Business &amp; Accountancy Daily

Tax Planning

Image for mps criticise beis handling ps49bn covid loan fraud

Business | MPs criticise BEIS handling of £4.9bn covid loan fraud

As the scale of fraud associated with covid loans hits £4.9bn, MPs on the Public Accounts Committee have criticised the way the Department for Business (BEIS) handled fraud checks on businesses

19 May 2022

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Business | ICAEW supports audit fines going to Treasury

ICAEW has voiced its support for Financial Reporting Council (FRC) fines for failed audits to go to the Treasury

19 May 2022

Accountancy Firms

Tax | Businesses lost £414m due to cross-border tax complexity

Cross-border tax complexity when trading with the EU cost UK businesses £414m in lost revenue last year, according to the Centre for Economics and Business Research (Cebr)

19 May 2022

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Finance | Sustainability standard baseline by late 2022

The International Sustainability Standards Board (ISSB) has outlined the necessary steps required to establish a comprehensive global baseline of sustainability disclosures by the end of 2022

19 May 2022

Finance

Accounting Standards

Financial Reporting

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Finance | Charity Commission set to focus on trustees

The Charity Commission plans to review the annual return for charities and beef up communications with trustees to improve governance standards

19 May 2022

Charities

Tax | Sunak promises tax cuts for businesses

In a speech to the Confederation of British Industry (CBI) the Chancellor has promised tax cuts for businesses in the Autumn Budget

19 May 2022

Tax | HMRC pauses payments for R&D tax credits

HMRC has halted the payment of research and development (R&D) tax credits while it investigates irregularities in claims for the relief

19 May 2022

HMRC

Business | Tax recruitment is booming

Demand for tax professionals is at an all-time high as accountants and tax experts look for more flexibility and work life balance. Chris Nelson, adviser and investor to the World of Human Capital, examines current recruitment trends

18 May 2022

Leadership & Management

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Tax | HMRC ends P11D submissions by PDF

HMRC has confirmed that it has decommissioned the non-digital end of year expenses and benefits service for small businesses, withdrawing the interactive PDF

18 May 2022

Business | Takeaway owner jailed for £350k tax fraud

The owner of a Chinese takeaway has been sentenced to two and half years in prison after they evaded £350,000 worth of tax

18 May 2022

Called to Account

| Inflation hits 40-year high of 9%

The UK’s consumer prices index (CPI) shows inflation reached 9%, up from 7% in March 2022

18 May 2022

Image for salisburys accountants merge anglesey firm

Business | Salisbury’s accountants merge with Anglesey firm

Accountancy firm Lotti Summers Ltd, based in Beaumaris, Anglesey, has merged with Salisbury’s Chartered Accountants

18 May 2022

Accountancy Firms

Careers

Leadership & Management

Tax | Windfall tax voted down by MPs

MPs have voted against the introduction of a windfall tax for North Sea energy profits

18 May 2022

Politics

Tax | Single account for business taxes would reduce complexity

Businesses support the rollout of a single financial account containing all tax information to avoid the current complexity of using multiple portals to pay tax liabilities

18 May 2022

Business | Petrol retailers told to pass on fuel duty cut

The government has called on petrol retailers to pass on the 5p cut to fuel duty to customers as criticism intensifies as the cost of fuel continues to rise

18 May 2022

Image for frc tips improving complex discount rate reporting

Finance | FRC tips on improving complex discount rate reporting

The Financial Reporting Council (FRC) has published a review of the use and problems related to accounting for discount rates, including dealing with complexity

18 May 2022

Finance

Accounting Standards

Financial Reporting

Image for diy housebuilder scheme claim process clarified

Tax | DIY Housebuilder Scheme claim process clarified

HMRC has issued a brief clarifying its position on making a claim under the DIY Housebuilders Scheme, following the First Tier Tribunal’s decision in the case of Andrew Ellis and Jane Bromley

17 May 2022

Tax | Zipvit loses £1bn VAT appeal

The Supreme Court has dismissed a claim in the long-running Zipvit VAT case over postage costs meaning that HMRC dodged a possible £500m to £1bn VAT pay out

17 May 2022

VAT

Case Reports

Image for ex hmrc officer jailed ps171k vat fraud

Business | Ex-HMRC officer jailed for £171k VAT fraud

A former HMRC VAT inspector has been jailed after he hijacked the identity of a dead man to steal £171,000 worth of VAT repayments

17 May 2022

Called to Account

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Tax | Q&A: holdover relief when incorporation relief not available

In this week’s Q&A from Croner Taxwise, we consider the tax rules applicable when a business owner wants to incorporate a property into another business

17 May 2022

Tax Compliance

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Business | Tilney Smith & Williamson partners with Foundrs

Tilney Smith & Williamson has signed a partnership deal with the invite-only entrepreneur group Foundrs to provide its members with specialist financial advice and mentoring

17 May 2022

Image for rate company insolvencies doubles 2021

Business | Rate of company insolvencies doubles since 2021

The number of company insolvencies in April has doubled compared with the same period last year

17 May 2022

Restructuring & Insolvency

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Finance | IFRS 17 Insurance Contracts approved for use in UK

The UK Endorsement Board (UKEB) has approved the adoption of the International Accounting Standards Board’s (IASB) IFRS 17 Insurance Contracts for use by UK companies

17 May 2022

Finance

Accounting Standards

IFRS

Image for bank england helpless against inflation

| Bank of England ‘helpless’ against inflation

Bank of England (BoE) chief Andrew Bailey defended his performance before MPs, stating that there was nothing else the Bank could have done to prevent inflation from rising to double digits

17 May 2022