ChatGPT is not a suitable bookkeeper replacement, evidence lacking for need of HMRC reckless offence say critics, and HMRC clarifies the filing process for company tax returns

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Tax | Understanding BADR dilution protection elections

Croner-i tax experts examine the rules when using business asset disposal relief (BADR) and the importance of maintaining adequate share holdings to protect tax relief

11 May 2022

Image for court refuses appeal ps855k vat repayment

Tax | Court refuses appeal for £855k VAT repayment

HMRC has been allowed to strike out an application for VAT repayment of £855,000 as the taxpayer was barred from appealing

11 May 2022

Image for hmrc clarifies points based vat penalty framework

Tax | HMRC clarifies points-based VAT penalty framework

HMRC has issued guidance setting out the changes to VAT penalties and interest charges that will apply to everyone who submits a VAT return from 1 January 2023

11 May 2022

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Tax | HMRC Stratford site opens at Olympic Park

HMRC’s Stratford regional centre in East London was formally opened by chief executive Jim Harra last week

11 May 2022

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Business | ESG action not a priority for SMEs

Almost three quarters of SMEs are not reducing their carbon footprint as digitalisation, employee wellbeing, cost inflation, and recruitment take priority says Azets

11 May 2022

Accountancy Firms

Image for hereford accountants rj francis merges bonelle

Business | Hereford accountants RJ Francis merges with Bonelle

R J Francis & Co, the Hereford based accountancy firm, has merged with Bonelle & Co

11 May 2022

Accountancy Firms

Leadership & Management

Image for number employee ownership trusts surges

Tax | Number of employee ownership trusts surges

There has been a dramatic increase in the number of companies making applications to HMRC to become employee-owned through share trusts

11 May 2022

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Business | Mazars moves to London office in Blackfriars

Top 10 accountancy firm Mazars has moved to a new office on Bailey Street in Blackfriars

11 May 2022

Accountancy Firms

Image for accountancy vacancies reach all time high

Business | Accountancy vacancies reach all-time high

Job vacancies for accountants in commerce and industry have reached an all-time high with 1,266 vacancies in January 2022

11 May 2022

Accountancy Firms

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Business | Bankrupt man sentenced for hiding villa

A man has been given a 16-month sentence after he concealed property in Spain and €97,000 (£83,011.14) while being declared bankrupt

11 May 2022

Called to Account

10 May 2022

Image for court overturns decision ps143k tax case

Tax | Court overturns decision on £143k tax case

The court has overturned a previous ruling concluding that as the taxpayer offered no case for the entirety of their £143,000 tax appeal then it must be all withdrawn and all seven appeals dismissed

10 May 2022

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Finance | Audit reform to go ahead, confirms Queen’s Speech

The government has pledged to go ahead with reform to the audit market with plans to release a draft bill covering a raft of reforms including managed shared audit outlined in the Queen's Speech

10 May 2022

Corporate Governance

Image for qa super deduction and pre trading expenditure

Tax | Q&A: super deduction and pre-trading expenditure

In this week’s Q&A, Croner Taxwise tax adviser Tom Butt, considers whether there are limits on the type of plant and machinery investments eligible for the super-deduction tax relief

10 May 2022

Image for director banned avoiding ps147k tax

Business | Director banned for avoiding £147k in tax

An IT boss has been banned for six years after asking his accountant to ‘reallocate drawings’ which meant he avoided £77,184 in PAYE and overall avoided £147,000 in tax

10 May 2022

Called to Account

Image for takeaway owner jailed ps171k tax fraud

Business | Takeaway owner jailed for £171k tax fraud

A takeaway owner has been jailed for stealing £171,000 by submitting fraudulent tax returns and false tax credit applications

10 May 2022

Called to Account

Image for almost 32000 reclaims overpaid inheritance tax

Tax | Almost 32,000 reclaims for overpaid inheritance tax

Families in the UK have made nearly 32,000 reclaims for overpaid inheritance tax in the past six years, figures obtained by financial advisers NFU Mutual reveal

10 May 2022

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Tax | Settlement of director’s loan was ‘contrived’

The GAAR advisory panel has ruled that a scheme involving the creation and sale of pension obligations to settle a director’s loan breaks the tax rules

10 May 2022

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Business | More enforcement powers for Companies House

The government aims to strengthen the powers of Companies House and tackle abuse of limited partnerships in proposals for a second Economic Crime Bill

10 May 2022

Accountancy Firms

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Business | Shake-up of procurement rules planned

The government plans to overhaul public sector procurement rules to open up the market to allow allow more SMEs to tender for projects

10 May 2022

Accountancy Firms

Image for moore kingston smith relocates city office

Business | Moore Kingston Smith relocates City office

Moore Kingston Smith, the top 20 accountancy firm, is to relocate to new offices in the City of London

10 May 2022

Accountancy Firms

Leadership & Management

9 May 2022

Image for appeal against ps22k tax allowed due agent fraud

Tax | Appeal against £22k tax allowed due to agent fraud

A taxpayer has been allowed his late appeal against a discovery assessment of £22,896.60 ruling that the late appeal was justified as the case involved fraud, Covid-19, and working on offshore oil rigs

9 May 2022

Image for morrisons buys mccolls out insolvency

Business | Morrisons buys McColl’s out of insolvency

Morrisons has bought the convenience store chain McColl’s out of administration in a pre-pack deal

9 May 2022

Restructuring & Insolvency

Image for hmrc raises interest rates late tax

Tax | HMRC raises interest rates on late tax

Following the increase in the Bank of England base rate to 1% last week, HMRC has confirmed that it will raise interest rates on late tax bills by 0.25%

9 May 2022

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Business | Pension regulator to run spot checks on employers

Employers suspected of failing to meet their workplace pensions duties are being targeted with spot check inspections

9 May 2022

Accountancy Firms

Image for kpmg increases staff pay ps2k

Business | KPMG increases staff pay by £2k

KPMG has increased the salaries of 15,800 of its UK staff by between £2,000 to £4,000

9 May 2022

Accountancy Firms

Image for overhaul capital allowances tax relief under review

Tax | Overhaul of capital allowances tax relief under review

The government has set out proposals to reform the capital allowances regime to encourage more business investment with a radical option to introduce full expensing of main rate plant and machinery

9 May 2022

Image for clampdown profit shifting brings extra ps216bn tax

Tax | Clampdown on profit shifting brings in extra £2.16bn tax

HMRC has collected an extra £2.16bn in tax from investigations into large businesses shifting profits overseas to avoid tax

9 May 2022

Image for insecure work costs treasury ps10bn annually

Tax | Insecure work costs Treasury £10bn annually

The Treasury loses around £10bn every year due to insecure work and the proliferation of zero-hour contracts and low paid self employment, claims the TUC

9 May 2022

Image for banks stalled climate disclosures

Business | Banks stalled on climate disclosures

The progress on climate-related disclosures in annual reports by some of the world's largest banks slowed down in 2021 with minimal coverage, according to analysis by KPMG

9 May 2022

ChatGPT is not a suitable bookkeeper replacement, evidence lacking for need of HMRC reckless offence say critics, and HMRC clarifies the filing process for company tax returns

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