Corporation tax receipts increase 13%, More devolution risks lack of 'proper scrutiny of local spending', and CPD year-end deadline urges immediate action from professionals

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Finance | Accounting rules for LLPs revised with SORP 2022

CCAB has issued the revised Statement of Recommended Practice – Accounting by Limited Liability Partnerships (LLPs SORP) due to come into effect from 1 January 2022

20 Dec 2021

Accounting Standards

Financial Reporting

Image for horizon capital invests dains accountants

Business | Horizon Capital invests in Dains accountants

Dains Accountants has secured significant investment from Horizon Capital, the private equity investor specialising in technology and business services

20 Dec 2021

Accountancy Firms

Leadership & Management

Image for ma deals 54 year deal market booms

Business | M&A deals up 54% in a year as deal market booms

The number of merger and acquisition (M&A) deals for UK companies has jumped 54% in the past year, from 1,243 in 2019/20 to 1,911 in 2020/21 as the acquisition market for British businesses booms

20 Dec 2021

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Business | Statutory sick pay notifications temporarily changed

The reporting requirements for statutory sick pay (SSP) have been changed temporarily due to the latest covid situation

20 Dec 2021

Accountancy Firms

Image for one four audits need improvement says icaew

Finance | One in four audits need improvement, says ICAEW

A quarter of audits for non-listed company audits reviewed by the ICAEW were judged as sub standard, requiring improvement, according to the ICAEW

20 Dec 2021

Corporate Governance

Image for oecd releases rules 15 global minimum tax

Tax | OECD releases rules for 15% global minimum tax

The OECD has published detailed rules to assist in the implementation of reform to the international tax system, which will see multinationals will be subject to a minimum 15% tax rate from 2023

20 Dec 2021

International Tax

Image for tips completing tax returns

Tax | Tips for completing tax returns

Although the self assessment deadline is not until 31 January, there continues to be an increase of taxpayers choosing tax returns over turkey by using the festive period to submit their tax returns online

20 Dec 2021

17 Dec 2021

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Business | Rethinking finance roles: contractors vs full-timers

Recruiting finance and accounting specialists is changing as the workplace moves towards a hybrid working mix, but what about the pros and cons of contractors and full-time staff, asks David Roberson, CEO, RoseRyan

17 Dec 2021

Accountancy Firms

Leadership & Management

Image for people news bdo kpmg mazars simmons gainsford

Business | People in the news: BDO, KPMG, Mazars, Simmons Gainsford

In this week’s accountancy career moves, partner promotions at Simmons Gainsford, BDO, KPMG and Mazars, plus legal boost for Carey Olsen, and CFO for Cuemath

17 Dec 2021

Accountancy Firms

Leadership & Management

Image for shares dsw capital close 16 first day trading

Business | Shares in DSW Capital close 16% up on first day of trading

Shares in DSW Capital, the company behind the Dow Schofield Watts accountancy network, closed 16% up on the first day of dealings on Thursday

17 Dec 2021

Accountancy Firms

Leadership & Management

Image for hsbc fined ps63m anti money laundering failures

Business | HSBC fined £63m for anti-money laundering failures

The Financial Conduct Authority (FCA) has fined HSBC Bank £63,946,800 for failings in its anti-money laundering processes

17 Dec 2021

Image for crackdown directors who dissolve companies evade debts

Business | Crackdown on directors who dissolve companies to evade debts

The Insolvency Service has been given more powers to tackle rogue directors who dissolve their companies and avoid paying liabilities to staff, creditors and the taxpayer

17 Dec 2021

Restructuring & Insolvency

Image for one four accountants under pressure act unethically

Business | One in four accountants under pressure to act unethically

More than a quarter of professional accountants (27%) say they have been put under pressure to act in an unethical way over the past three years by inflating budgets or ignoring financial rules

17 Dec 2021

Accountancy Firms

Leadership & Management

Image for kpmg global revenue hits 3213bn

Business | KPMG global revenue hits $32.13bn

KPMG International has reported annual global revenues for KPMG firms of $32.13bn (£24.17bn) for the financial year ending 30 September 2021

17 Dec 2021

Accountancy Firms

Leadership & Management

Image for bbc will have cut programming achieve savings

Finance | BBC will have to cut programming to achieve savings

The BBC is forecast to exceed its original savings target of £800m a year by 2021-22 and is largely on track to meet its increased target of £1bn a year

17 Dec 2021

Financial Reporting

Image for tax treatment hedging instruments under review

Tax | Tax treatment of hedging instruments under review

The government is consulting on a draft statutory instrument to extend the scope of existing regulations to align the tax treatment of hedging instruments and hedged items

17 Dec 2021

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Business | Online reporting tool to identify discrepancies about people with significant control

Companies House has launched an online service to report incorrect information about people with significant control on the company register who could have contravened anti-money laundering rules

17 Dec 2021

Accountancy Firms

16 Dec 2021

Image for cultural tax reliefs museums found wanting

Tax | Cultural tax reliefs for museums found wanting

The latest cultural tax relief increase offers limited benefit for larger museum and gallery exhibitions, explains Naziar Hashemi, national head of social purpose and non profits, Crowe

16 Dec 2021

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Business | Bank of England raises base rate to 0.25%

The Bank of England has raised the bank base rate for the first time in three years to 0.25%, despite concerns over omicron variant

16 Dec 2021

Accountancy Firms

Image for carillion hearing over audit issues start 10 january

| Carillion hearing over audit issues to start on 10 January

The Financial Reporting Council (FRC) has confirmed the start date for the disciplinary tribunal hearing of the formal complaint against KPMG regarding the Carillion and Regenersis audit quality inspections

16 Dec 2021

Corporate Governance

Image for electric vehicle grants cut ps15k lower priced cars only

Tax | Electric vehicle grants cut to £1.5k for lower priced cars only

The government has changed the grant scheme for zero-emission vehicles to remove more expensive models from the list, and pushing lower price electric cars as grant is cut by 40%

16 Dec 2021

Image for emmanuel faber named chair international sustainability standards board

Business | Emmanuel Faber named as chair of International Sustainability Standards Board

The Trustees of the IFRS Foundation has appointed Emmanuel Faber, former CEO of Danone, as chair of the International Sustainability Standards Board (ISSB), effective 1 January 2022

16 Dec 2021

Accountancy Firms

Leadership & Management

Image for ofgem plans tougher financial checks suppliers

Business | Ofgem plans tougher financial checks on suppliers

Ofgem has introduced tougher checks on energy suppliers’ finances from January which are designed to reduce the risk of energy supplier failures

16 Dec 2021

Image for progress sustainability standards chair appointment imminent

Finance | Progress on sustainability standards as chair appointment imminent

The FRS Foundation has confirmed that it is close to appointing a chairperson for the newly set up International Sustainability Standards Board (ISSB) while it has outlined plans for work priorities

16 Dec 2021

Accounting Standards

Financial Reporting

Image for committee criticises plans basis period reform

Tax | Committee criticises plans for basis period reform

The House of Lords Economic Affairs Finance Bill Sub-Committee has accused the government of failing to make an adequate case for its proposed basis period reforms to the tax system

16 Dec 2021

Making Tax Digital

Image for furlough scheme supported 117m jobs mistakes will be costly

Tax | Furlough scheme supported 11.7m jobs but mistakes will be costly

The latest figures on use of the Coronavirus Job Retention Scheme show that 11.7m jobs were supported by furlough throughout the pandemic, highlighting the risk of HMRC investigations

16 Dec 2021

Image for begbies traynor group sees half year profits hit ps27m

Business | Begbies Traynor Group sees half year profits hit £2.7m

Begbies Traynor Group has reported half year profits at £2.7m up from £500,000 from the same period last year

16 Dec 2021

Accountancy Firms

Corporation tax receipts increase 13%, More devolution risks lack of 'proper scrutiny of local spending', and CPD year-end deadline urges immediate action from professionals

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