Business &amp; Accountancy Daily

Restructuring & Insolvency

Image for hmrc phone line closure resolved

Tax | HMRC phone line closure resolved

HMRC has resolved the technical issue with its phone lines which saw services disrupted for four days

5 Dec 2022

HMRC

Image for ps100k loan pension scheme was contrived tax avoidance

Tax | £100k loan from pension scheme was 'contrived' tax avoidance

The anti-tax avoidance advisory panel has issued an opinion explaining that an unauthorised payment from a registered pension scheme was actually tax avoidance

5 Dec 2022

Personal Tax

Tax Compliance

Image for small businesses owed ps234bn late payments

Business | Small businesses owed £23.4bn in late payments

The government plans a major review into tackling late payments for small businesses, with £23.4bn currently owed in outstanding invoices

5 Dec 2022

Business | Lack of socio-economic diversity on UK boards

Socio-economic background diversity on UK boards is lacking, and too few consider it as part of board recruitment and succession planning

5 Dec 2022

Image for cbi calls government action support investment

Tax | CBI calls for government action to support investment

The CBI is calling for more tax breaks for business with an extension of capital allowances to drive investment as the economy contracts

5 Dec 2022

Business Tax

Image for tax tribunal backlog soars 10000

Tax | Tax tribunal backlog soars to 10,000

The backlog of tax tribunal cases waiting to be heard has hit 10,000 as HMRC pursues umbrella companies for unpaid tax

5 Dec 2022

Business | Rules on flexible working set for overhaul

Millions of workers will be able to request flexible working on day one of employment under government plans to make flexible working the default

5 Dec 2022

Image for hmrc phone lines hit it outage

Tax | HMRC phone lines hit by IT outage

HMRC has technical problems with its phone lines which has seen telephone helplines closed for the last 24 hours

2 Dec 2022

HMRC

Image for how battle burnout accountancy world

HR | How to battle burnout in the accountancy world

Ed O’Connell, MD of professional services at Search, discusses the high stress levels within accountancy and the steps firms can take to help tackle the issue

2 Dec 2022

Image for us tv stars jailed 30m tax and loan fraud

Business | US TV stars jailed for $30m tax and loan fraud

Reality TV stars Todd and Julie Chrisley have been sentenced to 12 and seven years, respectively, after a jury convicted them of bank and tax fraud

2 Dec 2022

Called to Account

Image for one four not ready 15 base corporation tax

Tax | One in four not ready for 15% base corporation tax

One in four tax professionals have not started to prepare for the 15% base corporation tax rate which is due to come into effect in 2024

2 Dec 2022

Business Tax

International Tax

Image for ukeb endorses minor amends ias 1 8 12

Finance | UKEB endorses minor amends to IAS 1, 8, 12

The UK Endorsement Board has approved minor scope amendments to three accounting standards, including IAS 12 Income Taxes

2 Dec 2022

Business | People in the news: Saffery Champness, Johnston Carmichael, Old Mill

In this week’s accountancy career moves, partner promotions and hires at Saffery Champness, Johnston Carmichael, Evelyn Partners, Gerald Edelman, Kreston Reeves, UHY East

2 Dec 2022

Accountancy Firms

Image for overseas property owners must sign companies house register

Business | Overseas property owners must sign up to Companies House register

Companies House is issuing an urgent reminder to overseas entities that own property in the UK to sign up to the register of overseas entities

2 Dec 2022

Accountancy Firms

Image for average hmrc call wait time 14 minutes

Tax | Average HMRC call wait time 14 minutes

The average caller to HMRC had to wait 14 minutes to speak to an adviser while one in four callers abandoned their calls in October

2 Dec 2022

HMRC

Image for majority gen z want set business

Business | Majority of Gen Z want to set up a business

Two thirds of 16 to 25 years old workers have either started their own business or aspire to do so in 2023 compared to nearly a third of people overall

2 Dec 2022

Image for next steps save joules ps41m deal

Business | Next steps in to save Joules in £41m deal

Fashion giant Next has acquired Joules, saving the fashion brand from insolvency and bringing in company founder to refocus retail business

1 Dec 2022

Restructuring & Insolvency

Finance | Legal updates: December 2022

In this month’s round-up of cases, Sophie Brookes and Debbie Shaw of Gateley examine decisions on shareholder agreements in Compound Phototonics, buyer's warranty in TP ICAP and electronic signatures

1 Dec 2022

Finance

Law and Regulation

Image for attempts expand auditor choice failing

Finance | Attempts to expand auditor choice ‘failing’

Five years since the Competition & Market Authority review of the audit market, there has been glacial change in the level of competition among audit firms

1 Dec 2022

Auditing

Corporate Governance

Image for filing deadlines december 2022 march 2023

Tax | Filing deadlines: December 2022 - March 2023

The latest tax filing deadlines from VAT returns and payments due for month or quarter ended 31 October 2022 and amending corporation tax returns for accounting periods ending 31 December 2020

1 Dec 2022

Tax Compliance

Tax Planning

Image for director faces ps2m tax bill over royalty payments

Tax | Director faces £2m tax bill over royalty payments

A director has lost an appeal at a First Tier Tribunal (FTT) after failing to meet an appeal deadline regarding income tax payments

1 Dec 2022

Personal Tax

Case Reports

Image for taxpayers lose ps391m unclaimed hmrc deposits

Tax | Taxpayers to lose £391m in unclaimed HMRC deposits

Nearly £400m in ‘unallocated’ deposits from taxpayers using a certificate of tax deposit (CTD) scheme are at risk of being confiscated by HMRC

1 Dec 2022

Tax | VAT updates: December 2022

In this month’s VAT round-up, Graham Elliott explains the zero rating decision on children’s face masks and the intricacies of the reverse charge for construction businesses on scaffolding

1 Dec 2022