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Image for shell pays zero uk corporate income tax

Tax | Shell pays zero UK corporate income tax

Anglo Dutch giant Royal Dutch Shell paid no corporate income tax in the UK in 2018 but claimed nearly £90m in tax reliefs

18 Dec 2019

Finance | Brydon review will see audit remit extended to fraud

A major overhaul of audit following the Brydon report will see the creation of a separate corporate auditing profession, greater focus on fraud detection during audits, and the replacement of the ‘true and fair’ concept

18 Dec 2019

Tax | Tax filing penalties when self assessment not required

Ducking an HMRC penalty for late tax filing is an important administrative consideration for any taxpayer. Meg Wilson CTA, tax writer at Croner-i, examines three key points from the latest Upper Tribunal case where the taxpayer lost his argument over penalties

18 Dec 2019

Tax

Personal Tax

Case Reports

Image for mha macintyre hudson upgrades london head office

Business | MHA MacIntyre Hudson upgrades London head office

MHA MacIntyre Hudson is relocating its London head office to a more spacious workplace in the City

18 Dec 2019

Business

Companies

Image for eu votes change cross border vat rules

Tax | EU votes for change to cross-border VAT rules

MEPs have voted to make it mandatory for payment service providers to collect cross-border e-commerce payment to crack down on VAT fraud

18 Dec 2019

Finance | FRC proposes disclosure changes to FRS 101

The Financial Reporting Council (FRC) is consulting on two minor amendments to FRS 101 Reduced Disclosure Framework, identified as part of its annual review of the standard

18 Dec 2019

Finance

Financial Reporting

IFRS

Image for kpmg secures pre pack rescue swoon

Business | KPMG secures pre-pack rescue for Swoon

KPMG has secured the future of online furniture designer and retailer Swoon after the failed business was sold out of administration in a pre-pack deal which will save all jobs at the company

18 Dec 2019

Business

Companies

Image for christian charitys financial controls under investigation

Finance | Christian charity’s financial controls under investigation

A charity set up to advance Christianity has been ordered to bank all cash as part of an ongoing Charity Commission investigation into concerns about its financial controls

17 Dec 2019

Business

Charities

Image for qa zero vat rating direct and indirect exports

Tax | Q&A: zero VAT rating on direct and indirect exports

In our regular Q&A series from Croner Taxwise, Sally Atkins examines whether an export invoiced to a charity can zero-rate the sale under export rules

17 Dec 2019

Tax

International Tax

VAT

Image for one three scottish councils improve financial reporting

Finance | One in three Scottish councils improve financial reporting

Scottish councils have made ‘some improvement’ to transparency in financial reporting, Audit Scotland report shows

17 Dec 2019

Finance

Accounting Standards

Financial Reporting

Image for sfo charges ex serco execs fraud

Finance | SFO charges ex-Serco execs with fraud

A former finance director with outsourcer Serco is one of two executives charged by the Serious Fraud Office (SFO) with fraud and false accounting in relation to its investigation into the company’s electronic monitoring contract with the Ministry of Justice (MoJ)

17 Dec 2019

Finance | FRC bans majority of non-audit services in overhauled ethical standard

The Financial Reporting Council (FRC) has issued a major revision of the ethical standard for auditors banning them from providing most non-audit services to listed company clients to reduce conflicts of interest

17 Dec 2019

Auditing

Corporate Governance

Audit Regulations

Image for sajid javid remains chancellor after minor reshuffle

Tax | Sajid Javid remains as Chancellor after minor reshuffle

After the election brought an 80-seat majority for the Conservatives. PM Boris Johnson has left most of his Cabinet unchanged with Sajid Javid reconfirmed at number 11

17 Dec 2019

Tax

Politics

Image for marshall transition disclosures under ifrs 16 leases

Finance | Marshall: transition disclosures under IFRS 16 Leases

As the first full year reporting deadline for IFRS 16 Leases approaches, Andrew Marshall FCA, senior technical partner at KPMG, sets out the key issues to consider when finalising accounts

17 Dec 2019

Accounting Standards

Financial Reporting

IFRS

Image for smith williamson revenues 10 ahead tilney merger

Finance | Smith & Williamson revenues up 10% ahead of Tilney merger

Top 10 fund management and accounting group Smith & Williamson has reported a 10.3% hike in operating income for the first six months of the 2019/20 financial year, which also saw the firm announce a strategic merger with Tilney Group to create a £1.8bn business.

16 Dec 2019

Finance | Professional scepticism in audit: part 1

Auditors must apply professional scepticism, but regulators frequently criticise them for failing to provide necessary evidence. In the first of a two-part series, Michelle Roberts ACA, Croner-i, hones in on the priorities for the profession

16 Dec 2019

Auditing

Corporate Governance

Leadership & Management

Image for inheritance tax rate double eu average

Tax | Inheritance tax rate double EU average

Inheritance tax rate is almost double the average rate paid by our EU neighbours, as the UK pays 23.9% compared to Germany’s 13.2% rate

16 Dec 2019

Tax

Personal Tax

Tax Planning

Image for tax defaulters owe ps22m after 30 increase

Business | Tax defaulters owe £22m after 30% increase

HMRC’s latest list of major tax defaulters owing £22m in unpaid tax, a 30% increase on last quarters £13m in September, the list was topped by an Internet sales company owing nearly £3m and an online advertising owing £820k, with solicitors, IT consultants and a bookkeeper also featuring

16 Dec 2019

Business

Called to Account

Image for five tax fraudsters ordered pay ps20m

Business | Five tax fraudsters ordered to pay £20m

Five tax fraudsters who were part of a crime group involved in a £108m fake eco-investment scam have been ordered to repay £20m, or face more time behind bars and still owe the money

16 Dec 2019

Business

Called to Account

Image for frc reporting reviews focus high risk sectors

Finance | FRC reporting reviews to focus on high risk sectors

The Financial Reporting Council (FRC) has set out plans to review the impact of the latest lease accounting and revenue recognition IFRS standards as part of its 2020/21 thematic reviews

16 Dec 2019

Finance

IFRS

Auditing

Image for pwc administrators failed gibraltar insurance firm

Business | PwC administrators to failed Gibraltar insurance firm

Edgar Lavarello and Dan Schwarzmann, partners from PwC, have been appointed as joint administrators of the Gibraltar-based Elite Insurance Company Ltd (EIC), which specialised in the legal expenses sector and has ceased operations

16 Dec 2019

Business

Companies

Restructuring & Insolvency

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Latest news

Tax | Shell pays zero UK corporate income tax

Finance | Brydon review will see audit remit extended to fraud

Tax | Tax filing penalties when self assessment not required

Business | MHA MacIntyre Hudson upgrades London head office

Tax | EU votes for change to cross-border VAT rules

Finance | FRC proposes disclosure changes to FRS 101

Business | KPMG secures pre-pack rescue for Swoon

Finance | Christian charity’s financial controls under investigation

Tax | Q&A: zero VAT rating on direct and indirect exports

Finance | One in three Scottish councils improve financial reporting

Finance | SFO charges ex-Serco execs with fraud

Finance | FRC bans majority of non-audit services in overhauled ethical standard

Tax | Sajid Javid remains as Chancellor after minor reshuffle

Finance | Marshall: transition disclosures under IFRS 16 Leases

Finance | Smith & Williamson revenues up 10% ahead of Tilney merger

Finance | Professional scepticism in audit: part 1

Tax | Inheritance tax rate double EU average

Business | Tax defaulters owe £22m after 30% increase

Business | Five tax fraudsters ordered to pay £20m

Finance | FRC reporting reviews to focus on high risk sectors

Business | PwC administrators to failed Gibraltar insurance firm