Business &amp; Accountancy Daily

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Image for umbrella payroll company director banned over ps41m tax bill

Business | Umbrella payroll company director banned over £4.1m tax bill

The director of an umbrella payroll company who was shifting money offshore to avoid corporation tax has been banned from operating as a director

8 Jun 2022

Called to Account

Image for biffa faces hmrc enquiry over ps153m landfill tax bill

Tax | Biffa faces HMRC enquiry over £153m landfill tax bill

Listed waste management company Biffa is being investigated by HMRC over a dispute related to a potential multimillion bill for historical landfill tax

8 Jun 2022

Business Tax

HMRC

Tax | HMRC targets businesses claiming entrepreneurs’ relief

HMRC has confirmed to the Chartered Institute of Taxation that they intend to send ‘nudge letters’ to some taxpayers who sold shares in the year to 5 April 2020

8 Jun 2022

Tax | Tax Freedom Day a week later than 2021

Tax Freedom Day falls a week later than last year on 8 June, reflecting the ever growing tax burden on individuals as 40% of income goes to taxman

8 Jun 2022

Personal Tax

Tax Planning

Image for hmrc names paye tax avoidance promoter

Tax | HMRC names PAYE tax avoidance promoter

As part of its clampdown on tax avoidance promoters, HMRC is warning taxpayers not to sign up to a payroll scheme promoted by London-based Peak PAYE Ltd

8 Jun 2022

Tax | EU court rules against ITV over diverted profits tax case

ITV and the London Stock Exchange have lost a multimillion pound case at the EU General Court relating to the use of state aid and controlled foreign company (CFC) rules

8 Jun 2022

Business Tax

Case Reports

Image for energy bill grant should be taxed second home owners

Tax | Energy bill grant should be taxed for second home owners

The Chancellor’s decision to provide a £400 grant through energy bills means that second home owners will get a double payment which should be taxed

8 Jun 2022

Personal Tax

Image for ps3m fine pwc over galliford try audit failures

Finance | £3m fine for PwC over Galliford Try audit failures

PwC has been handed a £3m fine for failures to correctly audit contract agreements for construction giant Galliford Try over a two-year period, resulting in a restatement of accounts

7 Jun 2022

Corporate Governance

Image for hmrc opens glasgow regional centre

Tax | HMRC opens Glasgow regional centre

HMRC’s latest regional centre in Glasgow for over 2,000 staff has been formally opened by chief executive Jim Harra

7 Jun 2022

HMRC

Careers

Image for pwc fined ps19m over kier audit failures

Finance | PwC fined £1.9m over Kier audit failures

Big Four audit firm PwC has been fined £1.9m over poor audit work for FTSE 250 construction firm Kier for the financial year ended June 2017, relating to long-term contracts

7 Jun 2022

Corporate Governance

Image for qa how claim business property relief

Tax | Q&A: how to claim business property relief

In this week’s Q&A, Croner Taxwise’s Stephen Fletcher examines the qualifying criteria for business property relief when gifting a company to a family member on retirement

7 Jun 2022

Finance | IFAC calls for simplified approach to sustainability standards

Concerns about potential complexity of new sustainability standards has seen capital markets groups and accountants join forces to call for a simplified approach

7 Jun 2022

Finance

Accounting Standards

Image for accountants old mill acquires brook financial

Business | Accountants Old Mill acquires Brook Financial

Accountancy and wealth management firm Old Mill has acquired Ilminster based financial outsourcing firm Brook Financial as part of its five-year growth strategy

7 Jun 2022

Accountancy Firms

Careers

Leadership & Management

Image for ex bank manager sentenced ps255k money laundering

Business | Ex-bank manager sentenced for £255k money laundering

A former Barclays Bank manager has been sentenced for helping to launder £255,000 through a bank branch

7 Jun 2022

Called to Account

Image for double tax risk seiss claimants warns litrg

Tax | Double tax risk for SEISS claimants, warns LITRG

Taxpayers need to ensure they allocate their self employment income support scheme (SEISS) payments in the correct box on self assessment tax returns to avoid double taxation

7 Jun 2022

Finance | What’s the future for internal audit post pandemic?

Internal auditors are facing heightened risks and fraud threats after the difficulties of the pandemic which is changing their role and influence, says Matthew Weitz, associate managing director, Kroll

6 Jun 2022

Corporate Governance

Image for chancellor defends universal ps400 grant towards energy bills

Tax | Chancellor defends universal £400 grant towards energy bills

The Treasury is in talks with the electriticy generation sector to agree plans for a windfall tax on excessive profits and reform of the industry to reduce prices

6 Jun 2022

Politics

Image for landlords not aware making tax digital income tax

Tax | Landlords not aware of Making Tax Digital for income tax

Nearly 40% of respondents to the latest HMRC IPSOS research on Making Tax Digital said that it would be difficult to start reporting income tax on a quarterly basis when rules come into force in 2024

6 Jun 2022

Tax | HMRC advisory fuel rates for company car users from 1 June 2022

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 June 2022, increasing rates between one and three pence per mile in light of soaring fuel prices at forecourts

6 Jun 2022

Tax | 232k Scots face paying higher rate tax

Scottish tax take is set to rise by £715m from the current projection of £13.6bn to £14.3bn for tax year 2022-23, with more taxpayers pushed into higher rate tax

6 Jun 2022

Personal Tax

Tax Planning

Image for hmrc sets out two stage test decide business activity

Tax | HMRC sets out two-stage test to decide business activity

HMRC has clarified how it determines whether or not an activity is a business activity for VAT purposes, bringing in two-stage test

6 Jun 2022

Business | Takeaway boss banned over £50k covid loan abuse

A company boss has been banned for seven years over wrongly claiming £50,000 from Eat Out to Help Out and furlough schemes

6 Jun 2022

Companies

Called to Account

| CPD module: Audit materiality explained

In this month’s exclusive Accountancy Daily CPD module we consider the key issues to consider when auditing materiality and how revisions to materiality can affect the audit

6 Jun 2022