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Image for duo sentenced ps172k vat fraud

Business | Duo sentenced for £172k VAT fraud

A Derbyshire businessman and builder have been sentenced after they created a deal to avoid paying £172,000 in VAT over two years

6 May 2022

Business

Called to Account

Image for morrisons launches bid save mccolls

Business | Morrisons launches bid to save McColl’s

Morrisons has launched a last minute bid to save the convenience store chain McColl’s from administration

6 May 2022

Business

Companies

Restructuring & Insolvency

Image for paying salaries prioritised over terrifying tax debt

Tax | Paying salaries prioritised over ‘terrifying’ tax debt

Tax debts were not seen as a priority when balanced against maintaining cash flow and paying staff during the pandemic, according to research into HMRC debt collection

6 May 2022

Business | People in the news: BDO, Blick Rothenberg, Mazars, Mitchell Charlesworth

In this week’s accountancy career moves, partner promotions at BDO, Blick Rothenberg, Mazars, Mitchell Charlesworth and Tylney Smith & Williamson, and senior hire at Interpath Advisory

6 May 2022

Leadership & Management

Image for moore kingston smith audit mattioli woods

Finance | Moore Kingston Smith to audit Mattioli Woods

AIM listed Mattioli Woods plc, the specialist wealth and asset management business, has appointed Moore Kingston Smith LLP as group auditor for the financial year ending 31 May 2022

6 May 2022

Auditing

Corporate Governance

Image for net zero tax strategy vital says icas

Tax | Net zero tax strategy vital says ICAS

The Institute of Chartered Accountants of Scotland (ICAS) has called for a net zero tax strategy as it is vital to support individuals and businesses in the transition to net zero

6 May 2022

Tax

VAT

Image for pwc reintroduces summer working hours

Business | PwC reintroduces summer working hours

PwC will once again offer its staff summer working hours meaning they will finish at lunchtime on Fridays throughout June, July, and August

6 May 2022

Business

Accountancy Firms

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Business | How accountants can use artificial intelligence

The move to digital transformation presents an opportunity for leveraging the power of artificial intelligence (AI), adding significant value to businesses and freeing up accountants to focus on high ticket services, explains John Edwards, CEO of the Institute of Financial Accountants (IFA)

5 May 2022

Business

Accountancy Firms

AI & Technology

Image for car insurance company loses ps2m vat case

Tax | Car insurance company loses £2m VAT case

An insurance company has lost its case to reclaim £2m in VAT as there was no evidence that their work in removing black telemetric boxes from cars was not a supply for VAT

5 May 2022

Tax

VAT

Image for cleaner jailed ps100k tax fraud

Business | Cleaner jailed for £100k tax fraud

A Yorkshire cleaning business owner has been jailed after failing to declare her earnings and avoided over £100,000 in tax

5 May 2022

Business

Called to Account

Image for treasury raise extra ps3bn stamp duty

Tax | Treasury to raise extra £3bn from stamp duty

Over 1.2m homes have moved above the basic stamp duty threshold which will bring the Exchequer at least an extra £3bn a year

5 May 2022

Tax

Property Tax

Image for charities warned not use cash couriers 0

Finance | Charities warned not to use cash couriers

The Charity Commission has told charities to ensure that they do not use high risk cash couriers, particularly when taking money overseas

5 May 2022

Business

Charities

Image for j5 tax authorities warn risk nfts

Tax | J5 tax authorities warn on risk of NFTs

The Joint Chiefs of Global Tax Enforcement (J5) has released an intelligence bulletin, warning banks, law enforcement personnel and private citizens of some of the dangers when dealing with non-fungible tokens (NFTs)

5 May 2022

Business | Interest rate hits 1% as Bank tries to curb inflation

The Bank of England has raised the interest rate by 0.25% to 1%, marking the highest rate for 13 years

5 May 2022

Business

Companies

Accountancy Firms

Image for finance teams need improve supply chain reporting

Finance | Finance teams need to improve supply chain reporting

Understanding the risks related to supply chains is essential to avoid financial damage and finance teams need to monitor activity and improve reporting, says FRC Lab

5 May 2022

Finance

Financial Reporting

Image for audit evidence and isa compliance during ukraine crisis

Finance | Audit evidence and ISA compliance during Ukraine crisis

As the war in Ukraine continues, Helen MacNeill FCA looks at areas of concern for auditors to consider from impairment of assets to changing forecasts and going concern

4 May 2022

Auditing

Corporate Governance

Image for wine merchant wins ps350k tax case

Tax | Wine merchant wins £350k tax case

A wine merchant has won an appeal against HMRC discovery assessments and penalties of £350,905 with the court ruling that although he ‘regularly’ filed his accounts late he did not do it deliberately

4 May 2022

Finance | Gupta owned steel businesses face audit probe

The Financial Reporting Council (FRC) has opened an investigation into the audits of four companies in the GFG Alliance group by King & King

4 May 2022

Auditing

Corporate Governance

Image for ey faces ps2bn legal claim over nmc health audit work

Finance | EY faces £2bn legal claim over NMC Health audit work

Big Four firm EY is facing a $2.5bn (£2bn) lawsuit over its audit of failed healthcare company NMC Health, which ran hospitals and clinics in the UAE

4 May 2022

Auditing

Corporate Governance

Business

Restructuring & Insolvency

Image for pwc links sphera extend esg offer

Business | PwC links up with Sphera to extend ESG offer

PwC has signed a deal with Sphera, a global provider of environmental, social and governance (ESG) risk management software, data and consulting services

4 May 2022

Business

Accountancy Firms

Careers

Leadership & Management

Image for businesses not prepared mtd extension

Tax | Businesses not prepared for MTD extension

Over half of accountants state their clients are not ready for Making Tax Digital (MTD) for income tax self assessments

4 May 2022

Business | Accountants banned from working with Russian clients

Foreign Secretary Liz Truss has banned accountants, management consultants and public relations firms from working with businesses based in Russia

4 May 2022

Business

Accountancy Firms

Leadership & Management

Image for qa hire purchase agreements and vat

Tax | Q&A: hire purchase agreements and VAT

In our weekly Q&A, Croner Taxwise VAT adviser Tony Chamberlain considers whether hire purchase agreements should be categorised as goods or services for VAT purposes

4 May 2022

Tax

VAT

Navigate

Tax Services

Latest news

Business | Duo sentenced for £172k VAT fraud

Business | Morrisons launches bid to save McColl’s

Tax | Paying salaries prioritised over ‘terrifying’ tax debt

Business | People in the news: BDO, Blick Rothenberg, Mazars, Mitchell Charlesworth

Finance | Moore Kingston Smith to audit Mattioli Woods

Tax | Net zero tax strategy vital says ICAS

Business | PwC reintroduces summer working hours

Business | How accountants can use artificial intelligence

Tax | Car insurance company loses £2m VAT case

Business | Cleaner jailed for £100k tax fraud

Tax | Treasury to raise extra £3bn from stamp duty

Finance | Charities warned not to use cash couriers

Tax | J5 tax authorities warn on risk of NFTs

Business | Interest rate hits 1% as Bank tries to curb inflation

Finance | Finance teams need to improve supply chain reporting

Finance | Audit evidence and ISA compliance during Ukraine crisis

Tax | Wine merchant wins £350k tax case

Finance | Gupta owned steel businesses face audit probe

Finance | EY faces £2bn legal claim over NMC Health audit work

Business | PwC links up with Sphera to extend ESG offer

Tax | Businesses not prepared for MTD extension

Business | Accountants banned from working with Russian clients

Tax | Q&A: hire purchase agreements and VAT