Business &amp; Accountancy Daily

Called to Account

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Tax | Budget 2021: three freeports set to open in November

After the initial announcement of freeports earlier this year, the government has confirmed that three freeports are set to open next month

29 Oct 2021

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HR | People in the news: BDO, Azets, Thorney Widgery, UHY

In this week’s accountancy career moves, partner promotions at BDO, senior hires at UHY and Kreston Global networks, and trainee expansion at Thorney Widgery

29 Oct 2021

Careers

Leadership & Management

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Finance | Half of pension schemes fail to assess climate risks

Pension schemes in the UK still have much work to do if they are to adapt to the challenges of climate change, The Pensions Regulator (TPR) has warned

29 Oct 2021

Pensions

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Business | Treasury bombarded with 5m malicious emails

According to official figures, the Treasury has been hit with 4,870,389 ‘malicious emails’ over the last three years

29 Oct 2021

Accountancy Firms

28 Oct 2021

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Business | GOTO Energy calls in administrators

As the energy crisis continues, another supply has hit the wall as GOTO Energy (UK) Limited has been forced to stop trading

28 Oct 2021

Restructuring & Insolvency

Tax | Accountancy bodies positive on business focused Budget

After the highly anticipated second Budget of the year, UK accountancy bodies share their reactions to the announcements from the Chancellor

28 Oct 2021

Tax | Budget 2021: dividend rate rises by 1.25%

In the Budget, the rates for dividend tax rises were confirmed from the new tax year in April 2022 to fund the social care levy, announced last month

28 Oct 2021

Tax | Budget 2021: basis period reform scheduled for 2024

The government has announced that reforms to the taxation of unincorporated businesses will go ahead in 2024, a year later than originally planned

28 Oct 2021

Tax | Budget 2021: consultation on re-domiciliation for relocating businesses

As part of the Budget announcements, the government plans to change the rules on company re-domiciliation to make it easier for companies to move their domicile to and relocate to the UK

28 Oct 2021

International Tax

Politics

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Tax | Budget 2021: clarification given on discovery assessments

The Budget confirmed that legislation has been adjusted to allow HMRC to raise discovery assessments into individuals who have failed to report certain tax charges on their self assessment tax returns

28 Oct 2021

Tax | Budget 2021: tax surcharge on UK bank profits cut to 3%

The Budget announced that the surcharge for banks will be cut to 3% from the current 8% with the profit threshold at which banks will start paying the top-up rising to £100m from £25m

28 Oct 2021

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Business | Only 15% of accountancy firms have net zero targets

Only 15% of accountancy firms have set specific targets to be net zero compliant by 2050, finds research by the Association of Chartered Certified Accountants (ACCA)

28 Oct 2021

Accountancy Firms

27 Oct 2021

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Tax | Budget 2021: annual investment allowance extended

In the autumn Budget, the Chancellor Rishi Sunak confirmed measures to support business investment with changes to allowances and covid loans

27 Oct 2021

Tax | Budget 2021: HMRC given extra £55m to tackle evasion

HMRC is set to receive additional funding to ramp up its anti-avoidance and evasion efforts with the specialised taskforce earmarked to receive a multimillion boost

27 Oct 2021

Tax | Budget 2021: £468m investment in HMRC IT systems

HMRC will be given a boost with a multimillion investment in IT systems as part of a major modernisation programme

27 Oct 2021

Tax | Budget 2021: Universal credit taper reduced

In the budget, it was announced that the taper rate on universal credit will be permanently reduced by 8 percentage points from 63% to 55%

27 Oct 2021

Tax | Budget 2021: road tax rises except for HGVs

In the Budget, the Chancellor Rishi Sunak announced plans to freeze road tax for HGVs in a bid to offer support to the struggling haulage industry

27 Oct 2021

Tax | Budget 2021: Tax relief for creative and cultural industries to rise

In the budget, the Chancellor has announced the tax relief of up to 50% for theatres, galleries, and other cultural organisations worth almost £250m

27 Oct 2021

Tax | Budget 2021: tonnage tax reform to open up shipping registrations

The government will introduce a package of measures to reform the tonnage tax regime from April 2022 to attract ships to register in the UK

27 Oct 2021

Tax | Budget 2021: residential property developer tax set at 4%

After the earlier announcement that a residential property developer tax would help pay for remedial cladding work, the Chancellor confirmed the tax will take effect from April 2022

27 Oct 2021

Tax | Budget 2021: air passenger duty cut for domestic flights

In the Budget, the Chancellor announced plans to cut the air passenger duty rate on the return leg of flights but signalled a new higher rate for ultra long haul trips

27 Oct 2021

Tax | Budget 2021: Alcohol duty increase scrapped plus system reform

The Chancellor has scrapped the planned duty increase on spirits, wine, cider, and beer announcing higher taxes for stronger alcoholic drinks

27 Oct 2021

Tax | Budget 2021: business rate cut for hospitality and leisure

As the hospitality industry continues to recover from the pandemic, the Chancellor announced significant discounts on business rates for specific sectors for the next 18 months

27 Oct 2021

Tax | Budget 2021: R&D tax relief criteria to prioritise UK-based investment

In the Budget, the Chancellor announced that from April 2023 research and development (R&D) tax relief will be refocused onto UK based businesses

27 Oct 2021

Tax | Budget 2021: 60-day capital gains tax payment window

In a welcome move for residential property owners, the Budget Red Book confirmed that the current 30-day capital gains tax (CGT) payment window will be extended to 60 days

27 Oct 2021

Finance | Cash flow errors causing concern, says FRC

The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting flagging areas of concern, including the quality of reporting on judgments and estimates, revenue and cash flow statements

27 Oct 2021

Finance

Financial Reporting

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Tax | Budget 2021: pension top-up rate for low earners

In the Budget, the government confirmed that it will introduce a system to make top-up payments for contributions made in 2024-25 onwards directly to low-earning individuals saving in a pension scheme using a net pay arrangement

27 Oct 2021

Pensions

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Finance | BDO hired as auditor for Sanderson Design Group

AIM listed luxury interior design and furnishings group Sanderson Design Group has hired BDO as auditor replacing Big Four firm PwC

27 Oct 2021

Auditing

Corporate Governance

Image for record collection ps115bn capital gains tax

Tax | Record collection of £11.5bn capital gains tax

There has been a 62% rise in capital gains tax receipts in the last five years, increasing by more than 50% to £11.5bn in 2020-21, compared to £7.1bn in 2015-16

27 Oct 2021