Business &amp; Accountancy Daily

Business Tax

Personal Tax

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Tax | Super-deduction extension will benefit property landlords

Property landlords can now take advantage of the most attractive tax incentive for business investment ever offered by the British government, but they need to move fast, according to financial advisers Old Mill

5 Aug 2021

Business Tax

Tax Planning

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Tax | Stamp duty on property sales hits £2.8bn

The end of the stamp duty land tax (SDLT) holiday on 30 June for the £250,000 to £500,000 price banding caused a substantial rise in the number of transactions completed in June as purchasers tried to complete to avoid paying additional stamp duty

5 Aug 2021

Property Tax

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Tax | Employers ‘named and shamed’ for paying less than minimum wage

The government has named and shamed 191 employers who have underpaid workers, including major household names, as companies failed to pay £2.1m to over 34,000 workers due the national minimum wage

5 Aug 2021

Tax | £1.9m VAT fraudster jailed for five years

A fraudster who stole nearly £1.9m of taxpayers’ money to fund a lavish lifestyle, including buying three Spanish villas, has been jailed for five and a half years

5 Aug 2021

VAT

Called to Account

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Business | Sunak and Johnson urge City to invest in British business

The Prime Minister and Chancellor has called on UK’s institutional investors to invest money into businesses and infrastructure to create an ‘Investment Big Bang’ to help the UK economy recover from the pandemic

5 Aug 2021

Pensions

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Finance | IFRS 13: fair value disclosures in practice

Sarah Baxendale FCA looks at the impact on presentation and disclosure as a result of applying IFRS 13 Fair Value Measurement and the fair value principles in IFRS standards

4 Aug 2021

Tax | HMRC closes tax avoidance investigation unit

HMRC has closed the specialist Family Investment Company Unit after finding no evidence of a correlation between the use of family investment companies (FIC) and non-compliant behaviour

4 Aug 2021

Personal Tax

HMRC

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Tax | Court ruled that taxpayer was estopped in £701k tax case

The Supreme Court overturned the Court of Appeal’s decision that a taxpayer was not estopped from denying that a valid inquiry had been opened into his tax return which declared he owed HMRC £701,990.96, even though the inquiry was sent to the wrong address

4 Aug 2021

HMRC

Case Reports

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Tax | Business owners at risk of penalties in digital tax overhaul

More than 2m SME owners are at risk of falling foul of the new digital bookkeeping rules and procedures ahead of Making Tax Digital (MTD) for VAT reform coming into force in 2022

4 Aug 2021

Making Tax Digital

VAT

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Tax | CIOT concerned about the timeframe for cladding tax

The Chartered Institute of Taxation (CIOT) is concerned at how the Government is going to successfully develop and introduce the Residential Property Developer Tax (RPDT) for April 2022, considering the small timescale

4 Aug 2021

Property Tax

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Business | One in five companies considering redundancies

The British Chambers of Commerce (BCC) has warned that there could be high levels of unemployment as one in five companies are considering making redundancies as the furlough scheme begins to wind down

4 Aug 2021

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Business | Commercial rent arrears and premises recovery

The extension of the rent arrears moratorium may have been welcomed by some businesses but for landlords the options are limited. Mark Gardner of Excello Law assesses alternatives to court action with a plan for negotiated settlements

3 Aug 2021

Accountancy Firms

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Tax | Tax fraudster ordered to repay £5.5m

A North East Engineering company boss who was jailed for eight years for tax fraud in 2018 has been ordered by the court to pay back around £5.5m within three months or face 10 years in prison

3 Aug 2021

Tax | Q&A: stamp duty land tax (SDLT) additional rate

In our regular Q&A series, Croner Taxwise tax adviser Patrick O’Brien, considers the rules around the additional rate of stamp duty land tax (SDLT) when purchasing secondary residential properties

3 Aug 2021

Property Tax

Tax Compliance

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Business | Directors disqualified for spending £2.4m before liquidation

Two company directors have been disqualified from directly or indirectly being involved in the management of a company for six years after failing to keep records to explain where £2.4m went

3 Aug 2021

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Finance | Proposed sustainability standards board needs greater clarity says ACCA

The International Sustainability Standards Board (ISSB) is welcome but it needs to provide greater clarity over the scope of its standards says the Association of Chartered Certified Accountants (ACCA)

3 Aug 2021

Finance

Financial Reporting

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Business | 660k jobs at risk when furlough ends

Around 660,000 jobs will likely still need furlough when the scheme ends in September with thousands being pushed into unemployment if the government doesn’t extend it past the deadline

3 Aug 2021

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Business | Staff shortages threaten future SME growth

SME businesses remain optimistic about their post-pandemic recovery but staff shortages and concerns around rising inflation threaten future growth

3 Aug 2021

Business | Only four companies left AIM in the last year

Only four companies were forced to leave Alternative Investment Market (AIM) because of financial difficulties in the last 12 months which is the lowest since analysis’ began in 2006 according to UHY Hacker Young

3 Aug 2021