Business &amp; Accountancy Daily

Careers

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Business | People in the news: CIOT awards, Magma, BDO

In this week’s accountancy career moves, two prestigious CIOT awards granted, two partner promotions at Magma and BDO, CEO elected at Optimum Finance, vice president elected at ICAEW, director named at Moore Kingston Smith

23 Oct 2020

Careers

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Business | Goldman Sachs fined record $2.9bn over business bribery

Goldman Sachs is to make a record payment of more than $2.9bn (£2.2bn) to regulatory authorities in the US, UK, and Singapore after the group and its Malaysian subsidiary admitted conspiring to pay over $1bn in bribes to obtain business

23 Oct 2020

Law & Guidance

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Business | Mazars rebrands to mark milestone

Mazars, the international tax, audit and advisory firm, unveils its new brand identity in over 90 countries and territories, marking a key milestone in the firm’s expansion

23 Oct 2020

Accountancy Firms

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Business | Accountants prioritise wellbeing

As Covid-19 challenges add to daily stresses, accountants view mental wellbeing as more important and give it a higher priority than other professional groups, including lawyers and management consultants, according to a survey by wealth management firm Saunderson House

23 Oct 2020

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Business | Covid drives FS sector home working

Half of the UK’s financial services workforce want to work from home after Covid-19, according to a report by KPMG and the Financial Services Skills Commission, suggesting the dramatic change in working patterns created by the pandemic is likely to lead to a new approach

23 Oct 2020

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Tax | Further deferral opportunity for self-assessment taxpayers

Following the chancellor’s Winter Economy Plan, Crowe’s Nick Latimer unpicks the implications for self-assessment taxpayers, including an extra 12 months to pay alongside other measures, but warns there are strings attached, including interest and time restrictions

22 Oct 2020

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Business | Covid job support package enhanced to match new restrictions

In the face of mounting concerns about the disparity in help available, Chancellor Rishi Sunak has announced changes to the government’s coronavirus job support scheme (JSS) to provide additional funding for businesses placed under tighter restrictions but not legally required to close

22 Oct 2020

Careers

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Business | Regulator issues guidance on £170bn pension ‘superfunds’

The Pensions Regulator (TPR) has published new guidance for trustees and employers on transferring to defined benefit (DB) ‘superfunds’, as PwC research suggests up to one million pension scheme members and £170bn of assets could take this route over the next decade

22 Oct 2020

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Finance | FRC to beef up standard on fraud detection

The Financial Reporting Council (FRC) is to update the UK auditing standard covering the auditor’s responsibility relating to fraud, amid concerns that the 16-year old regulations are not sufficiently clear about what the requirements are

22 Oct 2020

Auditing

Corporate Governance

Accounting Consultations

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Finance | Financial Services Bill introduced to Parliament

The government has introduced the Financial Services Bill as a first step in shaping a regulatory framework for the UK’s financial services sector outside of the EU

22 Oct 2020

Tax | Wales raises £300m in Tax Revenue

The Welsh Revenue Authority (WRA) reported £300m tax raised during the last financial year in its annual report, this is the first time the national revenue raising body has reported on delivery against its Corporate Plan 2019 to 2022

22 Oct 2020

Tax

International Tax

Tax Compliance

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Tax | HMRC’s R&D tax credit data fails to measure success

Accountants and their clients are being let down by the government’s research and development tax credit data reporting, missing the opportunity to reveal whether it works, while reducing the risk of fraud, according to ForrestBrown’s Jenny Tragner

21 Oct 2020

Tax | Icelandic music stars challenge tax laws

The Icelandic post-rock band Sigur Rós is calling for a review of the country’s tax laws, as its members prepare to face a second trial over charges of tax evasion, claiming there is a risk of ‘double jeopardy’

21 Oct 2020

Tax

Personal Tax

Tax Compliance

Business | Deloitte to close four offices

Deloitte is the first of the Big Four to announce it is reducing the amount of office space occupied by the firm as a result of the impact coronavirus has had on working patterns, with plans to shut four of its offices

21 Oct 2020

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Tax | Call to improve administration of tax reliefs

Taxpayers are missing out on claims for tax reliefs because of the complexity of applying, and HMRC should enhance the functionality of digital tax accounts and streamline expenses claims to improve take up, according to a report from the Office of Tax Simplification (OTS)

21 Oct 2020

Finance | FRC seeks corporate reporting improvements

The quality of corporate reporting from some the UK’s largest companies has not improved over the past year, and there remain concerns about the frequency of restatements relating to cashflow, according to the Financial Reporting Council’s (FRC’s) annual review

21 Oct 2020

Business | Profit warnings soar as businesses struggle

After just nine months, the number of profit warnings issued by UK quoted companies has reached a new, annual high with more expected as the impact of Covid-19, Brexit and reduced government support take effect, according to EY

21 Oct 2020