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Tax | New approach could narrow scope of R&D tax relief

R&D tax relief has been a valuable source of innovation funding for thousands of UK businesses since it was first introduced but HMRC’s approach to subsidised expenditure could soon see many of those claiming for customer-led R&D at risk of challenge, warns Jenny Tragner CA ATT, technical director at ForrestBrown

12 Jul 2021

Tax

Business Tax

Tax Compliance

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Business | Convicted fraudster ordered to pay £3.5m

A convicted fraudster who was jailed following a complex VAT scam that involved using multiple false identities has been ordered to pay back almost £3.5m

12 Jul 2021

Business

Called to Account

Image for welsh revenue authority raises ps242m tax revenue

Tax | Welsh Revenue Authority raises £242m in tax revenue

The Welsh Revenue Authority (WRA) has published its annual report and accounts 2020 to 2021, reporting that £242m in tax was raised during the last financial year to directly fund public services across Wales

12 Jul 2021

Tax

Property Tax

Image for chancellor supports g20 progress global tax reform

Tax | Chancellor supports G20 progress on global tax reform

Chancellor Rishi Sunak has welcomed milestone progress on international tax reform during the two-day meeting of G20 finance ministers and central bank governors in Venice

12 Jul 2021

Tax | HMRC is yet to prosecute over account freezing orders

HMRC has not been able to prosecute any case in which an account freezing order (AFO) had been obtained according to a freedom of information (FOI) request by law firm JMW Solicitors

12 Jul 2021

Tax

HMRC

Image for uk business confidence jumps ahead lockdown lifting

Business | UK business confidence jumps ahead of lockdown lifting

Business confidence has jumped to its highest point since 2005 as firms anticipate the lifting of lockdown restrictions on July 19 reveals latest business trends report by BDO

12 Jul 2021

Business

Companies

Image for kreston international rebrands kreston global

Business | Kreston International rebrands to Kreston Global

Accounting network Kreston International has rebranded to become Kreston Global, positioning the network for its next phase of growth

12 Jul 2021

Business

Accountancy Firms

Leadership & Management

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Tax | Professional indemnity insurance won’t be enough says ATT

The new president of the Association of Taxation Technicians (ATT) has used his first speech in post to urge the government to make membership of a professional body mandatory for all providers of tax advice

12 Jul 2021

Finance | FRC revises ISQM quality management standards for auditors

The Financial Reporting Council (FRC) has issued revised quality management standards for an audit firm’s responsibilities to design, implement and operate a system of quality management

12 Jul 2021

Auditing

Corporate Governance

Audit Regulations

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Tax | Turnover calculation added to fifth SEISS claims

The application process for the fifth Self-Employment Income Support Scheme (SEISS) grant will depend on details of two years of turnover and losses resulting from the pandemic

9 Jul 2021

Tax | Cairn seizes Indian properties in Paris over tax dispute

FTSE 250 listed Cairn Energy plc has secured a French court order to seize some 20 Indian government properties in Paris to recover part of a $1.72bn (£1.2bn) arbitration award over a long disputed tax bill

9 Jul 2021

Business | One in three workers received covid financial support

Over 14.5m people have been supported financially through the furlough scheme or self employed grants since the start of the pandemic, representing more than a third of the working population

9 Jul 2021

Business

Companies

Image for number administrations falls first half 2021

Business | Number of administrations falls in first half of 2021

An unprecedentedly low number of only 301 companies fell into administration or receivership from January to June 2021, despite the pandemic

9 Jul 2021

Business

Companies

Restructuring & Insolvency

Image for hmrc clarifies claim process sdlt claims freeport sites

Tax | HMRC clarifies claim process for SDLT claims in freeport sites

HMRC has issued guidance on how to claim relief from stamp duty land tax (SDLT) in freeport tax sites once they are approved

9 Jul 2021

Tax

Business Tax

Property Tax

Image for lawyer jailed after ps380k stamp duty fraud

Tax | Lawyer jailed after £380k stamp duty fraud

The former owner of a West London law firm has been sentenced to three years in prison for stealing £380,000 in fraudulent stamp duty tax returns on client property sales

9 Jul 2021

Tax

Property Tax

Called to Account

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Business | White Oak to lend £15m to UK accountancy sector

Alternative finance provider White Oak plans to allocate £15m to accountancy firms across the UK which is 6% of its lending funds

9 Jul 2021

Business

Companies

Accountancy Firms

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Business | People in the news: Moore Kingston Smith, FRP, Old Mill, EY

In this week’s accountancy career moves, partner promotions at Moore Kingston Smith, EY, Grant Thornton and FRP, and directors promoted at Old Mill, Kreston Reeves and MHA Moore and Smalley

9 Jul 2021

Leadership & Management

Image for manser time right managed shared audit

Finance | Manser: is the time right for managed shared audit?

As the consultation on the future of audit closes, Peter Manser, head of audit and assurance at Kreston Reeves LLP, argues that managed shared audit needs careful consideration but could open up much-needed competition among audit firms

8 Jul 2021

Auditing

Corporate Governance

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Finance | IFRS Foundation updates stakeholders on sustainability standard plans

The IFRS Foundation is on track to release the outline plans for its work on creating a new body to produce sustainability standards for climate reporting

8 Jul 2021

Finance

Financial Reporting

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| Lack of support for managed shared audit

Managed shared audit has come under fire in responses to the government’s consultation on audit reform, with organisations warning that it is unlikely to address the current problems and risks related to audit failures

8 Jul 2021

Accounting Consultations

Image for bookkeeper jailed ps21m vat fraud

Tax | Bookkeeper jailed for £2.1m VAT fraud

A Croydon fraudster who funded a jetset lifestyle with fraudulent VAT repayment claims has been sentenced to seven years in prison

8 Jul 2021

Tax

VAT

Called to Account

Image for upper tribunal denies multimillion pound lrr tax relief claim

Tax | Upper Tribunal denies multimillion pound LRR tax relief claim

The Upper Tribunal has ruled against Northern Gas Networks judging that the removal or improvement of iron pipes was not qualifying expenditure for a land remediation tax relief claim (LRR), estimated to be worth a minimum of £17m

8 Jul 2021

Finance | Accountancy profession needs to emphasise risk management

The accountancy profession needs to step up and drive adoption of enterprise risk management (ERM) to avert risk, says Association of Chartered Certified Accountants (ACCA)

8 Jul 2021

Finance | Majority of public sector bodies do not participate in climate reporting

More than half of public sector organisations do not currently report on their climate impact reveals a survey by the Chartered Institute of Public Finance and Accountancy (CIPFA)

8 Jul 2021

Finance

Financial Reporting

IFRS

Image for fca consults plans improve diversity finance

Business | FCA consults on plans to improve diversity in finance

The Financial Conduct Authority (FCA) is seeking views on how to improve diversity and inclusion across financial services organisations

8 Jul 2021

Leadership & Management

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Latest news

Tax | New approach could narrow scope of R&D tax relief

Business | Convicted fraudster ordered to pay £3.5m

Tax | Welsh Revenue Authority raises £242m in tax revenue

Tax | Chancellor supports G20 progress on global tax reform

Tax | HMRC is yet to prosecute over account freezing orders

Business | UK business confidence jumps ahead of lockdown lifting

Business | Kreston International rebrands to Kreston Global

Tax | Professional indemnity insurance won’t be enough says ATT

Finance | FRC revises ISQM quality management standards for auditors

Tax | Turnover calculation added to fifth SEISS claims

Tax | Cairn seizes Indian properties in Paris over tax dispute

Business | One in three workers received covid financial support

Business | Number of administrations falls in first half of 2021

Tax | HMRC clarifies claim process for SDLT claims in freeport sites

Tax | Lawyer jailed after £380k stamp duty fraud

Business | White Oak to lend £15m to UK accountancy sector

Business | People in the news: Moore Kingston Smith, FRP, Old Mill, EY

Finance | Manser: is the time right for managed shared audit?

Finance | IFRS Foundation updates stakeholders on sustainability standard plans

| Lack of support for managed shared audit

Tax | Bookkeeper jailed for £2.1m VAT fraud

Tax | Upper Tribunal denies multimillion pound LRR tax relief claim

Finance | Accountancy profession needs to emphasise risk management

Finance | Majority of public sector bodies do not participate in climate reporting

Business | FCA consults on plans to improve diversity in finance