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| PwC plans audit overhaul to stave off break-up threat

In a bid to stave off demands for the break-up of Big Four audit firms, PwC plans to spend £30m a year on a significant transformation of its audit business, with a raft of measures designed to address growing concerns from regulators, but the firm will not hive off its audit business

5 Jun 2019

Leadership & Management

Image for hmrc targets insurance premium tax avoidance

Tax | HMRC targets insurance premium tax avoidance

HMRC is consulting on the operation of insurance premium tax (IPT) in a bid to stop artificial manipulation of fees and commission to avoid the tax and is considering anti-avoidance measures

5 Jun 2019

Tax | Machinations of follower notices and accelerated payment notices

As part of the government’s clampdown on aggressive tax avoidance schemes, HMRC was given powers to issue follower notices and accelerated payment notices (APNs). Meg Wilson CTA, specialist tax writer at Croner-i, examines their effectiveness and the grounds for cases won by taxpayers

5 Jun 2019

Finance | Deloitte acquisitions expand specialist IP and HR services

Big Four firm Deloitte has strengthened its specialist services with the acquisition of ClearViewIP, a global intellectual property (IP) consulting and transaction advisory business, as well as the UK-based HR and reward specialist Stitch Communications

5 Jun 2019

Tax | 22% hike in senior accounting officer fines

HMRC is ramping up scrutiny of top level accounting executives at large businesses, with 152 CFOs and senior finance executives personally fined for corporate tax accounting failures last year according to Pinsent Masons

5 Jun 2019

Tax | Government set to review NHS pension taxation stranglehold

In response to concerns that changes to pension taxation due to reductions in the tapered annual allowance has resulted in highly paid NHS medial staff cutting their hours or retiring early, the government is to consult on way to make pensions more flexible for senior clinicians delivering frontline care, reports Pat Sweet

5 Jun 2019

Tax | UK overseas territories top tax haven risk list

The UK’s overseas territories and crown dependencies have been accused of harbouring tax havens and accounting for nearly a third of corporate tax avoidance risks globally, according to analysis by Tax Justice Network

5 Jun 2019

4 Jun 2019

Image for grant thornton shakes top audit team second time

Finance | Grant Thornton shakes up top audit team for second time

Mid-tier firm Grant Thornton has changed its audit leadership team for the second time in a year with the appointment of Fiona Baldwin as head of audit, reporting directly to the CEO, reports Sara White

4 Jun 2019

Leadership & Management

Image for international reporting financial instrument valuations

Finance | International reporting: financial instrument valuations

Proposed changes to IFRS 9 Financial Instruments over alternative reference rates focus on a smooth transition, while discussions on performance measures show the IASB faces criticism for being too prescriptive, finds Jeroen Van Doorsselaere, vice president of value propositions at Wolters Kluwer Financial Services

4 Jun 2019

Tax | Inheritance tax reliefs save UK’s richest £666m a year

Some of the wealthiest families in the UK are benefiting from up to £666m a year in inheritance tax (IHT) reliefs on agricultural land and business property, according to HMRC data obtained by Tax Justice UK

4 Jun 2019

Business | KPMG partner takes leave of absence over bullying allegations

The partner at the centre of accusations of alleged bullying against team members at KPMG has stepped down as investigations continue at the Big Four firm

4 Jun 2019

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Leadership & Management

Image for qa paying vat garden office construction

Tax | Q&A: paying VAT on a garden office construction

In our regular VAT Q&A series, Sally Atkins, VAT advice consultant at Croner Taxwise, examines the underlying principles of whether VAT can be reclaimed on construction of a garden office, bearing in mind the strict rules on business use only

4 Jun 2019

Finance | English football clubs face financial problems outside PL

Despite Liverpool winning the Champions League title for the sixth time in an all-English final, there has been a six-fold increase in financial distress in football clubs beyond the Premier League, while Scottish clubs are holding up better

4 Jun 2019

Business | Seven-year additional restriction for boss over £500k diversion

A textiles boss who diverted over £500,000 of company funds for his own benefit has been given seven years of additional bankruptcy restrictions following an Insolvency Service intervention following a legal challenge by the main shareholder of one of the companies involved

4 Jun 2019

Business

Called to Account

Image for ps18m fines bank over outsourcing failings

Business | £1.8m fines for bank over outsourcing failings

Retail bank R Raphael & Sons has been fined a total of £1.8m by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) for failing to manage its outsourcing arrangements properly, with the failings leading to thousands of customers being unable to use their cards on Christmas Eve 2015

4 Jun 2019

Business

Companies

Called to Account

Image for tax data cgt data hmrc rates interest june 2019

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

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

4 Jun 2019

Tax | Disincorporating a business - CPD module

This month’s exclusive Accountancy Daily CPD module will look at the tax pros and cons of disincorporating a business

4 Jun 2019

Business | Investment body launched to support socially responsible saving

The government is seeking a CEO for a newly launched independent institute designed to make it easier for people to invest their money to benefit communities and society and target options that have a positive social impact

4 Jun 2019

Business

Companies

Accountancy Firms

Leadership & Management

3 Jun 2019

Finance | FTSE 250 Auditors Survey 2019

In the exclusive Accountancy Daily survey of the FTSE 250, the stranglehold of the Big Four auditors on the £274m audit market highlights a complete failure to create a competitive audit market, with mid-tier firms standing on the sidelines, failing to grasp more than a handful of opportunities. Philip Smith analyses current audit fees, non-audit services and tender activity, assessing whether the market can be reformed

3 Jun 2019

Finance | IASB consults on narrow-scope changes to IFRS 3

The International Accounting Standards Board (IASB) is consulting on plans for three narrow-scope amendments to IFRS 3 Business Combinations, which would update the standard but without significantly changing its requirements

3 Jun 2019

Tax | HMRC cracks down on fake phone calls spoofing taxman

HMRC has deployed new defensive controls to protect abuse of its phone lines in a bid to put an end to fraudster’s spoofing the tax authority’s most recognisable helpline numbers

3 Jun 2019

Finance | EXCLUSIVE: FTSE 250 audit fees exceed £200m for first time

Amid falling quality and a lack of competition, audit fees for FTSE 250 companies increased 6% in the last year, hitting £203.6m, in a market dominated by the Big Four audit firms, according to exclusive research by Accountancy Daily

3 Jun 2019

Tax | Tax updates: June 2019

In this month’s tax updates, cases include tax return uncertainty over 'discovery' decision in Tooth case, DIY housebuilder wins VAT refund case in Swales, managed service company status in Costelloe Business Services, plus lifetime giving rules for inheritance tax and HMRC ordered to delete illegally held voice records

3 Jun 2019

Business | Data protection penalties hit £6.5m post GDPR

UK organisations were fined more than £6.5m for breaching data protection laws in 2018, over £2m more than the previous year, although tighter rules and controls under General Data Protection Regulation (GDPR) have not yet resulted in major fines

3 Jun 2019

Business | Brexit delays hit UK manufacturing investment

UK manufacturing is at risk of investment paralysis, with industry leaders branding a potential Brexit no deal as ‘economic lunacy' as prospects for the manufacturing sector continue to weaken as the uncertainty of Brexit drags on

3 Jun 2019

Business

Companies

Image for rsm administrators failed peer peer lender

Finance | RSM administrators to failed peer-to-peer lender

RSM Restructuring Advisory has been appointed joint administrators at three companies within the Lendy Group, marking one of the biggest collapses in the peer-to-peer lending market to date

3 Jun 2019

Finance

Financial Reporting

Business

Restructuring & Insolvency

Image for charity treasurer jailed ps330k gift aid fraud

Business | Charity treasurer jailed for £330K gift aid fraud

A charity treasurer who tried to steal more than £330,000 in a gift aid repayment fraud has been jailed for three years, after a court heard he spent thousands of pounds on luxury holidays for himself and others

3 Jun 2019

Business

Called to Account

Tax | VAT updates: June 2019

In this month’s VAT roundup of significant cases, Graham Elliott CTA (Fellow), VAT specialist at City & Cambridge Consultancy, considers the judgments on the timing of a tax point in Budimex, non-owners’ import obligations, and when prescription drugs can, and cannot, be zero rated following Pearl Chemist decision

3 Jun 2019

Finance | Legal updates: June 2019

In this month’s legal updates, Sophie Brookes, partner at law firm Gateley plc, considers an invalid director appointment that led to a failed administrator appointment, how the court stepped in to alter the quoracy at a meeting and when preference shares are ordinary share capital for entrepreneurs' relief

3 Jun 2019

Finance

Financial Reporting

Law and Regulation

Finance | Accounting updates: June 2019

In this month’s accounting updates, Companies House reporting regime overhaul planned, FRS 102 DB pension amendments, micro entities should adopt simplified accounting under FRS 105, ACCA deficit grows, Kraft Heinz admits $181m misstatement, anti-money laundering (AML) oversight ramped up and academy schools Accounting Direction revised

3 Jun 2019

Finance | Audit updates: June 2019

In this month’s audit updates, FRC reveals final plan and budget, KPMG in £5M Co-Op Bank fine, Mazars bags Goldman Sachs audit, ‘opinion shopping’ hides red flags, Laura Ashley audit fines, Anglo American ditches Deloitte and IAASB consults on audit simplification

3 Jun 2019

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Latest news

| PwC plans audit overhaul to stave off break-up threat

Tax | HMRC targets insurance premium tax avoidance

Tax | Machinations of follower notices and accelerated payment notices

Finance | Deloitte acquisitions expand specialist IP and HR services

Tax | 22% hike in senior accounting officer fines

Tax | Government set to review NHS pension taxation stranglehold

Tax | UK overseas territories top tax haven risk list

Finance | Grant Thornton shakes up top audit team for second time

Finance | International reporting: financial instrument valuations

Tax | Inheritance tax reliefs save UK’s richest £666m a year

Business | KPMG partner takes leave of absence over bullying allegations

Tax | Q&A: paying VAT on a garden office construction

Finance | English football clubs face financial problems outside PL

Business | Seven-year additional restriction for boss over £500k diversion

Business | £1.8m fines for bank over outsourcing failings

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

Tax | Disincorporating a business - CPD module

Business | Investment body launched to support socially responsible saving

Finance | FTSE 250 Auditors Survey 2019

Finance | IASB consults on narrow-scope changes to IFRS 3

Tax | HMRC cracks down on fake phone calls spoofing taxman

Finance | EXCLUSIVE: FTSE 250 audit fees exceed £200m for first time

Tax | Tax updates: June 2019

Business | Data protection penalties hit £6.5m post GDPR

Business | Brexit delays hit UK manufacturing investment

Finance | RSM administrators to failed peer-to-peer lender

Business | Charity treasurer jailed for £330K gift aid fraud

Tax | VAT updates: June 2019

Finance | Legal updates: June 2019

Finance | Accounting updates: June 2019

Finance | Audit updates: June 2019