Business &amp; Accountancy Daily

Image for class action over alchemy avoidance scheme planned

Tax | Class action over Alchemy avoidance scheme planned

A Midlands law firm is set to take a group action suit against a tax planning scheme which cost the taxpayer up to £110m in related cases

4 Feb 2020

Business | WorldCom chief dies after accounting fraud jail term

The former CEO of WorldCom, who was sentenced to 25 years over an $11bn (£8.4bn) accounting fraud, has died shortly after leaving prison

4 Feb 2020

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Finance | SEC consults on simplified reporting disclosure

The US Securities and Exchange Commission (SEC) plans to overhaul and simplify certain corporate financial disclosure requirements

4 Feb 2020

Finance

Financial Reporting

Audit Consultations

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Tax | Q&A: deferred state pension and tax liability

In our regular Q&A series from Croner Taxwise, tax adviser, Julian Payne explores the implications of income tax when drawing money from a deferred state pension

4 Feb 2020

3 Feb 2020

Image for 958000 taxpayers miss self assessment deadline

Tax | 958,000 taxpayers miss self assessment deadline

A record 10.4m taxpayers filed their self assessment tax returns online by the 31 January deadline, but nearly a million returns are still outstanding

3 Feb 2020

Business | Fee income hits record £16.8bn at Top 75 accounting firms

Revenue at the leading UK accounting firms has broken through the £16bn barrier as profitability increases with growing demand for tax and regulatory advice, shows Accountancy Daily Top 75 Firms Survey

3 Feb 2020

Top 75 Surveys

Image for airbus fined ps3bn over endemic corruption

Finance | Airbus fined £3bn over ‘endemic’ corruption

French aerospace company Airbus is to pay over €3.5bn (£2.96bn) in fines globally to settle corruption charges, including almost €1bn to the Serious Fraud Office (SFO) as part of a record-breaking deferred prosecution agreement (DPA)

3 Feb 2020

Business | Printing company bosses jailed over £3.1m tax fraud

Five directors of an Essex printing company have been jailed over a £3.1m fraud, which saw employees' pay slashed and resulted in hundreds of thousands in unpaid taxes

3 Feb 2020

Called to Account

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Tax | IR35 activists plan demo outside parliament

Anti IR35 campaign group, Stop the Off-Payroll Tax, is planning a demonstration in Westminster later this month to lobby MPs to stop IR35 reform plans

3 Feb 2020

Finance | Accounting updates: February 2020

This month’s roundup of accounting stories includes amendments to IAS 1, MoD’s financial blunder, Ted Baker and Dixons Carphone errors, Carillion hospital overruns, and ACCA/Charity Commission conduct agreement

3 Feb 2020

Finance

Financial Reporting

Law and Regulation

Finance | Audit updates: February 2020

In this month’s audit updates, Mazars wins AIG UK audit, Carillion audit probe delayed, global audit ethics overhauled, corporate governance tick box approach slammed, and independence call for local audit oversight.

3 Feb 2020

Auditing

Corporate Governance

Audit Regulations

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Tax | Tax consultations: February 2020

This month’s HMRC consultation focuses on IR35 draft legislation published with a four-week window for feedback from stakeholders despite being mid-way through a government review of the rules

3 Feb 2020

Tax

Consultations

Tax | Tax updates: February 2020

In this month’s round up of all the tax news, kickboxing company loses VAT case, Dixons loses bouncing cheque claim, TheWorks faces £350k VAT bill, and homeowners face seismic CGT shift

3 Feb 2020

Tax | OECD to push ahead with digital tax plans

The OECD has made ‘a significant step’ forward in its efforts to reach a consensus-based approach to taxing the digital economy, although it admits the year end timetable will be tough to meet

3 Feb 2020

Tax

Business Tax

International Tax

Business | Top 75 trainee interview: KPMG

To kick off National Apprenticeship Week, Zak Jakubowski talks to KPMG apprentice, Abdul Hassan who is currently on a six-year 360 apprenticeship at the Big Four firm

3 Feb 2020

Top 75 Surveys

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Business | Apprenticeship Week flags training options

One in four trainee accountants are apprentices at the top UK firms showing the changing face of professional training for aspiring accountants

3 Feb 2020

Leadership & Management

Business | Legal updates: February 2020

In this month’s legal updates, Sophie Brookes considers the Duomatic principle limits, proper purpose in member register inspections and new money laundering regulations

3 Feb 2020

Law & Guidance

Tax | VAT updates: February 2020

In this month’s VAT updates, Graham Elliott considers digital newspapers in News Corp v HMRC, ongoing DIY housebuilder time limits cases and new regulations relating to call off stocks

3 Feb 2020

31 Jan 2020

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Finance | FCA to investigate M&C Saatchi accounting errors

The Financial Conduct Authority (FCA) has launched an investigation at leading advertising agency M&C Saatchi, which was forced to make £11.6m of adjustments to its 2018 and 2019 financial results at the end of last year after external auditor KPMG flagged up accounting issues

31 Jan 2020

Business | Norton Motorcycles skids into administration

Classic bike maker Norton Motorcycles has collapsed following legal action over an unpaid tax bill, and faces challenges over the operation of its pension scheme

31 Jan 2020

Restructuring & Insolvency

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Business | Government plans points-based immigration system

The government plans to introduce a points-based immigration system from 2021, based on the recommendations of the Migration Advisory Committee (MAC) review

31 Jan 2020

Careers

Image for nics threshold increases ps104 april

Tax | NICs threshold increases by £104 from April

Changes to national insurance contributions (NICs) will see the threshold rise by 10% in the new tax year with a maximum tax cut of £104

31 Jan 2020

Business | Brexit must release bank lending for business

A rising number of company failures isn’t always a bad sign for the economy, says Ian Defty, insolvency practitioner at CVR Global, who is hoping for a post-Brexit injection of capital

31 Jan 2020

Restructuring & Insolvency

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Business | £800 gold sovereign marks Brexit

It’s Brexit day and the Royal Mint has released its commemorative silver and gold minted coins including a strike on the day sovereign

31 Jan 2020

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HR | People in the news: Moore Kingston Smith, BHP, RSM

In this week’s accountancy career moves, partner appointments at Moore Kingston Smith, BHP and RSM, director promotion at Brown Butler and group CFO at Nordea bank

31 Jan 2020

Careers

Leadership & Management

Image for 500k companies face financial distress

Business | 500k companies face financial distress

Close to half a million businesses are currently in significant distress, a rise of 81% since the start of 2016, with the real estate and property sector particularly badly affected, according to research from Begbies Traynor

31 Jan 2020

Business | KPMG signs deal with Google Cloud

Big Four firm KPMG has partnered with Google Cloud in a bid to improve its regulatory compliance and customer service using artificial intelligence (AI)

31 Jan 2020