Business &amp; Accountancy Daily

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Tax | Autumn Statement 2022: capital gains tax exemption cut to £6k

The Chancellor plans to halve the capital gains tax exemption to £6,000 from the new tax year

17 Nov 2022

Tax | Autumn Statement 2022: minimum global tax rate goes ahead

The government has confirmed that it will introduce the global minimum corporate tax rate for multinationals from 2024

17 Nov 2022

International Tax

Politics

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Tax | Autumn Statement 2022: minimum wage raised to £10.42

The Chancellor has announced an increase in the national minimum wage for those aged 23 and over to £10.42

17 Nov 2022

Tax | Autumn Statement 2022: electric vehicles will be taxed

The government plans to tax electric vehicles from April 2025 to equalise the road vehicle excise duty with petrol and diesel vehicles

17 Nov 2022

Business | Autumn Statement 2022: R&D relief restricted for SMEs

The Chancellor announced that public spending on R&D tax credits will be increased, reaching £20bn annually by 2024-25

17 Nov 2022

Tax | Autumn Statement 2022: employer NIC threshold frozen

The Chancellor announced plans to freeze the employer National Insurance threshold until 2028

17 Nov 2022

Tax | Autumn Statement 2022: diverted profits tax increases to 31%

The rate of diverted profits tax will rise by 6% from the new tax year, according to the Autumn Statement Green Book

17 Nov 2022

Tax | Autumn Statement 2022: energy support extended by a year

In the Autumn Statement, Chancellor Jeremy Hunt has pledged a further £6bn to improve household’s energy-efficiency

17 Nov 2022

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Tax | Autumn Statement 2022: basic income tax thresholds frozen

The Chancellor committed to keeping basic and higher rate income tax rates at current levels but extended the threshold freeze to 2028

17 Nov 2022

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Business | Solar energy farm operator goes into administration

The operator of over 50 solar farms, Toucan Energy Holdings, has gone into administration leaving lead investor Thurrock Council embroiled in debt

17 Nov 2022

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| Audit probes need to be in public interest, says FRC

The Financial Reporting Council (FRC) has published a set of principles that it will use to assess whether the public interest is best served by carrying out regulatory, supervisory and enforcement work

17 Nov 2022

Corporate Governance

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Tax | Autumn Statement 2022: dividend tax allowance cut to £1k

From April 2023, the dividend tax allowance will be halved to £1,000 from the current £2,000 with a further cut to follow

17 Nov 2022

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Tax | Autumn Statement 2022: windfall taxes rise to 45%

In the Autumn Statement, Chancellor Jeremy Hunt outlined a number of changes to the energy profit levy, alongside a new and temporary tax on electricity generators

17 Nov 2022

Business Tax

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Finance | IFRS consults on changes to accounting taxonomy

The IFRS Foundation is consulting on plans to update the IFRS Accounting Taxonomy to improve ease of use

17 Nov 2022

Finance

IFRS

Audit Consultations

16 Nov 2022

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Tax | HMRC sues EY over Ritblat tax dispute

HMRC has filed a High Court lawsuit against EY over alleged misrepresentations concerning British property investor Jamie Ritblat’s tax affairs

16 Nov 2022

HMRC

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Tax | Haulage contractor loses £1.2m tax appeal

A haulage contractor has lost a First Tier Tribunal (FTT) appeal over a million pound plus accumulation of tax penalties

16 Nov 2022

Finance | KPMG pays £4.95m to settle Quindell audit case

FTSE listed insurance company Watchstone, formerly known as Quindell, has reached a settlement with Big Four auditor KPMG over a lawsuit related to the firm’s 2013 audit

16 Nov 2022

Corporate Governance

Audit Regulations

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Business | Suspended sentence for bounce back loan fraudster

A director of a Middlesbrough telecoms company has been given a suspended sentence after fraudulently taking a £25,000 bounce back loan and then dissolving company the next day

16 Nov 2022

Called to Account

Business | Inflation rate hits 11.1%

Higher than expected inflation has seen the consumer price index rise by 1% to 11.1% over the last 12 months

16 Nov 2022

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Tax | Save £200 and access Hardman’s Tax Data for free

We wanted to remind you about a major enhancement we’ve made to Accountancy Daily, our essential news, analysis and insight platform for tax, audit and accounting

16 Nov 2022

Business | Stanton Bikes appoints administrators

Administrators at PKF Smith Cooper have been called into Derbyshire-based bicycle manufacturer and retailer Stanton Bikes Limited

16 Nov 2022

Tax | Taxpayer debts hit £37.8bn

Taxpayer debts to HMRC swelled by 10% to £37.8bn in just three months as interest rates and inflation continues to rise

16 Nov 2022

HMRC

Tax Compliance

15 Nov 2022

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Tax | Making Tax Digital: Income Tax – time to get ready

John Edwards, CEO of the Institute of Financial Accountants (IFA), provides an overview of the Making Tax Digital for Income Tax (MTD ITSA) changes due to come into force in April 2024 and urges accountants to prepare now

15 Nov 2022

Making Tax Digital

Business | Company insolvencies rise 16%

The number of company insolvencies increased by 16% from September to 1,948, according to Insolvency Service data

15 Nov 2022

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Business | NAO warns of unreliable fraud estimates

The UK government is relying on 'out-of-date' data from 2015 to estimate the cost of fraud, warned the National Audit Office (NAO)

15 Nov 2022

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Business | Construction and coaching bosses banned for £73k covid fraud

Directors of construction and coaching companies have been banned from running a business for a total of 11 years after fraudulently claiming £73,000 worth of bounce back loans

15 Nov 2022

Called to Account

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Business | UK wages continue to lag behind inflation

Wage growth for July to September rose to 5.7%, but continues to lag behind inflation, according to research by the Office for National Statistics (ONS)

15 Nov 2022