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Business & Accountancy Daily

Latest news

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Business | Directors banned for failing to pay £70k tax

Two company directors have been banned after they avoided £70,000 in tax due to bad record-keeping

4 Mar 2022

Business

Called to Account

Tax | More than 80% of impacted businesses unaware of MTD changes

With just one month to go until the rollout of the Making Tax Digital (MTD) for VAT extension, 82% of eligible businesses that are yet to comply are still unaware of the impending deadline

4 Mar 2022

Business | People in the news: Milsted Langdon, Shaw Gibbs, Albert Goodman

In this week’s accountancy career moves, senior partner moves at Albert Goodman, Tilney Smith & Williamson, Deloitte Legal and EY-Parthenon, and hires and promotions at Milsted Langdon, RB+ and Carpenter Box

4 Mar 2022

Business

Accountancy Firms

Careers

Leadership & Management

Image for hmrc asks businesses label nic rise payslips

Tax | HMRC asks businesses to label NIC rise on payslips

HMRC has emailed employers ‘strongly encouraging’ them to label the increased National Insurance contributions (NICs) rate on their employee’s payslips as ‘for the NHS’

4 Mar 2022

Business | Accountancy firms commit to reverse nature loss

UK accountancy bodies ICAEW and ICAS have signed up to support the Nature is Everyone’s Business initiative to signal the important role accountancy plays in deforestation

4 Mar 2022

Business

Accountancy Firms

Image for covid loans used buy houses and cars

Business | Covid loans used to buy houses and cars

Abuse of covid-19 bounce back loans saw company directors spending the funds on luxury cars, deposits for house purchases and even a jet ski

4 Mar 2022

Business

Companies

Accountancy Firms

Image for ethnicity and gender still impact job prospects

Business | Ethnicity and gender still impact job prospects

The majority of those who identify as a minority race see it as a hindrance for job prospects, finds the latest research from accountancy firm BDO

4 Mar 2022

Business

Accountancy Firms

Image for hmrc slated limited progress higher rate child benefit

Tax | HMRC slated for ‘limited progress’ on higher rate child benefit

The quality of HMRC communication with taxpayers about the overly complex high-income child benefit charge (HICBC) has hardly improved in the last three years

4 Mar 2022

Tax

Personal Tax

HMRC

3 Mar 2022

Image for company directorships increased scrutiny and enforcement part 1

Finance | Company directorships: increased scrutiny and enforcement - part 1

Increased accountability for directors and more scrutiny on decision making is part of proposed audit reforms, but what does it mean in practical terms for directors, ask Simon Fawell and Paul Brehony, partners, and Kate Gee, counsel at Signature Litigation LLP

3 Mar 2022

Finance

Financial Reporting

Image for ukraine war sees gt russian firm quit kpmg reviews clients

Business | Ukraine war sees GT Russian firm quit, KPMG reviews clients

Global accounting network Grant Thornton has confirmed that its Russian member firm has quit the network due to the war in Ukraine, while KPMG is reviewing its Russian client list

3 Mar 2022

Business

Accountancy Firms

Leadership & Management

Image for boss banned unexplained ps736k spending

Business | Boss banned for unexplained £736k spending

A Glasgow takeaway boss has been banned after he could not explain what £763,000, which included a £50,000 bounce back loan, was spent on

3 Mar 2022

Business

Companies

Called to Account

Image for hmrc will name promoters tax avoidance

Tax | HMRC will name promoters of tax avoidance

HMRC has been given new powers to clamp down on promoters of tax avoidance and publish details of individuals and firms involved with questionable tax schemes

3 Mar 2022

Tax | HMRC to end payments via Post Office accounts

HMRC is reminding about 7,500 tax credits, child benefit and guardian’s allowance customers they have just one month left to switch their Post Office card account

3 Mar 2022

Business | Gorilla Accounting hikes fee income to £2.9m

Gorilla Accounting, the Bolton based accountancy firm, has reported fee income of £2.9m as profit levels hit £1.01m

3 Mar 2022

Business

Accountancy Firms

Careers

Leadership & Management

Image for tighten due diligence face russia sanctions

Business | Tighten up due diligence in face of Russia sanctions

Accounting firms and businesses need to take action to review their due diligence and sanctions screening procedures to avoid breaking extensive sanctions against Russia

3 Mar 2022

Business

Companies

Accountancy Firms

Image for specialist department needed combat fraud epidemic

Business | Specialist department needed to combat ‘fraud epidemic’

An overarching government department for fraud is the only way the UK will be able to combat the current fraud epidemic says former anti-fraud minister Lord Agnew

3 Mar 2022

Business

Companies

Law & Guidance

Image for vat group registration rules clarified

Tax | VAT group registration rules clarified

HMRC has issued guidance about how businesses should file their VAT returns while waiting for a decision on a VAT grouping application

3 Mar 2022

Business | SMEs expect return to pre-pandemic profits

UK SME confidence is high with 79% of UK businesses expecting to return to pre-pandemic profitability in the next 12 months

3 Mar 2022

Business

Companies

2 Mar 2022

Image for preparing new audit quality requirements isqm uk 1

Finance | Preparing for new audit quality requirements - ISQM (UK) 1

Helen MacNeill FCA examines the new quality management standards, focusing on ISQM (UK) 1, effective from December 2022 and what it means for audit firms

2 Mar 2022

Auditing

Corporate Governance

Audit Regulations

Image for ps1bn vat fraudster finally arrested

Business | £1bn VAT fraudster finally arrested

After nine years on the run, ‘Britain’s most wanted woman’ has been arrested for her part in a £1bn VAT fraud

2 Mar 2022

Business

Called to Account

Image for hmrc accept bulk appeals late tax returns due covid 19 0

Tax | HMRC to accept bulk appeals for late tax returns due to Covid-19

Tax agents and accountants will be able to send bulk appeals against late filing penalties for tax returns filed after 28 February due to Covid-19, HMRC has confirmed

2 Mar 2022

Tax | Customs charges when moving your home back to the UK after Brexit

British nationals who return home after living in the EU should be wary of falling into a post-Brexit customs trap when moving their possessions back to the UK, warns Sarah Halsted, national VAT technical officer at RSM

2 Mar 2022

Business | Johnston Carmichael grows fee income to £54.6m

Accountancy firm Johnston Carmichael has reported annual revenues of £54.6m, up 6.2% for the financial year ending 31 May 2021, despite the challenges of the pandemic

2 Mar 2022

Business

Accountancy Firms

Careers

Leadership & Management

Image for tax agent fined ps16k money laundering breaches

Tax | Tax agent fined £16k for money laundering breaches

The court has dismissed the appeal from a tax agent against a £16,891 penalty for multiple breaches of money laundering regulations

2 Mar 2022

Tax

Case Reports

Image for sustainability standard setter heads frankfurt base

Finance | Sustainability standard setter heads for Frankfurt base

The Trustees of the IFRS Foundation have signed agreements with German public and private sector institutions to finalise a deal to set up the International Sustainability Standards Board (ISSB) in Frankfurt

2 Mar 2022

Tax | Filing deadlines: March-May 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, and Making Tax Digital (MTD)

2 Mar 2022

Finance | FCA to oversee prospectus regime for listings

Changes to the prospectus regime governing lists on the London Stock Exchange will see the introduction of a simpler regime for companies listing and raising capital

2 Mar 2022

Finance

Financial Reporting

Corporate Governance

Image for frc consults changes public sector audit partners

| FRC consults on changes to public sector audit partners

The Financial Reporting Council (FRC) is consulting on proposals to extend access to key audit partners working in local audit, changing the rules of entry, to increase competition

2 Mar 2022

Auditing

Navigate

Tax Services

Latest news

Business | Directors banned for failing to pay £70k tax

Tax | More than 80% of impacted businesses unaware of MTD changes

Business | People in the news: Milsted Langdon, Shaw Gibbs, Albert Goodman

Tax | HMRC asks businesses to label NIC rise on payslips

Business | Accountancy firms commit to reverse nature loss

Business | Covid loans used to buy houses and cars

Business | Ethnicity and gender still impact job prospects

Tax | HMRC slated for ‘limited progress’ on higher rate child benefit

Finance | Company directorships: increased scrutiny and enforcement - part 1

Business | Ukraine war sees GT Russian firm quit, KPMG reviews clients

Business | Boss banned for unexplained £736k spending

Tax | HMRC will name promoters of tax avoidance

Tax | HMRC to end payments via Post Office accounts

Business | Gorilla Accounting hikes fee income to £2.9m

Business | Tighten up due diligence in face of Russia sanctions

Business | Specialist department needed to combat ‘fraud epidemic’

Tax | VAT group registration rules clarified

Business | SMEs expect return to pre-pandemic profits

Finance | Preparing for new audit quality requirements - ISQM (UK) 1

Business | £1bn VAT fraudster finally arrested

Tax | HMRC to accept bulk appeals for late tax returns due to Covid-19

Tax | Customs charges when moving your home back to the UK after Brexit

Business | Johnston Carmichael grows fee income to £54.6m

Tax | Tax agent fined £16k for money laundering breaches

Finance | Sustainability standard setter heads for Frankfurt base

Tax | Filing deadlines: March-May 2022

Finance | FCA to oversee prospectus regime for listings

| FRC consults on changes to public sector audit partners