Business &amp; Accountancy Daily

Business Tax

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Business | EY opens fintech innovation hub

EY has set up an innovation hub as part of its regional fintech investment, which will be based in the Big Four firm’s Bristol office

6 Jan 2023

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Business | Barber jailed over misuse of bounce back loan

A barber has been sentenced to 12 years in prison after sending thousands of pounds from bounce back loan grants to fund the Islamic State in Syria

6 Jan 2023

Business | People in the news: Menzies, RSM, UHY Hacker Young, PKF

In this week’s accountancy career moves, partner appointments at RSM, Evelyn Partners, UHY Hacker Young, Gerald Edelman, and manager promotions at PKF Smith Cooper

6 Jan 2023

Careers

Leadership & Management

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Tax | HMRC phone delays leave thousands waiting

Thousands of taxpayers have been left waiting as HMRC phone delays continue, despite many rushing to submit their tax returns ahead of 31 January deadline

6 Jan 2023

Tax | HMRC warning on misuse of remuneration trusts

Following a number of tribunal decisions, HMRC has issued clarification on the misuse of remuneration trust schemes to avoid tax

6 Jan 2023

HMRC

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Tax | How salary sacrifice can help employee retention

Offering salary sacrifice schemes to employees can reduce tax liability and National Insurance costs for employers, explains Suzanne Gallagher, head of UK payroll, Employment Hero

5 Jan 2023

Employment Tax

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Tax | HMRC requires old XBRL tagging for 2022 accounts

Due to technical and operational issues, HMRC is currently unable to accept accounts tagged with the Financial Reporting Council 2022 Taxonomy

5 Jan 2023

Tax | Crypto gains must be included on tax returns

It is important to report gains on cryptoassets, such as Ethereum, Bitcoin and non-fungible tokens (NFTs), on tax returns as they are subject to income tax and capital gains tax (CGT)

5 Jan 2023

Personal Tax

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Business | Bounce back loan applicant details will not be made public

An attempt to force British Business Bank to publish the details of all companies that applied for covid support loans has failed in court

5 Jan 2023

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Tax | HMRC investigators target unpaid inheritance tax

Wealthy families are being targeted by HMRC for unpaid inheritance tax after the tax authority clawed back a record £326m through investigations last year

5 Jan 2023

Finance | UKEB consults on narrow scope IFRS 16 lease change

The UK Endorsement Board (UKEB) is consulting on minor amendments to IFRS 16 Leases due to come into effect from 2024 accounting year ends

5 Jan 2023

Finance

Audit Consultations

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Business | Tax burden and inflation key worries for business

More than a third of businesses are concerned about the rising tax burden while inflation and energy bills are pushing up running costs

5 Jan 2023

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Business | FTSE 100 CEOs earn more than UK worker in three days

The bosses of FTSE 100 companies have been paid more in three days than the average UK worker for the whole year

5 Jan 2023

Business | Wilko secures £40m funding

UK retailer Wilko has secured £40m funding and replaced the company’s founder as it moves to make ‘necessary changes’ after facing a turbulent period

5 Jan 2023

Tax | Tax tips for buy to let landlords

Spiralling costs and recent tax changes are forcing buy to let landlords to review their property portfolios but there are tax planning tips to consider, explains Philip Spencer, senior technical writer at Croner-i

4 Jan 2023

Property Tax

Tax Planning

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Tax | 5.7m taxpayers still to file tax returns

HMRC is reminding 5.7 million taxpayers to file their self assessment returns before the 31 January deadline, or they will face automatic £100 penalties

4 Jan 2023

Tax | Filing deadlines: January - March 2023

The latest tax filing deadlines from self assessment tax returns for 2021-22 and digital VAT returns due for November quarter end

4 Jan 2023

Tax Planning

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Tax | Agent dedicated line will handle SA enquiries

HMRC has confirmed that the agent dedicated telephone line will be available for self assessment tax return enquiries during the peak tax season

4 Jan 2023

Personal Tax

HMRC

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Business | Former FTX boss pleads not guilty to fraud

Sam Bankman-Fried, former boss of cryptocurrency exchange FTX, has officially denied charges of fraud

4 Jan 2023

Tax | Supermarkets see £550m business rates cut

The largest supermarkets will see their business rates bill cut by £687m over the next three years, according to analysis by Altus Group

4 Jan 2023

Business Tax

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Tax | CPD module: points-based VAT penalties explained

In this month's exclusive Accountancy CPD module, we explain the new penalties and interest rates for VAT, effective from 1 January 2023

4 Jan 2023

VAT

Image for hmrc extends till fraud disclosure deadline

Tax | HMRC extends till fraud disclosure deadline

Following the discovery of extensive use of till fraud to avoid VAT payments, HMRC has confirmed that the disclosure period for abuse of tills will close six weeks later than planned

4 Jan 2023

Tax | Penalties for late VAT returns change to points system

A change to penalties for VAT returns that are submitted late and VAT which is paid late came into effect from 1 January for VAT accounting periods starting on or after 1 January 2023

4 Jan 2023

VAT

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Business | IFRS Foundation plans Beijing office

The trustees of the IFRS Foundation are set to open a Beijing office in mid-2023 to strengthen accounting and sustainability ties with China

4 Jan 2023