Business &amp; Accountancy Daily

Law & Guidance

Called to Account

Image for direct line insurance hires kpmg ps26m audit

Finance | Direct Line Insurance hires KPMG for £2.6m audit

FTSE 100 listed Direct Line Insurance has swapped auditors with the appointment of Big Four firm KPMG

14 Oct 2022

Auditing

Corporate Governance

Image for restaurant boss banned after ps400k accounts hole

Business | Restaurant boss banned after £400k accounts hole

A Birmingham-based director was unable to explain transactions totalling over £400,000 and a £25,000 bounce back loan

14 Oct 2022

Called to Account

Image for covid fraud arrests surges almost 200

Business | Covid fraud arrests surges almost 200%

The number of arrests made by HMRC related to covid fraud has spiked almost 200% in the last year, from nine to 26

14 Oct 2022

Business | Company insolvencies jump 16%

The number of company insolvencies in September was 1,679 as signs of economic pressure continued to hit businesses

14 Oct 2022

Restructuring & Insolvency

Image for people news kpmg old mill menzies resolve

Business | People in the news: KPMG, Old Mill, Menzies, ReSolve

In this week’s accountancy career moves, partner promotions at KPMG, ReSolve and Carpenter Box, and hires at Baker Tilly Mooney Moore, Alvarez & Marsal and Kilsby Williams

14 Oct 2022

Leadership & Management

Image for delays local audit damage transparency say mps

Finance | Delays in local audit damage transparency, say MPs

MPs have criticised the length of delays in signing off public sector audits and failure to fully implement a new IT system

14 Oct 2022

Auditing

Corporate Governance

Tax | Tax from trusts edges up to £1.45bn

The total tax payable on trusts and estates in the year ending 2021 was £1.45bn, increasing by 5% as more trusts sign up to Trust Registration Service

14 Oct 2022

Tax | HMRC covid fraud recovery team misses £800m target

The dedicated covid fraud taskforce at HMRC has failed to meet targets set for fraud recovery while investigations are taking longer than expected to complete

13 Oct 2022

Tax | HMRC formally opens Manchester hub

The latest regional HMRC hub has opened in Manchester and will accommodate 3,000 staff in a purpose built facility

13 Oct 2022

Tax

HMRC

Image for sintra global wins ps25m vat appeal

Tax | Sintra Global wins £25m VAT appeal

A businessman who was frozen out of his accounts by HMRC has won an appeal at First Tier Tribunal (FTT) relating to VAT and excise duty penalties amounting to £25m

13 Oct 2022

Tax | Furlough scheme was open to misuse from outset

Employers felt that the coronavirus job retention scheme (CJRS) was open to intentional misuse because of its necessary accessibility, finds HMRC research

13 Oct 2022

Business | Four arrested in multimillion pound tax repayment probe

Four men have been arrested as part of a coordinated operation across England into large-scale tax repayment fraud

13 Oct 2022

Called to Account

Image for fsb calls progress sustainability standards

Business | FSB calls for progress on sustainability standards

The Financial Stability Board (FSB) has called on the new sustainability standard setter to focus on issuing a set of standards as soon as possible

13 Oct 2022

Image for dains accountants takes stake william duncan

Business | Dains Accountants takes stake in William Duncan

Dains Accountants has acquired William Duncan + Co Group in a move to expand the Midland based firm’s presence in Scotland

13 Oct 2022

Leadership & Management

| Mazars quits British Steel audit over fee dispute

Mid-tier audit firm Mazars has resigned as statutory auditor of British Steel after a dispute over an increase in audit fees

12 Oct 2022

Corporate Governance

Image for leontech rejects tax evasion claims

Business | Leontech rejects tax evasion claims

Swiss fintech company Leonteq has rejected allegations that it was trying to evade tax and broke money laundering rules when selling products through distributors based in the British Virgin Islands

12 Oct 2022

Companies

Business | UK economy shrinks 0.3% in Q3

The UK economy unexpectedly shrank in August according to data by the Office for National Statistics (ONS), caused by a sharp decline in manufacturing work

12 Oct 2022

Image for renewable energy companies face windfall tax

Tax | Renewable energy companies face windfall tax

Renewable electricity companies will have to pay a one-off tax on income as their profits soar due to the energy crisis

12 Oct 2022

Tax

Business Tax

Image for ey hires record 12k accountancy trainees

Business | EY hires record 1.2k accountancy trainees

EY has taken on a third more student trainees this year as the firm continues to invest in young talent

12 Oct 2022

Image for imf expects uk economy grow 03 2023

| IMF expects UK economy to grow by 0.3% in 2023

The International Monetary Fund (IMF) has warned the ‘worst is yet to come’ following sharp slowdowns for the world’s largest economies

12 Oct 2022

Restructuring & Insolvency

Image for rate hmrc winding petitions soars

Tax | Rate of HMRC winding up petitions soars

HMRC is becoming increasingly aggressive when it comes to the use of winding up petitions

12 Oct 2022

Business | Quantuma snaps up Chamberlain & Co

Restructuring expert Quantuma has acquired Leeds-based insolvency practice, Chamberlain & Co, adding 14 staff

12 Oct 2022

Restructuring & Insolvency

Business | 700+ accountants use My Business Hub to improve value for clients

Your clients can now access key HR, employment law, and health and safety information to help run their businesses from topics such as recruitment and redundancy to stress in the workplace and working from home

12 Oct 2022

Companies