Business &amp; Accountancy Daily

Business Tax

Case Reports

Image for hmrc returned ps835m overpaid tax pensions

Tax | HMRC returned £835m in overpaid tax on pensions

HMRC has repaid an estimated £835m in overpaid tax on flexible pension withdrawals over the last seven years

18 Jan 2022

Pensions

Tax | Q&A: P11D payrolling benefits

In this week’s Q&A, Samantha O’Sullivan, payroll adviser at Croner Taxwise, examines the pros and cons of payrolling benefits, any tax advantages and how to implement the system in-house

18 Jan 2022

Employment Tax

Tax Compliance

Image for hmrc increase use debt collection companies

Tax | HMRC to increase use of debt collection companies

The head of HMRC has told MPs that there are plans to increase its work with private sector debt collectors to tackle the UK’s current tax debt and improve its services in the long term

18 Jan 2022

Finance | UKEB sets out regulatory strategy

The UK Endorsement Board (UKEB) has published its 2022/23 Regulatory Strategy for consultation setting out its priorities and research plan

18 Jan 2022

Finance

Financial Reporting

IFRS

Image for frc hikes budget ps56m prepare arga

Business | FRC hikes budget to £56m to prepare for ARGA

The Financial Reporting Council (FRC) has set out plans to prepare for the transition to its new regulatory status with a 13% increase in funding to £56m and plans for a regional office

18 Jan 2022

Accountancy Firms

Careers

Image for uk insolvencies 33 above pre pandemic levels

Business | UK insolvencies 33% above pre-pandemic levels

The number of company insolvencies in England and Wales jumped by a third compared to pre-pandemic levels in December 2021

18 Jan 2022

Restructuring & Insolvency

Companies

Image for what will 2022 bring audit and accountancy regulation

| What will 2022 bring for audit and accountancy regulation?

Seismic shifts in the audit and accountancy regulatory landscape were set in motion last year, which are expected to continue to take shape and impact the sector during 2022 explain Julie Matheson, partner, and Lucinda Soon, lawyer in the regulatory team for accounting services at law firm Kingsley Napley LLP

17 Jan 2022

Corporate Governance

Image for farmer loses ps600k tax relief case

Tax | Farmer loses £600k tax relief case

The court has ruled against a taxpayer who requested sideways tax relief of nearly £600,000 for the tax years where his farming businesses was not making a profit

17 Jan 2022

Business Tax

Case Reports

Image for only 25 ps58bn covid loan fraud will be repaid

Business | Only 25% of £5.8bn covid loan fraud will be repaid

HMRC expects to recover just 25% of the total £5.8bn lost to fraudulent claims and mistaken payouts of the Covid-19 support schemes

17 Jan 2022

Companies

Image for ma activity hits record ps36 trillion

Business | M&A activity hits record £3.6 trillion

The majority of CEOs are ready to accelerate plans for investment and mergers and acquisitions (M&A) to grow their businesses as total activity increases by a third in value

17 Jan 2022

Companies

Image for frc extends pwc probe babcock audits

| FRC extends PwC probe into Babcock audits

The Financial Reporting Council (FRC) has started an investigation into the statutory audits by PwC of the consolidated financial statements of engineering company Babcock International Group plc for the years ended 31 March 2019 and 2020

17 Jan 2022

Corporate Governance

Image for tax inquiries brought ps11bn last year

Tax | Tax inquiries brought in £1.1bn last year

HMRC cash collection brought in £1.1bn from tax compliance investigations in the last quarter which is a 28% drop compared to the same time last year when £1.5bn was recovered

17 Jan 2022

Tax | Tax loophole on second homes closed

Owners of second homes who report them as holiday lets will now have to prove it in order to not pay council tax and access business rates relief

14 Jan 2022

Property Tax

Image for call waiting time hmrc rises 13 minutes

Tax | Call waiting time for HMRC rises to 13 minutes

The latest HMRC performance figures reveal that taxpayers waited an average of 13 minutes to reach a tax official in November which is up from the 10 minutes reported the month previous

14 Jan 2022

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HR | Accountancy Daily launches jobs board

Accountancy Daily has launched a jobs board in collaboration with recruitment specialists Portfolio to offer access to the latest vacancies for accountants, finance professionals and payroll staff

14 Jan 2022

Careers

Image for barrister jailed ps100k vat fraud

Business | Barrister jailed for £100k VAT fraud

A barrister has been jailed for 21 months for fraudulently evading nearly £100,000 in VAT by understating his income and inflating his expenses over five years

14 Jan 2022

Called to Account

Image for accounting rules social housing providers updated 2022

Finance | Accounting rules for social housing providers updated for 2022

The government has published the latest rules on accounting for registered and social housing providers for preparation of their accounts from January 2022

14 Jan 2022

Finance

Accounting Standards

Financial Reporting

Image for tax rebate companies take 48 cut claims

Tax | Tax rebate companies take 48% cut of claims

Tax rebate companies usually take a 25% to 48% cut of all the claims they make according to an investigation from Which

14 Jan 2022

Personal Tax

Image for people news menzies rsm pwc azets frp

Business | People in the news: Menzies, RSM, PwC, Azets, FRP

In this week’s accountancy career moves, partner promotions at Menzies, FRP and Azets, while hires and senior appointments at Tylney, Smith & Williamson, PwC and RSM

14 Jan 2022

Accountancy Firms

Careers

Image for top rate scottish taxpayers pay 60 income tax

Tax | Top rate Scottish taxpayers pay 60% of income tax

The amount of income tax raised from Scottish taxpayers is set to rise by £1m to £12bn for tax year 2020-21, up from £11.8bn, with higher and top rate earners paying more than half the total tax bill

14 Jan 2022

Personal Tax