Business &amp; Accountancy Daily

Image for self employed can pay voluntary class 2 nics

Tax | Self-employed can pay voluntary class 2 NICs

Self-employed traders with profits below the small profits threshold can still pay class 2 National Insurance contributions (NIC) to top up their state pension eligibility, says ICAEW

1 Feb 2023

Tax

Employment Tax

Personal Tax

Image for 300k taxpayers miss tax return deadline

Tax | 300k taxpayers miss tax return deadline

A record 11.7 million people submitted their tax returns on time, but over 300,000 taxpayers missed the self assessment deadline

1 Feb 2023

Business | Government signs £4m software deal to tackle fraud

Software start-up Quantexa has won a £4m contract to provide specialist services to government departments to tackle and prevent fraud

1 Feb 2023

Business | 13,000 offshore companies miss property register deadline

Nearly 13,000 offshore companies owning own properties in the UK missed the deadline to declare their ownership details on the Register of Overseas Entities

1 Feb 2023

Image for uk plans regulate crypto platforms

Business | UK plans to regulate crypto platforms

Regulation of the sale of cryptoassets is planned to strengthen rules for crypto trading platforms and establish a regime to monitor crypto lending

1 Feb 2023

Image for scaffolder inflated turnover secure ps50k covid loan

Business | Scaffolder inflated turnover to secure £50k covid loan

The boss of a Midlands scaffolding firm was given a £50,000 bounce back loan after inflating company turnover, then transferring funds for personal use

1 Feb 2023

Called to Account

Image for qa corporation tax and changing year end

Tax | Q&A: corporation tax and changing year end

In this week’s Q&A, Julian Payne, tax advisor at Croner-i, explains the key issues to consider when preparing year end accounts after changing the year end from December to June

31 Jan 2023

Tax | HMRC must stop £469m R&D tax abuse, say Lords

HMRC needs to improve compliance capability to crack down on abuse of the research and development (R&D) tax credit system, says influential House of Lords Economic Affairs Committee

31 Jan 2023

Tax

Business Tax

HMRC

Image for altruism charity ftx link faces probe

Finance | Altruism charity with FTX link faces probe

The Charity Commission has launched an inquiry into altruism charity, Effective Ventures Foundation, as it received substantial funding from charity arm of collapsed US cryptocurrency exchange FTX

31 Jan 2023

Charities

Image for 27m taxpayers still need do tax returns

Tax | 2.7m taxpayers still need to do tax returns

With a few hours to go until the deadline, HMRC is urging more than two million taxpayers to get their self assessment tax return done

31 Jan 2023

Business | Tesco buys Paperchase brand putting 820 jobs at risk

Stationery chain Paperchase has collapsed with 820 staff likely to lose their jobs as Tesco buys the brand and intellectual property

31 Jan 2023

Image for kpmg income hits ps272bn 16 revenue hike

Business | KPMG income hits £2.72bn in 16% revenue hike

KPMG has reported a record 16% rise in revenue from £2.35bn to £2.72bn as partners earned £757,000, for financial year ended 30 September 2022

31 Jan 2023

Image for director loses ps49k tax dispute over late appeal

Tax | Director loses £49k tax dispute over late appeal

A director has lost a First Tier Tribunal (FTT) appeal over a dispute regarding late filing penalties between 2017 and 2018, which were filed more than 1,000 days late

31 Jan 2023

Business | What are the options for a business in distress?

With supply chain problems, war in Europe and an increasingly uncertain economic outlook, Devi Shah, partner, and Christopher Street, senior associate in Mayer Brown’s restructuring team, explore the options for companies experiencing financial distress

30 Jan 2023

Restructuring & Insolvency

Image for nadhim zahawi sacked over tax affairs

Tax | Nadhim Zahawi sacked over tax affairs

The former Chancellor Nadhim Zahawi has been sacked as chairman of the Conservative party following an ethics inquiry into the handling of his tax affairs

30 Jan 2023

Business | FRC ramps up ESG scrutiny on auditors

The Financial Reporting Council (FRC) plans to monitor auditors more closely to make sure they are correctly following ESG reporting requirements in company audits, as many firms admit widespread confusion

30 Jan 2023

Image for gift aid claims process needs be automated

Tax | Gift Aid claims process needs to be automated

Charities are calling for more automation of the Gift Aid claims system to reduce red tape and stop repetitive entering of donor details

30 Jan 2023

Business | Flybe collapses for second time

Regional airline Flybe has gone into administration with the majority of staff losing their jobs, just two years since the company was rescued by private equity investors

30 Jan 2023

Image for average 237 page annual reports criticised repetition

Finance | Average 237-page annual reports criticised for repetition

The length of listed company annual reports has ballooned in size by 46% in just five years due to increased reporting requirements and repetitive commentary

30 Jan 2023

Finance

Financial Reporting

Image for ma activity down 16 contract value halves

Business | M&A activity down 16% as contract value halves

The level of mergers and acquisitions (M&A) activity in 2022 slowed down from its record-setting 2021 activity to pre-pandemic levels, with economic headwinds affecting the volume of deals completed

30 Jan 2023

Image for over 300 directors banned covid fraud

Business | Over 300 directors banned for Covid fraud

The Insolvency Service is now banning around 35 directors per month for Covid support scheme abuse, almost treble the previous year, although few lead to convictions

30 Jan 2023