Business &amp; Accountancy Daily

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Finance | SASB and IIRC merger to create Value Reporting Foundation

The Sustainability Accounting Standards Board (SASB) and the International Integrated Reporting Council (IIRC) have confirmed that they are working on plans to merge the bodies with the creation of the Value Reporting Foundation

28 Apr 2021

Finance

Financial Reporting

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Tax | PAC criticises Treasury on lack of environmental tax plans

The Public Accounts Committee (PAC) has criticised the Treasury as it has yet to set out how the tax system can help government achieve the UK’s net zero target by 2050

28 Apr 2021

Business Tax

Politics

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Tax | EU plans to debate proposals for digital tax

The EU is moving ahead with plans for a new digital taxation rate for multinational companies with proposals due to be debated in the European parliament

28 Apr 2021

International Tax

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Finance | CFOs need to embrace ESG reporting, says Gartner

CFOs who improve their organisation’s environmental, social and governance (ESG) reporting for investors will see improved access to capital, stock performance, and customer loyalty, according to Gartner

28 Apr 2021

Finance

Financial Reporting

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| Warning for company directors of public interest entities

The wide-ranging audit reform consultation, currently out for review, raises a number of new enforcement powers to control director conduct and change the definition of PIEs. Harvey Knight, partner in Withers' financial services regulatory group, assesses the proposals

27 Apr 2021

Accounting Consultations

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Tax | Making Tax Digital is the priority for HMRC

Jesse Norman MP, financial secretary to the Treasury, has told businesses and accountants at the annual HMRC stakeholder conference that HMRC’s priorities for the future of the tax system will heavily involve Making Tax Digital (MTD)

27 Apr 2021

Business | Accounts payable staff furloughed as cost cutting measure

An estimated 41% of UK finance decision makers placed accounts payable staff on furlough over the past 12 months as part of cost cutting exercise a report by Invu says

27 Apr 2021

Accountancy Firms

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Tax | HMRC starts sending out tax credits renewal packs

HMRC is sending out about 2.5 million annual renewal packs to claimants of tax credits over the next six weeks

27 Apr 2021

Personal Tax

HMRC

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Business | TC Group merges with Sussex accountancy firm

TC Group has merged with accountancy firm Sykes, Dalby & Truelove Ltd (SDTL) in a move set to expand the firm’s presence in West Sussex

27 Apr 2021

Accountancy Firms

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Tax | Q&A: fair value adjustments and tax

In our weekly Q&A, Croner Taxwise tax advisor Seb Lord assesses the tax liability for intercompany loans where an investment property has devalued

27 Apr 2021

Business | Economy is set to bounce back to pre-covid-19 levels

EY has significantly upgraded the UK’s economic growth prospects for 2021 with the expectations of a solid recovery from Q2

27 Apr 2021

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Tax | HMRC security checks delay tax refunds

HMRC is delaying the payment of self-assessment tax refunds and threatening to remove individuals from the self-assessment regime if extensive and onerous information is not provided, says accountants Hillier Hopkins

27 Apr 2021

Business | Financial services bosses banned for trading while insolvent

A group of financial services directors have been banned after causing the company to take money from clients and make self-serving payments while being insolvent

27 Apr 2021

Called to Account

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Tax | How to navigate Making Tax Digital

Compliance with Making Tax Digital for VAT means that uploading data via Excel spreadsheets is no longer allowed. Jim Scott, managing director of accountancy at IRIS Software Group, provides tips and advice

26 Apr 2021

Making Tax Digital

VAT

Image for hmrc records nearly one million scams against taxpayers

Tax | HMRC records nearly one million scams against taxpayers

Over the last year, HMRC has received 975,420 referrals of suspicious contact from the public with 552,885 of these relating to bogus tax rebates

26 Apr 2021

Personal Tax

HMRC

Image for increasing reliance inheritance set widen wealth gap

Tax | Increasing reliance on inheritance set to widen wealth gap

Younger generations will be relying on their inheritance as overall wealth is likely to be determined by their parent’s assets rather than their own earnings research by the Institute for Fiscal Studies (IFS) reveals

26 Apr 2021

Personal Tax

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Finance | Post Office sub postmasters cleared of accounting fraud

The Court of Appeal has quashed the convictions of 39 post office submasters who were wrongly accused of fraudulent accounting due to problems with the Horizon IT system

26 Apr 2021

Finance

Financial Reporting

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Tax | Penalties for failures on country-by-country reporting capped at £3k

HMRC has issued guidance setting out the penalty regime for companies failing to follow country-by-country reporting rules

26 Apr 2021

Tax | Businesses repay over £760m in furlough money

Over 3,000 UK businesses have voluntarily have repaid over £760m in furlough grants to HMRC that they did not need, says UHY Hacker Young

26 Apr 2021

Business | Record jump in consumer confidence as lockdown eases

The first three months of 2021 saw a record quarterly rise in consumer confidence, rising six percentage points in the first quarter (Q1) according to the latest Deloitte Consumer Tracker

26 Apr 2021