Business &amp; Accountancy Daily

VAT

Case Reports

Image for ps350 government support help rising energy bills

Tax | £350 government support to help with rising energy bills

The Chancellor has set out a £9.1bn plan to support individuals with soaring energy costs including a discount on council tax and a loan to cover some of the price rise

3 Feb 2022

Politics

Image for mps slam late audit problem local authorities

| MPs slam late audit problem in local authorities

The Public Accounts Committee is warning that local government funding is creating a ‘real risk’ due to a lack of funding that will only ‘allow local government to stand still’ while its failure to complete audits on time is making the situation worse

3 Feb 2022

Corporate Governance

Image for cpd module deduction tax source 0

Tax | CPD module: deduction of tax at source

This month's exclusive Accountancy Daily CPD module provides a refresher course for the rules and accounting practices for deducting income tax at source from payments

3 Feb 2022

Business Tax

Personal Tax

Image for nearly 10k insolvent companies applied covid loans

Business | Nearly 10k insolvent companies applied for covid loans

The Insolvency Service has disclosed that an estimated 9,733 companies in England, Wales and Scotland that entered insolvency between 1 May 2020 and 31 October 2021 had taken out a bounce back loan

3 Feb 2022

Image for less third board directors women

Business | Less than a third of board directors women

Gender diversity in UK boardrooms is lagging behind European counterparts with only 30.1% of company seats held by women in the UK

3 Feb 2022

Image for mazars reports eu21bn global revenue

Business | Mazars reports €2.1bn in global revenue

Global accountancy network Mazars, has reported a 12% hike in fee income to €2.1bn (£1.75bn) for financial year end August 2021 with consulting fees growing in double digits

3 Feb 2022

Image for tax boss harra defends hmrc service levels

Tax | Tax boss Harra defends HMRC service levels

In a Treasury Committee hearing into the performance of HMRC, chief executive Jim Harra said that HMRC cannot strive for ‘brilliant services’ without adequate funding and that its current ‘decent service’ level is acceptable

3 Feb 2022

HMRC

2 Feb 2022

Image for charities covid 19 audit and managing fraud

Finance | Charities: Covid-19, audit and managing fraud

Reflecting on the ongoing challenges the pandemic has posed for the charity sector, Sarika Sharma ACA and Kate Beeston ACA set out key developments for trustees, accountants and auditors to look out for in 2022

2 Feb 2022

Charities

Image for taxpayer must pay ps60k capital gains tax bill

Tax | Taxpayer must pay £60k capital gains tax bill

A tax tribunal has rejected a taxpayer's claim for allowable losses of £220,000 for capital gains purposes after he failed to pay a deposit on time

2 Feb 2022

Property Tax

Case Reports

Image for think your business can ignore plastic packaging tax deadline

Tax | Think your business can ignore the plastic packaging tax deadline?

The government’s new plastic packaging tax (PPT), intended to combat the use of single-use plastic and encourage greater reliance on recycled plastics, will come into force on 1 April 2022, explains Grace King, indirect tax manager at RSM

2 Feb 2022

Business Tax

Tax Compliance

Image for 1000 businesses default cbil covid loans

Business | 1,000 businesses default on CBIL covid loans

Over 1,000 businesses have already defaulted on their Coronavirus Business Interruption Loans (CBILS) according to analysis by Price Bailey

2 Feb 2022

Image for pimlico plumbers loses holiday pay appeal

Business | Pimlico Plumbers loses holiday pay appeal

A London plumber has won his case against Pimlico Plumbers over his workers’ rights as it was ruled that he is entitled to backdated holiday pay

2 Feb 2022

Image for fortus merges balmforth associates

Business | Fortus merges with Balmforth Associates

Accountancy and business advisory firm Fortus has merged with Balmforth Associates, strengthening its offering for clients in the creative sector

2 Feb 2022

Image for ifrs foundation takes climate disclosure staff

Business | IFRS Foundation takes on climate disclosure staff

As plans go ahead for the new International Sustainability Standards Board (ISSB), the staff of the Climate Disclosure Standards Board (CDSB) have been transferred to the IFRS Foundation to create a more streamlined organisation

2 Feb 2022

1 Feb 2022

Image for kpmg reports 10 growth revenue hits ps235bn

Business | KPMG reports 10% growth as revenue hits £2.35bn

KPMG UK has posted growth of 10%, with revenue rising from £2.14bn to £2.35bn, and profit before tax increasing from £288m to £436m for the financial year ended 30 September 2021

1 Feb 2022

Finance | Legal updates: February 2022

In this month’s legal updates, Sophie Brookes, partner at law firm Gateley, examines the judgment on worker status in Rainford, the new arbitration scheme for rent arrears and High Court interprets pre-emption on transfer provisions in articles of association

1 Feb 2022

Finance

Financial Reporting

Law and Regulation

Tax | VAT updates: February 2022

In this month’s VAT updates, Graham Elliott assesses VAT liability in Hotel La Tour case over input tax on costs of sale of subsidiary company, 28-day rule in YMCA case and overseas company VAT claims

1 Feb 2022

VAT

Case Reports

Image for 23m taxpayers miss self assessment deadline

Tax | 2.3m taxpayers miss self assessment deadline

More than 10.2 million taxpayers filed their 2020/21 tax returns by the 31 January deadline, down 500,000 on the previous year, leaving 2.3m taxpayers failing to file on time, HMRC has confirmed

1 Feb 2022

Tax | Q&A: VAT treatment of tax return services for overseas clients

In this week’s Q&A, Croner Taxwise VAT advice consultant Sally Atkins, considers whether VAT needs to be charged on work handling self assessment tax returns for overseas based clients

1 Feb 2022

VAT

Image for lifetime allowance tax take hits ps342m

Tax | Lifetime Allowance tax take hits £342m

The tax collected from individuals breaching the lifetime allowance on pension pots has increased by 1,068% in the last decade surging to £342m in the 2019-20 tax year

1 Feb 2022

Property Tax

Pensions

Image for hmrc suspends tax agent codes over money laundering breaches

Tax | HMRC suspends tax agent codes over money laundering breaches

The Institute of Financial Accountants (IFA) has warned its members that they risk having their tax agent codes revoked by HMRC should they fail to provide up to date documentation concerning anti-money laundering legislation (AML)

1 Feb 2022

HMRC

Tax Compliance

Image for filing deadlines february april 2022

Tax | Filing deadlines: February - April 2022

In our handy guide to tax filing deadlines, we provide an at-a-glance guide to key dates for PAYE cheque payments, corporation tax instalments, VAT returns, and Making Tax Digital (MTD)

1 Feb 2022

Business | 600k businesses in significant financial stress

The latest red flag report by Begbies Traynor showed nearly 600,000 businesses were in significant financial stress in the final quarter (Q4) of 2021

1 Feb 2022

Restructuring & Insolvency

Image for pensions dashboard five years behind schedule

Finance | Pensions dashboard five years behind schedule

The Department for Work and Pensions (DWP) has revealed that the pensions dashboard is five years behind schedule with many facing a four-year wait to access their pensions information

1 Feb 2022

Pensions

Image for theta global advisors opens manchester office

Business | Theta Global Advisors opens Manchester office

Theta Global Advisors, the consultancy and accounting firm, has opened a regional office in Manchester, as part of expansion plans which also include a number of new hires operating in the North West

1 Feb 2022

Image for foreign businesses responsible third underpaid tax

Tax | Foreign businesses responsible for third of underpaid tax

One third, 32%, of the £35.8bn of underpaid tax in 2020-21 was underpaid by large foreign businesses

1 Feb 2022

Business Tax

HMRC

Image for shaw gibbs launches flexible public holiday policy

HR | Shaw Gibbs launches flexible public holiday policy

Accountancy firm Shaw Gibbs has launched a new people policy linked to flexible working and diversity to help retention levels

1 Feb 2022