Business &amp; Accountancy Daily

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Finance | Why is basic financial reporting still an issue?

Failures in internal controls and accounting misreporting helped lead to the downfall of Credit Suisse. Joshua May, consulting manager EMEA, BlackLine examines the fallout

15 May 2023

Finance

Financial Reporting

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Tax | Annual share plan return filing deadline on 6 July

The deadline for employers to file their annual employment-related securities (ERS) returns with HMRC for the 2022/23 tax year is approaching, warns RSM

15 May 2023

Business | Accountant jailed for £24k fraud

A former accountant who defrauded her grandmother of more than £24,000 has been jailed for 18 months following a trial at Canterbury Crown Court

15 May 2023

Called to Account

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Tax | Cancer charity calls for zero VAT on sunscreen

A skin cancer charity has called on the government to scrap the 20% VAT rate on suncream amid price rises during the cost of living crisis

15 May 2023

Tax | HMRC clawed back £33m in unpaid tax from landlords

HMRC targeted almost 5,500 landlords last year and recovered £33m in unpaid tax, as the authority re-prioritised its activities following the end of covid restrictions

15 May 2023

Business | LB Group secures private equity investment

Accounting firm LB Group has signed a seven-figure deal with private equity firm, Sovereign Capital Partners, to sell a majority stake in the business

15 May 2023

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Business | High costs hit mental health of company heads

Around two-thirds of business leaders said that the economic outlook and rising costs had negatively affected their mental health

15 May 2023

Business | Investigations into directors of insolvent companies up 36%

The average number of cases of misconduct by directors referred to the Insolvency Service’s compliance team more than doubled in 2022

15 May 2023

Restructuring & Insolvency

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Business | Kreston Reeves offers enhanced maternity leave

Accountancy firm Kreston Reeves has introduced an industry leading maternity and adoption leave policy that will see new parents receive full pay for 21 weeks

15 May 2023

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Tax | Scrap metal trader loses £3.5m VAT case

A scrap metal trader has lost a First Tier Tribunal (FTT) appeal related to a fraudulent claim for VAT input tax totalling £3.5m

12 May 2023

Tax | Loan charge letters sent to taxpayers

HMRC has written to more taxpayers affected by the loan charge to tell them that large tax bills remain outstanding with daily interest charges

12 May 2023

Personal Tax

HMRC

Business | GDP down 0.3% in March

The economy contracted by 0.3% in March, but saw some growth overall in the first quarter, according to the Office for National Statistics (ONS)

12 May 2023

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Finance | Autonomy founder Mike Lynch extradited

After a long legal battle, Mike Lynch, the founder of Autonomy, has been extradited to the US to face fraud charges over the sale of the software business to HP

12 May 2023

Finance

Financial Reporting

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HR | People in the news: Milsted Langdon, Mazars, RSM, Shaw Gibbs

In this week’s accountancy career moves, partner promotions and hires at Evelyn Partners, Mazars, Milsted Langdon, RSM, Shaw Gibbs, Wylie & Bisset

12 May 2023

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Business | Five Isle of Man agents named as tax avoidance promoters

Five employment agencies based in the Isle of Man have been named and shamed by HMRC as promoters of tax avoidance schemes

12 May 2023

Called to Account

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Business | Young accountants drinking too much

One in five accountants aged under 30 said that their drinking habits have negatively impacted their work or personal life

12 May 2023

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Business | EY expands consulting with whyaye acquisition

EY has acquired consulting firm whyaye Ltd, a UK-based consulting services provider for the ServiceNow platform

12 May 2023

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Business | Revolut CFO resigns for ‘personal reasons’

The online banking group Revolut’s chief financial officer, Mikko Salovaara, has resigned for ‘personal reasons’ after working at the fintech firm for two years

12 May 2023

Business | CEO fraud attacks up 6% in a year

Over £1.2bn was stolen by criminals through fraud in 2022 with the volume of CEO fraud incidents up 6%

12 May 2023

Tax | HMRC staff strike at two sites

Members of the Public and Commercial Services Union (PSC) started their first strike action at HMRC sites in Newcastle and East Kilbride this week

12 May 2023

HMRC

Image for top 75 firms survey 2023 double digit growth revenue hits ps21bn

Business | Top 75 Firms Survey 2023: double digit growth as revenue hits £21bn

In a year of record revenues, the Top 75 accounting firms have reported 13% growth in income to £21.3bn. Philip Smith analyses the current state of the market from fee growth to profitability and partner numbers, plus league table

11 May 2023

Top 75 Surveys

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Tax | HMRC clarifies illegality of repayment agent agreements

HMRC has updated the guidance on the standard for agents to clarify that any ongoing agreements with repayment agents have no legal effect

11 May 2023

Finance | Welsh NHS board faces £122m accounting probe

A Welsh health board has been put into special measures after £122m of expenditure was not properly accounted for

11 May 2023

Finance

Financial Reporting

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Tax | Quarterly reporting for MTD is ‘disproportionate’

The requirement to make quarterly updates for Making Tax Digital for Income Tax is ‘disproportionate and needs a rethink’, says ICAEW

11 May 2023

Making Tax Digital

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Business | Bank of England raises interest rate to 4.5%

The Bank of England has hiked interest rates by another 0.25% marking a year of increases to 4.5%

11 May 2023

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Business | AI will free up time for advisory work

Artificial intelligence (AI) will play a key role in helping accountants to grow their business advisory services as commoditised manual tasks are automated

11 May 2023

AI & Technology

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Tax | HMRC sitting on £11.9bn in overpaid corporation tax

Businesses overpaid £11.9bn in corporation tax in the last tax year, with HMRC unlikely to address overpayment unless the company realises the mistake

11 May 2023