Business &amp; Accountancy Daily

Employment Tax

Tax Compliance

Image for hmrc ramps tax enquiry activity

Tax | HMRC ramps up tax enquiry activity

HMRC continues to increase enquiry activity into tax compliance returning to pre-pandemic levels, if not beyond

13 Dec 2022

Tax | Netflix paid £5m in tax due to royalty agreement

Streaming service Netflix paid only £5m in corporation tax last year, despite reporting revenues of more than £1.3bn in the UK

13 Dec 2022

Tax | MTD for income tax must be delayed

Tax advisers are calling on government to delay the introduction of quarterly reporting for self employed and landlords

13 Dec 2022

Making Tax Digital

Property Tax

Image for grant thornton takes over ps18m computacenter audit

| Grant Thornton takes over £1.8m Computacenter audit

FTSE 250 listed Computacenter has appointed Grant Thornton as group auditor, replacing KPMG who has held the contract for seven years

13 Dec 2022

Corporate Governance

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Tax | Conservative MP made bankrupt over £1m tax debt

Conservative MP Adam Afriyie has been made bankrupt after owing more than £1.7m to HMRC and Barclays Bank in unpaid tax

13 Dec 2022

Business | FTX founder charged with defrauding investors

The founder of the collapsed cryptocurrency exchange FTX has been charged with defrauding investors after being arrested on Monday

13 Dec 2022

Companies

Restructuring & Insolvency

Image for eu set go ahead 15 corporate tax rate

Tax | EU set to go ahead with 15% corporate tax rate

The EU has reached agreement to implement the minimum corporation tax rate, known as Pillar 2, across the 27 member states

13 Dec 2022

Business Tax

International Tax

Image for worcester warriors takeover extended

Business | Worcester Warriors takeover extended

The administrators of Worcester Warrior Rugby Club will be extending their current exclusivity period to allow more time for preferred bidders to conclude a deal

13 Dec 2022

Restructuring & Insolvency

Companies

Finance | Dormant companies waste £600m in running costs

Businesses are wasting more than £600m each year on keeping unused dormant companies open, warns Mazars

13 Dec 2022

Finance

Financial Reporting

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Tax | Tax management through tough times

With a tightening economy, cash flow is increasingly important while minimising VAT bills is critical, explains Aleksandra Bal, indirect tax technology lead, Stripe

12 Dec 2022

Finance | FCA fines Metro Bank £10m for under-reporting

The Financial Conduct Authority (FCA) has fined Metro Bank plc £10,002,300 for breaching the Listing Rules by failing to account for the correct risk weighted assets (RWA) figure

12 Dec 2022

Finance

Financial Reporting

Image for pension bosses banned over ps44m fraud

Business | Pension bosses banned over £44m fraud

Three directors have been banned from acting as directors after pension mis-selling which resulted in £44m in investor losses

12 Dec 2022

Called to Account

Business | GDP up 0.5% in October but outlook bleak

The UK economy bounced back in October with a 0.5% rise in GDP, but shrank over the third quarter as recession looms

12 Dec 2022

Image for frc stresses audit focus ifrs 17 insurance standard

Finance | FRC stresses audit focus for IFRS 17 insurance standard

The Financial Reporting Council (FRC) has written to insurance companies setting out audit priorities once IFRS 17 Insurance Contracts comes into effect from January

12 Dec 2022

Finance

Financial Reporting

IFRS

Image for ftse 100 fines quadruple ps16bn

Business | FTSE 100 fines quadruple to £1.6bn

Fines against FTSE 100 companies have jumped more than four times in value in the past year, standing at £1.6bn, for breaches in anti-money laundering controls and market abuse

12 Dec 2022

Business | M&Co fashion chain goes into administration

Fashion chain M&Co has appointed administrators as the business faced financial difficulties for the second time in two years, putting 1,910 jobs at risk

12 Dec 2022

Restructuring & Insolvency

Business | EY acquires ifb SE group

Big Four firm EY has acquired ifb SE, an international finance and risk compliance consultancy

12 Dec 2022

Companies

Image for hmrc agrees ps56m tax payment settle rangers case

Tax | HMRC agrees £56m tax payment to settle Rangers case

Ten years since Rangers football club went into liquidation, HMRC has agreed to settle the long-running tax dispute, reducing the final tax bill to £56m

9 Dec 2022

Employment Tax

Case Reports

Business | Next generation accountant

Training the accountants of the future is critical as technology and expectations change, says Lyndsay Hardwick, senior business innovation manager at Milsted Langdon

9 Dec 2022

Careers

Leadership & Management

Image for santander fined ps107m anti money laundering failures

Business | Santander fined £107m for anti-money laundering failures

The Financial Conduct Authority (FCA) has fined Santander £107.8m for repeated failures in its anti-money laundering (AML) controls, affecting more than half a million business customers

9 Dec 2022

Called to Account

Image for hmrc arrests five over global cash till tax fraud

Tax | HMRC arrests five over global cash till tax fraud

A gang suspected of being behind a multimillion pound global fraud, that uses software to hide till sales to evade tax, has been targeted with the arrest of five people by HMRC

9 Dec 2022