Business &amp; Accountancy Daily

Image for government consults effectiveness late payment reporting

Finance | Government consults on effectiveness of late payment reporting

Four years since rules requiring the largest companies to report on their payment targets, the government is reviewing the regime to see whether changes could be introduced to simplify the rules

19 Nov 2021

Finance

Financial Reporting

Audit Consultations

Image for hrmc collected ps100bn more tax

Tax | HRMC collected £100bn more in tax

Recently released data from HMRC shows that between April and October 2021 HMRC collected a total of £392bn in taxes which is £99.8bn higher than the same period in 2020

19 Nov 2021

Business | People in the news: Grant Thornton, Mazars, Mercer & Hole, Shaw Gibbs

In this week’s accountancy career moves, partner promotions at Mazars, Shaw Gibbs and Grant Thornton, and hires at Mercer & Hole and Interpath Advisory, and graduate intake at Baker Tilly Mooney Moore

19 Nov 2021

Careers

Leadership & Management

Image for two more energy firms collapse

Business | Two more energy firms collapse

Neon Reef and Social Energy Supply have gone into liquidation and are no longer trading bringing the total of collapsed companies to 21 since September

19 Nov 2021

Image for regulator will get powers stop payment fraud scams

Business | Regulator will get powers to stop payment fraud scams

The government plans to introduce rules to allow the Payment Services Regulator (PSR) to make reimbursement mandatory if businesses are defrauded through authorised push payment fraud

19 Nov 2021

Image for accountants stressed out making tax digital

Business | Accountants stressed out by Making Tax Digital

The overwhelming majority of accountants blame Making Tax Digital (MTD) for causing added stress to their lives with 66% agreeing that the most recent delay has eased the pressure

19 Nov 2021

Business | Businesses fight fraud with private prosecutions

Pursuing private prosecutions for high net worth clients can be a quicker way to resolve disputes, particularly when fraud is involved, argues Kate McMahon, partner at Edmonds Marshall McMahon

18 Nov 2021

Image for auditors fail challenge management when performing audits

Finance | Auditors fail to challenge management when performing audits

Auditors need to improve their levels of professional scepticism and challenge of management to meet standards for audit set out by the Financial Reporting Council (FRC)

18 Nov 2021

Auditing

Corporate Governance

Finance | Aviva to swap £15.5m audit to EY

FTSE 100 insurer Aviva plc plans to appoint EY as its auditor for the financial year ending 31 December 2024, subject to shareholder approval at the 2024 annual general meeting

18 Nov 2021

Auditing

Corporate Governance

Image for hmrc sets out individual liability when companies evade tax

Tax | HMRC sets out individual liability when companies evade tax

HMRC has issued guidance on what action to take if a taxpayer has been sent a notice stating that they may be jointly and severally liable for the relevant tax liability of a company that has been involved in tax avoidance or evasion

18 Nov 2021

Tax | Treasury plans release of consultations on single day

The government has announced that there will be a tax administration and maintenance day (TAMD) on 30 November to streamline the release of information and improve stakeholder engagement

18 Nov 2021

Tax

Consultations

Budget

Image for 60 world population use mobile wallet

Business | 60% of world population use mobile wallet

The number of mobile wallets in use is on track to reach 4.8bn by 2025, up from 2.8bn in 2020, with nearly 60% of the world’s population using digital payments, according to Capgemini’s 2022 Top Trends in Payments report

18 Nov 2021

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Business | Accountants to lead the financial transformation

The Association of Chartered Certified Accountants (ACCA) has published an action plan that details the ways that accountants can lead the way in financial transformation

18 Nov 2021

Image for frc sets out guidance climate reporting under frs 102

Finance | FRC sets out guidance on climate reporting under FRS 102

The Financial Reporting Council (FRC) has published a factsheet which details what climate-related matters need to be considered when preparing financial statements and associated narrative reporting under FRS 102

18 Nov 2021

Finance

Accounting Standards

Financial Reporting

Image for cgt incorporation relief some practical issues

Tax | CGT incorporation relief – some practical issues

Converting a business from sole trader status to incorporated company has some tax advantages, but it is important to consider the interplay of capital gains tax rules, explains Stephanie Webber, tax writer at Croner-i

17 Nov 2021

Tax | HMRC staff unlikely to manage increased tax debt

With the UK’s tax debt more than double pre-pandemic levels, current staffing at HMRC is unlikely to be enough to manage the increased tax debt workload warns National Audit Office (NAO)

17 Nov 2021

Tax

HMRC

Image for accountants old mill converts limited company drive growth

Business | Accountants Old Mill converts to limited company to drive growth

Accountancy and wealth management firm Old Mill has converted from a limited liability partnership (LLP) to limited company status in an ambitious five-year plan to grow the business

17 Nov 2021

Careers

Leadership & Management

Image for bis consults climate related financial risk framework

Finance | BIS consults on climate-related financial risk framework

The Basel Committee on Banking Supervision has issued a consultation on guideline principles for the effective management and supervision of climate-related financial risks

17 Nov 2021

Finance

Financial Reporting

Audit Consultations

Image for corporate insolvencies lower pre pandemic

Business | Corporate insolvencies lower than pre-pandemic

Corporate insolvencies remain stable in the month after Covid-19 support measures stopped with 1,405 corporate insolvencies which is 5% lower than pre-pandemic levels

17 Nov 2021

Restructuring & Insolvency

Image for small business finance applications hit six year low

Business | Small business finance applications hit six-year low

The volume of small business finance applications has hit a six-year low with just one in 10 SMEs having applied for loans over the past three months

17 Nov 2021

Image for revised launch date aat qualifications 2022

Business | Revised launch date for AAT qualifications 2022

The Association of Accounting Technicians (AAT) has confirmed that the revised launch date for its new accounting qualifications – Qualifications 2022 (Q2022) – will be September 2022

17 Nov 2021