Business &amp; Accountancy Daily

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Image for hsbc faces ps13bn lawsuit over sham film investment

Tax | HSBC faces £1.3bn lawsuit over ‘sham’ film investment

HSBC is facing a £1.3bn legal challenge from a group of over 300 investors in a series of Disney filming financing schemes known as the Eclipse Partnerships, which HMRC ruled were tax avoidance vehicles

23 Jun 2020

| Wirecard says disputed €1.9bn ‘may not exist’

Beleaguered German payments fintech Wirecard has been forced to admit that €1.9bn (£1.7bn) of funds which auditors EY reported as ‘missing’ may never have existed, while its former CEO has been arrested on possible fraud charges

23 Jun 2020

Auditing

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Tax | Q&A: reduced VAT rate for empty home conditions

In our regular Q&A series from Croner Taxwise, senior VAT consultant, Hilary Budd explains how reduced rate VAT relief for the refurbishment of empty residential premises can be applied to first and second empty homes

23 Jun 2020

Business | Critical UK public health businesses protected against foreign takeovers

The government is to pass legislation offering new protections for UK businesses critical to combating coronavirus and future public health emergencies, which will prevent hostile takeovers

23 Jun 2020

Tax | VAT updates: June 2020

In this month’s VAT updates, Graham Elliott considers input reimbursement, the use of CCTV as evidence and whether medical scans are VAT-exempt

22 Jun 2020

Business | LSE Chief appointed as FCA boss

The Treasury has announced Nikhil Rathi, previously head of the London Stock Exchange, is to be the new chief executive of the Financial Conduct Authority (FCA)

22 Jun 2020

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Leadership & Management

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Business | Covid-19 has triggered additional stress on cashflows

UK businesses converted just 2.6% of the value of their sales into free cashflow on average last year, this figure has stayed low after falling from an average of 3.3% just four years ago, prior to the EU referendum, shows study by BDO

22 Jun 2020

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Tax | US claims ‘impasse’ on digital services tax talks

The US has pulled out of the discussions on the OECD’s plans for a global tax framework for multinationals in the digital economy, claiming the talks are at an ‘impasse’, and raising the prospect of retaliatory action over any digital services tax (DST)

22 Jun 2020

Tax

Making Tax Digital

International Tax

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Finance | Regulator probes Yorkshire charity over financial failings

The Charity Commission has opened a statutory inquiry into a Yorkshire-based education charity, following repeated non-compliance over financial matters

22 Jun 2020

Charities

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Business | UK retains top spot for financial services investment

The UK has maintained its 20-year record as Europe’s most attractive location for international investment into financial services, attracting double the number of projects compared to its closest competitor, Germany, according to research by EY

22 Jun 2020

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Business | Is Covid-19 the final reel for UK cinemas?

Picture houses are facing epic financial challenges, but if the big studios continue to release their blockbusters in theatres, this is no time to die, argues Mercer & Hole’s Andy Turner

19 Jun 2020

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Business | Covid-19: ‘unprecedented’ government borrowing

The UK’s public sector debt has exceeded gross domestic product (GDP) for the first time since March 1963, according to the latest data from the Office for National Statistics (ONS), which assesses the impact of the government’s coronavirus support package

19 Jun 2020

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Finance | EY reports €1.9bn ‘missing’ at Germany’s Wirecard

German payments company Wirecard has been forced to delay publication of its annual results again, after auditor EY said it could not confirm the existence of cash balances totalling €1.9bn (£1.7bn)

19 Jun 2020

Finance

Accounting Standards

Financial Reporting

Image for covid 19 brits call clampdown business tax evasion

Tax | Covid-19: Brits call for clampdown on business tax evasion

The public are using lockdown to take decisive action against tax avoidance practices, as a record number would rather shop with (79%) or work for (82%) a business that can prove it’s paying its fair share of tax

19 Jun 2020

Business | Competition and Markets Authority chair quits over slow pace of reform

Andrew Tyrie, chairman of the Competition and Markets Authority (CMA), is to step down from the role in September, indicating some frustration with its limitations and the pace of reform

19 Jun 2020

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Leadership & Management

Image for covid 19 fca extends consumer credit support

Business | Covid-19: FCA extends consumer credit support

The FCA intends to extend the support offered to users of certain consumer credit products, who are facing a financial impact because of the exceptional circumstances arising from coronavirus

19 Jun 2020