Corporation tax receipts increase 13%, More devolution risks lack of 'proper scrutiny of local spending', and CPD year-end deadline urges immediate action from professionals

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Finance | International reporting: IFRS and climate change

With climate change top of the agenda, the IASB considers its impact on IFRS disclosures, plus the effects of changes to interbank offered rates on financial reporting and IFRS 17 implementation. Jeroen Van Doorsselaere, VP of Wolters Kluwer Financial Services explains

30 Apr 2019

Finance

Accounting Standards

Financial Reporting

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Tax | Deductible vs non-deductible business expenses

Expenses can be claimed as an allowable business expense but there are strict rules about which are allowed by HMRC. David Redfern, managing director of DSR Tax Claims, explains what can and cannot be claimed as an allowable expense

30 Apr 2019

Finance | KPMG to face FRC sanction hearing over BNY Mellon audit failures

The Financial Reporting Council (FRC) is to hold a disciplinary tribunal next month to decide the sanctions to be levelled on KPMG and partner Richard Hinton in relation to their acknowledged failures in the auditing of the Bank of New York Mellon

30 Apr 2019

Business | Brexit uncertainty sees business distress levels rise

The number of businesses judged to be in ‘significant’ distress now stands at 484,000, or 16% of all UK businesses, according to research by Begbies Traynor, which is warning of concerns that the UK could suffer a broader economic slowdown as Brexit uncertainty grows

30 Apr 2019

Business

Companies

Accountancy Firms

Restructuring & Insolvency

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Tax | Penalty perils for early enrolment for Making Tax Digital

Businesses that have already signed up for Making Tax Digital for VAT but are yet to file their latest VAT return need to act quickly to avoid possible penalties if they encounter problems making VAT payments on time, the Association of Taxation Technicians (ATT) is warning

30 Apr 2019

Finance | Accounting filing deadlines: Jun - Jul 2019

The key accounting deadlines from deadline to comment on the FRC's exposure draft on Proposed ISA (UK) 570 (Revised) Going Concern, filing deadline for the accounts of private companies for periods ending 30 September 2018, and for public companies with periods ending 31 December 2018

30 Apr 2019

Finance

Financial Reporting

Audit Consultations

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Tax | Treasury probes value of social investment tax relief

The Treasury has published a call for evidence on the social investment tax relief (SITR), in a bid to understand the impact of the scheme which has been substantially under-used and is currently due to end in two years’ time

30 Apr 2019

Tax | VAT Q&A: charity event exceeds threshold

In our regular VAT Q&A series from Coner Taxwise, senior VAT consultant Hilary Budd looks at whether an event that raised money for charity but went over the VAT threshold could benefit from the fundraising exemption

30 Apr 2019

Tax | Tax filing deadlines: May - Aug 2019

The key HMRC filing deadlines from May to July 2019 including deadline for Forms P46(Car) (printed form) for quarter ended 5 April, P60 payroll reporting to employees and confirmation statements showing benefits that have had tax collected through payroll in 2018/19

30 Apr 2019

29 Apr 2019

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Tax | Film and television production tax reliefs in spotlight

With British film and television production companies continuing to produce high quality and award-winning work, Mercer & Hole partner Andy Turner looks at some of the tax reliefs available to the industry

29 Apr 2019

Finance | Deloitte resigns Ferrexpo audit over ‘misappropriation’ concerns

Deloitte has resigned as auditor of FTSE 250 Swiss mining group Ferrexpo with immediate effect, citing concerns about possible ‘discrepancies’ in bank statements relating to the company’s charitable donations under its corporate social responsibility (CSR) scheme and its delays in setting up an independent forensic investigation

29 Apr 2019

Finance | US regulator uncovers $20m accounting fraud at truck operator

The Securities and Exchange Commission (SEC) has charged Indianapolis-based Celadon Group with a $20m (£15.5m) accounting fraud

29 Apr 2019

Tax | Termination award tax change from April 2020

Rules set to come into force in 2020 will align the income tax and national insurance contributions (NICs) on termination awards and sporting testimonials, closing a current loophole, which allows effective tax planning

29 Apr 2019

Business | SME funding scheme not fit for purpose

A government scheme set up to help small businesses gain access to funding after being turned down by one of the main banks has been lambasted as a waste of public money, after official statistics show 95% of applications for loans are rejected

29 Apr 2019

Business

Companies

Accountancy Firms

Leadership & Management

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

Download the HMRC CGT indexation allowance for December 2017 onwards, RPI Index for March 2019 and HMRC rates of interest, and the current stamp duty land tax (SDLT) and land and buildings transaction tax (LBTT) rates, and more

29 Apr 2019

Tax | Consultations: May 2019

This month's HMRC and Treasury consultations focus on preventing abuse of R&D tax relief for SMEs, changes to private residence relief, and extension of the Fifth Money Laundering Directive to tax advice

29 Apr 2019

Tax

HMRC

Consultations

26 Apr 2019

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Tax | Rowland: apprenticeship levy clawback threatens

As the government begins to claim back money from apprenticeship levy payers’ accounts, Ben Rowland, co-founder of Arch Apprentices, looks at how employers can use, and not lose, the training cash

26 Apr 2019

Tax | UK businesses pay 27% of all tax revenue

UK businesses paid nearly £200bn in tax last year, with their contribution amounting to 27% of all tax revenue, according to the CBI which is calling for further tax simplification

26 Apr 2019

Tax | HMRC must offer online AO complaints service

After pressure from MPs, HMRC has agreed to provide online access for taxpayers who want to file complaints about HMRC to the Adjudicator’s Office (AO) online, rather than having to rely on post, telephone or fax, in line with the department’s commitment to move to digital working

26 Apr 2019

Tax | GCHQ spies pass cyber crime info to HMRC

British intelligence officers are sharing time critical secret information ‘in a matter of seconds’ with HMRC and a range of financial institutions in a bid to fight cyber crime, the director of GCHQ has revealed

26 Apr 2019

Tax | Trust Registration Service set for online improvements

HMRC plans to expand the online features on the Trust Registration Service where the majority of trusts and estates have to be listed, following criticism of the system, which is slow to navigate and offers limited services

26 Apr 2019

Business | People in the news: Mazars, Wright Vigar, Withers, RSM

In this week’s career moves in the accountancy world, Mazars ramps up housing team, new hires at haysmacintyre and Withers, office managing partner at RSM and promotions at Wright Vigar

26 Apr 2019

Leadership & Management

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Business | Financial services jobs 'boring' and lack social mobility

Two thirds (65%) of people would not consider taking a job in financial services, on the basis that finance is boring, according to research by KPMG, while of those that do a staggering 41% have parents in the same field

26 Apr 2019

Leadership & Management

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Business | Personal and corporate Scottish insolvency rates climb

Provisional estimates show that in 2018-19 personal insolvencies in Scotland increased by 20.5%, while in corporate insolvencies rose by 9.3% according to statistics from the Accountant in Bankruptcy (AiB)

26 Apr 2019

Business

Companies

Accountancy Firms

Restructuring & Insolvency

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Latest news

Finance | International reporting: IFRS and climate change

Tax | Deductible vs non-deductible business expenses

Finance | KPMG to face FRC sanction hearing over BNY Mellon audit failures

Business | Brexit uncertainty sees business distress levels rise

Tax | Penalty perils for early enrolment for Making Tax Digital

Finance | Accounting filing deadlines: Jun - Jul 2019

Tax | Treasury probes value of social investment tax relief

Tax | VAT Q&A: charity event exceeds threshold

Tax | Tax filing deadlines: May - Aug 2019

Tax | Film and television production tax reliefs in spotlight

Finance | Deloitte resigns Ferrexpo audit over ‘misappropriation’ concerns

Finance | US regulator uncovers $20m accounting fraud at truck operator

Tax | Termination award tax change from April 2020

Business | SME funding scheme not fit for purpose

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

Tax | Consultations: May 2019

Tax | Rowland: apprenticeship levy clawback threatens

Tax | UK businesses pay 27% of all tax revenue

Tax | HMRC must offer online AO complaints service

Tax | GCHQ spies pass cyber crime info to HMRC

Tax | Trust Registration Service set for online improvements

Business | People in the news: Mazars, Wright Vigar, Withers, RSM

Business | Financial services jobs 'boring' and lack social mobility

Business | Personal and corporate Scottish insolvency rates climb