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Image for hmrc slated over wait times making tax digital helplines

Tax | HMRC slated over wait times for Making Tax Digital helplines

HMRC is coming under fire from MPs over long waiting times for businesses trying to get through to Making Tax Digital for VAT helplines and a cavalier attitude to dealing with calls with taxpayers cut off if they wait longer than 10 minutes, reports Sara White

28 Jun 2019

Business | Underwood: should accountants mix compliance with advisory services?

As younger accountancy practitioners start up new practices and turn to technology and automation to provide compliance services for SME clients, does it make sense to offer additional advisory services or is that a sure way to damage profitability? Keith Underwood, MD at Foulger Underwood looks at the figures

28 Jun 2019

Leadership & Management

Image for kpmg staffers embarrassed work firm after 50m sec audit fine

| KPMG staffers 'embarrassed' to work at firm after $50m SEC audit fine

Staff at KPMG are 'embarrassed' and some even 'regret their decision to join' the Big Four firm, after the US regulator slammed the firm with a $50m fine for cheating in professional exams and massaging audit results to avoid regulator fallout

28 Jun 2019

Corporate Governance

Business

Careers

Leadership & Management

Image for offshore brits forced pay ps560m unpaid tax

Tax | Offshore Brits forced to pay up £560m in unpaid tax

Concerted action to target Brits living offshore who are not up to date with their taxes has nearly doubled the tax yield in two years as HMRC takes advantage of new powers to identify and collect untaxed offshore assets

28 Jun 2019

Finance | FRC picks up reporting problems in half of annual reports reviewed

The Financial Reporting Council (FRC) has flagged the annual reports and accounts of over half the listed companies examined by the quarterly Corporate Reporting Review (CRR) team, including Air Partners, Interserve and Metro Bank

28 Jun 2019

Finance

Accounting Standards

Financial Reporting

Image for hmrc uses wrong tax year cgt allowance taxpayers

Tax | HMRC uses wrong tax year for CGT allowance for taxpayers

HMRC has sent out the wrong details of capital gains tax (CGT) allowance to thousands of taxpayers who reported CGT on their annual self assessment forms

28 Jun 2019

Tax | Tax-free childcare for kids applies to holiday club payments

As the summer holidays loom, HMRC is reminding working parents that they can apply for tax-free childcare worth up to £2,000 per child per year to pay towards regulated holiday clubs during the school holidays

28 Jun 2019

Finance | Dent: it’s time to overhaul the Big Four auditors

The quality of auditing and trust in the profession is being eroded by those hungry for lucrative consultancy work. Angus Dent ACA, CEO of ArchOver argues that the stranglehold of the Big Four audit firms needs to be broken

27 Jun 2019

Auditing

Corporate Governance

Image for raf honington mess charity caught ps200k fraud

Finance | RAF Honington mess charity caught up in £200k fraud

A Charity Commission class inquiry into the Royal Air Force (RAF) mess charities has found there were serious governance and management failures, which allowed a contractor to siphon off around £200,000 in charity funds over a four-year period at RAF Honington in Suffolk

27 Jun 2019

Business

Charities

Called to Account

Image for higher rate tax relief charity donations hits ps520m

Tax | Higher rate tax relief for charity donations hits £520m

Wealthy donors gave the largest share to charity as they gain the most from tax relief with the latest HMRC figures showing that charity tax relief jumped to £3.8bn

27 Jun 2019

Tax | Wales raises £226m from property taxes under devolution

In the first year of operation, Wales has collected over £200m from property taxes through a new land transaction tax, the equivalent of stamp duty land tax in England, with average payments under £3,000

27 Jun 2019

Tax | Tax filing deadlines: Jul - Dec 2019

The key HMRC filing deadlines from July to December 2019 including deadline to agree PAYE settlement agreement contracts and taxed award scheme contracts with HMRC, deadline for reporting termination payment details for prior tax year to HMRC and employees, if total value exceeds £30,000, P60 payroll reporting and confirmation statements for 2018/19

27 Jun 2019

Finance | WBSCD and AICPA-CIMA to develop sustainable reporting measures

The World Business Council for Sustainable Development (WBCSD) and the Association of International Certified Professional Accountants (the Association) have announced their first joint project to set sustainable performance management measures to improve corporate reporting

27 Jun 2019

Finance | IESBA launches online platform for code of ethics for accountants

The International Ethics Standards Board for Accountants (IESBA) has launched the eCode, a web-based tool that delivers the international code of ethics for professional accountants on a digital platform

27 Jun 2019

Leadership & Management

Image for cooper parry quits pkf uk accountancy network

Business | Cooper Parry quits PKF UK accountancy network

Accountancy firm Cooper Parry has quit the PKF network in the UK after being part of the group for over five years

26 Jun 2019

Business

Accountancy Firms

Careers

Leadership & Management

Image for entrepreneurs relief and disposal shares

Tax | Entrepreneurs' relief and disposal of shares

When claiming entrepreneurs' relief on disposal of shares it is important to ensure that the definition of personal company falls within HMRC's parameters. Stephanie Webber ACA CTA, tax writer at Croner-i, explains

26 Jun 2019

Business | Jailed ‘spy’ must repay £616k tax bill

A Norfolk tax fraudster, who claimed he was a spy in an attempt to cover his tracks, has been ordered to pay £615,000 or face a further five years behind bars

26 Jun 2019

Business

Called to Account

Image for walker takes over ceo role johnston carmichael

Business | Walker takes over CEO role at Johnston Carmichael

Scottish accountancy firm, Johnston Carmichael, is appointing a new CEO and chair on 1 August 2019 as part of the firm’s ongoing succession planning

26 Jun 2019

Business

Accountancy Firms

Careers

Leadership & Management

Image for construction sector faces reverse charge vat october

Tax | Construction sector faces reverse charge on VAT from October

Businesses reporting under CIS and VAT registered will have to pay VAT directly to HMRC instead of to the supplier when paying invoices for services provided across the construction and building sector when the reverse charge comes into force this autumn

26 Jun 2019

Tax | HMRC targets overseas-based UK landlords not paying tax

Nearly 400 overseas based buy-to-let landlords have disclosed unpaid tax on rental income to HMRC in the last year as the tax authorities intensifies its campaign to net offshore landlords hiding income

26 Jun 2019