Business &amp; Accountancy Daily

Image for former highways council worker jailed ps1m fraud

Business | Former highways council worker jailed for £1m fraud

A former highways worker has been jailed for stealing almost £1m from Birmingham City Council, before fleeing to the US

16 Jan 2023

Tax | Top 1% hold more wealth than 70% of Britons

The richest 1% of Britons hold more wealth than 70% of the population, while the four richest Britons have more wealth than 20 million individuals, reveals Oxfam report

16 Jan 2023

Personal Tax

Image for former chancellor owes hmrc ps37m unpaid tax

Tax | Former chancellor owes HMRC £3.7m in unpaid tax

Nadhim Zahawi has agreed to pay millions of pounds in tax to HMRC following a dispute over his family’s financial affairs

16 Jan 2023

Tax | Average 14-minute wait for HMRC to answer phone

The waiting time for callers to HMRC is not improving with an average 14-minute wait time while one in five calls were not answered

16 Jan 2023

HMRC

Image for trump organization fined 16m tax fraud

Tax | Trump Organization fined $1.6m for tax fraud

The Trump Organization has been ordered to pay $1.6m (£1.3m) after being found guilty of criminal tax fraud related to running a scheme to defraud tax authorities for 15 years

16 Jan 2023

Tax | Businesses need tax breaks to achieve net zero

The government needs to review tax policy to encourage investment in net zero projects, including specific tax breaks and capital allowances

16 Jan 2023

Politics

Image for scotland gain two new freeports

Tax | Scotland to gain two new freeports

Scotland’s first green freeports based at Cromarty Firth and the Forth have been given the green light by the UK and Scottish governments

16 Jan 2023

Tax | Taxpayers liable for ATED must revalue property

HMRC is reminding companies taxed under the annual tax on enveloped dwellings (ATED) must revalue their property in 2023

16 Jan 2023

Property Tax

Tax Compliance

Image for government consults creation single rd tax relief scheme

Tax | Government consults on creation of single R&D tax relief scheme

The Treasury has launched a consultation to simplify research and development (R&D) tax reliefs by merging the current SME and large business schemes

13 Jan 2023

Consultations

Image for world cup boosts gdp 01 november

Business | World Cup boosts GDP by 0.1% in November

The UK economy grew 0.1% in November as people headed to the pubs to watch the World Cup and retailers benefited in the run-up to Christmas

13 Jan 2023

Image for former footballer jailed ps8m ponzi fraud

Business | Former footballer jailed for £8m ponzi fraud

A former Premier League footballer has been jailed for defrauding friends, family and associates out of £8m in a pyramid investment scheme

13 Jan 2023

Called to Account

Image for people news crowe evelyn partners azets albert goodman

HR | People in the news: Crowe, Evelyn Partners, Azets, Albert Goodman

In this week’s accountancy career moves, partner promotions at Crowe, Evelyn Partners, Mazars, EY Parthenon, and hires at Azets, Albert Goodman, Welsh Revenue Authority and OECD

13 Jan 2023

Careers

Leadership & Management

Image for basis period reporting overlap relief not finalised

Tax | Basis period reporting on overlap relief not finalised

HMRC has issued more details about the move to basis period reporting, updating the Association of Taxation Technicians (ATT) on easements for provisional figures and overlap relief

13 Jan 2023

| FRC to investigate EY audit of Veolia UK unit

The Financial Reporting Council (FRC) has launched an investigation into the audit of Stirling Water Seafield Finance plc by EY

13 Jan 2023

Corporate Governance

Image for firms paid duplicate vat charges due cds issue

Tax | Firms paid duplicate VAT charges due to CDS issue

HMRC has issued new guidance to businesses that may have overpaid VAT on declarations made at the end of last year due to a technical issue with the Customs Declaration Service (CDS)

13 Jan 2023

Tax | HMRC changes option to tax process

HMRC will no longer send option to tax notification receipt letters from 1 February to improve efficiency

13 Jan 2023

Business | Scottish councils face growing financial challenges

Councils across Scotland faced significant challenges during 2021/22 and are now entering the most turbulent budget setting period seen for many years

13 Jan 2023

Image for consultation holiday entitlement part year workers

Business | Consultation on holiday entitlement for part-year workers

The government is consulting on the calculation of holiday entitlement received by part-year and irregular hours workers, following a recent Supreme Court judgment

13 Jan 2023

Image for what esg and why it relevant now

Business | What is ESG and why is it relevant now?

In the first of a new series on environment, social, governance (ESG), Marc Lepere, CEO of ESGGen, considers the importance of ESG reporting and why the whole supply chain needs to take it seriously

12 Jan 2023

Image for higher rate scottish taxpayers pay 60 tax

Tax | Higher rate Scottish taxpayers pay 60% of tax

Higher and top rate taxpayers in Scotland are responsible for more than half the annual tax raised, paying around £7bn a year

12 Jan 2023

Personal Tax

HMRC

Image for charity owner banned ps50k bounce back fraud

Business | Charity owner banned for £50k bounce back fraud

A charity director has been banned for seven years after fraudulently taking a £50,000 bounce back loan for his charity

12 Jan 2023

Business | FTX recovers $5bn of assets

Collapsed cryptocurrency exchange FTX has located more than $5bn (£4.1bn) of assets, but the scale of losses to customers is still unknown

12 Jan 2023

Image for hmrc mistakenly named estate agency aml breaches

Business | HMRC mistakenly named estate agency for AML breaches

An estate agency was accidentally named and shamed by HMRC in December over alleged anti-money laundering (AML) breaches

12 Jan 2023

Tax | Finance Act 2023 receives Royal Assent

Changes to the tax code due to come into effect from April 2023 including rise in corporation tax rate and changes to R&D tax are now in force in Finance Act 2023

12 Jan 2023

Law and Regulation

Image for level capital investment set decline

Business | Level of capital investment set to decline

Businesses are reducing their investment in land, plant and machinery as concerns about the cost of living crisis continue to affect confidence levels

12 Jan 2023

Image for deloitte sells pensions advisory business

Business | Deloitte sells pensions advisory business

Deloitte has announced plans to sell the firm’s pension advisory business, Deloitte Total Reward and Benefits (DTRB), to Isio Group

12 Jan 2023