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Tax | Farms: CGT and ascertained value for accounts

With farmland values remaining high and some farmers looking to sell farmland, sometimes in small blocks, the base cost for capital gains tax (CGT) becomes a key consideration. Julie Butler, joint managing partner at Butler and Co, examines the accounting and tax planning priorities

9 Sep 2021

Tax | Debtors do not see tax bill as priority but 'fear' HMRC

As HMRC clamps down on outstanding taxpayer debt, research shows that people do not necessarily view tax bills as important to settle compared with other household and business debt

9 Sep 2021

Tax | HMRC set to take action on £7bn furlough fraud

Mid-sized businesses should prepare for a flood of letters from HMRC as furlough draws to a close and the government looks to recoup a suspected £7bn of fraudulent Coronavirus Job Retention Scheme (CJRS) claims

9 Sep 2021

Business | Construction directors banned over £124k hidden funds

A pair of construction directors from Telford have been banned for nine years each after diverting over £124,000 away from creditors

9 Sep 2021

Business

Called to Account

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Business | EY reports 4% growth as global revenue hits $40bn

Big Four network EY has reported combined global revenues of $39.9bn (£29bn) for the financial year ended June 2021 (FY21), an increase of 4% in fee income year on year, while it has set aside a substantial budget to invest in improving audit quality

9 Sep 2021

Business

Accountancy Firms

Careers

Leadership & Management

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Business | Funding applications open for AAT Level 3 qualifications

Applications are now open for funding of Association of Accounting Technicians (AAT) Level 3 qualifications through the government’s National Skills Fund

9 Sep 2021

Tax | HMRC warns students to watch out for tax fraudsters

HMRC is warning university students to be wary of potential scams, especially if they have a part-time job and are new to interacting with the tax office

9 Sep 2021

Tax

Personal Tax

HMRC

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Business | End of temporary insolvency measures

Temporary measures brought in to support businesses from insolvency during the pandemic will be phased out from 1 October

9 Sep 2021

Business

Companies

Restructuring & Insolvency

Tax | Autumn Budget set for 27 October

The Chancellor has confirmed that government spending plans will be outlined at the Spending Review on 27 October alongside a second Budget

9 Sep 2021

Tax

Politics

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Tax | Defining Scottish and Welsh taxpayers

Stephanie Webber, tax writer at Croner-i, assesses the issues to consider when dealing with the tax status of Scottish and Welsh taxpayers, including residency requirements

8 Sep 2021

Tax

Personal Tax

Tax Compliance

Image for amazon pays ps492m tax online sales surge

Tax | Amazon pays £492m tax as online sales surge

Following a hike in online sales during the pandemic, Amazon has paid £492m in UK corporatiaon tax, up from £293m in 2019

8 Sep 2021

Tax | Social care levy raises tax bill for business

Accountants are warning that the increase in National Insurance contributions for businesses could discourage the creation of new jobs and potentially put some at risk, while the individual tax burden is at its highest for decades

8 Sep 2021

Tax

Employment Tax

Tax Planning

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Finance | FRC assesses quality of Streamlined Energy and Carbon Reporting

The Financial Reporting Council (FRC) has published the findings of its review of reporting on emissions, energy consumption and related matters under the Streamlined Energy and Carbon Reporting (SECR) rules which came into effect in 2019

8 Sep 2021

Finance

Financial Reporting

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Tax | Creating a family trust and tax liability

Setting up a family trust can provide a long-lasting legacy for your loved ones and future generations. It can also provide wealth protection to ensure it is used for suitable purposes, as well as offering tax benefits, explains Peter Skelly, senior manager at ZEDRA

8 Sep 2021

Tax

Personal Tax

Tax Planning

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Business | Paylings merges with Parsons Chartered Accountants

Parsons Chartered Accountants has merged with Paylings, one of Wakefield’s oldest accountancy firms and has rebranded

8 Sep 2021

Business

Accountancy Firms

Leadership & Management

Image for 125 tax hike cover social care costs

Tax | 1.25% tax hike to cover social care costs

The launch of a social care levy from 2022 will see all taxpayers facing a 1.25% tax charge under government plans, while dividend tax will also rise

7 Sep 2021

Finance | Audit reform and SMEs: an uphill struggle

Paul Winrow, partner at MHA, says although many of the UK government’s audit and corporate governance reform proposals are appropriate there is a danger the government is neglecting SMEs by focusing too much on the public interest entity (PIE) market

7 Sep 2021

Auditing

Corporate Governance

Image for eclipse film scheme investors offered settlement opportunity

Tax | Eclipse Film Scheme investors offered settlement opportunity

HMRC plans to give investors in the Eclipse Film Scheme the chance to resolve outstanding tax bills, accepting that the original £1.6bn tax bill would not be recovered

7 Sep 2021

Finance | State pension rises 2.5% as pension lock broken

The government has confirmed that the state pension will rise by 2.5% from April 2022, breaking the pension lock as a result of the impact of the pandemic

7 Sep 2021

Business

Pensions

Tax | Q&A: tax liability on state pensions

In our weekly Q&A series, Suzanne Rowland, tax adviser at Croner Taxwise, considers whether tax is payable on a state pension and compliance with self assessment

7 Sep 2021

Finance | SEC fines Kraft Heinz $62m over financial reporting errors

The US Securities and Exchange Commission (SEC) has charged the Kraft Heinz Company with engaging in a long-running expense management scheme that resulted in the restatement of several years of financial reporting

7 Sep 2021

Tax | HMRC faces repayment of potential £45m of follower notice penalties

HMRC may have to repay tens of millions in follower notice penalties issued to taxpayers, after a key decision in the Supreme Court last month cast doubt on their legitimacy

7 Sep 2021

Tax | Thousands of teenagers missing out on Child Trust Fund cash

HMRC is urging young people to check if they have a surprise savings pot in the shape of a Child Trust Fund (CTF), the government savings scheme for children

7 Sep 2021

Tax

HMRC

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Latest news

Tax | Farms: CGT and ascertained value for accounts

Tax | Debtors do not see tax bill as priority but 'fear' HMRC

Tax | HMRC set to take action on £7bn furlough fraud

Business | Construction directors banned over £124k hidden funds

Business | EY reports 4% growth as global revenue hits $40bn

Business | Funding applications open for AAT Level 3 qualifications

Tax | HMRC warns students to watch out for tax fraudsters

Business | End of temporary insolvency measures

Tax | Autumn Budget set for 27 October

Tax | Defining Scottish and Welsh taxpayers

Tax | Amazon pays £492m tax as online sales surge

Tax | Social care levy raises tax bill for business

Finance | FRC assesses quality of Streamlined Energy and Carbon Reporting

Tax | Creating a family trust and tax liability

Business | Paylings merges with Parsons Chartered Accountants

Tax | 1.25% tax hike to cover social care costs

Finance | Audit reform and SMEs: an uphill struggle

Tax | Eclipse Film Scheme investors offered settlement opportunity

Finance | State pension rises 2.5% as pension lock broken

Tax | Q&A: tax liability on state pensions

Finance | SEC fines Kraft Heinz $62m over financial reporting errors

Tax | HMRC faces repayment of potential £45m of follower notice penalties

Tax | Thousands of teenagers missing out on Child Trust Fund cash