Business &amp; Accountancy Daily

Audit Regulations

Tax | Tax updates: August 2019

In this month’s round-up of tax cases and news, more IR35 woe for HMRC while GAAR panel kicks out bond scheme, Finance Bill 2019-20 confirms £1.1bn payroll extension to private sector, Making Tax Digital penalty leniency, capital goods scheme simplified and UK multinationals challenge CFC rules

1 Aug 2019

Tax | Inheritance tax receipts hit record £5.36bn

Inheritance tax receipts hit £5.36bn in 2018/19 marking a record gain for the Treasury as more estates are sucked into the IHT net

1 Aug 2019

Finance | IESBA plans to clarify professional scepticism for accountants

The International Ethics Standards Board for Accountants (IESBA) is consulting on proposals to tighten up the International Code of Ethics for Professional Accountants in a bid to clarify the level of professional scepticism expected from accountants handling audits

1 Aug 2019

Image for filing accounts companies house new cpd module 0

Finance | Filing accounts at Companies House - NEW CPD module

This month's exclusive Accountancy Daily CPD module focuses on filing accounts at Companies House covering the legal requirements, electronic filing, reasons for rejection and specific rules for charities and limited liability partnerships (LLPs)

1 Aug 2019

Finance | Accounting updates: August 2019

In this month’s accounting updates, misstatements at AIM-listed Renold and Eddie Stobart Logistics, deferred prosecution for Serco, late filing penalty change at Companies House, revised ethics code, FRC flags problems with half of annual reports reviewed, IASB consults on insurance contracts and prioritises intangibles, while one third of local councils are at risk of financial failure

1 Aug 2019

Finance | Audit updates: August 2019

In this month’s audit updates, Deloitte hit with £6.5m fine over Serco, Ferrexpo swaps Big Four auditor for MHA, ‘complexities’ delay Sport Direct results, BEIS audit market reform consultation, MPs concerns over FRC chair appointment, ethical standards and local authority audits both up for review

1 Aug 2019

Audit Regulations

Image for aqi 2019 disappointing lack improvement audit quality

Finance | AQI 2019: ‘disappointing’ lack of improvement in audit quality

The Financial Reporting Council has made a scathing attack on the quality of UK audit in the latest 2019 Audit Quality Inspections reports, with one in four audits inspected requiring significant improvement. Sara White reports

1 Aug 2019

31 Jul 2019

Image for regulator hands out record ps43m fines bad audit

Finance | Regulator hands out record £43m fines for bad audit

The Financial Reporting Council (FRC) has given leading audit firms a record £43m in fines for sub-standard audits marking a threefold increase in one year, while individual partners have been hammered with £1.6m in personal fines

31 Jul 2019

Tax | Investors’ relief – how to reduce capital gains tax liability

Stephanie Webber, tax writer at Croner-i, explains how to use capital gains tax (CGT) relief of up to £1m on gains by taking advantage of the reduced tax rate using investors’ relief, effective from April 2019, highlighting potential pitfalls and interplay with entrepreneurs' relief

31 Jul 2019

Tax | MPs slate HMRC failure to support vulnerable taxpayers

The Treasury Committee is calling for an overhaul of the way HMRC deals with vulnerable taxpayers, saying the tax authority is failing to support them and needs to go back to basics

31 Jul 2019

Finance | FCA calls for more control of pensions transfer advice market

The Financial Conduct Authority (FCA) is addressing continued problems in the pensions transfer advice market with a package of reform proposals

31 Jul 2019

Pensions

Image for treasury committee chair nicky morgan steps down

Tax | Treasury Committee chair Nicky Morgan steps down

Following the appointment of the former chair of the Treasury Committee, Nicky Morgan MP, as Secretary of State for Digital, Culture, Media and Sport, there will be an election after the summer recess for a new chair

31 Jul 2019

Tax | HMRC loses £1m VAT case against Scottish farmer

HMRC has lost a £1m VAT case on appeal at the Supreme Court against a Scottish farmer over the purchase of farm subsidy entitlements

31 Jul 2019

Finance | Code of Audit Practice will retain principles-based approach

The National Audit Office (NAO) has set out the framework for a revised Code of Audit Practice for public sector auditors with a sharper focus on value for money and clearer reporting, while retaining the current principles-based approach

31 Jul 2019

Accountancy Firms

Tax | Chancellor urged to take ‘strategic approach’ to tax

Three finance industry bodies have written to the Chancellor, urging him to take a more strategic approach to setting tax policy

31 Jul 2019

Tax

Tax Planning

Politics

Image for tax filing deadlines aug dec 2019

Tax | Tax filing deadlines: Aug - Dec 2019

The key HMRC filing deadlines from August to December 2019 including deadline for estimated first Making Tax Digital submission falls one calendar month and seven days after end of relevant VAT quarter, forms P46(Car) for quarter ended 5 Jul (where benefits not payrolled) to HMRC and public sector employment intermediary’s quarterly report

31 Jul 2019

Tax | Consultations: Aug-Sep 2019

This month's HMRC and Treasury consultations focus on an overhaul of Companies House' business disclosure regime, plans to simplify VAT capital goods scheme, cross-border tax disclosure rules and reduction in employment allowance NICs 2 threshold

31 Jul 2019

30 Jul 2019

Image for ingenious film scheme ruled tax avoidance appeal

Tax | Ingenious film scheme ruled tax avoidance at appeal

HMRC has scored a win at the Upper Tribunal as judges rule that the Ingenious film scheme was tax avoidance with the tax authorities expecting to recoup millions in unpaid taxes

30 Jul 2019

Tax | Errors on self assessment statements are a 'fiasco'

Some taxpayers face unexpected tax bills due to a technical error with HMRC’s IT system which means that self assessment statements were sent out with the wrong information

30 Jul 2019

Finance | Grant Thornton stays silent on auditor resignation claims

Grant Thornton has refused to comment on claims that it is planning to resign as auditor of Sports Direct following the delay in the release of the group’s annual results over a disputed tax bill which could have had a material impact on the accounts

30 Jul 2019

Business | SEC charges three over $25m accounting fraud

A trio of former senior executives at a US engine manufacturing company are facing charges from the Securities and Exchange Commission (SEC) over their roles in an accounting fraud that deceived auditors and allegedly overstated the publicly-traded company’s revenues by almost $25m (£20m)

30 Jul 2019

Companies

Called to Account

Image for international reporting amending ifrs 17 insurance contracts

Finance | International reporting: amending IFRS 17 Insurance Contracts

Complicated changes to IFRS 17 Insurance Contracts even before it comes into force in 2022 highlight inherent complexities. Jeroen Van Doorsselaere examines the proposals

30 Jul 2019

Finance

Accounting Standards

IFRS

Image for 12 rise government spend big four consultancy

Business | 12% rise in government spend on Big Four consultancy

The Big Four accountancy firms signed £307m worth of contracts for new government consultancy projects in 2018, with PwC taking the largest slice

30 Jul 2019