

Tax | Employment tax updates: March 2019

In our monthly roundup of employment tax developments, clarification of settlement terms for disguised remuneration liabilities, HMRC advisory fuel rates from 1 March, Scottish budget passed after deal with Green party

1 Mar 2019

Finance | Accounting updates: March 2019

In this month’s roundup of accounting and reporting developments, no deal Brexit advice for accountants, IFRS 9 causes HSBC’s net assets to drop £1.2bn, IFRS 16 set to pull £180bn onto FTSE 350 balance sheets, Kraft Heinz under spotlight over procurement accounting

1 Mar 2019

Tax | VAT updates: March 2019

In this month’s roundup of significant VAT cases, Graham Elliott CTA (Fellow), VAT specialist at Cambridge Consultancy, analyses fragmentation and VAT registration in Darren Vaughan, deemed taxable supply under schedule 10 in Balhousie and flat rate in Apex Vehicle Management

1 Mar 2019

28 Feb 2019

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Tax | Cryptocurrency, CGT and the tax conundrum

Acquiring cryptocurrency and assets raises a host of complex tax issues, but starting with accurate, up-to-date records and times of purchases can help ease tax reporting. Michelle Robinson, associate director at Deloitte, unpicks the essential CGT compliance issues for crypto miners and investors

28 Feb 2019

Tax | Notts County football club facing HMRC winding up petition

Notts County football club, currently languishing at the bottom of League Two, has revealed the club has been issued with a winding up petition from HMRC over unpaid tax

28 Feb 2019

Tax | Filing deadlines: Mar - Jul 2019

The key HMRC filing deadlines from February to July 2019 including payment of outstanding income and CGT in respect of personal tax returns for 2017/18 to avoid 5% surcharge, effective start date for mandatory Making Tax Digital for VAT from 1 April with 1 July onwards for initial VAT payments, plus last day of 2018/19 tax year and deadline for various tax claims and elections

28 Feb 2019

Business | Haines Watts expands its Birmingham offering

Top 15 firm Haines Watts has acquired Birmingham-based Michael Kay & Company as part of its ongoing strategy to strengthen its position as the leading adviser to the UK owner managed and SME market

28 Feb 2019

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Finance | Project summaries on IFRS 8 and discount rates released

The IFRS Foundation has published two documents summarising work by the International Accounting Standards Board (IASB) on possible improvements to IFRS 8 Operating Segments and on discount rates in IFRS standards

28 Feb 2019

Tax | Individuals deposit £13m in Help to Save accounts

Over 90,000 low income earners have signed up to the government’s new saving account, Help to Save, depositing over £13m

28 Feb 2019

Business | Warning on lost limited liability status in no deal Brexit

In the event of a no deal Brexit, the limited liability status of UK companies and limited liability partnership (LLPs) may not be recognised in some EU jurisdictions, raising substantial business and personal risks, according to analysis of official government advice by RSM, which is urging businesses to ensure they review their structure

28 Feb 2019

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Business | Businesses must prioritise no deal Brexit plans, warns HMRC

Some 200,000 UK businesses have yet to apply for the necessary paperwork to carry out trade with the EU in the event of a no deal Brexit, and HMRC is advising them to check their contingency plans urgently, as it has a limit of processing 11,000 applications a day

28 Feb 2019

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Finance | Accountant in £280K pension fund fraud

An accountant who treated a pension scheme for which he was a trustee and administrator like a ‘personal piggy bank’ has been found guilty of fraud for transferring more than £280,000 of funds to support his own businesses and investments

28 Feb 2019