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| Why have a voluntary audit?

For companies exempt from preparing an audit, there are various alternatives for reporting on assurance of financial statements. John Selwood ACA explains the different options and how these compare to an audit

13 Oct 2021

Auditing

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Tax | Taxi drivers face tax checks to renew licence

Changes to the licensing rules for taxi drivers will add a requirement to check their tax compliance before issuing new licenses in a bid to tackle tax evasion from 2022

13 Oct 2021

Finance | KPMG accused of ‘untruthful’ defence over Silentnight

The Financial Reporting Council (FRC) has accused KPMG and ex partner David Costley-Wood of being ‘untruthful’ in its defence of the Silentnight audit investigation

13 Oct 2021

Auditing

Corporate Governance

Audit Regulations

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| Director accountability likely to feature in audit reforms

The government is currently reviewing responses to the consultation on audit reform and is likely to tighten up rules on director accountability

13 Oct 2021

Corporate Governance

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Business | Nearly 1,000 hospitality venues closed since July

The number of licensed premises fell by almost 1,000 between July and September with 9,900 closing since the start of the pandemic

13 Oct 2021

Business

Companies

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Tax | Entrepreneur in court over £26.5m of fake furlough claims

HRMC has issued an order to seize £26.5m worth of cash allegedly obtained fraudulently through the furlough scheme from ‘non-existent’ businesses run by an ‘entrepreneur’

13 Oct 2021

Tax

Business Tax

HMRC

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Business | A third of UK small businesses highly indebted

According to the Bank of England, a third of UK SMEs are in more than twice as much debt as before the Covid-19 pandemic

13 Oct 2021

Business

Companies

Image for qa vat reclaims and electric cars

Tax | Q&A: VAT reclaims and electric cars

In our regular Q&A, David Smith, VAT adviser at Croner Taxwise, considers whether VAT can be reclaimed on purchases of electric cars

12 Oct 2021

Tax

VAT

Tax Compliance

Image for basis period reform needs happen mtd extension

Tax | Basis period reform needs to happen before MTD extension

The UK’s accountancy institutes are concerned that without an improved basis period reform then Making Tax Digital (MTD) for income tax will not be successful

12 Oct 2021

Tax

Making Tax Digital

Business Tax

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Tax | 31 October deadline for paper self assessment tax returns

HMRC is reminding taxpayers to check that they have the correct information in order to complete their paper self assessment tax returns by the month end deadline

12 Oct 2021

Tax | Tax rises will wipe out wage inflation

Salaries are rising at the fastest rate in 24 years, but wage inflation could lead to millions being less well-off as tax burden grows, warns Blick Rothenberg

12 Oct 2021

Tax | HMRC warning on risk of tax avoidance via umbrella companies

HMRC has updated its guidance for companies using temporary labour to reduce the risk of using an umbrella company that uses tax avoidance schemes

12 Oct 2021

Tax

Employment Tax

Tax Compliance

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Business | Government supports faster payments system

Following consultation on the future payment landscape the Treasury has confirmed that it will support the rollout of a faster payments system and improve cross-border payments

12 Oct 2021

Business

Companies

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Tax | Sunak faces difficult public finances at Budget, IFS warns

Chancellor Rishi Sunak could introduce cuts worth £2bn for government departments tasked with meeting the Tories’ flagship ‘levelling up’ agenda despite the biggest tax rise in a generation

12 Oct 2021

Tax | Taxing cryptoassets: what you need to know

Holders of cryptoassets need to be aware of the tax implications, whether they are trading or mining. Thomas Cattee, head of white-collar crime, and Tim Crook, head of tax, at Gherson Solicitors examines the latest HMRC guidance

11 Oct 2021

Tax

Personal Tax

Tax Compliance

Image for ifrs group updates sustainability standards work

Finance | IFRS group updates on sustainability standards work

Plans for the new International Sustainability Standards Board (ISSB) are on schedule to be finalised by the COP 26 meeting in Glasgow next month with adoption of the IASB’s conceptual framework core to the standard setting approach

11 Oct 2021

Finance

Financial Reporting

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Tax | Court issues £350k fine for information notice failures

The court has issued a £350,000 tax-related penalty to a taxpayer for 'continued failure' to comply with an information notice

11 Oct 2021

Tax

Personal Tax

Case Reports

Image for uk version sarbanes oxley should be introduced

Finance | UK version of Sarbanes-Oxley should be introduced

The government is likely to finalise plans for its wide-ranging audit reforms by the end of year with indications they will tighten up the rules on internal control and director accountability

11 Oct 2021

Finance

Financial Reporting

Corporate Governance

Image for hmrc closes tax enquiry chemring cfc exemption

Tax | HMRC closes tax enquiry into Chemring CFC exemption

Chemring has removed a contingent liability of up to £15m after HMRC confirmed that an enquiry into its participation in the UK’s controlled foreign company (CFC) finance exemption has been closed

11 Oct 2021

Business | CMA Strategy Consulting snapped up by EY-Parthenon

Big Four consulting arm EY-Parthenon has acquired CMA Strategy Consulting (CMA), building its strategy and transaction-focused offerings across the digital infrastructure space

11 Oct 2021

Business

Accountancy Firms

Careers

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Tax | Global tax agreement moves ahead

Chancellor Rishi Sunak has hailed global cooperation after 136 countries have agreed to the new system to ensure that large multinationals pay the right tax

11 Oct 2021

Tax

Business Tax

International Tax

Navigate

Tax Services

Latest news

| Why have a voluntary audit?

Tax | Taxi drivers face tax checks to renew licence

Finance | KPMG accused of ‘untruthful’ defence over Silentnight

| Director accountability likely to feature in audit reforms

Business | Nearly 1,000 hospitality venues closed since July

Tax | Entrepreneur in court over £26.5m of fake furlough claims

Business | A third of UK small businesses highly indebted

Tax | Q&A: VAT reclaims and electric cars

Tax | Basis period reform needs to happen before MTD extension

Tax | 31 October deadline for paper self assessment tax returns

Tax | Tax rises will wipe out wage inflation

Tax | HMRC warning on risk of tax avoidance via umbrella companies

Business | Government supports faster payments system

Tax | Sunak faces difficult public finances at Budget, IFS warns

Tax | Taxing cryptoassets: what you need to know

Finance | IFRS group updates on sustainability standards work

Tax | Court issues £350k fine for information notice failures

Finance | UK version of Sarbanes-Oxley should be introduced

Tax | HMRC closes tax enquiry into Chemring CFC exemption

Business | CMA Strategy Consulting snapped up by EY-Parthenon

Tax | Global tax agreement moves ahead