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Business | Called to account: February 2021

In this month’s round-up of significant director bans and tax evasion, director banned over faked £190k tax rebate claim and seven-year ban for caterer over missing £265k in tax

5 Feb 2021

Business

Called to Account

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Business | Shepherd and Wedderburn builds up Scottish private client practice

Shepherd and Wedderburn has acquired Dentons’ Scottish private client team, creating one of Scotland’s largest private client practices

5 Feb 2021

Business

Accountancy Firms

Careers

Leadership & Management

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Tax | HMRC service levels and compliance activity hit by Covid

Latest HMRC performance figures lay out the impact of Covid-19 during a unique financial year, resulting in ‘abnormally’ high debt levels, a sharp drop in tax receipts and a decline in customer service

5 Feb 2021

Tax

HMRC

Tax Compliance

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Business | FTSE 100 has ‘zero’ black senior board executives

There are currently no black executives at the top of the UK’s biggest companies, with no chairs, CEOs or CFOs in the FTSE 100, according to research compiled by executive recruitment and diversity consultancy agency Green Park

5 Feb 2021

Business

Companies

Careers

Leadership & Management

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Business | People in the news: KPMG, Begbies Traynor, Kreston Reeves, Mazars

In this week’s accountancy career moves, partner hires at Mazars, Burgis and Bullock, and Begbies Traynor Group, deal advisory lead for KPMG and business development head for Kreston Reeves

5 Feb 2021

Business

Accountancy Firms

Careers

Leadership & Management

Image for fashion boss jailed accounts unravel

Business | Fashion boss jailed as accounts unravel

The boss of a Leicester clothing manufacturer has been jailed for six months after failing to provide adequate company accounting records, or to pay £300,000 in tax

5 Feb 2021

Business

Called to Account

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Tax | Sales of goods between Great Britain and Northern Ireland explained

Sarah Kay, VAT expert at Croner-i, reviews the VAT and customs treatment of sales of goods between Great Britain and Northern Ireland now that the UK has fully left the EU and the Northern Ireland Protocol has been agreed

4 Feb 2021

Tax

VAT

Tax Compliance

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Business | Menzies adds to London base with Masons Accountants

Top 25 accountancy firm Menzies has announced a merger with Slough-based accountancy practice Masons Accountants, signalling a strategic growth move

4 Feb 2021

Business

Accountancy Firms

Careers

Leadership & Management

Image for hmrc invests ps3m improve payment processes

Tax | HMRC invests £3m to improve payment processes

HMRC has signed a £3m contract for open banking services, the government’s largest to date, with start-up fintech Ecospend, in a bid to streamline its payment processes and reduce errors

4 Feb 2021

Business | Independence twice as likely to hit Scotland’s economy as Brexit

The combination of independence and Brexit is set to reduce Scotland’s income per capita by between 6.3% and 8.7% in the long run, according to a study from the London School of Economics (LSE)

4 Feb 2021

Business

Companies

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Finance | IASB issues going concern reporting guidance

The International Accounting Standards Board (IASB) has issued guidance on how to apply going concern judgments when finalising annual reports as covid-19 impacts revenue

4 Feb 2021

Business | KPMG liquidators to Norwegian Air staffing company

David Pike, Mike Pink and Stuart Irwin from KPMG’s restructuring practice have been appointed as joint liquidators to Norwegian Air Resources UK Ltd, which has shed over 1,000 jobs after the low-cost carrier exited its North American routes

4 Feb 2021

Business

Companies

Restructuring & Insolvency

Image for kpmg uk revenues down 4 pandemic

Business | KPMG UK revenues down 4% in pandemic

KPMG UK’s revenues dropped by 4% last year, from £2.4bn to £2.3bn, while profits fell 6% and partner pay was cut by 11%, during a year which also saw the firm celebrate its 150th anniversary

3 Feb 2021

Business

Accountancy Firms

Careers

Leadership & Management

Image for business property relief and furnished holiday lettings

Tax | Business property relief and furnished holiday lettings

Stephanie Webber CTA, tax writer at Croner-i, looks at the possible availability of business property relief on furnished holiday lettings in the light of recent case law

3 Feb 2021

Tax | EY beefs up personal tax services with Frank Hirth acquisition

EY is to acquire the personal tax services business of Frank Hirth, a specialist accountancy practice providing UK and US personal tax services, in a bid to build up its profile in the private client business market

3 Feb 2021

Business | BEIS to build UK-wide business subsidy regime

The Department for Business, Energy and Industrial Strategy (BEIS) has set out plans for a new UK-wide subsidy control system, to replace the EU state aid regime, which it says will provide more flexible and tailored financial support to businesses

3 Feb 2021

Business

Companies

Image for pension scheme trustees challenged over climate change reporting

Finance | Pension scheme trustees challenged over climate change reporting

The Department for Work and Pensions (DWP) is consulting on proposed legislation requiring occupational pension schemes to improve their climate risk governance and reporting, which has come under fire from the sector’s regulator

3 Feb 2021

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Latest news

Business | Called to account: February 2021

Business | Shepherd and Wedderburn builds up Scottish private client practice

Tax | HMRC service levels and compliance activity hit by Covid

Business | FTSE 100 has ‘zero’ black senior board executives

Business | People in the news: KPMG, Begbies Traynor, Kreston Reeves, Mazars

Business | Fashion boss jailed as accounts unravel

Tax | Sales of goods between Great Britain and Northern Ireland explained

Business | Menzies adds to London base with Masons Accountants

Tax | HMRC invests £3m to improve payment processes

Business | Independence twice as likely to hit Scotland’s economy as Brexit

Finance | IASB issues going concern reporting guidance

Business | KPMG liquidators to Norwegian Air staffing company

Business | KPMG UK revenues down 4% in pandemic

Tax | Business property relief and furnished holiday lettings

Tax | EY beefs up personal tax services with Frank Hirth acquisition

Business | BEIS to build UK-wide business subsidy regime

Finance | Pension scheme trustees challenged over climate change reporting