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| Audit planning and estimates under ISA (UK) 540

Michelle Roberts ACA examines the impact of ISA (UK) 540 (Revised) Auditing Accounting Estimates and Related Disclosures (2018) on audit planning considerations

20 Jan 2021

Auditing

Image for hmrc penalties double six months

Tax | HMRC penalties double in six months

The value of penalties HMRC is imposing on taxpayers each month shot up in the last six months, following the lull in compliance activities during the first lockdown, according to analysis by tax investigation insurance specialist PfP

20 Jan 2021

Business | Fishing industry compensation for export losses

The government is to provide up to £23m of funding for seafood exporters across the UK, to support businesses which have been most adversely affected by the Covid pandemic and the challenges of adjusting to new regulatory requirements for exporting post-Brexit

20 Jan 2021

Business | Fraud losses fall to £724m

The value and volume of fraud cases heard in UK courts fell steeply last year, despite lockdown fraudsters taking advantage of consumer uncertainty during the pandemic, according to research by KPMG

20 Jan 2021

Business

Companies

Image for push improve listed company board evaluations

Business | Push to improve listed company board evaluations

A review commissioned by the Department of Business, Energy and Industrial Strategy (BEIS) has recommended improvements to the way in which independent board evaluations are carried out in the UK listed sector

20 Jan 2021

Leadership & Management

Tax | MPs slam HMRC’s out of date tech

MPs have criticised HMRC’s response to the Covid-19 crisis, claiming some groups of taxpayers have been unfairly excluded from support packages, while the department’s strategy for property and IT systems has been shown to be wanting

20 Jan 2021

Tax | Filling in your self-assessment forms: useful tips

As the self assessment tax deadline approaches, Jamie Morrison, partner and head of private client at HW Fisher, sets out tips and advice for taxpayers

19 Jan 2021

Business | SME payment terms slashed to 30 days

Under reforms to the Prompt Payment Code (PPC), the required payment period for larger suppliers to small businesses is to be halved to 30 days, with commitments to be made personally by CEOs or finance directors

19 Jan 2021

Leadership & Management

Image for british virgin islands governance inquiry launched

Business | British Virgin Islands governance inquiry launched

A British High Court judge is to lead an investigation into ‘consistent and deeply troubling’ concerns about corruption in the British Virgin Islands (BVI), including claims of misuse of government funds

19 Jan 2021

Business | Director banned over faked £190k tax rebate claim

A director from Manchester has been banned for 11 years after falsifying bank statements and invoices to fraudulently claim some £190,000 in tax repayments

19 Jan 2021

Business

Called to Account

Image for call hmrc extend self assessment deadline

Tax | Call for HMRC to extend self assessment deadline

ACCA has added its voice to calls for HMRC to extend the deadline for self-assessment tax returns on January 31, with the professional body warning that failure to do so could land millions of hard-hit entrepreneurs with fines totalling £250m

19 Jan 2021

Tax | Q&A: freight transport changes

In our regular Q&A series, Croner Taxwise, VAT adviser, Arti Sonpal, explores changes to the VAT liability of supplies following the end of the Brexit transition period

19 Jan 2021

Finance | International reporting: the Covid-19 impact and opportunities ahead

To some last year’s travails were a first test for the changed IFRS standards that took on new forms after the 2008 crisis. Others, meanwhile, were calling out for exceptional measures, as opposed to trusting in the standard frameworks. Jeroen Van Doorsselaere explains

18 Jan 2021

Business | Legal win for SMEs on Covid-19 insurance pay-outs

Tens of thousands of small businesses forced to close during the first lockdown are in line for insurance pay-outs, after the Financial Conduct Authority (FCA) won a test case set to cost insurers over £1bn in claims

18 Jan 2021

Business

Companies

Accountancy Firms

Restructuring & Insolvency

Law & Guidance

Image for begbies traynor books biggest acquisition cvr

Business | Begbies Traynor books biggest acquisition with CVR

Begbies Traynor is to pay some £20m for independent firm CVR in its largest insolvency acquisition to date, which will see the group add its first overseas offices

18 Jan 2021

Business

Companies

Accountancy Firms

Restructuring & Insolvency

Image for kpmg channel islands and isle man merge

Business | KPMG Channel Islands and Isle of Man merge

Carey Olsen has advised on the cross-border merger of KPMG Channel Islands and KPMG Isle of Man to form a single practice operating across the Crown Dependencies

18 Jan 2021

Business

Accountancy Firms

Careers

Leadership & Management

Image for frc signs dual agreement over roiuk audit qualifications

Finance | FRC signs dual agreement over ROI/UK audit qualifications

The Financial Reporting Council (FRC) has agreed a Memorandum of Understanding on Reciprocal Arrangements (MOURA) with IAASA, the Republic of Ireland (ROI) competent authority, minimising disruption to cross-border audits

18 Jan 2021

Auditing

Audit Regulations