Business &amp; Accountancy Daily

Pensions

Image for cma raps barclays over sme account bundling

Business | CMA raps Barclays over SME account ‘bundling’

The Competition and Markets Authority (CMA) has told Barclays to improve its practices after the bank broke rules designed to protect small businesses by requiring some to open bank accounts they did not request or need, in a process known as ‘bundling’

8 Jul 2019

Companies

Image for accountant ordered pay back ps680k fraud

Business | Accountant ordered to pay back £680K from fraud

An accountant from South Wales who stole more than £1.7m while working for the government of Bermuda has been ordered to repay thousands in compensation

8 Jul 2019

Called to Account

Image for ba faces record ps183m gdpr fine

Business | BA faces record £183m GDPR fine

British Airways (BA) is facing a potential fine of £183.39m for infringements of the general data protection regulation (GDPR), following an extensive investigation by the Information Commissioner’s Office (ICO) into a cyber incident the airline notified in September 2018

8 Jul 2019

Companies

5 Jul 2019

Image for call radical overhaul inheritance tax and lifetime gifting

Tax | Call for radical overhaul of inheritance tax and lifetime gifting

The Office of Tax Simplification (OTS) has recommended sweeping reforms of inheritance tax in a bid to reduce complexity as more people are caught by the tax as house prices soar, but has no proposals to deal with the overly complex residential nil rate band, reports Sara White

5 Jul 2019

Business | Called to Account: July 2019

In this month’s round up of the latest scandals, convictions and penalties, an accountant avoids jail over £90k expenses fiddle, a Porsche-loving fraudster gets four-year sentence, a charity finance manager is jailed for £170,000 invoice fraud while the Charity Commission finds serious mismanagement and misconduct by the trustees and CEO of a poverty aid charity

5 Jul 2019

Called to Account

Tax | Tax push to turn taxi cabs green

The government is to introduce tax incentives for taxi drivers and companies to buy zero-emission capable vehicles, in a bid to drive greater uptake of cleaner technologies

5 Jul 2019

| Finance Mole: what happens in Vegas

When Finance Mole is dragged out to Las Vegas for a team building event for his private equity investors, his musical ability fails to wow the crowd, but he does have a 20th floor pool view to compensate

5 Jul 2019

Image for domestic uk corruption risks overlooked

Finance | Domestic UK corruption risks overlooked

Unchecked conflicts of interest and austerity mean corruption risks for UK businesses are increasing, but these dangers are being overlooked because of a focus on overseas bribery cases, warns Fraud Advisory Panel (FAP)

5 Jul 2019

Business | Norfolk accountant jailed for £250k fraud

A man employed as a tax adviser by an accountancy firm for three decades has been jailed for defrauding his employer and clients out of almost £250,000 to pay for his gambling habit

5 Jul 2019

Called to Account

Image for pwc teams british athletics drive olympic gold haul

Business | PwC teams up with British Athletics to drive Olympic gold haul

PwC has taken a leap into the sporting world signing a partnership with British Athletics to improve how the Olympic and Paralympic world class programmes work with performance data and analytics in a bid to increase the medals haul at next year’s Olympics

5 Jul 2019

Careers

Image for ciot and icas link joint qualification

Business | CIOT and ICAS link up for joint qualification

CIOT and ICAS have signed a strategic partnership and a launched a joint qualification in accountancy and tax, which will be available from September 2019

5 Jul 2019

Careers

Image for people news thomas westcott grant thornton dte mazars float

HR | People in the news: Thomas Westcott, Grant Thornton, DTE, Mazars, Float

In this week’s accountancy career moves, managing partner appointment at Thomas Westcott, partner hires at Mazars and Grant Thornton, director hires at Johnston Carmichael and MHA Henderson Loggie, CFO for Elder and Float ramps up leadership team

5 Jul 2019

Careers

4 Jul 2019

Image for ps15m second hand bond scheme breaks tax rules

Tax | £1.5m second-hand bond scheme breaks tax rules

The General Anti-Abuse Rule (GAAR) advisory panel has outlawed a disguised remuneration scheme involving employee rewards linked to a second-hand bond, labelling it as abusive tax avoidance

4 Jul 2019

Finance | International reporting: when the big standards disappear

After the launch of three critical IFRS on revenue recognition, financial instruments and leases, the IASB is switching its focus to disclosure, taxonomy and a hedging replacement, explains Jeroen Van Doorsselaere, vice president of value propositions at Wolters Kluwer Financial Services

4 Jul 2019

Finance | Deloitte faces £6.5m fine over Serco Geografix audit failures

Deloitte has been fined £6.5m by the Financial Reporting Council (FRC) over its auditing of Serco Geografix Ltd, the company which has recently settled fraud and false accounting charges under a deferred prosecution agreement (DPA) with the Serious Fraud Office (SFO)

4 Jul 2019

Business | Artificial intelligence cannot replace professional judgment for auditors

The use of artificial intelligence (AI) to replace human intervention for auditing processes and financial transactions will not remove the need for professional judgment, ICAEW warns

4 Jul 2019