Business &amp; Accountancy Daily

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Tax | Non-resident UK companies to pay corporation tax on property income

From April 2020, non-UK resident companies will have to pay corporation tax on UK property income for the first time, with new rules for collective investment vehicles

27 Jan 2020

Tax | Jersey to drop husbands’ consent over wives’ tax

Next week will see Jersey’s States Assembly debate changes to the archaic law on married women’s taxation, with a view to ending the current arrangement whereby wives need their husband’s consent to file their own tax return

27 Jan 2020

Tax | Homeowners warned on ‘seismic’ shift in CGT rules

Homeowners have just over two months to prepare for introduction of the 30-day payment window for capital gains tax on property sales

27 Jan 2020

Tax | Multinationals pay £5bn as profit shifting tax rules bite

HMRC has raised over £5bn since the diverted profits tax and changes to transfer pricing rules came into force five years ago as global businesses change tax policy

27 Jan 2020

Business | 175-year old estate agency sold out of administration

Begbies Traynor has sold a 175-year old estate agent, Humberts, out of administration in a deal made with a consortium of its existing offices

27 Jan 2020

Restructuring & Insolvency

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Finance | Charity Commission and ACCA sign referral agreement

The Charity Commission has signed an agreement with ACCA allowing the regulator to refer cases of poor professional practice by accountants and finance professionals to the professional body, the first such arrangement in the accountancy sector

27 Jan 2020

Finance

Accounting Standards

Financial Reporting

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| Professional scepticism in audit: part 2

In the second part of a two-part series, Croner-i senior technical writer Michelle Roberts ACA looks at how auditors can avoid criticism for failing to provide evidence of professional scepticism by ensuring all discussion, challenges and judgments are documented

27 Jan 2020

Auditing

24 Jan 2020

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Business | FCA wants rethink on Smith & Williamson merger with Tilney

Smith & Williamson’s plans to merge with wealth manager Tilney in a £1.8bn deal have hit problems, with the Financial Conduct Authority (FCA) identifying ‘a number of issues’ with the proposed structure

24 Jan 2020

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HR | Poor mental health costs UK employers £45bn a year

Organisations need to change their corporate culture and improve their understanding of mental health issues to support employees and reduce the damaging impact of the always-on work culture

24 Jan 2020

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Tax | VAT pitfalls – prevention better than cure

Falling foul of the VAT rules can be an expensive mistake, resulting in an unwanted HMRC penalty or inspection visit. Robert Marchant, VAT partner at Crowe, runs through some fundamentals on compliance from property transactions to import VAT reclaims and intra-group arrangements

24 Jan 2020

Business | Brexit Withdrawal Act given Royal Assent

Brexit is moving a step closer with the Withdrawal Agreement Act now in statute following Royal Assent and completion of the implementation period by 31 December 2020

24 Jan 2020

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Tax | Fast food boss banned for accounting failure

The director of a Walsall takeaway has been disqualified by the courts for seven years after the Insolvency Service found he had failed to maintain accounting records

24 Jan 2020

Business | Spurs add accountants to the game plan

The College of Haringey, Enfield and North East London (CONEL) hosted over 120 prospective accountancy students at Make Your Future Count - its accounting apprenticeships and careers conference, Zak Jakubowski spoke to trainees about their accountancy aspirations

24 Jan 2020

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Business | Value of fraud cases exceeds £1bn in UK courts

The number of insider fraud cases involving businesses has more than doubled in the last year, according to figures from KPMG

24 Jan 2020

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Finance | IASB amends IAS 1 to clarify debt classification

The International Accounting Standards Board (IASB) has issued limited amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current, to promote greater consistency

24 Jan 2020

Finance

Accounting Standards

IFRS

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HR | People in the news: Milsted Langdon, Crowe, UHY Hacker Young, BP

In this week’s accountancy career moves, a partner appointment at Cowgills, directors hires at UHY Hacker Young and Crowe, a CFO promotion at BP and a chair promotion at Milsted Langdon

24 Jan 2020

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Tax | Over three million still to submit tax returns

More than three million taxpayers are yet to send in their 2018-19 tax returns and have just one week left to the 31 January deadline, HMRC warns

24 Jan 2020

Business | Slow progress on gender pay equality at top of HMRC

HMRC and the Treasury are making slow progress towards meeting the Civil Service’s ambition to become the UK’s most inclusive employer by 2020, according to the latest gender pay gap reporting

24 Jan 2020

23 Jan 2020

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Tax | Recruitment bosses call for delay to IR35 for private sector

A group of industry leaders have written to the Chancellor criticising the IR35 rule changes to off-payroll working for the private sector and calling for a one-year delay to introduction

23 Jan 2020

Finance | 2020 must be year of audit reform

With the audit profession under fierce scrutiny and the regulator in flux, it is critical to move forward with the creation of the replacement audit watchdog to restore confidence in the audit profession, argues Scott Henderson, CEO of ABGI

23 Jan 2020

Auditing

Corporate Governance

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Tax | Off-payroll working rules: IR35 and mutuality of obligation – part 5

From April 2020, off-payroll working rules will be extended to the private sector. Caroline Harwood, partner and head of employment tax at Crowe UK, explains how mutuality of obligation could be a decisive factor when determining employment status

23 Jan 2020

Tax | Taxman to invest £100k in tracking tool to curb crypto asset crime

HMRC is ramping up the technology it uses to track investors in cryptoasset transactions using blockchain, with plans to buy a software analysis tool

23 Jan 2020

Finance | NAO releases draft Code of Audit Practice 2020

The National Audit Office (NAO) has published the final draft of the new Code of Audit Practice 2020, confirming more robust narrative reporting requirements

23 Jan 2020

Finance | Global ethics board plans overhaul of auditor independence rules

The International Ethics Standards Board for Accountants (IESBA) is consulting on significant revisions to the ethics code relating to provision of non-assurance services and fees to client companies in a bid to strengthen auditor independence

23 Jan 2020

Auditing

Corporate Governance

Accounting Consultations

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HR | Search begins for OBR chair to replace Robert Chote

The Chancellor has launched the process to appoint the next chair of the Office for Budget Responsibility (OBR), the body which provides independent economic forecasts and independent analysis of public finances for the government

23 Jan 2020

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Business | Nexia network revenue hits £3.3bn

Accounting network Nexia International saw a 7% rise in revenues last year, with total fee income of more than $4.3bn (£3.3bn)

23 Jan 2020