AI completes in minutes what accountants took days says Croner AI chief, Council requests tax data to crack down on illegal Airbnbs, and Brewery honours Healey with Chancellor's Choice beer

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Image for ftse 100 audit fees hit record levels

Finance | FTSE 100: audit fees hit record levels

As the impact of intense regulatory scrutiny and audit automation escalates, the UK’s top 100 listed companies saw an 8% hike in annual audit fees to hit £726m, amid an increasing lack of competition due to Big Four dominance, Philip Smith reports

10 Nov 2020

Corporate Governance

Image for chancellor outlines green post brexit financial services

Finance | Chancellor outlines ‘green’ post-Brexit financial services

Chancellor Rishi Sunak has outlined the government’s post-Brexit approach to financial services regulation and has underlined the UK’s intention to become a global leader in green finance

10 Nov 2020

Accounting Standards

Financial Reporting

Accountancy Firms

Leadership & Management

Image for kpmg dispose restructuring business

Business | KPMG to dispose of restructuring business

KPMG is to explore options for selling its restructuring business, over concerns about potential conflicts of interest and the regulatory push to achieve operational separation between audit and non-audit work

10 Nov 2020

Accountancy Firms

Image for hmrc burns runaway tobacco smuggler ps900k unpaid vat

Business | HMRC burns runaway tobacco smuggler for £900k unpaid VAT

A Buckinghamshire man has been jailed for six years after he illegally imported more than two million cigarettes, stole hundreds of thousands of pounds in VAT and then fled the country to escape punishment

10 Nov 2020

Called to Account

Image for big four ftse 100 audit fees hit record ps726m

Finance | Big Four FTSE 100 audit fees hit record £726m

The UK’s top 100 listed companies have seen an 8% hike in annual audits fees to hit £726m, as Big Four dominance locks out challenger firms while investment and regulatory pressure drives up costs

10 Nov 2020

Corporate Governance

Image for qa changes rules movement goods

Tax | Q&A: changes to the rules for movement of goods

In our regular Q&A series, Croner Taxwise, VAT adviser, Tony Chamberlain, explains how the impending changes to the rules concerning movement of goods across the EU will affect UK businesses

10 Nov 2020

International Tax

Image for hmrc act over insurance premium value shifting

Tax | HMRC to act over insurance premium ‘value shifting’

HMRC is consulting on proposals intended to improve the operation of insurance premium tax (IPT), making it easier for both the industry and HMRC to administer, and addressing certain types of avoidance and evasion

10 Nov 2020

9 Nov 2020

Image for airbnb hosts must act now avoid hmrc probe

Tax | Airbnb hosts must act now to avoid HMRC probe

As the online short-term rental giant passes its user data to the tax authority, RSM’s Sarah Saunders says amateur renters should have nothing to fear if they use reliefs and follow the rules carefully

9 Nov 2020

Image for urgent calls help millions excluded self employed

Business | Urgent calls to help millions of excluded self employed

Studies show one in five of those working for themselves remain out in the cold while chancellor continues to support those already able to access schemes, but more help could be made available, finds Philip Smith

9 Nov 2020

Image for ps500k fine and reprimand deloitte over pension audit failings

Finance | £500k fine and reprimand for Deloitte over pension audit failings

Deloitte and one of the firm’s former engagement partners have been reprimanded by the Financial Reporting Council (FRC) over auditing failures at an unnamed client, with the Big Four firm given a £500,000 penalty

9 Nov 2020

Corporate Governance

Image for over ps1bn fraudulent bounce back loan applications

Business | Over £1bn of fraudulent bounce back loan applications

Up to £1.1bn of fraud via the government’s bounce back loan scheme (BBLS) was identified in first six month of its operation, according to evidence supplied to the public accounts committee (PAC)

9 Nov 2020

Image for pandemic sees living wage rates hike

Business | Pandemic sees living wage rates hike

Around 250,000 workers across the UK are set for a pay boost as ‘real living wage’ pay rates are increased, and an additional 800 employers sign up to the scheme during the pandemic

9 Nov 2020

Leadership & Management

Image for covid 19 hits hmrc customer response levels

Tax | Covid-19 hits HMRC customer response levels

Covid-19 restrictions and HMRC’s leading role in the launch of a slew of government support schemes have hit HRMC’s customer service levels and are having an impact on the amount of tax collected, latest statistics reveal

9 Nov 2020

6 Nov 2020

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Business | Accountants adapt and survive in year of radical change

As 2020 has seen more upheaval in the way accountants work than in the past decade, Workday’s Tim Wakeford looks at how finance departments have been the biggest adaptors in a year of digital transformation

6 Nov 2020

Accountancy Firms

AI & Technology

Leadership & Management

Image for ex bhs owner chappell jailed ps584k tax evasion

Business | Ex-BHS owner Chappell jailed for £584k tax evasion

Dominic Chappell, the entrepreneur who bought BHS for £1 in 2015, has been found guilty of evading tax of £584,000 and jailed for six years

6 Nov 2020

Called to Account

Image for nao warns significant post brexit trading disruption

Business | NAO warns of ‘significant’ post-Brexit trading disruption

UK traders face ‘significant’ disruption at the border from 1 January next year, despite the government spending £1.4bn this year on preparations, because of the tight timetable, the impact of the pandemic and a lack of contingency planning, the National Audit Office (NAO) has warned

6 Nov 2020

Accountancy Firms

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Business | Called to account: November 2020

In this month’s scandals, convictions and penalties, forex trading duo banned over mis-used millions from client cash, US oil data company charged over five-year multimillion accounting fraud, and director disqualified over failure to legitimise payments

6 Nov 2020

Called to Account

Image for people news menzies haysmacintyre simmons gainsford

Business | People in the news: Menzies, Haysmacintyre, Simmons Gainsford

In this week’s accountancy career moves, partner promotions at Menzies, Simmons Gainsford, MHA Moore and Smalley, Haysmacintyre, and Buchler Phillips, and head of corporate finance advisory named at Grant Thornton

6 Nov 2020

Leadership & Management

Image for beis urges action be brexit ready

Business | BEIS urges action to be Brexit-ready

With less than two months to go, the government has launched a campaign urging services and investment companies to get going on key actions as the UK counts down to its new trading relationship with the EU after 31 December

6 Nov 2020

Accountancy Firms

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Finance | Wanted: audit & accounting technical writer at Croner-i

Croner-i has an exciting opportunity for an audit & accounting technical writer to join our lively team on a flexible, home-working basis

6 Nov 2020

Financial Reporting

Accountancy Firms

AI completes in minutes what accountants took days says Croner AI chief, Council requests tax data to crack down on illegal Airbnbs, and Brewery honours Healey with Chancellor's Choice beer

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