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Business | Implications of SFO reforms to privileged material

The Serious Fraud Office is working on clarifying the rules on reporting fraud and corruption in an effort to encourage more companies to come forward when they unearth wrongdoing. Alistair Graham, partner, and Paul Whitfield-Jones, senior associate, of Mayer Brown International LLP, consider the legal implications over privileged material

28 May 2019

Leadership & Management

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Finance | Head of AQI inspections replaced by PRA's David Rule

The Financial Reporting Council (FRC) has confirmed that Mike Suffield, acting executive director of audit and actuarial regulation is to step down after a year in post, with a central banking regulator seconded to head up audit firm monitoring and supervision

28 May 2019

Auditing

Corporate Governance

Careers

Leadership & Management

Image for frc amends frs 102 section 28 employee benefits db pensions

Finance | FRC amends FRS 102 Section 28 Employee Benefits on DB pensions

The Financial Reporting Council (FRC) has issued amendments to FRS 102 affecting the reporting treatment of multi-employer defined benefit (DB) plans to clarify reporting of deficits in other comprehensive income

28 May 2019

Tax | Government consults on extension of royalty withholding tax

The government is consulting on draft legislation to extend the scope of royalty withholding tax by charging multinationals income tax on offshore receipts related to intangible property (ORIP) including brands and patents

28 May 2019

Finance | English clubs dominate £32bn European football ranking

Real Madrid is the most lucrative football club in Europe valued at over €3bn (£2.7bn), while Chelsea and Liverpool have both broken through the €2bn (£1.8bn) barrier for the first time this season in KPMG’s football clubs’ enterprise value ranking, which sees the top 32 clubs in Europe valued at over £30bn

28 May 2019

Tax | Prosecutions top 1,000 as HMRC focuses on tax evasion by individuals

The government launched 1,007 prosecutions against individuals for tax evasion offences last year, as the HMRC clampdown on tax evaders intensified

28 May 2019

Business | Restaurant owner jailed for £480k tax fraud

The owner of a Derbyshire restaurant has been jailed for three years for a £480,000 tax fraud that was discovered when investigators uncovered a hidden sales book dating back five years

28 May 2019

Business

Called to Account

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Tax | Q&A: corporation tax relief on amortisation of goodwill

In our regular Q&A series, Croner Taxwise adviser Vivienne Cheung explains the qualifying conditions for claiming corporation tax relief on amortisation of goodwill for intangible assets and intellectual property

28 May 2019

Finance | FRC overhaul sees plan to hire 80 staff as budget increases

The Financial Reporting Council (FRC) is to increase its budget significantly in 2019/20 to £37.8m and plans to hire additional staff to improve its oversight and monitoring of audit firms, and support its transition to a new regulatory body

24 May 2019

Leadership & Management

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Tax | France close to launching 3% digital services tax

France is likely to introduce a digital services tax after the Senate voted heavily in favour of the government’s plans, although with an amendment that the tax should only be a temporary measure for three years

24 May 2019

Tax | Norman replaces Stride as financial secretary to Treasury

In the latest Cabinet reshuffle, transport minister Jesse Norman has been named as financial secretary to the Treasury, as previous minister Mel Stride becomes leader of the House of Commons after the resignation of Andrea Leadsom

24 May 2019

HR | People in the news: Kingston Smith, Johnston Carmichael, Kreston Reeves

In this week’s accountancy career moves, partner promotions and hires at Kingston Smith and FRP Advisory, hires at Kreston Reeves, Gabelle and Ascendis, and board appointments at UKGI and ESMA

24 May 2019

Business

Careers

Leadership & Management

Image for big four dominate cyber security job space

Business | Big Four dominate cyber security job space

KPMG and PwC are the UK's biggest recruiters of cyber security experts, with EY and Deloitte close behind, making the Big Four the country’s top four cyber employers

24 May 2019

Leadership & Management

Image for fca halts ps1m unauthorised investment scheme

Business | FCA halts £1m unauthorised investment scheme

The Financial Conduct Authority (FCA) has won a legal case against an unauthorised investment scheme, which took in at least £1m from investors, most of which was spent on promotions and luxury purchases

24 May 2019

Business

Called to Account

Image for employment law 10 things you need know

Tax | Employment law: 10 things you need to know

Patrick Day, associate director at Portfolio Payroll, explains the key legislative changes for employers and employees, highlighting compliance issues from the requirement for payslips for all workers to use of non-disclosure agreements and the increase in auto enrolment pension contributions

24 May 2019

Leadership & Management

Image for accounting guaranteed minimum pensions gmp equalisation

Finance | Accounting for guaranteed minimum pensions (GMP) equalisation

The Pensions Research Accountant Group (PRAG) has published guidance on accounting for guaranteed minimum pensions (GMPs) equalisation in pension scheme accounts. Kevin Clark, chair of the PRAG SORP Working Party, examines the key issues for trustees

23 May 2019

Tax | 'Discovery' decision may make it harder to obtain tax return certainty

Comments made by Court of Appeal judges in a recent case relating to 'discovery' assessments have potentially made it harder to obtain certainty that HMRC cannot go back and challenge a tax return, by raising issues around what constitutes a ‘deliberate’ error by the taxpayer, according to Pinsent Masons

23 May 2019

Tax | UK most expensive country to send expatriates

The UK has overtaken Japan as the most expensive location to send expatriates, despite salaries remaining static, because of increases in tax and essential costs, including housing

23 May 2019

Leadership & Management

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Finance | Accountants urged to look at simplified accounting for micros

Accountants should be doing more to encourage the very smallest companies to opt for simplified accounting such as FRS 105, according to a report on the EU’s introduction of a micro-entities accounting regime

23 May 2019

Finance | IASB consults on minor IFRS improvements

The International Accounting Standards Board (IASB) has opened a three-month consultation on proposed narrow-scope amendments to four IFRS standards

23 May 2019

Business | KPMG administrators to failed Scottish IT company

Blair Nimmo, partner, and Alistair McAlinden, director, of KPMG have been appointed joint administrators of Scottish IT company Hutchinson Networks Ltd, which has collapsed following cashflow difficulties, with the loss of 100 jobs

23 May 2019

Business

Restructuring & Insolvency

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Tax | EY alliance with Thomson Reuters on digital tax services

EY is teaming up with Thomson Reuters to develop leading-edge, digitally enabled tax services targeted at mulitnationals operating across tax jurisdictions

23 May 2019