HMRC continues updating stocks & shares ISA tax guidance, Government proposes vocational finance GCSEs, and Four methods exist to evaluate AI tool accuracy

Summary provided by AI

Business & Accountancy Daily

Latest news

Image for corporate insolvency and governance act 18 months

Finance | Corporate Insolvency and Governance Act 18 months on

The Corporate Insolvency and Governance Act (CIGA) has protected businesses during the worst of the pandemic, but measures are being withdrawn now. David Mohyuddin QC, Radcliffe Chambers, explains

26 Oct 2021

Finance

Financial Reporting

Law and Regulation

Image for qa tax and directors pension contributions

Tax | Q&A: tax and directors' pension contributions

In our regular Q&A series, Croner Taxwise apprentice tax adviser Ria Dhillon considers the tax implications when a company decides to boost the pension contributions for directors

26 Oct 2021

Business | Four directors banned for abusing Covid-19 loans

A director has been banned for nine years and three more received extended bankruptcy restrictions after fraudulently collectively claiming £100,000 from the Bounce Back Loan (BBL) scheme

26 Oct 2021

Business

Called to Account

Image for financial failings slough see appointment commissioners

Finance | Financial failings at Slough see appointment of commissioners

The government has appointed commissioners to take over governance and financial scrutiny at Slough Borough Council and injected £112m following two highly critical reviews

26 Oct 2021

Finance

Financial Reporting

Image for frc oversight report flags cpd monitoring failures

Business | FRC oversight report flags CPD monitoring failures

The Financial Reporting Council (FRC) has published its annual report for the government on its oversight responsibilities in 2020/21

26 Oct 2021

Business

Accountancy Firms

Training & CPD

Image for august equity invests aab accountants

Business | August Equity invests in AAB accountants

Private equity firm August Equity has invested in accountancy firm Anderson Anderson & Brown (AAB) to fast-track ambitious growth plans

26 Oct 2021

Business

Accountancy Firms

Careers

Leadership & Management

Image for third finance teams still rely excel

Finance | Third of finance teams still rely on Excel

UK finance departments have been slow to adopt digital transformation despite acknowledging that manual processes lead to critical errors and payment delays

26 Oct 2021

Finance

Financial Reporting

Image for hmrc opened 3600 inheritance tax probes last year

Tax | HMRC opened 3,600 inheritance tax probes last year

HMRC launched 3,574 investigations into inheritance tax (IHT) in the financial year 2020-21 which gave the tax authority an additional £254m in tax revenue

26 Oct 2021

Tax

Personal Tax

HMRC

Image for 82 businesses want expansion making tax digital

Tax | 82% of businesses want an expansion to Making Tax Digital

Around 82% of mid-sized businesses revealed that Making Tax Digital (MTD) for VAT has convinced them that further digitalisation will make the tax system more efficient

26 Oct 2021

Tax | SMEs to pay £2.4bn more after national insurance increase

SME businesses will pay an extra £2.4bn a year due to the rise in National Insurance contributions (NICs) to pay for the social care levy

26 Oct 2021

Tax

Business Tax

25 Oct 2021

Image for essentials making tax digital income tax

Tax | Essentials: Making Tax Digital for income tax

Despite a one-year delay to implementation, it is important to start preparing for Making Tax Digital for income tax self-assessment (MTD for ITSA) now that regulations have been made legislating the start date and implementing the rules, says Meg Wilson, tax writer at Croner-i

25 Oct 2021

Tax

Making Tax Digital

Personal Tax

Image for restaurant bosses ordered pay back ps600k

Business | Restaurant bosses ordered to pay back £600k

Four restaurant bosses, who evaded £800,000 in tax, have been ordered to pay back a total of £600,000 or face more time in prison

25 Oct 2021

Business

Called to Account

Image for uk falls down global ranking tax burden soars

Tax | UK falls down global ranking as tax burden soars

The rising tax burden means that the UK is currently ranked 22nd out of 37 OECD countries in the International Tax Competitiveness Index, released by the US-based Tax Foundation

25 Oct 2021

Tax

Business Tax

Tax Planning

Image for lords carry out payroll ir35 rules follow inquiry

Tax | Lords to carry out off-payroll IR35 rules follow-up inquiry

The House of Lords Finance Bill Sub-Committee has launched a second inquiry into the implementation of the off-payroll rules in the private sector to find out how these rules are working in practice

25 Oct 2021

Tax

Employment Tax

Tax Compliance

Image for national living wage rise ps950

Business | National living wage to rise to £9.50

The national living wage will rise 59 pence from £8.91 to £9.50 from 1 April 2022

25 Oct 2021

Business

Companies

Tax | Millionaires call for wealth tax

A group of 30 millionaires have called on the Chancellor to introduce a wealth tax to pay for the Covid-19 recovery as they can ‘afford it’

25 Oct 2021

Tax

Personal Tax

Image for businesses call more green tax incentives

Tax | Businesses call for more green tax incentives

Businesses are calling on the Chancellor to introduce more tax incentives to encourage businesses to go green in the Autumn budget

25 Oct 2021

Tax

Business Tax

Image for companies house received record 113m digital filings

Business | Companies House received record 11.3m digital filings

Companies House accepted 11.3m digital filings in the last financial year with the words ‘digital filing’ not even mentioned in last year’s annual report

25 Oct 2021

Business

Companies

22 Oct 2021

Image for how dividend tax rise hits small business owners

Tax | How dividend tax rise hits small business owners

Hayden Bailey, private client partner at Boodle Hatfield considers some of the pros and cons of individuals paying themselves dividends from their company, as well as the risks involved

22 Oct 2021

Tax | HRMC nudge letters target cryptocurrency investors

HMRC plans to send out nudge letters to cryptocurrency investors to remind them to pay the correct tax

22 Oct 2021

Tax | Accountants set out Budget expectations

As the countdown starts for the second Budget of the year, accountants are hoping to see measures to support business, clarity on environmental taxes and possible changes to inheritance tax

22 Oct 2021

Tax

Budget

Image for accountancy charter fight fraud

Finance | Accountancy charter to fight fraud

In a bid to tackle fraud, leading professional accountancy bodies have signed a new accountancy charter, a voluntary agreement between law enforcement, professional supervisory bodies and government to better understand and tackle fraud

22 Oct 2021

Business | People in the news: Azets, PKF Littlejohn, Streets, Interpath

In this week’s accountancy career moves, new partners at Azets, PKF Littlejohn and Streets Bloodstock, and director promotions at Moore Kingston Smith, Finch & Associates and Interpath Advisory

22 Oct 2021

Business

Accountancy Firms

Careers

Leadership & Management

Image for internal audit teams need prioritise climate risk

Finance | Internal audit teams need to prioritise climate risk

The Chartered Institute of Internal Auditors (Chartered IIA) has joined forces with the British Standards Institution (BSI), to urge business leaders to prioritise action on climate risk

22 Oct 2021

Finance

Financial Reporting

Image for inheritance tax most hated tax uk

Tax | Inheritance tax most hated tax in UK

Inheritance tax (IHT) has once again been voted the most hated type of tax in the UK with one in four placing it at the top of their list

22 Oct 2021

Tax

Personal Tax

Image for uk agrees transition terms global tax deal

Tax | UK agrees to transition terms to global tax deal

The UK has agreed a plan to phase out the digital services tax (DST) and transition to the new global corporation tax

22 Oct 2021

Tax

Business Tax

Image for savants restructuring practice goes bust

Business | Savants Restructuring practice goes bust

Quantuma has been appointed as joint administrators of London headquartered insolvency firm Savants Restructuring and its subsidiary, which have ceased to trade with immediate effect

22 Oct 2021

Business

Accountancy Firms

Restructuring & Insolvency

Image for acca cancel status approved regulator probate

Business | ACCA to cancel status as approved regulator for probate

The Association of Chartered Certified Accountants (ACCA) has given notice to the Legal Services Board (LSB) that it plans to cancel its designation as an approved regulator in relation to the reserved legal activity of probate

22 Oct 2021

Business

Accountancy Firms

Image for ey recruits 1088 graduates year

Business | EY recruits 1,088 graduates this year

EY has recruited 1,088 graduates and apprentices into its UK offices this year which is 40 more than hired in 2020

22 Oct 2021

Business

Accountancy Firms

Careers

Leadership & Management

Navigate

Tax Services

Latest news

Finance | Corporate Insolvency and Governance Act 18 months on

Tax | Q&A: tax and directors' pension contributions

Business | Four directors banned for abusing Covid-19 loans

Finance | Financial failings at Slough see appointment of commissioners

Business | FRC oversight report flags CPD monitoring failures

Business | August Equity invests in AAB accountants

Finance | Third of finance teams still rely on Excel

Tax | HMRC opened 3,600 inheritance tax probes last year

Tax | 82% of businesses want an expansion to Making Tax Digital

Tax | SMEs to pay £2.4bn more after national insurance increase

Tax | Essentials: Making Tax Digital for income tax

Business | Restaurant bosses ordered to pay back £600k

Tax | UK falls down global ranking as tax burden soars

Tax | Lords to carry out off-payroll IR35 rules follow-up inquiry

Business | National living wage to rise to £9.50

Tax | Millionaires call for wealth tax

Tax | Businesses call for more green tax incentives

Business | Companies House received record 11.3m digital filings

Tax | How dividend tax rise hits small business owners

Tax | HRMC nudge letters target cryptocurrency investors

Tax | Accountants set out Budget expectations

Finance | Accountancy charter to fight fraud

Business | People in the news: Azets, PKF Littlejohn, Streets, Interpath

Finance | Internal audit teams need to prioritise climate risk

Tax | Inheritance tax most hated tax in UK

Tax | UK agrees to transition terms to global tax deal

Business | Savants Restructuring practice goes bust

Business | ACCA to cancel status as approved regulator for probate

Business | EY recruits 1,088 graduates this year