Business &amp; Accountancy Daily

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Image for former hmrc debt adviser jailed ps52k fraud

Business | Former HMRC debt adviser jailed for £52k fraud

A former debt adviser at HMRC has been jailed after trying to defraud more than £140,000 from taxpayers trying to clear their tax liabilities

27 Jan 2023

Law & Guidance

Called to Account

Image for hmrc clarifies digital handshake income record viewer

Tax | HMRC clarifies digital handshake for income record viewer

HMRC has updated the guidance on how accountants can use digital handshakes to access the income record viewer

27 Jan 2023

Business | Global economy steady but weak, say accountants

Accountants around the world have indicated that confidence levels were steady in Q4 2022, with many hinting that a global recession could be avoided

27 Jan 2023

Image for directors given suspended sentences over bounce back loans

Business | Directors given suspended sentences over bounce back loans

A duo of directors who fraudulently claimed bounce back loans have been given suspended prison sentences

27 Jan 2023

Called to Account

Image for taxassist launches financial services advisory arm

Business | TaxAssist launches financial services advisory arm

TaxAssist Group has launched a financial services company to extend its range of services beyond accounting, payroll and tax

27 Jan 2023

Careers

Leadership & Management

Image for chancellor sets out growth priorities

Tax | Chancellor sets out growth priorities

Chancellor Jeremy Hunt has outlined plans to boost the UK economy while stressing that tax cuts will not happen until inflation is under control

27 Jan 2023

Business | Criminal offence on false accounting planned

The government is introducing an offence of failure to prevent false accounting or fraud in the Economic Crime Bill

26 Jan 2023

Leadership & Management

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Finance | Does ESG data need to be assured to accounting standards?

ESG or non-financial reporting is set to become the new accounting normal, but how will it affect accountants, asks Marc Lepere, co-founder of ESGgen

26 Jan 2023

Finance

Financial Reporting

Image for morrisons wins ps1m vat nakd bar appeal

Tax | Morrisons wins £1m VAT Nakd bar appeal

Supermarket chain Morrisons has won an appeal at the Upper Tribunal over a disputed VAT bill about zero rating on Nakd and Organix snack bars

26 Jan 2023

Tax | Small business tax debt grows, warns HMRC chief

The level of small business tax debt is growing as companies struggle with economic downturn, HMRC chief tells MPs

26 Jan 2023

Business | Car dealer banned for £50k bounce back fraud

A car dealer has been disqualified as a director for 11 years after fraudulently taking a £50,000 bounce back loan

26 Jan 2023

Image for uk business confidence falls 13 year low

Business | UK business confidence falls to 13-year low

ICAEW’s latest Business Confidence Monitor (BCM) shows that business confidence continues to plummet, following difficult economic conditions and falling customer demand

26 Jan 2023

Image for sole traders need take care seiss tax returns

Tax | Sole traders need to take care with SEISS on tax returns

Any sole traders or partnership members who received support from the government’s Self Employed Income Support Scheme (SEISS) during Covid must include details on tax returns

26 Jan 2023

Tax

Personal Tax

Tax Compliance

Image for iaasb consults group audit rules less complex entities

| IAASB consults on group audit rules for less complex entities

The International Auditing and Assurance Standards Board (IAASB) is consulting on rules for group audits for less complex entities (LCEs)

26 Jan 2023

Accounting Consultations

Image for ps305m diverted money laundering risk

Business | £305m diverted from money laundering risk

Authorities and banks blocked £305m in proceeds from money laundering, with a total of 83,000 defence against money laundering (DAML) notices issued in 2022

26 Jan 2023

Image for chattels wasting assets and capital gains tax

Tax | Chattels, wasting assets and capital gains tax

Certain assets such as plant, watches and paintings valued below £6,000 are exempt from capital gains tax but there are some restrictions, explains Chris Thorpe, technical officer at CIOT

25 Jan 2023

Tax | HMRC wait time hits 27 minutes for tax return calls

Following criticism of long wait times for taxpayers to get through to call centres, HMRC admitted that the average wait time has doubled to 27 minutes, but said home workers did not affect performance

25 Jan 2023

Tax | HBOS and Lloyds win £10m VAT interest case

HBOS and Lloyds Banking Group have won an appeal at the Upper Tribunal over a demand for VAT interest repayments following a legislative error

25 Jan 2023

Business | UK Investment Bank did not follow Corporate Governance Code

The UK Investment Bank was created in a rush at ministers’ insistence, which meant it operated with weak financial governance and very close to the Treasury for its first year

25 Jan 2023

Image for self assessment puts accountants under pressure

Tax | Self assessment puts accountants under pressure

Accountants are being forced to turn away thousands of taxpayers who are yet to file their self assessment tax returns, despite the deadline being less than a week away

25 Jan 2023

Finance | Majority of public sector audits not signed off

Only 12% of audits of public sector bodies and local councils were completed by the November deadline as auditor shortages pile pressure on sector

25 Jan 2023

Auditing

Corporate Governance

Image for sustainability standards due june

Finance | Sustainability standards due by June

Plans to release the first global sustainability standards for companies are on schedule for release by the end of June 2023

25 Jan 2023

Finance

Financial Reporting

Image for government cracks down fire and rehire practices

Business | Government cracks down on ‘fire and rehire’ practices

The government is consulting on proposals to introduce a statutory code of practice to stop controversial dismissal tactics used by unscrupulous employers

25 Jan 2023