Business &amp; Accountancy Daily

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Image for ingenious games refused right appeal ps12bn tax case

Tax | Ingenious Games refused right to appeal in £1.2bn tax case

The Court of Appeal has ruled against Ingenious Games over attempts to have some of a 2019 appeal ruling overturned

25 Jul 2022

HMRC

Case Reports

Tax | MPs launch probe into tax reliefs

The Treasury Committee has opened an inquiry over the summer into the size and benefits of the tax relief market, including ideas to reform complex rules

25 Jul 2022

Consultations

Politics

Image for fraudsters convicted ps21m loss cryptocurrency

Business | Fraudsters convicted for £21m loss in cryptocurrency

Four fraudsters have been convicted for fraudulently obtaining and laundering Bitcoin and other cryptocurrency worth tens of millions of pounds from an Australian-based cryptocurrency exchange

25 Jul 2022

Called to Account

Business | Help to Grow scheme expanded to smallest businesses

The government’s Help to Grow: Digital Scheme is to be expanded to businesses with fewer than five employees, which will see over a million businesses eligible.

25 Jul 2022

Business | Begbies Traynor makes property finance acquisition

Begbies Traynor Group has acquired Axiom Consulting & Investments Limited and Ellayaan Limited and their subsidiary undertakings, which together trade as Mantra Capital, a London-based property finance brokerage

25 Jul 2022

Accountancy Firms

Careers

Leadership & Management

Image for restaurant insolvencies jump 64 year

Business | Restaurant insolvencies jump 64% in a year

The number of restaurant insolvencies has shot up by 64% from 856 in 2020/21 to 1,406 in the past year as rising inflation and labour shortages drive restaurants out of business

25 Jul 2022

Restructuring & Insolvency

Companies

Image for directors loans were not tax avoidance says gaar

Tax | Director’s loans were not tax avoidance, says GAAR

A complex series of tranactions involving millions of pounds of director’s loans between subsidiaries and the group holding company was not used for tax avoidance purposes, GAAR Advisory Panel decides

22 Jul 2022

Business | Alpaca farmers sentenced over £106k VAT fraud

Two Somerset farmers have been sentenced over a complex VAT fraud involving claims for a non-existent trekking business

22 Jul 2022

Called to Account

Image for hmrc hire staff improve customer service

Tax | HMRC to hire staff to improve customer service

HMRC is planning to hire an additional 2,000 staff to help tackle the drop in customer service as complaints rise about slow response times

22 Jul 2022

HMRC

Image for aqi 2022 grant thornton spends training improve audit quality

Finance | AQI 2022: Grant Thornton spends on training to improve audit quality

Grant Thornton may have pulled out of tendering for new listed audits but the latest audit quality inspection cycle reviewed five contracts, with none requiring significant improvements

22 Jul 2022

Image for people news bdo ey kroll carpenter box am

HR | People in the news: BDO, EY, Kroll, Carpenter Box, A&M

In this week’s accountancy career moves, partner promotions and appointments at BDO, EY, Kroll and Carpenter Box, plus new hires at Salisbury’s, Alvarez & Marsal and Flint Bishop

22 Jul 2022

Careers

Leadership & Management

Image for accountants banned working russian companies

Business | Accountants banned from working with Russian companies

The government has introduced legislation banning the provision of accountancy services and management consultancy services to Russian companies

22 Jul 2022

Companies

Accountancy Firms

Image for hmrc fined taxpayers ps187m mistakes tax returns

Tax | HMRC fined taxpayers £1.87m for mistakes in tax returns

Last year HMRC handed out 80% more penalties for careless errors made by taxpayers in their tax returns, with 89,317 penalties issued in 2021-22 although the majority were cancelled

22 Jul 2022

Tax | Capital gains tax rules for divorcing couples changing

The government is changing the rules so that divorcing couples no longer need to settle their estates within a year and face capital gains tax bills

21 Jul 2022

Finance | AQI 2022: EY auditors hauled up over revenue recognition

A third of EY audits required improvements in the latest FRC audit quality inspections, with revenue recognition, management challenge and need for more staff coaching flagged as issues of concern

21 Jul 2022

Image for aqi 2022 kpmg turns around audit quality

Finance | AQI 2022: KPMG turns around audit quality

After years of criticism of audit quality, KPMG is turning around its audit practice with the majority of audits meeting FRC standards and none requiring significant improvement in this year's AQI

21 Jul 2022

Image for rd tax credit claims will require pre registration hmrc

Tax | R&D tax credit claims will require pre-registration with HMRC

Changes to the research and development (R&D) tax credits regime will see new requirements to apply for all reliefs online and pre-registration of claims regardless of size of business

21 Jul 2022

Business Tax

Tax Compliance

Image for hmrc relaunch vat registration service vrs

Tax | HMRC to relaunch VAT Registration Service (VRS)

HMRC has been developing a new VAT Registration Service (VRS) which will speed up the process and automatically register businesses for Making Tax Digital

21 Jul 2022

Finance | AQI 2022: Deloitte improves audit quality but group audits problematic

Deloitte has shown improvement across the board in the annual audit quality inspection (AQI) cycle, but still needs to focus on improving the quality of group audits and closer adherence to the Ethical Standard

21 Jul 2022