Jersey simplifies 'outdated and duplicative' financial services framework, Croner Intelligence launches Workflows AI tool to draft letters, and £120m vape tax launches with 44p cigarette pack price increase

Summary provided by AI

Business & Accountancy Daily

Latest news

Image for dodwell council tax reform proves problematic

Tax | Dodwell: council tax reform proves problematic

Bill Dodwell CTA (Fellow), head of the Office of Tax Simplification, examines the complexities of reforming council tax where the regressive nature of the tax bands does not reflect property valuations

6 Aug 2019

Image for facebook faces backlash over libra cryptocurrency

Business | Facebook faces backlash over Libra cryptocurrency

A group of international regulators is calling on Facebook and the group of companies behind the launch of a new digital cryptocurrency, Libra, to provide more clarity about how it will handle data protection

6 Aug 2019

Accountancy Firms

Image for spudulike latest casual dining casualty

Business | Spudulike latest casual dining casualty

Baked potato fast food chain Spudulike has collapsed after a pre-pack sale of the 45-year old business fell through, resulting in the loss of 300 jobs

6 Aug 2019

Restructuring & Insolvency

Image for kpmg sells jack wills sports direct ps12m deal

Business | KPMG sells Jack Wills to Sports Direct in £12m deal

KPMG has sold Jack Wills, the upmarket British fashion retailer, out of administration to companies controlled by Sports Direct, the high street empire owned by Mike Ashley, in a deal valued at £12.7m

6 Aug 2019

Restructuring & Insolvency

Image for ryanair ordered repay eu85m illegal state aid

Business | Ryanair ordered to repay €8.5m of illegal state aid

The European Commission has ordered France to force Ryanair to return €8.5m (£7.8m) of support the Irish airline received for using Montpellier airport, which it has ruled amounted to illegal state aid

6 Aug 2019

Image for half small businesses make vat return errors

Tax | Half of small businesses make VAT return errors

Half of small businesses say they have made mistakes when sending in their VAT return and only a quarter are confident they have the figures correct despite spending more than an hour checking

6 Aug 2019

Making Tax Digital

AI & Technology

Image for richest taxpayers are male and live london

Tax | Richest taxpayers are male and live in London

The wealthiest taxpayers are predominantly male and middle aged, with those living in London earning income of over £700,000 a year, which places them in the top 300,000 earners in the UK, according to analysis by the Institute of Fiscal Studies

6 Aug 2019

Image for qa bare trust child gift

Tax | Q&A: bare trust for child gift

In our regular Q&A series, Croner Taxwise’s Marsha Haywood unravels the tax consequences of using a bare trust to hold money gifted by a parent to a child

6 Aug 2019

5 Aug 2019

Image for company cars tax liability cash versus car option part 4

Tax | Company cars: tax liability on cash versus car option - part 4

Julie Clift, tax writer at Croner-i, looks at how the optional remuneration (OpRA) rules apply when an employee decides to take the cash rather than the company car, as well as other changes to salary sacrifice rules

5 Aug 2019

Image for call improve people significant control register

Business | Call to improve People with Significant Control register

The People with Significant Control (PSC) register at Companies House could be a more powerful tool for financial investigations with a few changes to how it collects and organises information, users have said

5 Aug 2019

Accountancy Firms

Leadership & Management

Image for interim manager religious charity significant losses

Finance | Interim manager at religious charity with ‘significant losses’

The Charity Commission has appointed an interim manager to Mountain of Fire and Miracles Ministries International, after the regulator identified ongoing governance issues at the charity

5 Aug 2019

Image for charity fraud losses touch ps8m

Finance | Charity fraud losses touch £8m

Charities are being warned about the dangers of fraud after new figures show that reported losses reached almost £8m in 2018/19, with poor employee training identified as a contributing factor

5 Aug 2019

Image for kpmg books administration laterooms

Business | KPMG books administration for LateRooms

Tracey Pye, director, and David Costley-Wood, partner, from KPMG restructuring have been appointed joint administrators to LateRooms Ltd, Superbreak Mini-Holidays Ltd and Malvern Travel Technology Ltd, which have collapsed hitting holiday plans for around 42,000 customers

5 Aug 2019

Accountancy Firms

Restructuring & Insolvency

Image for icaew update assurance internal controls service organisations

Finance | ICAEW to update assurance on internal controls of service organisations

ICAEW is consulting on proposed updates to guidance on assurance reports on internal controls of service organisations for third parties, set out in technical release 01/06 AAF

5 Aug 2019

Corporate Governance

Accounting Consultations

2 Aug 2019

Image for goals soccer centres plc be delisted aim following accounting irregularities

Finance | Goals Soccer Centres plc to be delisted from AIM following accounting irregularities

Goals Soccer Centres Plc said that its shares will be delisted from the Alternative Investment Market (AIM) following the discovery of more irregularities in the company’s accounts

2 Aug 2019

Corporate Governance

Image for big four win london mayors good work standard award

Business | Big Four win London mayor’s Good Work Standard award

The accounting giants are among the first organisations to achieve a new benchmark for high employment standards, highlighting fair pay, wellbeing and diversity, despite concerns raised over bullying

2 Aug 2019

Accountancy Firms

Leadership & Management

Image for hmrc seeking ps30m more tax contractor investigations

Tax | HMRC seeking £30m more tax from contractor investigations

HMRC believes it can squeeze an extra £29.7m from contractors through investigations into their employment status

2 Aug 2019

Image for debt bosses banned after ps66m shortfall funds

Business | Debt bosses banned after £6.6m shortfall in funds

Two directors from the north west have been banned for 16 years after an accounting error led to a £6.6m shortfall in monies being held for insolvent estates, which resulted in the eventual collapse of the company

2 Aug 2019

Called to Account

Image for company insolvencies hit five year high

Business | Company insolvencies hit five-year high

The total number of insolvencies in England and Wales has risen 12% on the same period last year and are at their highest level for five years, according to the Insolvency Service

2 Aug 2019

Restructuring & Insolvency

Image for people news bdo pwc fti consulting forrestbrown

HR | People in the news: BDO, PwC, FTI Consulting, Forrestbrown

In this week’s accountancy career moves, partner promotions and hires at BDO, PwC and Haysmacintyre, senior appointments at FTI Consulting and Forrestbrown, and deputy chair for PSIG

2 Aug 2019

Leadership & Management

Image for what you need know about making tax digital

Tax | What you need to know about Making Tax Digital

The deadline for the first round of VAT returns under Making Tax Digital (MTD) is fast approaching – here’s what you need to know if you haven’t already filed your first VAT return via MTD

2 Aug 2019

Making Tax Digital

Image for cima drops exemption fees accounting students

Business | CIMA drops exemption fees for accounting students

The Chartered Institute of Management Accountants (CIMA) is ending the practice of charging exemption fees for new students, who hold a relevant degree or qualification, to encourage accessibility and social mobility

2 Aug 2019

Accountancy Firms

Jersey simplifies 'outdated and duplicative' financial services framework, Croner Intelligence launches Workflows AI tool to draft letters, and £120m vape tax launches with 44p cigarette pack price increase

Summary provided by AI