Business &amp; Accountancy Daily

Restructuring & Insolvency

Image for three more energy firms go bust

Business | Three more energy firms go bust

Ofgem has confirmed that three more energy firms have gone bust as the UK’s gas crisis continues

30 Sep 2021

Image for deloitte partners earn ps854k profits rise

Business | Deloitte partners earn £854k as profits rise

Bouncing back from 2020, Deloitte LLP has reported revenue for the year ended 31 May 2021 hit £4.5bn, up 4.2% from £4.31bn last year, despite the pandemic

30 Sep 2021

Careers

Leadership & Management

Image for working tax credit employees must report changes hours

Tax | Working tax credit employees must report changes to hours

HMRC is urging working tax credit claimants to check if they need to update their working hours if these have reduced as a result of coronavirus as relaxed reporting rules end

30 Sep 2021

Business | Johnston Carmichael joins Moore Global network

Accounting network Moore Global has strengthened its UK presence with the addition of Johnston Carmichael, the largest independent accountancy firm in Scotland

30 Sep 2021

Careers

Leadership & Management

Image for post implementation review ifrs 9 open comment

Finance | Post implementation review of IFRS 9 open for comment

The International Accounting Standards Board (IASB) has issued a consultation as part of the three-part post-implementation review of the classification and measurement requirements in IFRS 9 Financial Instruments

30 Sep 2021

IFRS

Audit Consultations

Image for pension regulator given wider powers curb misuse funds

Finance | Pension regulator given wider powers to curb misuse of funds

The Pension Regulator (TPR) will be able to use its new criminal sanctions to crack down on misuse of pension funds and a penalty regime with a £1m fine for the worst cases

30 Sep 2021

Pensions

Image for sustainability board will be finalised late october

Finance | Sustainability board will be finalised by late October

The trustees of the IFRS Foundation have confirmed that they will finalise plans for the new standard setter, the International Sustainability Standards Board (ISSB) in late October

30 Sep 2021

Image for accounting tax under ias 12 income taxes

Finance | Accounting for tax under IAS 12 Income Taxes

Rachel Farris FCA CTA, senior accounting writer at Croner-i, identifies two significant issues for businesses to consider when accounting for current and deferred tax under IAS 12 Income Taxes (IAS 12) – Covid-19 related impacts and climate-related risks

29 Sep 2021

Business | SFO investigates £150m property investment schemes

The Serious Fraud Office (SFO) is investigating the Alpha and Green Park group of companies for suspected fraud in relation to the companies’ student accommodation and holiday park developments

29 Sep 2021

Called to Account

Image for low threshold wealth tax would raise ps260bn

Tax | Low threshold wealth tax would raise £260bn

The introduction of a wealth tax could raise a staggering £260bn if a threshold of £500,000 was selected, but valuing assets could be challenging

29 Sep 2021

Personal Tax

Image for loan charge controversy and crucial deadline

Tax | Loan charge – controversy and a crucial deadline

The loan charge has caused much controversy since its introduction in the 2016 Budget and now is the last chance to apply for a refund or waiver under the disguised remuneration repayment scheme, says Chris Etherington, tax partner at RSM

29 Sep 2021

Finance | 88% of annual accounts filed online, says Companies House

According to official figures, 88.4% of annual accounts sent to Companies House in the 2020-21 financial year were filed electronically, up from 84.9% in the previous year

29 Sep 2021

Image for beever and struthers and pareto fp sign partnership

Business | Beever and Struthers and Pareto FP sign partnership

Accountants and business advisers Beever and Struthers has formed a partnership with Pareto Financial Planning to provide staff and clients with independent financial and wealth management advice

29 Sep 2021

Image for eu energy tax could hit northern ireland and gibraltar

Tax | EU energy tax could hit Northern Ireland and Gibraltar

A report from the government’s European Scrutiny Committee warns that businesses in Northern Ireland and Gibraltar may be ‘adversely affected’ if the EU adopts proposals altering tax rules

29 Sep 2021

International Tax

Image for covid support measures come end

Business | Covid support measures come to an end

As the furlough scheme, temporary reduced VAT rates, and paused winding up scheme all come to an end, nearly seven in 10 employers expect to make redundancies within the next year

29 Sep 2021

Business | ESG momentum on the rise says PwC

Business awareness of environmental, social and corporate governance (ESG) and diversity and inclusion (D&I) issues is set to skyrocket according to a PwC report

29 Sep 2021

Image for qa vat liability and eu reclaims

Tax | Q&A: VAT liability and EU reclaims

In this week’s Q&A, Vivienne Scott, senior VAT consultant at Croner Taxwise, examines the VAT liability when looking at claims when products are sourced in the EU

28 Sep 2021

VAT

Tax Compliance

Image for wise co founder charged ps365k deliberate tax default

Tax | Wise co-founder charged £365k for ‘deliberate tax default’

Kristo Kaarmann, the co-founder of Wise, the listed money transfer company, has been given a £365,651 fine by HMRC for a ‘deliberate default’ on his taxes in the 2017-18 tax year

28 Sep 2021

Personal Tax

HMRC

Tax | Essar Oil in talks with HMRC to extend £770m VAT deadline

Essar Oil has confirmed that it is in talks with HMRC to extend its time-to-pay (TTP) arrangement in order to pay off its £770m VAT tax bill from April 2021

28 Sep 2021

Finance | IMA creates task force to encourage sustainability reporting

The Institute of Management Accountants (IMA) has set up a sustainable business management global task force to represent the management accounting profession, accountants, and finance professionals in business, on shaping the development of sustainability reporting

28 Sep 2021

Image for xbrl taxonomy sustainability standards released

Finance | XBRL taxonomy for sustainability standards released

The Value Reporting Foundation has released an XBRL taxonomy for Sustainability Accounting Standards Board (SASB) standards to integrate the standards into the common language for business reporting

28 Sep 2021

Accounting Standards

Image for evcl chill goes administration

Business | EVCL Chill goes into administration

PwC has been appointed as joint administrators of EVCL Chill Ltd and its subsidiaries, as the food distribution company collapses as a result of HGV driver shortages

28 Sep 2021