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Image for ey achieves carbon negative status

Business | EY achieves carbon negative status

Big Four firm EY has become carbon negative by reducing its absolute emissions to offset and remove more carbon than it emits

21 Oct 2021

Accountancy Firms

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| Auditors call for stronger audit process on fraud

As auditors attempt to restore trust in the profession, auditors explain what is needed to improve the audit industry particularly by spotting fraud, in the latest report by the Association of Chartered Certified Accountants (ACCA)

21 Oct 2021

Auditing

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Finance | FRS 102 and accounting for foreign currency transactions

Steve Collings FMAAT FCCA explains the key issues to consider when accounting for foreign currency transactions under FRS 102

20 Oct 2021

Finance

Financial Reporting

UK GAAP

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Tax | Court rules against £1.3m VAT bill

The Court has ruled against HMRC stating that it was not entitled to claim UK acquisition VAT of £1.3m from a taxpayer on the purchase of alcohol from a supplier situated in an EU member state

20 Oct 2021

Case Reports

Image for credit suisse fined ps147m over mozambique loans

Business | Credit Suisse fined £147m over Mozambique loans

The Financial Conduct Authority (FCA) has fined Credit Suisse over £147m for serious financial crime due diligence failings related to loans worth over $1.3bn (£940m), which the bank arranged for the Republic of Mozambique

20 Oct 2021

Called to Account

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Tax | Treasury will have to replace lost road tax revenues

The Treasury warns that taxes will need to be raised in order to cover the £37bn that will be lost from the reduced fuel duty and vehicle excise duty (VED) in the government’s net zero strategy

20 Oct 2021

Budget

Politics

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Business | Survey reveals lack of ESG awareness

Nearly half of business leaders of companies with a turnover between £10m and £750m are not familiar with environmental, social, governance (ESG) reporting rules

20 Oct 2021

Tax | PwC sells global mobility tax business

Private investment firm Clayton, Dubilier & Rice has acquired the global mobility tax services business of professional services firm PwC

20 Oct 2021

Business | Defaults on business covid loans could reach £22bn

Almost a third of coronavirus business interruption loan scheme (CBILS) and bounce back loan scheme (BBLS) loans, amounting to £22bn, will go into default, claims ACP Altenburg Advisory

20 Oct 2021

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Tax | Spanish tax changes: what you need to know

A raft of tax changes is due to come into effect before the end of the year in Spain including a wealth tax, increases to income tax and property tax revisions. Claudio Rodríguez Vera, international tax barrister at Del Canto Chambers unpicks the plans and considers visa options

19 Oct 2021

Tax | Q&A: is VAT payable on cross charges between companies?

In our regular Q&A series, Croner Taxwise VAT adviser Paul Knott, considers whether VAT is payable on cross charges between group companies

19 Oct 2021

VAT

Image for cardiff office tilney smith williamson

Business | Cardiff office for Tilney Smith & Williamson

Tilney Smith & Williamson, the wealth management and accounting group, is planning to open a new office in Cardiff in a sign of the firm’s commitment to continue developing its client base in Wales

19 Oct 2021

Accountancy Firms

Careers

Leadership & Management

Image for chancellor sets framework environmental reporting

Finance | Chancellor sets framework for environmental reporting

Certain large businesses will need to report on their green credentials to potential investors under new sustainability reporting rules outlined by the Chancellor in a bid to stop greenwashing

19 Oct 2021

Finance

Financial Reporting

Image for charities lost ps86m fraud last year

Finance | Charities lost £8.6m to fraud last year

Charities reported almost £8.6m of lost funds in the last financial year due to fraud, according to Charity Commission figures

19 Oct 2021

Charities

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Business | Government offers £5,000 grants to replace boilers

The government is to offer subsidies of £5,000 from next April to help homeowners in England and Wales replace their gas boilers with low-carbon heat pumps

19 Oct 2021

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Business | Empathetic leadership leads to higher job satisfaction

The majority of employees believe that empathetic leadership leads to higher job satisfaction and decreases employee turnover, reveals EY leadership survey

19 Oct 2021

Leadership & Management

Image for netflix only paid ps4m corporation tax

Tax | Netflix only paid £4m in corporation tax

The streaming giant Netflix only paid £4m in corporation tax in the UK in 2020 despite generating £1.5bn from its UK subscribers

19 Oct 2021

Tax | HMRC clarifies time to pay rules

HMRC has issued guidance on time to pay arrangements which specifies what businesses need to do if they are unable to pay their tax bill and need to spread the costs

19 Oct 2021