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

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Image for qa vat green reliefs and energy efficiency

Tax | Q&A: VAT green reliefs and energy efficiency

In this week’s Q&A, Croner Taxwise VAT adviser Sally Atkins considers what VAT reliefs are available for householders when investing in green efficiency products in their domestic residences

16 Nov 2021

Tax

VAT

Tax Compliance

Image for auditors must improve quality audit work says frc

Finance | Auditors must improve quality of audit work, says FRC

Audit firms need to ensure they are delivering high quality audit including critical assessment, management challenge and strong leadership, says the audit regulator

16 Nov 2021

Auditing

Corporate Governance

Image for hmrc warns taxpayers about self assessment tricksters

Tax | HMRC warns taxpayers about self assessment tricksters

As HMRC prepares to send emails and text reminders to self assessment taxpayers, the department is reminding them to be on their guard after nearly 800,000 tax-related scams were reported in the last year

16 Nov 2021

Tax

Personal Tax

HMRC

| HMRC Covid-19 fraud investigations rise 27%

There has been a 27% rise in Covid-19 Self-Employment Income Support Scheme (SEISS) fraud cases in the last three months but no further arrests

16 Nov 2021

Business

Image for alcohol wholesaler banned over ps600k unpaid tax bill

Business | Alcohol wholesaler banned over £600k unpaid tax bill

A London wholesaler has been struck off as a director for seven years after he failed to pay the tax authorities more than £600,000 in due tax and penalties

16 Nov 2021

Business

Called to Account

Image for uk named worst offender global tax losses

Tax | UK named worst offender for global tax losses

The UK and its network of overseas territories and crown dependencies has been named responsible for 39.2% of all tax losses suffered by countries around the world, costing countries over $189bn (£140bn) in lost tax every year

16 Nov 2021

Tax

Business Tax

International Tax

Image for hmrc should focus 30 non compliant tax advisers

Tax | HMRC should focus on 30% of non-compliant tax advisers

ICAEW is calling on HMRC to work with them and use its code of conduct and ethics to improve standards so the tax authority can focus on areas of the tax system, including advisers, who present a higher risk profile

16 Nov 2021

Business | Northern Regional College approved to offer AAT courses

The first further education college in Northern Ireland has been accredited to offer AAT (Association of Accounting Technicians) qualifications from 2022

16 Nov 2021

Business

Accountancy Firms

Careers

15 Nov 2021

Image for end uk insolvency restrictions

Business | The end of UK insolvency restrictions

As the UK government’s temporary restrictions on statutory demands and winding up petitions are phased out, Paul Reeves and Joanne Wright, restructuring advisory at Kroll, recommend a triage approach to overcome the challenges ahead

15 Nov 2021

Business

Companies

Restructuring & Insolvency

Image for hmrc contacts 13m taxpayers about mtd extension

Tax | HMRC contacts 1.3m taxpayers about MTD extension

HMRC is sending letters to the 1.3 million small businesses, including buy to let landlords and the self employed, affected by the next phase of Making Tax Digital (MTD)

15 Nov 2021

| Internal auditors urge government to hold directors accountable

Directors should be held responsible for audit failures in plans for audit reform, says the Chartered Institute of Internal Auditors in a letter to the business minister

15 Nov 2021

Corporate Governance

Image for oil giant shell moves tax residency uk

Tax | Oil giant Shell moves tax residency to UK

Royal Dutch Shell is to move its tax residence, hold its board and executive committee meetings, and locate its chief executive and chief financial officer to the UK

15 Nov 2021

Finance | UKEB consults on final IFRS 17 Insurance Contracts

The UK Endorsement Board (UKEB) is consulting on its draft Endorsement Criteria Assessment: IFRS 17 Insurance Contracts, seeking views on the introduction of the new standard which is due to come into effect from January 2023

15 Nov 2021

Finance

IFRS

Audit Consultations

Image for country country tax reporting adopted eu

Tax | Country by country tax reporting adopted by EU

MEPs have approved rules requiring big multinationals to publicly declare the taxes they pay in each EU country, in order to tackle tax avoidance

15 Nov 2021

Tax

International Tax

Tax Compliance

Image for hrmc invested 45k devices remote working

Tax | HRMC invested in 45k devices for remote working

HMRC has bought 45,704 devices since October 2019 including 37,624 laptops, tablets, and phones in the last 12 months alone

15 Nov 2021

Business | ICAS revises code of ethics

The Institute of Chartered Accountants of Scotland (ICAS) has introduced changes to its code of ethics that focus on promoting the role, mindset and behavioural characteristics of an accountant

15 Nov 2021

Business

Accountancy Firms

Image for directors banned ps200k covid loan fraud

Business | Directors banned for £200k Covid loan fraud

Two company directors have been collectively banned for 19 years after they fraudulently obtained £200,000 worth of Covid-19 business loans

15 Nov 2021

Business

Called to Account

12 Nov 2021

Image for deloitte should resign test and trace inquiry contract says labour

Business | Deloitte should resign from test and trace inquiry contract, says Labour

The Labour Party is calling for Big Four firm Deloitte to step down from its contract with the government to provide support on test and trace at the upcoming covid enquiry

12 Nov 2021

Business

Companies

Accountancy Firms

Image for how improve cash flow and reduce risk

Finance | How to improve cash flow and reduce risk

Making sure bills are paid on time is absolutely critical for any business wanting to improve cash flow and strengthen the balance sheet, explains Warwick Haycock, accounting software specialist, Access Group

12 Nov 2021

Finance

Financial Reporting

Image for cambridge rowing club wins ps575k vat dispute

Tax | Cambridge rowing club wins £575k VAT dispute

The court has ruled against HMRC after it issued a £575,000 VAT assessment notice to Cambridge University Boathouse Limited (CUBL), after it claimed input VAT on the construction of a boathouse

12 Nov 2021

Tax

VAT

Case Reports

Image for carpenter box enhances employee wellbeing major refurb

Business | Carpenter Box enhances employee wellbeing with major refurb

Accountancy and finance firm, Carpenter Box, has carried out a full refurbishment of its Worthing office in response to the shift in working trends brought about by Covid-19

12 Nov 2021

Business

Accountancy Firms

Careers

Image for workers tax credits warned check claims

Tax | Workers on tax credits warned to check claims

The Low Incomes Tax Reform Group (LITRG) is urging working tax credit claimants to check their position carefully after the ending of certain coronavirus tax credit easements

12 Nov 2021

Business | Deloitte partners with ESG tech company ICIX

Deloitte has signed a partnership deal with the environmental social governance (ESG) technology company ICIX in order to help businesses reduce their emissions in the race to net zero

12 Nov 2021

Business

Accountancy Firms

Image for people news bdo kpmg wmt cowgills mha monahans

Business | People in the news: BDO, KPMG, WMT, Cowgills, MHA Monahans

In this week’s accountancy career moves, partner promotions at BDO, Albert Goodman, WMT Chartered Accountants, Deloitte and KPMG, and teams strengthened at MHA Monahans and Cowgills, while Interpath Advisory hires MD

12 Nov 2021

Business

Accountancy Firms

Careers

Leadership & Management

Image for oecd support produces 850m extra tax

Tax | OECD support produces $850m extra tax

Developing countries have raised an additional $850m (£634m) in undeclared tax due from multinationals with support from the OECD’s tax inspectors without borders initiative for the year ending June 2021

12 Nov 2021

Tax

International Tax

Tax Compliance

Image for pandemic aftershock preventing smes going green

Business | Pandemic aftershock preventing SMEs going green

Half of SMEs state that taking steps towards sustainability is not a main priority for business leaders as they continue to deal with the fallout from the Covid-19 pandemic

12 Nov 2021

Business

Companies

Image for rise lower socio economic background accountants

Business | Rise in lower socio-economic background accountants

The accountancy sector saw a 1% increase in applicants from lower socio-economic backgrounds at firms going from 74% in 2018-19 to 75% last year

12 Nov 2021

Business

Accountancy Firms

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Tax Services

Latest news

Tax | Q&A: VAT green reliefs and energy efficiency

Finance | Auditors must improve quality of audit work, says FRC

Tax | HMRC warns taxpayers about self assessment tricksters

| HMRC Covid-19 fraud investigations rise 27%

Business | Alcohol wholesaler banned over £600k unpaid tax bill

Tax | UK named worst offender for global tax losses

Tax | HMRC should focus on 30% of non-compliant tax advisers

Business | Northern Regional College approved to offer AAT courses

Business | The end of UK insolvency restrictions

Tax | HMRC contacts 1.3m taxpayers about MTD extension

| Internal auditors urge government to hold directors accountable

Tax | Oil giant Shell moves tax residency to UK

Finance | UKEB consults on final IFRS 17 Insurance Contracts

Tax | Country by country tax reporting adopted by EU

Tax | HRMC invested in 45k devices for remote working

Business | ICAS revises code of ethics

Business | Directors banned for £200k Covid loan fraud

Business | Deloitte should resign from test and trace inquiry contract, says Labour

Finance | How to improve cash flow and reduce risk

Tax | Cambridge rowing club wins £575k VAT dispute

Business | Carpenter Box enhances employee wellbeing with major refurb

Tax | Workers on tax credits warned to check claims

Business | Deloitte partners with ESG tech company ICIX

Business | People in the news: BDO, KPMG, WMT, Cowgills, MHA Monahans

Tax | OECD support produces $850m extra tax

Business | Pandemic aftershock preventing SMEs going green

Business | Rise in lower socio-economic background accountants