Business &amp; Accountancy Daily

Called to Account

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Tax | Creative tax reliefs support 1917 Oscars success

As World War I epic 1917 bagged three Oscars, sweeping the board in the crafts categories, HMRC revealed the film is one of thousands to have benefited from tax breaks for the creative sector

12 Feb 2020

Tax | £7.5m grant pot for post-Brexit customs declarations extended

Exporters can still apply for the remaining £7.5m of funding to help businesses change their systems to handle post-Brexit EU customs declarations after the government extended the deadline

12 Feb 2020

Business | Company administrations up 5% in 2019

There was an increase of almost 5% in the number of companies falling into administration over 2019, but predictions of the death of high street retailers may be wide of the mark, according to analysis from KPMG

12 Feb 2020

Restructuring & Insolvency

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Tax | Small business investigations yield £1.2bn in unpaid tax

HMRC raises £16 for every £1 it spends on staff carrying out investigations into the tax affairs of individuals and small businesses, according to analysis by Pinsent Masons

12 Feb 2020

Tax | Scrapping entrepreneurs' relief: does it make sense?

An overhaul of entrepreneurs’ relief is high on the agenda as the Chancellor sets out his first Budget next month, but reform rather than abolition is surely a more sensible approach, argues Chris Etherington, tax partner at RSM

11 Feb 2020

Tax | MTD for landlords and sole traders still at trial stage

HMRC has re-issued brief guidance on Making Tax Digital for landlords and sole traders who will be required to report income tax quarterly at some stage in the future, although it is still only a pilot and will not be mandatory

11 Feb 2020

Tax

Making Tax Digital

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Tax | Naming and shaming rules for NMW breaches overhauled

The threshold for being named and shamed for flouting national minimum wage (NMW) rules has been raised to £500, while salary sacrifice schemes will no longer be taken into account

11 Feb 2020

Tax | Nine companies face HMRC investigations over tax evasion

HMRC is ramping up the use of its corporate criminal offences (CCO) powers, with nine businesses curently under investigation for failing to stop the facilitation of tax evasion

11 Feb 2020

Finance | NHS finances reliant on short-term fixes, warns NAO

The National Audit Office (NAO) has warned that short-term fixes have left the NHS ‘seriously financially unstable’

11 Feb 2020

Business | Charity pension trustee jailed for £250k fraud

The former head of a charity for the disabled has been jailed for five years for defrauding the charity’s pension scheme out of more than £250,000

11 Feb 2020

Called to Account

Image for tick box approach climate related reporting criticised

Business | Tick box approach to climate-related reporting criticised

The European Financial Reporting Advisory Group (EFRAG) has published advice on how to improve climate-related reporting, particularly to stop the use of boiler plate reporting

11 Feb 2020

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Tax | Q&A: training costs and tax liability

In our regular Q&A series from Croner Taxwise, tax adviser Laura Burrows CTA looks at tax compliance issues when deducting training costs from employment income

11 Feb 2020

Finance | The jeopardy of software licences under IFRS 16

Robin Fry, director of Cerno, outlines the hidden risks when reporting software licence liabilities under IFRS 16 Leases, from right-of-use considerations, to assets versus liabilities and accounting for under-licensing charges

10 Feb 2020

Finance | Bristol housing charity underreported thousands in income

The trustees of a housing charity branded the ‘most prosecuted landlords in the UK’ have been found responsible for misconduct by the Charity Commission

10 Feb 2020

Charities

Called to Account

Image for oecd set review country country reporting rules

Tax | OECD set to review country-by-country reporting rules

The OECD is consulting on a review of its country-by-country reporting (CBCR) standard which forms part of the ongoing work on base erosion and profit shifting (BEPS)

10 Feb 2020

Business | Treasury plans 60-day debt relief window

The government is to launch Breathing Space, a debtor protection scheme to help people in debt by freezing all creditor contact over a 60-day period to encourage them to access advice sooner

10 Feb 2020

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Tax | Consultation on plans for 10 freeports

The government is consulting on plans to create up to 10 freeports across the UK, with tariff flexibility, customs facilitations and tax measures designed to encourage global trade and attract inward investment post-Brexit

10 Feb 2020

Tax | HMRC launches fewer dawn raids

HMRC raided 1,082 homes and businesses last year as part of criminal investigations into tax evasion, but the numbers of unannounced visits are falling as the tax authority has access to more targeted information

10 Feb 2020

Business | Frank Hirth in deal with leading NY firm

US and UK tax compliance specialist Frank Hirth has transitioned its US business and corporate tax practice, Frank Hirth LLC, to the New York firm of Raich Ende Malter & Co (REM)

10 Feb 2020