Business &amp; Accountancy Daily

Accounting Standards

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Tax | Conservatives plan minor cabinet reshuffle

As the Conservatives returned to parliament with an 80-seat majority and Brexit scheduled for 31 January, Boris Johnson confirmed there would be a minor Cabinet reshuffle next week

13 Dec 2019

Tax

Politics

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HR | People in the news: Grant Thornton, Mazars, Grunberg

In this week’s accountancy career moves, hires at Grant Thornton, Mazars and Grunberg, and board appointments at IAASB

13 Dec 2019

Careers

Image for lack succession planning catches out smes

Business | Lack of succession planning catches out SMEs

SME owners are at risk of losing control or having to raid cash reserves to support their business in the event of the death of a fellow owner

13 Dec 2019

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Finance | UK leads crackdown on suspicious transactions

Only one in five countries in Europe including the UK are fully compliant with the rules on suspicious transactions and order reporting (STORs) in financial services

13 Dec 2019

Accounting Standards

Financial Reporting

Image for record losses championship wages score ps795m

Business | Record losses in Championship as wages score £795m

The EFL Championship had a year of records in the 2017-18 football season with record revenue, wage levels and operating losses, according to Deloitte report

13 Dec 2019

Business | Called to account: December 2019

In this month’s scandals, convictions and penalties, a former insurance CEO fined for shifting pay into wife’s name and tennis star gets 12-year extension to bankruptcy order

13 Dec 2019

Called to Account

Image for payroll working rules ir35 checklist contractors part 3

Tax | Off-payroll working rules: IR35 checklist for contractors - part 3

Jonathan Amponsah CTA FCCA of The Tax Guys examines the IR35 changes to off-payroll working for private companies from the contractor’s perspective from what the new rules means to the tax implications, potential penalties and risks

12 Dec 2019

Finance | BSBC consults on tougher oversight of cryptoassets

The Basel Committee on Banking Supervision (BCBS) has issued a consultation on the design of a prudential treatment for cryptoassets to improve regulatory oversight

12 Dec 2019

Financial Reporting

Audit Consultations

Image for begbies traynor revenue hits ps338m

Business | Begbies Traynor revenue hits £33.8m

Revenue at listed Begbies Traynor Group has grown substantially in the last 12 months to £33.8m in its half year results, as acquisitions and demand for insolvency services are up

12 Dec 2019

Restructuring & Insolvency

Image for post office pays ps58m settle it accounting failures

Finance | Post Office pays £58m to settle IT accounting failures

The Post Office has agreed to pay £58m to settle a long running legal case brought by a group of sub postmasters who faced charges of fraud which they said were down to problems with a new computerised accounting system

12 Dec 2019

Accounting Standards

Law and Regulation

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Tax | What do you think of Making Tax Digital?

CIOT and the ATT are running an online survey for tax professionals and businesses to provide feedback about their experiences of Making Tax Digital for VAT

12 Dec 2019

Tax

Making Tax Digital

Technology

Image for dains expands birmingham acquisition

Business | Dains expands with Birmingham acquisition

Midlands based Dains Accountants has acquired an accountancy practice in Birmingham in a move designed to strengthen its offer for business owners in the region

12 Dec 2019

Image for hmrc raises ps95m through taxpayer plea bargains

Tax | HMRC raises £95m through taxpayer plea bargains

HMRC is less keen to enter into plea bargain style agreements in tax avoidance cases, because it now has more taxpayer data available even though each case generates over £200,000

12 Dec 2019

Tax | SDLT pitfalls of buying a second home

With the Conservatives promising a 3% surcharge on foreign property buyers and complex tax rules around purchase of second homes, Croner-i tax writer Zigurds Kronbergs examines the potential pitfalls for property owners

11 Dec 2019

Finance | IFRS architect Paul Volcker dies

Paul Volcker, who played a major role in the setting up of the IFRS standard setter, the International Accounting Standard Board (IASB), and was a key player in US monetary policy for three decades, has died at the age of 92

11 Dec 2019

IFRS

Image for hsbc swiss bank pay 192m over us tax evasion

Tax | HSBC Swiss bank to pay $192m over US tax evasion

HSBC’s private Swiss bank is to pay $192.35m to settle charges brought by the US authorities that it conspired with US taxpayers to evade taxes over a period of ten years

11 Dec 2019

Tax | HMRC faces 460k requests for income tax refunds

Around 460,000 people chased HMRC for refunds on overpaid income tax in the year 2018/19, according to an FOI request by insurance company, Royal London

11 Dec 2019

Business | Brexit pushes builders to the wall

The number of housebuilders going bust has reached a record high due to Brexit pressures and the fall in the pound

11 Dec 2019

Image for execs us brands company charged fraud

Finance | Execs at US brands company charged with fraud

The Securities and Exchange Commission (SEC) has charged brand-management company Iconix Brand Group and three of its former top executives with fraud, after an investigation found they had manipulated the company’s earnings

11 Dec 2019

Auditing

Corporate Governance

Image for kpmg partner pay down 7 revenue squeezed

| KPMG partner pay down 7% as revenue squeezed

After a difficult 12 months, KPMG UK saw revenues increase by 3% from £2.34bn to £2.4bn, as the firm went through a comprehensive overhaul of its audit practice in the wake of harsh criticism from the audit regulator

11 Dec 2019

Corporate Governance