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Image for thomas cook liquidation 21000 jobs risk

Business | Thomas Cook in liquidation with 21,000 jobs at risk

Alix Partners and KPMG have been called in as special managers to travel firm Thomas Cook, which has collapsed into compulsory liquidation with debts of £1.2bn, prompting the largest repatriation in peacetime history, and placing 21,000 jobs at risk

23 Sep 2019

Business

Companies

Accountancy Firms

Restructuring & Insolvency

Image for public sector accounting and ipsas 42 social benefits

Finance | Public sector accounting and IPSAS 42 Social Benefits

The International Public Sector Accounting Standards Board (IPSASB) has issued a new standard, IPSAS 42 Social Benefits, setting out defined rules on how to account for pensions, unemployment benefits and other major public sector expenditure, in a bid to improve transparency in the accounts. Alan Bermingham, policy manager – governments at CIPFA, examines the recognition and measurement points

23 Sep 2019

Finance

Accounting Standards

Financial Reporting

Image for frc hear deloitte autonomy complaint october

| FRC to hear Deloitte Autonomy complaint in October

The Financial Reporting Council (FRC) has set the date next month for the hearing of a formal complaint against Deloitte and two of the firm’s audit engagement partners concerning Autonomy Corporation

23 Sep 2019

Finance | Regulator winds up educational charity over ‘reckless’ spending

An educational charity has been wound up by the regulator after an investigation revealed trustees had been ‘reckless’ with funds, including spending some charitable donations on fast food purchases

23 Sep 2019

Business

Charities

Called to Account

Image for hmrc warns universities protect students tax scams

Tax | HMRC warns universities to protect students from tax scams

New students starting university this year could be targeted by a fresh wave of tax scams, HMRC has warned

23 Sep 2019

Tax

Personal Tax

HMRC

Image for fair tax mark work international accreditation scheme

Tax | Fair Tax Mark to work on international accreditation scheme

Campaigning group Fair Tax Mark is to launch a research and development project looking at ways to expand its existing accreditation scheme to include businesses headquartered outside the UK, in response to fears of ‘bottom of the barrel’ kitemarks appearing

23 Sep 2019

Finance | Listed companies increase use of integrated reporting, says IIRC

The International Integrated Reporting Council (IIRC) has published its annual integrated report, stressing that there is increased use of integrated reports detailing non-financial information

23 Sep 2019

Tax | BBC presenters lose in IR35 ‘chaos’

HMRC has won a First Tier Tribunal (FTT) case concerning the employment status of three BBC presenters who used personal service companies (PSCs), in an IR35 ruling involving over £300,000 in tax which threatens to add to the ‘chaos’ around how the employment rules should be applied

20 Sep 2019

Business | Using apps to manage your finances

Jonathan Amponsah CTA FCCA, founder of The Tax Guys, takes a look at a selection of apps to help manage business finances, keep track of accounts and maximise productivity

20 Sep 2019

Leadership & Management

Image for hmrc warning double nics liability if no deal brexit

Tax | HMRC warning on double NICs' liability if no-deal Brexit

In the event the UK leaves the EU without an agreement, HMRC has warned that the current agreements to avoid double payment of the equivalent of national insurance contributions (NICs) in member states will be voided, affecting seconded employees

20 Sep 2019

Tax | Wholesalers top HMRC’s £13m deliberate tax defaulters list

HMRC’s latest quarterly list of deliberate tax defaulters is topped by three wholesale suppliers, each of which paid over £1m in penalties for underpaid tax, while fast food outlets, hairdressers, hauliers and grocery shops also feature among the more than one hundred ‘named and shamed’ businesses found to be owing some £13m

20 Sep 2019

Tax

HMRC

Called to Account

Image for baldwins snaps ps16m gardners accountants

Business | Baldwins snaps up £1.6m Gardners accountants

Gardners Chartered Accountants, based in Holywell, has been acquired by the Baldwins Group which now has over 95 offices across England, Scotland and Wales

20 Sep 2019

Business

Accountancy Firms

Careers

Leadership & Management

Image for amendments rules uk property rich collective investment vehicles

Tax | Amendments to rules on ‘UK property rich’ collective investment vehicles

HMRC is consulting on draft amendments to legislation about the taxation of UK property rich collective investment vehicles and their investors, which are designed to ensure the new rules work as intended

20 Sep 2019

Business | People in the news: BDO, Menzies, BTG Advisory

In this week’s accountancy career moves, hires and promotions at BDO LLP, Menzies, Johnston Carmichael, BTG Advisory and HW Fisher

20 Sep 2019

Leadership & Management

Image for smith williamson signs ps18bn merger wealth manager tilney

Business | Smith & Williamson signs £1.8bn merger with wealth manager Tilney

Top 10 fund management and accounting firm Smith & Williamson has confirmed it is merging with Tilney in a £1.8bn deal to create an integrated group combining wealth management and professional services

19 Sep 2019

Business

Accountancy Firms

Careers

Leadership & Management

Image for us regulator slams prudential over 200m tax reorganisation

Tax | US regulator slams Prudential over $200m tax reorganisation

Two US subsidiaries of financial services giant Prudential Financial have been censured by the US Securities and Exchange Commission (SEC) for failing to disclose conflicts of interest and making misleading disclosures, after they were reorganised so that Prudential received over $200m (£160m) in tax benefits to the detriment of funds they advised

19 Sep 2019

Tax | NZ move highlights cryptocurrency PAYE risks

In a first for a global tax authority, New Zealand has clarified the guidance for companies who pay staff in cryptocurrency and need to complete tax returns. Peter Stewart, associate at Cooke, Young & Keidan assesses the risks and compliance issues

19 Sep 2019

Tax | Ireland loses €10m aluminium EU state aid tax argument

Ireland and Italy have lost a lengthy battle to overturn an EU demand for the recovery of millions of euros in taxes from two aluminium metal manufacturers, following a judgment that a tax exemption amounted to illegal state aid

19 Sep 2019

Finance | Treasury consults on public sector financial reporting rules

The Treasury is consulting on revisions to the government financial reporting manual (FReM) to improve the quality and transparency of public sector annual reports

19 Sep 2019

Business | Restaurant bosses banned for cooking the tax books

Two restaurateurs from Glasgow have been banned for a total of 17 years for failing to pay HMRC more than £4m in taxes owed from a string of businesses

19 Sep 2019

Business

Called to Account

Image for accounting filing deadlines sep dec 2019

Finance | Accounting filing deadlines: Sep - Dec 2019

The key accounting deadline is 30 September for annual returns for private companies for periods ending 31 December 2018, and for public companies with periods ending 31 March 2019 to be filed at Companies House, while December marks year end reporting for academy school trusts

19 Sep 2019