Business &amp; Accountancy Daily

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Image for fca drops probe mc saatchi accounts

Finance | FCA drops probe into M&C Saatchi accounts

Listed advertising agency M&C Saatchi has confirmed that the Financial Conduct Authority (FCA) has closed its investigation into financial reporting and accounting misstatements, first announced in January 2020, and that no enforcement action will be taken

21 Jan 2022

Finance

Financial Reporting

Image for scam hmrc call reports drop 97

Tax | Scam HMRC call reports drop by 97%

Reports of scam HMRC phone calls have fallen by 97% over the last 12 months, latest HMRC figures show, which display a downward trend in reports overall throughout the past year

21 Jan 2022

HMRC

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Tax | OECD transfer pricing guidelines updated

The OECD has released the 2022 edition of the OECD transfer pricing guidelines for multinational enterprises and tax administrations

21 Jan 2022

International Tax

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Business | ICAS launches insight series Finance+

The Institute of Chartered Accountants of Scotland (ICAS) has launched its insight series Finance+ which explores the current and key issues within the finance and accountancy sectors

21 Jan 2022

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Business | People in the news: PwC, EY, RSM, Haines Watts

In this week’s accountancy career moves, partner promotions at PwC, EY, KPMG, UHY Hacker Young and RSM, plus team changes at Haines Watts and Grant Thornton, and Dubai hire at Farrer & Co

21 Jan 2022

Careers

Leadership & Management

Business | Together Energy goes bust

Together Energy, which is part-owned by Warrington Council, is the latest UK supplier to go into administration

21 Jan 2022

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Business | EY neuro-diverse centre to open in Manchester

EY has opened its first UK neuro-diverse centre of excellence (NCoE) in Manchester

21 Jan 2022

Business | HMRC to close in-house IT company

HMRC is to shut down its in-house IT provider Revenue and Customs Digital Technology Services (RCDTS) in order to take more control of its IT strategy and estate

21 Jan 2022

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Tax | Indirect tax and the gig economy post Uber VAT ruling

Following the latest Uber High Court decision, Sarah Delaney, director, indirect tax at EY considers the VAT implications of the case and the direction of travel for the rest of the sharing economy

20 Jan 2022

VAT

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Business | Government releases £5k funding pot for accounting software

The government has opened up a scheme for small businesses and entrepreneurs to access funding worth up to £5,000 per business to pay for digital accounting and customer relations management (CRM) software

20 Jan 2022

Business | Directors banned for £100k fraudulent bounce back loans

Two Yorkshire-based directors have been banned for a total of 21 years after they fraudulently claimed £100,000 in bounce back loans

20 Jan 2022

Called to Account

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Tax | Court overturns claim over £400k tax assessments

The court has upheld PAYE, NICs, and corporation tax assessments totalling £400,000 as the business was found to have used a tax avoidance scheme

20 Jan 2022

Finance | ESG is urgent business priority, says IoD

The Institute of Directors (IoD) has set out a number of environmental, social and governance (ESG) issues for businesses to adopt, stressing the importance of avoiding green washing by exagerrating claims

20 Jan 2022

Finance

Financial Reporting

Corporate Governance

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Business | Covid restrictions in England to end this month

All Covid-19 restrictions are to be lifted in England on 27 January 2022 due to the success of the booster programme

20 Jan 2022

Business | Business optimism looking low for 2022

Business optimism for 2022 has dropped with recruitment struggles listed as a major concern alongside the increased worry of rising inflation and supply disruption

20 Jan 2022

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Business | Consulting sector sees 13% revenue rise

Double digit growth is expected for management consulting industry in 2022 as clients turn to the sector to help with post pandemic recovery and digital challenges

20 Jan 2022

Careers

Leadership & Management

Image for key issues 2021 year end audits

| Key issues for 2021 year-end audits

Kate Beeston ACA and Helen MacNeill FCA set out the key issues for 2021 year-end audits, which includes the continued impact of Covid-19, accounting estimates and future audit developments, including ISQM (UK) 1

19 Jan 2022

Auditing

Image for restaurateur loses ps530k tax appeal case

Tax | Restaurateur loses £530k tax appeal case

The court has refused to allow an appeal from a restaurant owner against tax assessments and penalties totalling £531,553.79 which were given for deliberate discrepancies

19 Jan 2022

Business Tax

Case Reports

Image for kpmg partner fined ps150k over reckless audit work

| KPMG partner fined £150k over 'reckless' audit work

The Financial Reporting Council (FRC) has reprimanded and fined a partner at KPMG over failures relating to the inspection of the audit of data services and software business Regenersis

19 Jan 2022

Corporate Governance

Image for kpmg fined ps3m over conviviality audit failures

| KPMG fined £3m over Conviviality audit failures

The audit regulator has issued multimillion pound fines to Big Four auditor KPMG and the audit engagement partner over the audits of Conviviality, the alcohol wholesaler and retailer which went bust in April 2018

19 Jan 2022

Corporate Governance

Image for millionaires call wealth taxes

Tax | Millionaires call for wealth taxes

Over 100 millionaires have called on governments worldwide to introduce permanent wealth taxes to reduce global inequality and raise revenue for countries to recover from the pandemic

19 Jan 2022

Personal Tax

Image for hmrc consults final rules uncertain tax treatment

Tax | HMRC consults on final rules for uncertain tax treatment

HMRC is running a brief consultation on the final plans for the rollout of new uncertain tax treatment rules for the largest businesses and has confirmed the penalty regime

19 Jan 2022

Business Tax

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Business | Majority of UK businesses had ‘no benefits’ from Brexit

Nearly three quarters of UK businesses found that their business had received ‘no benefits’ since the UK left the EU in January 2021

19 Jan 2022

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Business | Grant Thornton deal with Pinsent Masons on data sharing

Grant Thornton and Pinsent Masons have partnered together to offer business support on data sharing across financial services in a push to enable the Financial Conduct Authority’s (FCA) Open Finance project

19 Jan 2022