Business &amp; Accountancy Daily

Image for hmrc advisory fuel rates company car users 1 december 0

Tax | HMRC advisory fuel rates for company car users from 1 December

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 December 2019 cutting standard 1600cc minus mileage rates by 1p per mile to reflect lower fuel costs

27 Nov 2019

Tax | Savers face pension tax relief breaches

Hundreds of taxpayers could face unexpected tax bills for failing to declare pension contributions accurately on their self assessment returns

27 Nov 2019

Finance | Record £44m fine for Citigroup over regulatory reporting failures

The Bank of England has slapped Citigroup’s UK operations with a record £44m fine after discovering a string of failings in their regulatory reporting governance and internal controls over a four-year period

27 Nov 2019

Finance

Financial Reporting

Image for childcare provider wins tribunal over ps230k vat dispute

Tax | Childcare provider wins at tribunal over £230k VAT dispute

A childcare business has won an appeal overturning a £230,000 demand for VAT after a First Tier Tribunal (FTT) agreed its holiday camps should have the same VAT treatment as its after-school business

27 Nov 2019

Business Tax

Case Reports

Image for nasdaq cryptocurrency platform closes

Business | Nasdaq cryptocurrency platform closes

DX.Exchange, an Israeli cryptocurrency trading platform which offered opportunities to buy Nasdaq-listed stocks using virtual ‘tokens’, has closed and is set to file for bankruptcy amid controversy about its founders

27 Nov 2019

Restructuring & Insolvency

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Tax | Q&A: inheritance tax for trustees selling assets

In our regular Q&A series from Croner Taxwise, David Woolley examines whether trustees pay inheritance tax on assets when closing accounts

26 Nov 2019

Personal Tax

Tax Planning

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Finance | Using AI to improve decision making in accounting

Artificial intelligence (AI) is not yet advanced enough to challenge judgmental accounting and auditing decisions made by humans, but it will not be long before the technology can do so. Pete Hirsch, chief technology officer at Blackline, examines the potential of AI

26 Nov 2019

Business | Katie Price declared bankrupt

The former model and TV star was declared bankrupt in a hearing at the High Court, which was told she had failed to repay her debts

26 Nov 2019

Restructuring & Insolvency

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Finance | De La Rue issues warning on material uncertainty

Listed bank note printer De La Rue has issued a warning in its half year report about going concern issues due to escalating operating losses and a threat to banking covenants

26 Nov 2019

Finance

Financial Reporting

Auditing

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Finance | FRC issues revised Client Asset Assurance Standard (CASS)

The Financial Reporting Council (FRC) has issued a revised standard for the audit of client assets, outlining rules for conforming with FCA rules and stressing the importance of independent judgment and scepticism

26 Nov 2019

Auditing

Corporate Governance

Image for hmrc confirms christmas paye reporting dates

Tax | HMRC confirms Christmas PAYE reporting dates

HMRC is making permanent changes to the way Christmas payroll is reported to help universal credit claimants where their employer pays them earlier than usual over the festive period

26 Nov 2019

Employment Tax

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Business | Accountant sentenced for upskirting

A young accountant, caught filming up a female customer’s skirt at Top Shop’s Oxford Circus store, has received a suspended prison sentence

26 Nov 2019

Called to Account

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Tax | Plaid Cymru calls for more tax powers

The Plaid Cymru party wants more financial powers to control taxation and funding for Wales, as under Scottish devolution

26 Nov 2019

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Business | Hancock NHS pension plan could be 'tax avoidance'

The government has signed off on a change to pension tax rules for NHS high earners which ‘could constitute tax avoidance’

25 Nov 2019

Accountancy Firms

Pensions

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Tax | Conservatives to raise NIC threshold to £9.5k

The Conservative election manifesto does not contain any of the predicted pledges to cut income tax but will raise the NICs' threshold and triple lock taxes

25 Nov 2019

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Business | EY to cut back financial services team

EY has confirmed that up to 100 members of its financial services advisory business have been placed at risk of redundancy, as the firm seeks to reposition the team’s focus and spread technology expertise more widely

25 Nov 2019

Accountancy Firms

Careers

Leadership & Management

Tax | Election 2019: manifesto round-up

Accountancy Daily sets out the key tax promises set out in the party manifestos for the 12 December election, from Labour plans to hike corporation tax to 26%, Conservatives freezing income tax rates for all bands while increasing the NICs’ threshold, and LibDems running on anti-Brexit remain platform

25 Nov 2019

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Tax | HMRC less ‘trigger happy’ on taxpayer arrests

The number of taxpayer arrests for suspected tax evasion has fallen to a five-year low, according to analysis by RPC which suggests a number of wrongful arrest claims against HMRC may be behind the decline

25 Nov 2019

HMRC

Tax Compliance

Business | ACCA names Jenny Gu as president

ACCA has announced its new officer line-up at its annual general meeting, with Jenny Gu the first woman member from China elected as president

25 Nov 2019