Business &amp; Accountancy Daily

Leadership & Management

Image for contracts manager jailed ps170k payroll fraud

Business | Contracts manager jailed for £170k payroll fraud

A contracts manager who diverted funds from his employer’s payroll system has been jailed for three years after stealing £170,000

22 Feb 2023

Finance | Church of Latter-day Saints fined over investment disclosures

The US Securities and Exchange Commission (SEC) has fined Ensign Peak Advisers Inc over disclosure failings and misstated filings related to Church's $32bn investment portfolio

22 Feb 2023

Finance

Financial Reporting

Image for points based vat penalties force 7 march

Tax | Points-based VAT penalties in force from 7 March

HMRC is in the process of contacting 2.5 million businesses reminding them about new points-based penalties for late VAT returns

22 Feb 2023

Tax | HMRC needs nine-day turnaround for PAYE direct debits

Employers must allow three extra days to set up any new variable direct debits for their PAYE payrolls following a delay in HMRC processing time

22 Feb 2023

Tax | FSB criticises proposed cuts to R&D tax relief

The UK will become an ‘innovation wasteland’ if the government does not change its decision to cut the R&D tax relief scheme for small businesses

22 Feb 2023

Tax | HMRC fails to process £391m in tax deposit certificates

As HMRC remains committed to ending the use of tax deposit certificates by November, nearly £400m in unused advance payments have not been claimed

22 Feb 2023

Personal Tax

HMRC

Image for haines watts manchester gains social responsibility accreditation

Business | Haines Watts Manchester gains social responsibility accreditation

The Manchester office of accountancy firm Haines Watts has become the first in the group to achieve social responsibility accreditation

22 Feb 2023

Leadership & Management

Image for sustainability standards set june launch

Finance | Sustainability standards set for June launch

The International Sustainability Standards Board (ISSB) has agreed all the technical content of its initial standards with rules to come into effect from 2024

22 Feb 2023

Finance

Accounting Standards

Financial Reporting

21 Feb 2023

Image for inheritance tax how cut your bill

Tax | Inheritance tax: how to cut your bill

Years of frozen allowances, paired with house price growth and soaring inflation, is dragging more people into inheritance tax, but there are ways to reduce the tax liability

21 Feb 2023

Personal Tax

Tax Planning

Image for roofing company must pay ps25m vat tax bill

Tax | Roofing company must pay £2.5m VAT tax bill

A roof replacement company will have to pay £2.5m in VAT after the Court of Appeal ruled that insulated roof panels were not classed as insulation for a VAT-reduced rating

21 Feb 2023

Tax | IESBA consults on revisions to tax planning ethics code

The International Ethics Standards Board for Accountants (IESBA) is consulting on plans to revise the tax planning code to stress ethics and transparency

21 Feb 2023

Tax Planning

Consultations

Image for duo arrested tax evasion linked puerto rico bank

Tax | Duo arrested for tax evasion linked to Puerto Rico bank

Two men have been arrested following an investigation into UK customers of a collapsed Puerto Rican bank linked to tax evasion and money laundering

21 Feb 2023

Tax | Q&A: is employee sponsorship taxable benefit?

In this week's Q&A, Croner-i tax adviser Vanessa Matthews, considers whether corporate sponsorship of an employee at a sporting event is taxable

21 Feb 2023

Employment Tax

Personal Tax

Image for darktrace calls ey review finances

Business | Darktrace calls in EY to review finances

Cybersecurity company Darktrace has hired EY to review its finances and accounting practices after an investment fund questioned the credibility of the financial results

21 Feb 2023

Auditing

Image for income tax take hits record ps219bn january

Tax | Income tax take hits record £21.9bn in January

The Treasury is reaping the rewards of freezing tax thresholds as revenue from income tax rose by a third to a record £21.9bn last month

21 Feb 2023

HMRC

Tax Compliance

| FRC drops Serco audit investigation

The Financial Reporting Council (FRC) has closed its investigation into Deloitte following the settlement of criminal proceedings against Serco brought by the Serious Fraud Office (SFO) back in 2019

21 Feb 2023

Corporate Governance

Image for payroll administrator avoids jail after ps120k fraud

Business | Payroll administrator avoids jail after £120k fraud

A former payroll administrator has been given a suspended two-year sentence after stealing more than £120,000 from her employer

21 Feb 2023

Business | Wylie & Bisset signs joint venture with Opulus Financial

Accountancy firm Wylie & Bisset has agreed a partnership deal with Opulus Financial to expand its accountancy services and outsourced chief financial officer (CFO) offering in Scotland

21 Feb 2023

Careers

Leadership & Management

Image for sign our webinar property tax and vat

Tax | Sign up for our webinar on property tax and VAT

Confused over whether the zero or 5% VAT rates apply or if input tax can be claimed on property related issues? Join our exclusive Croner-i webinar on top tips for VAT and residential planning

21 Feb 2023

20 Feb 2023

Image for careless versus deliberate tax errors

Tax | Careless versus deliberate tax errors

When the former chancellor paid a tax penalty this raised questions about the meaning of HMRC's position on deliberate and careless errors, and whether it could have been resolved between the two parties, explain Danielle Ford, director and Riocard Hoye, senior manager at haysmacintyre

20 Feb 2023

Tax | Doctor loses £250k film tax relief over carelessness

A hospital consultant has lost an appeal against a tax demand for £250,000 related to claims for an income tax relief scheme over carelessness of the ‘highest order’

20 Feb 2023

Tax | Repayment agency banned from trading by HMRC

A company which charged taxpayers up to 50% in fees to make claims for tax refunds has been stopped from operating

20 Feb 2023

Business | Worcester Warriors will not repay creditors

The new owners of Worcester Warriors have dropped plans to change the club’s name and rebrand as Sixways Rugby, but creditors will not be paid, including HMRC

20 Feb 2023

Image for scottish finance minister kate forbes enters snp leader race

Tax | Scottish finance minister Kate Forbes enters SNP leader race

Kate Forbes, the Scottish finance minister, has entered the leadership race to replace Nicola Sturgeon as First Minister

20 Feb 2023

Politics

Image for retail sector sees nearly 15000 job losses

Business | Retail sector sees nearly 15,000 job losses

Nearly 15,000 retail jobs have already been cut since January with supermarkets and high street shops making staff redundant

20 Feb 2023

Restructuring & Insolvency

Image for frc tries dispel corporate governance knowledge gap

Finance | FRC tries to dispel corporate governance knowledge gap

Confusion about expectations and understanding of corporate governance and stewardship sees the regulator issue a detailed factsheet explaining duties and responsibilities

20 Feb 2023

Finance

Financial Reporting

Corporate Governance

Image for hmrc winding petitions increase 46

Tax | HMRC winding up petitions increase by 46%

HMRC tried to shut down 440 companies last quarter over unpaid tax debts, a 46% increase in winding up petitions from 301 in the previous quarter

20 Feb 2023