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Tax | What you need to know: high income child benefit charge (HICBC)

Stephen Relf ACA CTA, senior tax writer at Croner-i, explains the tax implications of the high income child benefit charge (HICBC) from calculating the adjusted charge net income and advantages of claiming child benefit but opting out of actual payments to protect state pension

6 Nov 2019

Tax

Personal Tax

Tax Compliance

Image for tv presenter helen fospero wins ps80k ir35 case

Tax | TV presenter Helen Fospero wins £80k IR35 case

In the latest IR35 loss for HMRC, TV presenter Helen Fospero has won her case at the tax tribunal over a disputed tax bill of £80,000 when she was working on a contract basis for ITV

6 Nov 2019

Tax | Loan charge payment deadline should be scrapped

In a scathing report, members of the Loan Charge All-Party Parliamentary Group (APPG) have demanded an urgent delay and suspension of the loan charge, and for HMRC to suspend related accelerated payment notices (APNs)

6 Nov 2019

Business | PwC to wind down Mothercare stores in administration

PwC has been confirmed as handling the administration of babycare retailer Mothercare and has announced a phased closure of all the UK stores, putting over 2.500 jobs at risk

6 Nov 2019

Business

Restructuring & Insolvency

Image for 10 year ban ex bhs director dominic chappell

Finance | 10-year ban for ex-BHS director Dominic Chappell

Former BHS director Dominic Chappell has been disqualified for 10 years, and his father given a five-year ban, following an Insolvency Service investigation into a series of financial dealings involving the retail chain

6 Nov 2019

Tax | HMRC hunting £612m in R&D tax relief repayments

HMRC is trying to recover over half a billion pounds in questionable research and development (R&D) tax relief underpayments claimed by large UK businesses

6 Nov 2019

Finance | Consultation on plans to simplify pension statements

The Department for Work and Pensions (DWP) is planning to review the way annual benefit statements for workplace pensions are written to make them easier to understand

6 Nov 2019

Business

Pensions

Image for mgi worldwide and cpaai merge accounting networks

Business | MGI Worldwide and CPAAI merge accounting networks

Global accountancy network MGI Worldwide and association CPA Associates International (CPAAI), headquartered in the US, plan to merge in the new year

6 Nov 2019

Business

Accountancy Firms

Careers

Leadership & Management

5 Nov 2019

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Tax | Entrepreneurs’ relief and share buybacks: multiple completions

Entrepreneurs’ relief (ER) should be fully available for properly structured multiple completion share buybacks, but until HMRC issues definitive guidance, advisers should look at alternatives, says Peter Rayney FCA, CTA (Fellow), TEP

5 Nov 2019

Tax | Loan charge review delayed by election

Taxpayers will have to wait until a new government is formed to find out the outcome of the Morse review into the loan charge

5 Nov 2019

Tax | Gaines-Cooper returns to tribunal over disputed £30m tax bill

Multimillionaire Robert Gaines-Cooper is back in the tax courts at the First Tier Tribunal disputing a long-running avoidance case centring on tax liability and domicile issues

5 Nov 2019

Finance | MPs slate ‘audit automatons’ over Thomas Cook failure

The next government must bring forward legislation as soon as possible to replace the Financial Reporting Council (FRC) with the Audit, Reporting and Governance Authority (ARGA)

5 Nov 2019

Auditing

Corporate Governance

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Finance | Auditors must raise quality of their audit work, says FRC

The Financial Reporting Council (FRC) has signalled a crackdown on audit firms who fail to improve the quality of their work and is threatening to publish individual audit scores in the next Audit Quality Inspection reports in mid 2020

5 Nov 2019

Auditing

Corporate Governance

Image for it contractor wins ps240k ir35 appeal

Tax | IT contractor wins £240k IR35 appeal

HMRC has lost its latest legal challenge on the operation of the off-payroll rules, after a First Tier Tribunal (FTT) found in favour of an IT contractor

5 Nov 2019

Tax | Individual tax accounts need a revamp, says OTS

The Office of Tax Simplification (OTS) is calling for improvements to HMRC’s individual tax account service to provide an end-to-end tax reporting and payment service for the self employed and buy-to-let landlords

5 Nov 2019

Tax | HMRC targets offshore investment fund holders

HMRC will be sending high net worth individuals advisory letters warning them to submit offshore investment returns correctly to avoid tax penalties

5 Nov 2019

Finance | MPs invite 30,000 citizens to climate change assembly

Invitation letters will be sent out this Wednesday to thousands of members of the public asking the them to strategise how the UK will reach zero emissions

5 Nov 2019

Finance

Financial Reporting

Business

Tax | Q&A: SDLT and residential property

In our regular Q&A series from Croner Taxwise, Patrick O'Brien explains how revised HMRC guidance on acquiring residential property will affect the acquisition of ‘mixed use’ land

5 Nov 2019

Tax

Property Tax

HMRC

4 Nov 2019

Image for big four auditors dominate ps910m listed audit market

Business | Big Four auditors dominate £910m listed audit market

The Big Four audit firms have pushed all competition out of the FTSE 100 audit market in the last 12 months as BDO and Grant Thornton both lose top tier audit client ranking

4 Nov 2019

Business

Accountancy Firms

Business | FTSE 100 Auditors Survey 2019

Big Four firms now have total domination of the FTSE 100 audit market as mid-tier presence is squeezed out of the market. Philip Smith analyses the £700m plus audit market, highlighting the risk of substantial audit fee price rises after year-one audit wins and the impact of second-cycle audit tendering on competition

4 Nov 2019

Finance | KPMG rejects talk of partner cull

Big Four firm KPMG has denied that it is planning to cut around a tenth of its partners in a bid to get the firm back on track and improve performance, saying that around 50-60 partners leave the firm each year through natural churn

4 Nov 2019

Tax | Surrey taxpayers pay the most income tax in UK

Towns in the south east England stockbroker belt account for nine of the top 10 list of places in the UK where residents pay the most income tax

4 Nov 2019

Tax

Personal Tax

Tax Planning

Image for hmrc sets out tax treatment cryptoassets business

Tax | HMRC sets out tax treatment of cryptoassets for business

HMRC has issued its first detailed guidance on the tax treatment of cryptoasset transactions specifically clarifying the rules for transactions at businesses and companies

4 Nov 2019

Business | 2,500 jobs at risk in Mothercare administration

High street parent and baby retailer Mothercare has announced it is to appoint administrators to its active trading subsidiary

4 Nov 2019

Business

Companies

Careers

Image for broken business rates regime needs overhaul

Tax | 'Broken' business rates regime needs overhaul

MPs are calling for fundamental reform of the business rates system, which they describe as unfair and ‘broken’, and are urging a future government to examine alternatives as soon as possible

4 Nov 2019

Finance | College accounts direction updated for 2018-19

The Education and Skills Funding Agency (ESFA) has issued the 2018-19 college accounts direction setting out financial reporting requirements for sixth form and further education colleges

4 Nov 2019

Finance

Financial Reporting

Law and Regulation

Image for regulator investigates linked charities over financial discrepancies

Finance | Regulator investigates linked charities over financial discrepancies

The Charity Commission is to investigate six charities which share common trustees over serious concerns about potential mismanagement, including financial reporting issues

4 Nov 2019

Business

Charities

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Tax Services

Latest news

Tax | What you need to know: high income child benefit charge (HICBC)

Tax | TV presenter Helen Fospero wins £80k IR35 case

Tax | Loan charge payment deadline should be scrapped

Business | PwC to wind down Mothercare stores in administration

Finance | 10-year ban for ex-BHS director Dominic Chappell

Tax | HMRC hunting £612m in R&D tax relief repayments

Finance | Consultation on plans to simplify pension statements

Business | MGI Worldwide and CPAAI merge accounting networks

Tax | Entrepreneurs’ relief and share buybacks: multiple completions

Tax | Loan charge review delayed by election

Tax | Gaines-Cooper returns to tribunal over disputed £30m tax bill

Finance | MPs slate ‘audit automatons’ over Thomas Cook failure

Finance | Auditors must raise quality of their audit work, says FRC

Tax | IT contractor wins £240k IR35 appeal

Tax | Individual tax accounts need a revamp, says OTS

Tax | HMRC targets offshore investment fund holders

Finance | MPs invite 30,000 citizens to climate change assembly

Tax | Q&A: SDLT and residential property

Business | Big Four auditors dominate £910m listed audit market

Business | FTSE 100 Auditors Survey 2019

Finance | KPMG rejects talk of partner cull

Tax | Surrey taxpayers pay the most income tax in UK

Tax | HMRC sets out tax treatment of cryptoassets for business

Business | 2,500 jobs at risk in Mothercare administration

Tax | 'Broken' business rates regime needs overhaul

Finance | College accounts direction updated for 2018-19

Finance | Regulator investigates linked charities over financial discrepancies