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Business | Economic trends: jobs growth hides productivity collapse

Despite Brexit uncertainty, the UK economy continues to grow, creating record levels of employment and no let-up in consumer spending, but poor productivity could lead to an economic hangover, argues George Buckley, chief UK economist at Nomura

25 Apr 2019

Business

Companies

Image for accounting rules academy schools updated

Finance | Accounting rules for academy schools updated

The Education and Skills Funding Agency (ESFA) has updated its detailed guidance for academy trusts and auditors on preparing and auditing academy trusts' annual financial statements, with revised information in the Academies Accounts Direction for the current financial year ending 31 August 2019

25 Apr 2019

Finance | Ireland’s football association facing accounting concerns

The Football Association of Ireland (FAI), which has become mired in controversy over a €100,000 (£86,000) loan made by its chief executive to the association, has announced its entire board has resigned after its auditor, Deloitte, raised concerns about its accounting records

25 Apr 2019

Auditing

Corporate Governance

Image for premier league football scores record ps48bn revenues

Finance | Premier League football scores record £4.8bn revenues

With the football season set to end with a tense run-in over the next two weeks, the revenue at Premier League clubs hit a record £4.8bn last season, but profitability was dampened by rising player wage bills

25 Apr 2019

Tax | ‘Capricious’ inheritance tax regime needs urgent reform

The triple lock for the state pension should be removed, better-off workers over state pension age should pay National Insurance contributions (NICs) while they continue to work, and the ‘capricious’ inheritance tax (IHT) regime must be overhauled, says House of Lords committee

25 Apr 2019

Business | Warning of Brexit director brain drain

BDO is warning of a potential brain drain in the UK economy if the government does not make a concerted effort to retain and attract European business leaders post-Brexit, after its research found more than 40,000 board-level directors of UK businesses are citizens of EU27 countries

25 Apr 2019

Leadership & Management

Business | Hunt is on for next Bank of England head

The Treasury has announced that the process to appoint the next governor of the Bank of England has begun, with the current incumbent Mark Carney, due to step down next year

25 Apr 2019

Leadership & Management

24 Apr 2019

Image for triennial review frs 102 2018 and directors loans part 3

Finance | Triennial review: FRS 102 (2018) and directors’ loans – part 3

In the third of a four-part series on FRS 102 (2018), Michelle Roberts ACA, senior technical writer at Croner-i, explains the treatment of directors’ loans below market or zero rates of interest

24 Apr 2019

Tax | Scotland’s air departure tax plans delayed

The Scottish government has announced further delays to its flagship plans to introduce an air departure tax (ADT) in Scotland, which would replace UK wide air passenger duty (APD) and offer a 50% reduction on the UK rate, to the fury of local airport operators

24 Apr 2019

Finance | Deloitte qualifies Swiss miner’s accounts over potential charity ‘misappropriation’

Auditors from Deloitte have issued a qualified opinion on the annual results from Ferrexpo, a Swiss headquartered iron ore company with assets in Ukraine, over concerns about possible ‘misappropriation’ of corporate social responsibility (CSR) funds

24 Apr 2019

Business | Warnings for pensions trustees over chair’s statement

Pensions trustees have been warned to produce a chair's statement which is compliant with the law, after fines against two schemes were upheld in court

24 Apr 2019

Business

Companies

Pensions

Leadership & Management

Tax | VAT receipts up 4.8% to £34.5bn in Q1

HMRC has reported total VAT receipts for the first quarter of the year were £34.5bn, 4.8% higher than the same quarter last year, continuing a long-term upward trend

24 Apr 2019

Finance | Draft rules on directors’ remuneration policy changes published

The government has published draft regulations about directors’ remuneration policy and reports, which extend the scope of renumeration reporting to unquoted traded companies and introduce new requirements

24 Apr 2019

Leadership & Management

Image for french connection drops kpmg mazars after 25 years

| French Connection drops KPMG for Mazars after 25 years

Fashion firm French Connection Group has appointed Mazars as its auditor, replacing KPMG which has handled the audit since 1994

24 Apr 2019

Corporate Governance

23 Apr 2019

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Tax | Q&A: deemed domicile and automatic remittance

In our regular Q&A series from Croner Taxwise, tax adviser Amaira Badat considers the tax implications of the deemed domiciled rules for a non-domiciled long-term resident with foreign income below £2,000

23 Apr 2019

Tax | Criminal Finances Act 2017: facilitation of tax evasion rules

HMRC is ramping up its action against businesses which fail to prevent facilitation of tax evasion by staff, but compliance levels are low. Businesses should act now given the risk of corporate criminal investigations, explains Ben Jones, tax partner at Eversheds Sutherland

23 Apr 2019

Tax | Young people targeted with phone tax scams

HMRC is warning young adults who may have less experience of the tax system to be especially vigilant about tax refund scams via smartphone, as fraudsters ramp up activity after the self assessment season

23 Apr 2019

Tax | US multinationals owe £4.6bn in unpaid tax

HMRC is chasing US-based multinationals for £4.6bn in underpaid tax last year, up a third since 2017, as the clampdown on companies diverting profits overseas ramps up

23 Apr 2019

Business | EU agrees gig economy minimum rights

The EU has agreed minimum rights for workers in casual or short-term employment in the gig economy, with requirements for working conditions to be made clear to workers on the first day on the job, and probationary periods limited to six months

23 Apr 2019

Leadership & Management

Image for cmas joint audit proposals divide opinion

Finance | CMA’s joint audit proposals divide opinion

Plans to introduce joint audits for listed companies have been criticised by Big Four firms as potentially further damaging the quality of audits, while challenger firms argue that this would increase access to the audit market

23 Apr 2019

Business | Distribution company drives into administration

Howard Smith and David Costley-Wood from KPMG’s restructuring practice have been appointed as joint administrators to warehousing and distribution company RPL Transport Ltd, which has collapsed after experiencing cashflow difficulties

23 Apr 2019

Business

Restructuring & Insolvency

Image for complaints against financial services firms decline

Business | Complaints against financial services firms decline

The number of complaints against regulated financial services firms fell in the last six months of last year, according to data from the Financial Conduct Authority (FCA)

23 Apr 2019

Business

Companies

Accountancy Firms

Image for smes say tax regime not level playing field

Tax | SMEs say tax regime is not a level playing field

Businesses believes that the UK tax system is fundamentally unfair, with a bias in favour of larger companies, and want more support to stay compliant with new requirements such as Making Tax Digital, according to research by the British Chambers of Commerce (BCC)

23 Apr 2019

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Tax Services

Latest news

Business | Economic trends: jobs growth hides productivity collapse

Finance | Accounting rules for academy schools updated

Finance | Ireland’s football association facing accounting concerns

Finance | Premier League football scores record £4.8bn revenues

Tax | ‘Capricious’ inheritance tax regime needs urgent reform

Business | Warning of Brexit director brain drain

Business | Hunt is on for next Bank of England head

Finance | Triennial review: FRS 102 (2018) and directors’ loans – part 3

Tax | Scotland’s air departure tax plans delayed

Finance | Deloitte qualifies Swiss miner’s accounts over potential charity ‘misappropriation’

Business | Warnings for pensions trustees over chair’s statement

Tax | VAT receipts up 4.8% to £34.5bn in Q1

Finance | Draft rules on directors’ remuneration policy changes published

| French Connection drops KPMG for Mazars after 25 years

Tax | Q&A: deemed domicile and automatic remittance

Tax | Criminal Finances Act 2017: facilitation of tax evasion rules

Tax | Young people targeted with phone tax scams

Tax | US multinationals owe £4.6bn in unpaid tax

Business | EU agrees gig economy minimum rights

Finance | CMA’s joint audit proposals divide opinion

Business | Distribution company drives into administration

Business | Complaints against financial services firms decline

Tax | SMEs say tax regime is not a level playing field