Business &amp; Accountancy Daily

Restructuring & Insolvency

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Finance | Financial reporting tips for smaller quoted companies

The Financial Reporting Council (FRC) and ICAEW have released a guide to help smaller listed and AIM quoted companies improve their financial reporting as it is still falling below expectations

14 May 2019

Finance | Audit and quality management: ISQM 2 – part 3

In the third part of our series on reforms to auditing standards, Katharine Bagshaw FCA examines the exposure draft on International Standard on Quality Management (ISQM 2) Engagement Quality Reviews, including its applicability for smaller firms

14 May 2019

Auditing

Corporate Governance

Accounting Consultations

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Tax | Q&A: interest in possession and residence nil-rate band

In our regular Q&A series, Kiya Jacobs, tax advice consultant at Croner Taxwise, considers the residence nil rate band and inheritance tax issues when it comes to interest in possession

14 May 2019

Business | Ex-Autonomy CFO jailed and fined $4m

The former CFO of Autonomy, Sushovan Hussain, has been given a prison sentence and $4m (£3m) fine by a US court over claims of fraud relating to the £8.5bn sale of the UK software company to Hewlett-Packard (HP) in 2011

14 May 2019

Companies

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Business | TaxAssist Accountants opens in Lewisham

Nationwide franchise accounting service, TaxAssist Accountants has extended its reach with the opening of a new shop in Lewisham in south London, run by Hicham Al Maghouch

14 May 2019

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Finance | Charity faces investigation over missing accounts

The Charity Commission has opened a statutory inquiry into the Hindu Community Society over serious governance concerns and the failure to file accounts for six years running

14 May 2019

Charities

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Business | Bankruptcy restriction extended over £48k debt

A man who spent £48,000 on luxury items despite being insolvent, by allowing his bank account to be used fraudulently, has had his bankruptcy restrictions extended for eight years

14 May 2019

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Business | TWP Accounting merges with Weybridge practice

Accountancy firm TWP has merged with Schonhut, Carr & Co to expand the Surrey-based practice

14 May 2019

Restructuring & Insolvency

13 May 2019

Image for tax planning luxembourg cuts corporation tax rate 17

Tax | Tax planning: Luxembourg cuts corporation tax rate to 17%

Following the smooth passage of a new Budget bill, Luxembourg has cut the rate of corporate income tax to 17% with immediate effect to attract more international investors, but beware the tax compliance issues for multinationals, says William Jean-Baptiste, partner at Ogier

13 May 2019

Tax | Remuneration trust avoidance scheme labelled high risk

HMRC has issued a warning regarding a tax avoidance scheme, which it says is often marketed as a wealth management strategy, and is used to disguise income and other taxable profits as loans or fiduciary receipts by using a remuneration trust

13 May 2019

Finance | Debenhams CVA terms threaten local authority revenues

Debenhams, which has seen its lenders take control of the troubled high street chain, has had its company voluntary arrangement (CVA) approved by creditors and will be closing 22 stores by early next year, raising the prospect of local authorities losing an estimated £8.5m in business rates

13 May 2019

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Finance | Only one in four understand role of auditors

Only one in four people in the UK know what an auditor does, compared to a worldwide average of one third, while over half of those in an ACCA poll believed it is auditors who are responsible for avoiding company failures

13 May 2019

Business | Ex celebrity accountant jailed over £3.5m fraud

A former accountant to the stars has been given a jail sentence for defrauding celebrities, including singer Rita Ora, of at least £3.5m to fund a gambling addiction and luxury lifestyle

13 May 2019

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Business | One in three accountants feel stressed every day

The accountancy profession is in the grip of a mental health crisis, with a CABA study finding that a third (31%) of chartered accountants feel stressed on a daily basis, a major concern for employers during Mental Health Awareness Week

13 May 2019

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Finance | ‘Opinion shopping’ for auditors reduces business red flags

Over half of US businesses facing financial problems go ‘opinion shopping’ for auditors to try to override unfavourable going concern opinions at the expense of auditor independence and investor interests, a US study has found

13 May 2019

Auditing

Corporate Governance

10 May 2019

Image for hmrc issues wrong tax codes scottish msps

Tax | HMRC issues wrong tax codes for Scottish MSPs

HMRC has been forced to admit that it failed to treat one third of members of the Scottish parliament (MSPs) as Scottish taxpayers, despite the fact the legislation introducing the devolved income tax regime specifically states that all MSPs, Scottish MPs and Scottish MEPs should be treated as Scottish taxpayers by default

10 May 2019

Business | Artificial intelligence, robots and accountants

Concerns about the increased automation of accountancy tasks and transactional business should not instil fear into accountants despite the impact of artificial intelligence (AI), says Simon Wright, managing director at CareersinAudit.com

10 May 2019

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Tax | Football clubs score tax windfall for HMRC

With four English football teams set to meet in the Champions League and Europa League finals, the first time one country has dominated the competitions, HMRC is set to take a multimillion pound share of prize money and player bonuses

10 May 2019

Business | People in the news: Wilson Wright, Grunberg & Co, RSM, BDO, Blick, R3

In this week's accountancy career moves, partner hires at BDO, RSM, Blick Rothenberg and Albert Goodman, senior partner at Wilson Wright, promotions at Grunberg & Co, R3 president named

10 May 2019

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Business | Haines Watts merges with north east RHK Accountants

Top 20 accountancy firm Haines Watts has merged with Gateshead-based RHK Accountants, a private client specialist with fee income of £1.6m, to strengthen its north east presence following a string of acquisitions, reports Sara White

10 May 2019

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| Law firms fail to tackle money laundering robustly

A significant number of law firms are not doing enough to prevent money laundering, with some falling seriously short, leading to disciplinary action by the regulator

10 May 2019

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Business | Select fashion chain picks Quantuma as administrators

Business advisory firm Quantuma has been named as administrators of Genus UK Ltd, trading as Select, the high street chain which has collapsed putting up to 2,000 jobs at risk

10 May 2019

Restructuring & Insolvency

Companies

Image for squeezed generation x falling behind pension savings

Finance | ‘Squeezed’ generation X falling behind on pension savings

Workers in their forties and fifties from generation X have left organising their pension very late, with indications they are now scrabbling to make up for lost time, as this age group accounted for the largest proportion of contributions last year

10 May 2019

Pensions

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Business | 14-year ban for boss of failed Brazilian social housing investment

The boss of a company that offered investment opportunities in Brazilian social housing, but which collapsed owing investors £21m, has been banned for 14 years after misleading his clients and failing to account for several millions of pounds of transactions

10 May 2019