Croner Intelligence launches Workflows AI tool to draft letters, employee annual leave entitlement explained, and FRC identifies five ways AI output can go wrong

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Business & Accountancy Daily

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Business | Revolut auditor questions £477m in late accounts

Revolut’s auditor BDO has flagged concerns about the ‘completeness’ of £477m of revenues in the company's long-delayed 2021 accounts

2 Mar 2023

Business

Companies

Accountancy Firms

Image for pensions dashboard rollout put hold

Finance | Pensions dashboard rollout put on hold

The long-awaited pensions dashboard project has been delayed due to IT problems related to linking individual pension accounts

2 Mar 2023

Business

Pensions

Image for office tax simplification should not be closed

Tax | Office of Tax Simplification should not be closed

In a hearing before the Treasury Committee, a director of the Office of Tax Simplification (OTS) told MPs that the former Chancellor Kwasi Kwarteng decided to close the independent body without justification

2 Mar 2023

Tax | Four in 10 calls to HMRC not answered

Service levels at HMRC are under further pressure as the latest HMRC performance report shows that 40% of calls to advice lines were not answered in January

2 Mar 2023

Tax

HMRC

Image for manchester and nottingham hit shortage accountants

Business | Manchester and Nottingham hit by shortage of accountants

Accountancy firms in Manchester and Nottingham are the worst hit by the accountancy talent shortage

2 Mar 2023

Business | High street openings led by takeaways and leisure outlets

Banks and betting shops were most likely to close in the last 12 months but overall high street closures were down to 2014 levels

2 Mar 2023

Business

Companies

Image for complex pricing mtd software causes confusion

Tax | Complex pricing of MTD software causes confusion

The complexity of pricing models for software for Making Tax Digital reporting is a headache for businesses, while many rely on their accountants for advice on purchasing decisions

2 Mar 2023

1 Mar 2023

Finance | Legal updates: March 2023

In this month’s legal updates, Sophie Brookes and Debbie Shaw, Gateley, reviews rulings validity of signature in an email in Hudson v Hathaway and test of reasonableness in Benkert cases

1 Mar 2023

Finance

Law and Regulation

Audit Consultations

Image for cjeu rules onlyfans liable ps11m vat charge

Tax | CJEU rules OnlyFans liable for £11m VAT charge

The Court of Justice of the European Union (CJEU) has given a binding ruling that online site OnlyFans is liable to pay millions of pounds in VAT on subscriptions

1 Mar 2023

Tax

VAT

Case Reports

Image for frustrated accountants call improvement hmrc service

Tax | Frustrated accountants call for improvement in HMRC service

Poor performance and the quality of service provided by HMRC is becoming an increasing concern for the accountancy profession, and needs to be sorted out as a priority

1 Mar 2023

Tax

HMRC

Image for builder jailed ps158k vat fraud

Tax | Builder jailed for £158k VAT fraud

A builder from Hull has been jailed for three years following his involvement with a VAT refunds scam inspired by BBC show Rogue Traders that netted more than £158,000

1 Mar 2023

Tax | Filing deadlines: March - May 2023

The latest tax filing deadlines for VAT returns and payments due for month or quarter ended 31 January 2023 with new penalty regime

1 Mar 2023

Tax

Tax Compliance

Tax Planning

Image for help grow advice website merged

Business | Help to Grow advice website merged

The Department for Business and Trade (DBT) has restructured its business support services into a single website to simplify disparate information

1 Mar 2023

Business

Companies

Accountancy Firms

Image for azets acquires eu18m baker tilly ireland

Business | Azets acquires €18m Baker Tilly Ireland

Top 10 accounting firm Azets has entered the Irish market for the first time following its acquisition of Baker Tilly Ireland, which will rebrand as Azets Ireland

1 Mar 2023

Business

Accountancy Firms

Careers

Leadership & Management

Image for southend united pays ps14m tax bill

Tax | Southend United pays £1.4m tax bill

Southend United football club has paid the £1.4m tax bill owed to HMRC to stop a winding-up hearing

1 Mar 2023

Tax | Companies must revalue residential properties for ATED

The deadline for companies that own UK residential properties to revalue and tell HMRC if any are worth more than £500,000 is fast approaching

1 Mar 2023

Tax

Property Tax

Tax Compliance

Image for women ftse 350 boards hit 40 target

Business | Women on FTSE 350 boards hit 40% target

The number of women on FTSE 350 boards is now 40%, reaching the target three years early, but they are unlikely to be CEO or chair

1 Mar 2023

Leadership & Management

Image for ad agency mother gains fair tax mark

Tax | Ad agency Mother gains Fair Tax Mark

Advertising agency Mother has been awarded the Fair Tax Mark by the Fair Tax Foundation for responsible tax conduct

1 Mar 2023

Tax

Business Tax

28 Feb 2023

Image for inheritance tax regime needs reform

Tax | Inheritance tax regime needs reform

Anachronistic inheritance tax rules need to be overhauled not extended as threshold freeze captures more taxpayers, argues Gareth Hughes, head of private wealth and succession planning, Lawrence Stephens

28 Feb 2023

Tax

Personal Tax

Tax Planning

Image for qa corporation tax associated companies

Tax | Q&A: corporation tax for associated companies

In this week’s Q&A, Croner-i tax advice consultant Ray Bradbury, explains the tax liability when dealing with associated companies when corporation tax rises in April

28 Feb 2023

Tax | HMRC staff to strike on Budget day

HMRC workers have voted to strike over pay and pensions on 15 March, the day of the Budget

28 Feb 2023

Tax

HMRC

Budget

Business | HMRC confirms fees for Economic Crime Levy

HMRC has clarified the size of the charges for businesses, partnerships and accountancy firms that will have to comply with the economic crime levy (ECL) rules

28 Feb 2023

Business

Companies

Accountancy Firms

Image for uk top three highest tax inherited businesses

Tax | UK in top three for highest tax on inherited businesses

The UK, US, South Korea and France charge the highest tax rates on transfer of a family business as an inheritance without careful tax planning

28 Feb 2023

Tax | Windsor Framework sets out Northern Ireland trade rules

The UK has reached an agreement with the EU to address trade problems with the Northern Ireland Protocol, creating the Windsor Framework

28 Feb 2023

| Grant Thornton quits Cadogan audit

FTSE listed Cadogan Energy Solutions plc has dropped Grant Thornton as auditors after just over a year with the appointment of Moore Kingston Smith

28 Feb 2023

Corporate Governance

Image for average theft work losses cost ps140k

Business | Average theft at work losses cost £140k

Nearly 6,000 people were caught stealing from their employer in 2022, equivalent to 500 incidents every month

28 Feb 2023

Business

Companies

Accountancy Firms

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Latest news

Business | Revolut auditor questions £477m in late accounts

Finance | Pensions dashboard rollout put on hold

Tax | Office of Tax Simplification should not be closed

Tax | Four in 10 calls to HMRC not answered

Business | Manchester and Nottingham hit by shortage of accountants

Business | High street openings led by takeaways and leisure outlets

Tax | Complex pricing of MTD software causes confusion

Finance | Legal updates: March 2023

Tax | CJEU rules OnlyFans liable for £11m VAT charge

Tax | Frustrated accountants call for improvement in HMRC service

Tax | Builder jailed for £158k VAT fraud

Tax | Filing deadlines: March - May 2023

Business | Help to Grow advice website merged

Business | Azets acquires €18m Baker Tilly Ireland

Tax | Southend United pays £1.4m tax bill

Tax | Companies must revalue residential properties for ATED

Business | Women on FTSE 350 boards hit 40% target

Tax | Ad agency Mother gains Fair Tax Mark

Tax | Inheritance tax regime needs reform

Tax | Q&A: corporation tax for associated companies

Tax | HMRC staff to strike on Budget day

Business | HMRC confirms fees for Economic Crime Levy

Tax | UK in top three for highest tax on inherited businesses

Tax | Windsor Framework sets out Northern Ireland trade rules

| Grant Thornton quits Cadogan audit

Business | Average theft at work losses cost £140k