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Image for us opposes oecd plan tax multinational digital giants

Tax | US opposes OECD plan to tax multinational digital giants

The US has signalled strong opposition to OECD plans to introduce a wide-ranging digital tax which would hit multinationals, particularly US IT giants

5 Dec 2019

Business | BEIS guidance on the impact of Brexit on company law

If and when the UK leaves the EU, there will be a number of significant changes to accounting rules and company law. Sophie Brookes, partner at Gateley plc, examines the latest BEIS guidance for accountants

5 Dec 2019

Tax | Nunn: tax hazards of trivial benefits at Christmas

A rigid £50 cap on the trivial benefits exemption can catch out lucky staff who receive generous gifts from employers. Yvette Nunn CTA ATT MAAT, director of Berkeley Associates, warns of potential tax pitfalls if you receive a lavish Christmas hamper or a wedge of gift vouchers

5 Dec 2019

HR | FTSE 100 failing at boardroom ethnic diversity

The UK’s top companies are failing to improve ethnic diversity at their leadership levels, with the total number of black, Asian and minority ethnic (BAME) FTSE 100 board members dropping over the past year, according to research from Green Park

5 Dec 2019

Business

Careers

Tax | HMRC hauls in £3.9bn from sin taxes

There has been a 49% hike in the extra tax raised as a result of investigations into the underpayment of sin taxes, with HMRC collecting £3.9bn last year

5 Dec 2019

Business | Clintons cards saved in pre-pack deal

Clintons, the greeting cards retailer, has been sold out of administration in a pre-pack deal to original owner Esquire Retail, safeguarding 2,500 jobs

5 Dec 2019

Business

Companies

Accountancy Firms

Restructuring & Insolvency

| BDO global revenues up 10%

BDO’s global revenues rose by 10% last year to hit $9.6bn (£7.3bn), with the international network completing more than 20 mergers and acquisitions including one of its biggest-ever, combining with Moore Stephens LLP to become the fifth largest firm in the UK

5 Dec 2019

Auditing

Image for offshore fund investors warned check tax reporting

Tax | Offshore fund investors warned to check tax reporting

With two months to go before the 2018/19 self assessment tax return submission deadline, offshore fund investors need to check their tax reporting, before HMRC does, to avoid penalties

5 Dec 2019

Tax | HMRC manuals: challenging the guidance

HMRC’s internal guidance manuals have been available to taxpayers since 1994, but can still be challenged in the courts and can be wrong on occasion, warns Stephanie Webber, tax writer at Croner-i

4 Dec 2019

Finance | M&C Saatchi hikes accounting misstatement to £11.6m

M&C Saatchi is to make £11.6m of adjustments to its 2018 and 2019 financial results, and has appointed PwC to take over from KPMG as the advertising agency’s external auditor

4 Dec 2019

Finance | International reporting: IBOR Phase 2 and management commentary

Changes to the Interbank Offered Rate (IBOR) will impact IFRS 9 while a review of management commentary will tighten requirements around disclosures, the International Accounting Standards Board (IASB) has confirmed. Jeroen Van Doorsselaere explains

4 Dec 2019

Tax | Guidance on tax-free allowance for trusts revised

HMRC has updated the guidance about the tax-free allowance for trusts and how to report capital gains tax (CGT)

4 Dec 2019

Tax | Silicon Six tech giants responsible for $100bn tax gap

The US tech giants making up the Silicon Six have avoided some $100bn (£77bn) of tax since 2010, according to research from the Fair Tax Mark

4 Dec 2019

Tax

Business Tax

Image for grant thornton wealth advisory business sold 1825

Business | Grant Thornton wealth advisory business sold to 1825

Standard Life Aberdeen’s advice firm, known as 1825, has completed its acquisition of Grant Thornton's £1.7bn wealth advisory business, which was first announced in July

4 Dec 2019

Business

Companies

Image for council tax abuse tops local government fraud figures

Finance | Council tax abuse tops local government fraud figures

Levels of local government fraud are falling, largely because of a crackdown on fraudulent housing claims, although this still accounts for three quarters of the £253m fraud figure

4 Dec 2019

Finance

Financial Reporting

| Shohet: why accountancy firm rankings matter

Climbing the accountancy league table is a serious business, but the overall pattern of movement suggests an existential threat to the practice community, write Foulger Underwood’s Phil Shohet and Kevin Reed

3 Dec 2019

Finance

Image for hmrc revamps cest ir35 payroll working tool

Tax | HMRC revamps CEST IR35 off payroll working tool

With four months to go until the IR35 off payroll rules start to apply in the private sector, HMRC has published its first update to its controversial check employment status for tax (CEST) tool since it was launched in 2017

3 Dec 2019

Tax | Brexit Party plan to ‘abolish inheritance tax’

The Brexit Party want to stop inheritance tax (IHT) and exempt small businesses with profits before tax of under £50,000 from corporation tax

3 Dec 2019

Tax

Politics

Image for us threatens 100 tariffs over french digital services tax

Tax | US threatens 100% tariffs over French digital services tax

The US has warned it may levy 100% trade tariffs on up to $2.4bn (£1.85bn) of French goods, including cheese and champagne, in response to a federal investigation which concluded that France’s digital services tax (DST) discriminates against US companies

3 Dec 2019

Tax

International Tax

Image for counterfeit goods costing uk economy ps92bn

Tax | Counterfeit goods costing UK economy £9.2bn

The UK economy is missing out on billions a year as a result of the global trade in fake goods, which was behind more than 86,000 lost jobs in 2016, according to the OECD

3 Dec 2019

Tax

VAT

Image for ey snaps sap consulting business

Business | EY snaps up SAP consulting business

Big Four firm EY has expanded its consulting arm with the acquisition for an undisclosed sum of AgilityWorks, a technology consultancy business with offices in the UK, Portugal and India

3 Dec 2019

Tax | Q&A: tax and joint rental income

In our regular Q&A series from Croner Taxwise, tax adviser, Marsha Haywood explores how joint rental income tax can be divided between owners more tax efficiently

3 Dec 2019

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Latest news

Tax | US opposes OECD plan to tax multinational digital giants

Business | BEIS guidance on the impact of Brexit on company law

Tax | Nunn: tax hazards of trivial benefits at Christmas

HR | FTSE 100 failing at boardroom ethnic diversity

Tax | HMRC hauls in £3.9bn from sin taxes

Business | Clintons cards saved in pre-pack deal

| BDO global revenues up 10%

Tax | Offshore fund investors warned to check tax reporting

Tax | HMRC manuals: challenging the guidance

Finance | M&C Saatchi hikes accounting misstatement to £11.6m

Finance | International reporting: IBOR Phase 2 and management commentary

Tax | Guidance on tax-free allowance for trusts revised

Tax | Silicon Six tech giants responsible for $100bn tax gap

Business | Grant Thornton wealth advisory business sold to 1825

Finance | Council tax abuse tops local government fraud figures

| Shohet: why accountancy firm rankings matter

Tax | HMRC revamps CEST IR35 off payroll working tool

Tax | Brexit Party plan to ‘abolish inheritance tax’

Tax | US threatens 100% tariffs over French digital services tax

Tax | Counterfeit goods costing UK economy £9.2bn

Business | EY snaps up SAP consulting business

Tax | Q&A: tax and joint rental income