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Tax | Impact of Covid-19 pandemic on transfer pricing

Previously accepted comparables used for establishing a company's transfer pricing policy might not be comparable due to the impact of the pandemic, warn David Whitmer, transfer pricing practice leader and Srinidhi Tuppal, transfer pricing manager at Kreston Global

23 Aug 2021

International Tax

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Tax | Changes to late payment penalty regime for taxpayers

HMRC has clarified changes to the late payment penalty scheme which will start to come into force from April 2022

23 Aug 2021

Image for hm courts hit ps125m tax bill over ir35 errors

Tax | HM Courts hit with £12.5m tax bill over IR35 errors

HM Courts & Tribunal Service has had to pay a £12.5m tax bill to HMRC due to mistakes made when determining the IR35 status of contractors

23 Aug 2021

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Business | Tax fraudster has 10 years added to sentence

A businessman who stole more than £108m in what has been coined as Britain’s biggest ever tax fraud has been jailed for another ten years after failing to pay back £11m

23 Aug 2021

Called to Account

Image for norton motorcycles ex owner faces court action over pension breach

Finance | Norton Motorcycles ex owner faces court action over pension breach

A former owner of Norton Motorcycles is to be prosecuted for illegally investing money into the business from three pension schemes for which he was the sole trustee

23 Aug 2021

Image for ciot issues warning about stamp duty refund claims

Tax | CIOT issues warning about stamp duty refund claims

The Chartered Institute of Taxation (CIOT) is urging property buyers to be wary of companies offering help with stamp duty land tax (SDLT) refunds as they can often be ‘too good to be true’

23 Aug 2021

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Tax | Accounting bodies call for delay to basis reporting

Five UK tax and accounting bodies have urged the government to delay reforms to the tax system which would affect how self-employed people and businesses report their profits

23 Aug 2021

Making Tax Digital

Accountancy Firms

20 Aug 2021

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Tax | HMRC must incentivise business R&D spending

Reform of the overly complex research and development (R&D) tax credits system is long overdue and would release funding for innovation, argue Daniel Kyle, James Rolfe and Steven Smith, senior tax consultants at Leyton UK

20 Aug 2021

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Business | People in the news: DLA Piper, KPMG, Charter Tax, Grant Thornton

In this week’s accountancy career moves, partner appointments at KPMG, Mazars and Grant Thornton, head of tax disputes at DLA Piper, tax consultant at Charter Tax, and promotions at Hawksford Group

20 Aug 2021

Accountancy Firms

Leadership & Management

Image for ethical decisions critical accountants stresses ifac

Finance | Ethical decisions critical for accountants, stresses IFAC

A group of accountancy bodies has issued a paper examining ethical issues for accountants and how to improve the decision making process

20 Aug 2021

Financial Reporting

Corporate Governance

Image for warning statement account clawback tax credits

Tax | Warning on statement of account clawback for tax credits

The Low Incomes Tax Reform Group (LITRG) is urging people who missed the 31 July tax credits renewals deadline to contact HMRC urgently to restart their tax credit payments or they will have to repay their credits

20 Aug 2021

Image for chip shop owner banned after failing declare ps460k tax

Tax | Chip shop owner banned after failing to declare £460k in tax

A Welsh fish and chip shop owner has been issued a ban for five years from the Insolvency Service after failing to declare £459,522 in VAT over the course of five years

20 Aug 2021

Called to Account

Image for inheritance tax receipts rise ps500m after nil rate freeze

Tax | Inheritance tax receipts rise £500m after nil-rate freeze

HMRC’s latest tax receipt figures show a sharp improvement compared to this time last year with inheritance tax (IHT) rising by £500m after the nil-rate freeze in the Spring Budget

20 Aug 2021

Image for half accountancy firms report growth post pandemic

Business | Half of accountancy firms report growth post pandemic

Accountancy and bookkeeping firms have managed to weather the pandemic well with just over half of firms managing to maintain their client base over the period

20 Aug 2021

Accountancy Firms

Image for 70 football clubs deferred tax payments

Business | 70% of football clubs deferred tax payments

The BDO Football FD report revealed that 70% of football clubs deferred their tax payments last year with more than three quarters of England’s professional clubs having concerns about their financial health

20 Aug 2021

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Business | Accountants must play key role in application of AI

As artificial intelligence (AI) becomes more mainstream accountants need to lead the way in adopting it as part of environmental, social and governance (ESG) reporting, says the Association of Chartered Certified Accountants (ACCA)

20 Aug 2021

Accountancy Firms

19 Aug 2021

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Tax | Disguised remuneration repayment scheme – no redress?

The UK government's scheme allowing taxpayers to claim refunds or waivers for punitive settlements relating to disguised remuneration makes it extremely difficult for claimants to get back the money they are entitled to, warn Matthew Sharp and Siobhan Gillespie, tax disputes directors at Fieldfisher

19 Aug 2021

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Tax | Does it make sense to transfer pension to a QROPS?

The lifetime allowance freeze is a pensions time bomb waiting to explode, but it may be worth considering a transfer of funds to a qualifying recognised overseas pension scheme (QROPS), explains Rachel De Souza, private client partner at RSM

19 Aug 2021

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Tax | HMRC hub office opens in Liverpool

HMRC’s India Building hub in Liverpool has finally opened and will accommodate 4,500 government department staff in the new city centre site

19 Aug 2021

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Business | Lubbock Fine tells staff ‘work when you like, where you like’

City of London accountancy firm is moving to an ultra-flexible smart working approach following consultation with staff and partners and after home working since March 2020

19 Aug 2021

Accountancy Firms

Leadership & Management

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Business | KPMG launches global learning platform

Big Four firm KPMG has launched a digital platform and portfolio of services to help businesses respond to rapid technological disruption and hybrid ways of working

19 Aug 2021

Accountancy Firms

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Tax | Tax rises and spending cuts needed for independent Scotland

An independent Scotland would need to need to raise taxes or cut spending in order to reduce its budget deficit says Institute for Fiscal Studies (IFS)

19 Aug 2021

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HR | Pressure builds to find chair for Financial Reporting Council

With the imminent departure of interim chair Keith Skeoch, the head of the Financial Reporting Council (FRC) in October, the government is still advertising for a replacement for the top job at the audit regulator

19 Aug 2021

Corporate Governance

Leadership & Management

Image for ppi claims handler loses bid vat exemption

Tax | PPI claims handler loses bid for VAT exemption

The Upper Tribunal has upheld the First Tier Tribunal’s (FTT) decision that the services provided by the Claims Advisory Group Ltd for mis-sold PPI claims were not exempt and were subject to VAT

19 Aug 2021

Image for bosses ftse 100 see pay cut 17

Business | Bosses at FTSE 100 see pay cut by 17%

FTSE 100 CEOs were paid an average £2.69m in 2020, equivalent to 86 times the median full-time worker in the UK, although this marked a 17% fall in take home pay due to the pandemic

19 Aug 2021

Leadership & Management

Image for smith cooper joins pkf international

Business | Smith Cooper joins PKF International

PKF International has strengthened its UK presence signing up Midland’s accountancy and business advisory firm Smith Cooper to its network

19 Aug 2021

Accountancy Firms

Image for 83 businesses not aware plastic tax

Tax | 83% of businesses not aware of plastic tax

With less than a year to go until the plastic packaging tax is introduced a survey by Veolia found that 83% of businesses asked were not aware of the tax

19 Aug 2021