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Business | Called to account: June 2020

In this month’s scandals, convictions and penalties, ex HMRC accountant, and author of a guide to beating the tax authorities, found guilty of tax fraud, world cup winning cricketer shamed on HMRC’s list of tax defaulters and trainee accountant defrauded his employer of £58,000, which he spent in six months on a car and alcohol

5 Jun 2020

Called to Account

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Tax | Trump threats on digital tax reveals policy free-for-all

With US technology giants in the sights of any digital services tax, investigation could see a new tariff war launched against many countries including the UK, writes Avalara’s Richard Asquith

5 Jun 2020

Making Tax Digital

International Tax

Image for covid 19 delay vat reverse charge construction services

Tax | Covid-19: delay to VAT reverse charge on construction services

HMRC has announced a five-month delay to the introduction of the domestic reverse charge for construction services, due to the impact of the coronavirus pandemic on the construction sector, and the VAT change will not now apply until 1 March 2021

5 Jun 2020

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Business | Furlough scheme costs 30% less than estimates

The government’s furlough scheme for jobs is likely to cost the government £30% less over the lockdown period than originally predicted, partly because many of the workers involved are part-time or lower-paid, the Office for Budget Responsibility (OBR) has found

5 Jun 2020

Image for pwc takes over taylor wimpey audit deloitte

Business | PwC takes over Taylor Wimpey audit from Deloitte

FTSE 100 house builder Taylor Wimpey has appointed PwC as its external auditor, following a competitive tender process, replacing incumbent Deloitte

5 Jun 2020

Accountancy Firms

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Finance | Charity trustees censured for conflicts of interest

The regulator has censured a Yorkshire charity over unmanaged conflicts of interest, including payments to trustees, and unbalanced research

5 Jun 2020

4 Jun 2020

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Tax | Use mediation to speed up tax disputes with HMRC

While businesses and taxpayers worry about the current economic environment, Alternative Disputes Resolution can be the key to unlocking costly and time-consuming arguments with the tax authority, argue BDO’s Karmjit Mader and Talia Greenbaum

4 Jun 2020

Law and Regulation

Image for covid 19 ps10bn trade credit insurance confirmed

Business | Covid-19: £10bn trade credit insurance confirmed

The government has confirmed it is to guarantee up to £10bn of trade credit insurance (TCI) coverage, to support thousands of businesses by protecting against customer defaults or payment delays during the current pandemic

4 Jun 2020

Accountancy Firms

Image for restaurant boss served ban over ps200k tax discrepancy

Business | Restaurant boss served with ban over £200k tax discrepancy

A North London restaurateur who under-declared more than £200,000 in tax has been disqualified from being a company director for six years

4 Jun 2020

Called to Account

Image for 75 workers support covid tax hike

Tax | 75% of workers support Covid tax hike

Over threequarters of UK workers are willing to pay additional income tax to fund the government’s £300bn of borrowing to fund the Covid-19 response, with many labelling the move ‘a necessary evil’, a survey by AJ Bell has found

4 Jun 2020

Image for ciot calls property sales tax change

Tax | CIOT calls for property sales tax change

The Chartered Institute of Taxation (CIOT) is asking the government to consider delaying changes to capital gains tax rules in relation to home sales, to take account of the impact of Covid-19 on the property market

4 Jun 2020

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Business | IoD wants ‘student loans’ to help SMEs post-Covid

SMEs facing a ‘debt mountain’ as a result of the Covid-19 pandemic should be offered ‘student loans’ so they can recover quickly when the crisis ends, the Institute of Directors (IoD) has suggested

4 Jun 2020

Accountancy Firms

Restructuring & Insolvency

3 Jun 2020

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Business | How small accounting firms can challenge the Big Four

Concerns over auditor independence, healthy work/life balance and low overheads will give smaller firms the opportunity to take work away from the larger firms, argues Chris Biggs, managing director of Theta Financial Reporting

3 Jun 2020

Accountancy Firms

Image for us probe uks digital services tax

Tax | US to probe UK’s digital services tax

The US has launched an investigation into digital services taxes (DSTs) that have been adopted or are being considered by a number of its trading partners, including the UK, on the grounds that they will unfairly penalise companies like Google and Amazon

3 Jun 2020

Making Tax Digital

International Tax

Image for charity trustee disqualified over ps240k theft

Business | Charity trustee disqualified over £240k theft

The trustee of a poverty relief charity has been disqualified and the charity removed from the official register, after a regulatory inquiry found he had stolen around £240,000 from Buckinghamshire-based GTC

3 Jun 2020

Called to Account

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Business | Covid-19: pension scheme guidance

A group of professional bodies has issued guidance on the implications of Covid-19 for pension scheme financial reports and audit, to help pension scheme auditors to navigate the additional challenges raised by the current pandemic

3 Jun 2020

Accountancy Firms

Image for covid 19 icaew predict strong economic rebound

Business | Covid-19: ICAEW predict a strong economic rebound

A strong economic recovery following the coronavirus pandemic is likely, with conditions ripe for a quick turnaround from this ‘short, if very sharp, shock’, according to Oxford Economics report

3 Jun 2020

Accountancy Firms

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Business | Call to end ‘thuggish’ letters for problem debt

A mental health charity is calling on the government to stop requiring lenders to issue ‘debt threat’ letters to consumers when payments are overdue, as part of its financial support measures during the coronavirus crisis

3 Jun 2020

Accountancy Firms