Business &amp; Accountancy Daily

Leadership & Management

Image for fca publishes second consumer duty consultation

Business | FCA publishes second Consumer Duty consultation

The Financial Conduct Authority (FCA) has published its expanded plans for its Consumer Duty regulations which aim to ensure higher standards of consumer protection in the financial services sector

7 Dec 2021

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Business | Accountant and directors banned for 13.5 years

Two company directors and an accountant have been banned for a total of 13.5 years after they failed to keep company records and avoided £500,000 in tax

7 Dec 2021

Called to Account

Image for qa stamp duty and capital reduction demerger

Tax | Q&A: stamp duty and capital reduction demerger

In our regular Q&A series, Croner Taxwise tax advisor Tom Butt considers the rules around stamp duty compliance when looking to organise a capital reduction demerger of a limited company

7 Dec 2021

Tax Planning

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Tax | Higher tax on household gas to reach net zero

The Climate Change Committee (CCC) has called on the government to place a tax on household gas to help the UK meet its net zero targets

7 Dec 2021

Personal Tax

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Business | Businesses fear Christmas trading disruption

The latest BDO business survey revealed that 80% of mid-sized businesses expect rising fuel prices, supply chain disruption, and increasing energy costs to impact end of year trading

7 Dec 2021

Image for tax dodging drivers expected cost treasury ps119m

Tax | Tax-dodging drivers expected to cost Treasury £119m

The latest Department for Transport (DfT) figures show that 1.9% of vehicles in the UK are unlicensed and being used which amounts to £119m in potential lost car tax

7 Dec 2021

Tax Compliance

Image for scaling back audit reforms missed opportunity

| Scaling back audit reforms is a missed opportunity

High hopes were pinned on the audit reforms that were expected to restore trust in corporate governance and audit. So why is the government suddenly scaling back its planned and long-awaited corporate governance reforms, asks Anca Thomson, partner at Excello Law

6 Dec 2021

Corporate Governance

Image for high end matchmaking company wins ps17m vat dispute

Tax | High-end matchmaking company wins £1.7m VAT dispute

The Upper Tribunal (UT) has granted the appeal from the upmarket matchmaking business to overturn a 1.7m VAT bill on its services

6 Dec 2021

VAT

Case Reports

Image for taxwatch challenges hmrc over sweetheart tax deal ge

Tax | TaxWatch challenges HMRC over ‘sweetheart’ tax deal with GE

Taxwatch is threatening to take HMRC to court over the tax authority’s decision to settle the £1bn tax fraud with General Electric (GE)

6 Dec 2021

HMRC

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Tax | Tax cuts planned for next election

Rishi Sunak has reportedly began planning a series of tax cuts in the lead up to the next general election in 2024

6 Dec 2021

Personal Tax

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Business | Bankruptcies caused by cryptocurrency on the rise

The accountancy firm Mazars has seen a steep rise in ‘cryptocurrency losses’ written down as a primary reason for personal insolvency on reports to creditors of those bankrupt

6 Dec 2021

Restructuring & Insolvency

Image for frc will focus cashflow and fraud risks audit inspections

| FRC will focus on cashflow and fraud risks in audit inspections

The Financial Reporting Council (FRC) has set out its priorities for the next series of audit quality inspections with cashflow statements, and fraud and climate-related risks under the spotlight

6 Dec 2021

Corporate Governance

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Tax | Big businesses underpaid £35.8bn in tax last year

HMRC estimates that £35.8bn was underpaid in tax by big businesses last year, up by £1bn the year before

6 Dec 2021

HMRC

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Business | £4.9bn of covid loans missed by ‘inadequate’ fraud prevention

The government’s measures to prevent fraud in its bounce back loan scheme (BBL) have been labelled inadequate by National Audit Office (NAO) and were introduced too late

3 Dec 2021

Image for frc drops conviviality audit investigation kpmg partner

| FRC drops Conviviality audit investigation into KPMG partner

The Financial Reporting Council (FRC) has closed its investigation into the preparation and approval of alcohol wholesaler Conviviality plc’s financial statements by a KPMG partner

3 Dec 2021

Corporate Governance

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Finance | File Companies House accounts early and online to avoid delays

Companies House has issued a reminder to company reporters due to file accounts with Companies House by the end of December to use the online services where possible and allow plenty of time before your deadline

3 Dec 2021

Finance

Financial Reporting

Image for eu fails collect eu134bn vat revenues

Tax | EU fails to collect €134bn in VAT revenues

The latest EU VAT gap figures show that billions of euros a year are lost through VAT fraud due to a widespread failure to clamp down on evasion of the sales tax

3 Dec 2021

VAT

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Business | Firms launch digital training programmes

Grant Thornton and RSM have launched training programmes with BPP Education Group to help enhance its staff’s skills in data and digital technology

3 Dec 2021

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Tax | Corporation tax loss carry-back: temporary extension - CPD module

In this month’s exclusive Accountancy Daily CPD module, we look at the corporation tax loss carry back rules, which have been temporarily extended from 12 months to three years due to the pandemic

3 Dec 2021

Business | People in the news: Thomas Westcott, Kreston Reeves, Rawlinson & Hunter

In this week’s accountancy career moves, partner promotions at Thomas Westcott, Kreston Reeves, Rawlinson & Hunter, and Tilney Smith & Williamson, and director appointments at Grant Thornton and Mazars

3 Dec 2021

Careers

Leadership & Management

Image for mps call make companies house regulator

Business | MPs call to make Companies House a regulator

MPs are urging the government to introduce major reforms to combat economic crime being channelled through the UK and to make Companies House a regulator

3 Dec 2021