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Tax | The need to simplify the VAT land exemption

Supplies of land are usually exempt from VAT unless the landowner has opted to tax the land, in which case the supply is standard rated, but there are exemptions, explains Julie Butler FCA

29 Nov 2021

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Tax | Crypto exchanges will be subject to digital tax

HMRC has confirmed that cryptocurrencies like Bitcoin are not commodities or money, and therefore will not be exempt from the Digital Services Tax (DST)

29 Nov 2021

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Tax | Court ruled £195k as taxable income

The Court has dismissed the appeal from a taxpayer against an amendment from HMRC to his tax return that marked £195,400, which was obtained through a tax avoidance scheme, as taxable income

29 Nov 2021

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Tax | SIA and HMRC raids to crack down on tax fraud by security guards

The Security Industry Authority (SIA) and HMRC have carried out joint operations in London, Bradford and Glasgow to ensure that security staff were employed legitimately and were paying tax

29 Nov 2021

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Business | FCA to speed up its decision making process

The Financial Conduct Authority (FCA) has reformed its decision-making process to ‘ensure’ it can make faster and more effective decisions for consumers, markets, and firms

29 Nov 2021

Accountancy Firms

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Business | Businesses lose work due to poor ESG performance

Three out of five businesses, 59%, have reported that they have lost out on work as a result of their company's environmental, social, governance (ESG) commitments

29 Nov 2021

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Business | Scotland to benefit from net-zero economy

According to PwC's Green Jobs Barometer, Scotland is the best place in the UK to benefit economically from the shift towards a net-zero economy

29 Nov 2021

Accountancy Firms

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Business | NAO concerned over Kickstart scheme

The government has a ‘limited’ grip on whether its flagship Kickstart scheme for getting young people into employment is actually working, a report has warned

29 Nov 2021

Accountancy Firms

26 Nov 2021

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Tax | HMRC paid £2m to tax informants

Over the last five years, HMRC has paid out nearly £2m to informants who reported incidents of tax-dodging to the tax authority

26 Nov 2021

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| ICAEW critical of FRC changes to audit firm governance

Responding to a Financial Reporting Council (FRC) consultation on proposed revisions to the audit firm governance code, ICAEW has warned the changes lack clarity, are excessively prescriptive and extend beyond the Code’s original purpose

26 Nov 2021

Corporate Governance

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Business | Increase in interest rates would put pressure on cashflow

Thousands of businesses that have taken out bank loans could fail if their cashflows are not sufficient to cover interest related covenants, say tax and advisory firm Blick Rothenberg

26 Nov 2021

Accountancy Firms

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Finance | Naomi Campbell’s charity faces governance probe

The Charity Commission has opened a statutory inquiry into Fashion for Relief over concerns about potential mismanagement at the charity set up by Naomi Campbell

26 Nov 2021

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Business | FCA spends £5m on laptops to aid hybrid working

The Financial Conduct Authority (FCA) has spent over £5m on new laptops and mobile phones to support remote working, according to official figures

26 Nov 2021

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Business | Two Essex directors banned over £800k investment scam

The duo ran an ‘ethical water’ investment scam which took over £800,000 from investors, claiming that funds would be invested in water schemes

26 Nov 2021

Called to Account

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Business | People in the news: BDO, Thomas Westcott, Lubbock Fine, KPMG, Deloitte

In this week’s accountancy career moves, partner promotions at BDO, KPMG, Deloitte, Thomas Westcott and Lubbock Fine, and hires at Interpath Advisory and EY-Parthenon

26 Nov 2021

Accountancy Firms

Leadership & Management

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Business | Two more energy firms go bust

Entice Energy and Orbit Energy have ceased trading bringing the number of energy companies that have collapsed to 25 since August

26 Nov 2021

Restructuring & Insolvency

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Business | Schools reported a £675m deficit

The National Audit Office (NAO) has called on the Department for Education (DfE) to investigate why council-run secondary schools have reported a £675m deficit

26 Nov 2021

Accountancy Firms

25 Nov 2021

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Tax | How to prepare your practice for the next stage of MTD

The one-year delay to the introduction of the next phase of Making Tax Digital (MTD) for income tax means that accountants have more time to prepare, but it is still a priority, explains Emily Coltman, chief accountant at FreeAgent

25 Nov 2021

Making Tax Digital

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Finance | FRC flags disclosure gaps in Corporate Governance Code reporting

Criticism of use of boilerplate responses and lack of detailed disclosure, particularly on pension alignment and succession planning, has been flagged in the FRC’s latest review of reporting against the UK Corporate Governance Code

25 Nov 2021

Financial Reporting

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Business | Directors sentenced for £290k VAT fraud

Two Northern Irish company directors have been given suspended sentences for fraudulently pocketing £290,000 worth of VAT

25 Nov 2021

Called to Account

Image for pkf smith cooper systems acquires sci net sage business

Business | PKF Smith Cooper Systems acquires Sci-Net Sage business

PKF Smith Cooper Systems has acquired Sci-Net’s Sage business systems division, a Tier 1 Microsoft Dynamics & Azure gold partner

25 Nov 2021

Accountancy Firms

AI & Technology

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Business | FTSE 100 bosses average £2.94m pay package

Executive pay at FTSE 100 companies continues to show restraint in 2021, PwC analysis finds, though there has been a slight dip in the number of CEOs having their salaries frozen

25 Nov 2021

Leadership & Management

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Tax | Court dismissed appeal over £2.5m VAT bill

The Court has dismissed an appeal against a £2.5m VAT bill on insulated roofing panels after the taxpayer argued it was entitled to the reduced rate of VAT

25 Nov 2021

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Business | Accountancy firms recognised for social mobility

Four accountancy firms have been named in the top 75 UK employers for social mobility with KPMG leading the way

25 Nov 2021

Accountancy Firms