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Business | KPMG completes sale of restructuring business

As part of its reorganisation due to audit reforms, KPMG has completed the sale of its UK restructuring practice, now known as Interpath Advisory, to H.I.G. Capital, LLC

4 May 2021

Restructuring & Insolvency

Careers

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Tax | Record Amazon sales but no corporation tax paid

Amazon’s latest corporate filings in Luxembourg revealed that the company made record sales of €44bn (£38bn) in Europe in 2020 but because the Luxembourg unit made a €1.2bn loss it meant that it did not have to pay corporation tax

4 May 2021

International Tax

Tax Planning

Tax | VAT updates: May 2021

In this month’s round-up of key VAT decisions, Graham Elliott assesses the tribunal rulings in Northumbria Health Care NHS Trust, Step by Step and Balhousie

4 May 2021

VAT

Case Reports

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Business | Jailed tax fraudster ordered to repay £1.1m

A convicted tax fraudster, who stole millions of pounds to fund a life of luxury cars and homes, has been ordered to repay £1.1 million or spend more time in prison

4 May 2021

Called to Account

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Tax | Q&A: ATED and tax compliance on new dwellings

In our weekly Q&A, Vivienne Cheung, tax adviser at Croner Taxwise, examines whether the annual tax on enveloped dwellings (ATED) on high value residential properties is payable

4 May 2021

Property Tax

Tax Compliance

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Business | Treasury launches problem debt Breathing Space scheme

Hundreds of thousands of people struggling with debt problems will be supported through a new debt respite scheme, Breathing Space, launched by government, which gives a 60-day respite period

4 May 2021

Business | AIM companies perform strongly despite covid-19

A record low of just seven companies left AIM due to financial stress in the last year says UHY Hacker Young, compared to 82 after the 2008 crash

4 May 2021

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Tax | House prices show biggest rise for 17 years

Annual house price growth rebounded to 7.1% in April, from 5.7% in March, marking the biggest rise for 17 years, according to the latest Nationwide price index, as stamp duty holiday stimulates sales

30 Apr 2021

Property Tax

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Business | Number of shop closures surge across UK

The pandemic continues to hit retail as the vacancy rate of shops across the country has increased to 14.1%, the latest British Retail Consortium shop vacancy monitor has revealed

30 Apr 2021

Restructuring & Insolvency

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Business | People in the news: Deloitte, KPMG, Milsted Langdon, Smith Cooper

In this week’s accountancy career moves, partner appointment at Deloitte Legal, promotions and hires at PwC’s Strategy&, KPMG and retirement for Milsted Langdon founder

30 Apr 2021

Leadership & Management

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Tax | HMRC has stopped hiring users of disguised remuneration schemes

Following requests for clarification on HMRC’s use of contractors signed up to disguised remuneration schemes, the head of the tax authority has written to MPs confirming that it no longer hires this type of contractor

30 Apr 2021

Personal Tax

HMRC

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Business | KPMG, PwC, Deloitte and EY ranked in Top 50 Employers for Women

All of the Big Four accountancy firms have been recognised for their efforts to work towards gender equality by experts behind the Times Top 50 Employers for Women list

30 Apr 2021

Tax | Treasury consults on plans for residential property developer tax

The Treasury has released a consultation on plans to introduce a residential property developer tax on certain profits from residential development activity, designed to raise £2bn

30 Apr 2021

Business Tax

Consultations

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Tax | HMRC sets out penalty regime for SEISS abuse

As the fourth self employment income support scheme (SEISS) ramps up for applications, HMRC has confirmed the penalty regime with harsh fines for abuse of the financial support

30 Apr 2021

Tax | HMRC hands out £1.3m in late filing penalties for CGT

HMRC has issued late filing penalties totalling £1,311,300 since the introduction of the new 30-day tax window for capital gains payment (CGT) in April 2020

30 Apr 2021

Property Tax

HMRC

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Business | Practices need to plan now for long-term offsite working

Balancing the needs of the practice and employees can be a challenge when the majority of staff are working remotely due to the pandemic. Duncan Ward, CEO at Enreach, provides tips and advice on effective remote working

30 Apr 2021

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Business | Stricter scrutiny on administration sales to connected parties

Tighter controls on the sale of companies in administration to connected parties are designed to strengthen the rules over pre-pack sales. Nicola Collins and Fatema Begum, restructuring senior associates at Mayer Brown, examine the new rules effective 30 April

29 Apr 2021

Restructuring & Insolvency

Image for biden plans hike us capital gains tax rate

Tax | Biden plans hike in US capital gains tax rate

Marking 100 days in office, US president Joe Biden has set out plans to increase capital gains tax and top income rates, in a move which will hit the wealthiest US taxpayers

29 Apr 2021

International Tax

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Tax | EU revamps VAT rules for e-commerce businesses

The EU is set to overhaul the VAT rules for e-commerce businesses which means businesses will have to electronically declare and pay the VAT for all their intra-EU sales in a single quarterly return

29 Apr 2021

VAT

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Business | Half of workers expect employers to make Covid vaccine mandatory

Half of Britain’s workers expect their bosses to demand a vaccine passport before they can return to their workplace although the government has not regulated on mandatory jabs

29 Apr 2021