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Business | EY shakes up executive leadership committee

Following the decision to abandon plans to split up the firm, EY has announced a restructure of the executive team with a slimmed down membership but no changes to the senior board

15 May 2023

Business

Accountancy Firms

Leadership & Management

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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

Image for annual share plan return filing deadline 6 july

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

Business

Accountancy Firms

Called to Account

Image for cancer charity calls zero vat sunscreen

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

Business

Accountancy Firms

Careers

Leadership & Management

Image for high costs hit mental health company heads

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

Companies

Accountancy Firms

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

Business

Companies

Restructuring & Insolvency

Image for kreston reeves offers enhanced maternity leave

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

Business

Accountancy Firms

Careers

Image for scrap metal trader loses ps35m vat case

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

Tax

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

Business

Companies

Accountancy Firms

Image for autonomy founder mike lynch extradited

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

Image for people news milsted langdon mazars rsm shaw gibbs

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

Business

Careers

Leadership & Management

Image for five isle man agents named tax avoidance promoters

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

Business

Called to Account

Image for young accountants drinking too much

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

Business

Companies

Accountancy Firms

Image for ey expands consulting whyaye acquisition

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

Business

Accountancy Firms

Careers

Leadership & Management

Image for revolut cfo resigns personal reasons

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

Companies

Accountancy Firms

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

Business

Companies

Accountancy Firms

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

Tax

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

Business

Accountancy Firms

Top 75 Surveys

Image for hmrc clarifies illegality repayment agent agreements

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

Image for quarterly reporting mtd disproportionate

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

Tax

Making Tax Digital

Image for bank england raises interest rate 45

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

Business

Companies

Accountancy Firms

Image for ai will free time advisory work

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

Business

Accountancy Firms

AI & Technology

Image for hmrc sitting ps119bn overpaid corporation tax

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

Tax

Business Tax

Tax Compliance

Image for half accounting work still reliant manual processes

Business | Half of accounting work still reliant on manual processes

Over half of accountants still spend too much time on manual tasks with lower levels of automation than expected

11 May 2023

Business | Vacancies for accountants up 20% in a year

There were over 14,500 vacancies for accountants in commerce and industry across England and Wales in 2022, up 20% from 2021

11 May 2023

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Latest news

Business | EY shakes up executive leadership committee

Finance | Why is basic financial reporting still an issue?

Tax | Annual share plan return filing deadline on 6 July

Business | Accountant jailed for £24k fraud

Tax | Cancer charity calls for zero VAT on sunscreen

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

Business | LB Group secures private equity investment

Business | High costs hit mental health of company heads

Business | Investigations into directors of insolvent companies up 36%

Business | Kreston Reeves offers enhanced maternity leave

Tax | Scrap metal trader loses £3.5m VAT case

Tax | Loan charge letters sent to taxpayers

Business | GDP down 0.3% in March

Finance | Autonomy founder Mike Lynch extradited

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

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

Business | Young accountants drinking too much

Business | EY expands consulting with whyaye acquisition

Business | Revolut CFO resigns for ‘personal reasons’

Business | CEO fraud attacks up 6% in a year

Tax | HMRC staff strike at two sites

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

Tax | HMRC clarifies illegality of repayment agent agreements

Finance | Welsh NHS board faces £122m accounting probe

Tax | Quarterly reporting for MTD is ‘disproportionate’

Business | Bank of England raises interest rate to 4.5%

Business | AI will free up time for advisory work

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

Business | Half of accounting work still reliant on manual processes

Business | Vacancies for accountants up 20% in a year