Bank of America fined $1.2bn for AML failings, regulator warns English football is 'on edge of financial disaster', and Croner Intelligence launches Workflows AI tool to draft letters

Summary provided by AI

Business & Accountancy Daily

Latest news

Image for innovation body faces ps36m ir35 tax bill

Tax | Innovation body faces £36m IR35 tax bill

UK Research and Innovation, a government funded body, faces a tax bill of £36m after wrongly categorising contractors under the off payroll working rules

26 May 2023

Tax

Employment Tax

Image for clothing boss jailed ps97m vat fraud

Tax | Clothing boss jailed for £97m VAT fraud

Two men involved in one of the UK’s largest carousel VAT frauds have been sentenced to a combined total of 31 years in jail

26 May 2023

Business | Government intervenes over £1.9bn Woking Council debt

Commissioners have been sent into Woking Borough Council amid ‘significant risks’ over its £1.9bn debt following heavy investments

26 May 2023

Business

Companies

Accountancy Firms

Image for uk gender pay gap falls fastest pace 2017

Business | UK gender pay gap falls at fastest pace since 2017

The overall UK gender pay gap has fallen at the fastest rate in six years with a 12.2% differential between men and women

26 May 2023

Business

Companies

Accountancy Firms

Image for people news bdo evelyn partners milsted langdon

HR | People in the news: BDO, Evelyn Partners, Milsted Langdon

In this week’s accountancy career moves, partner promotions and hires at BDO, Deloitte, EY, Evelyn Partners, RSM, Armstrong Watson, Milsted Langdon, HWB, UHY Hacker Young

26 May 2023

Business

Careers

Leadership & Management

Image for redundancy protection extended parents

Business | Redundancy protection extended for parents

Parents and unpaid carers are due to receive new employment rights which will grant them extra protection from redundancy while on parental or carer leave

26 May 2023

| Revolution Beauty auditor signs off year end

Revolution Beauty has published annual results after auditor BDO signed off the accounts after questions over accounting treatment of revenue and inventory stocks

26 May 2023

Corporate Governance

25 May 2023

Tax | A UK wealth tax is a non-starter

As the UK faces the highest tax burden for decades, the introduction of a wealth tax would damage entrepreneurship and force top earners to question their residency, warns Des Hanna, international tax director at Andersen LLP

25 May 2023

Tax

Personal Tax

Tax Planning

Image for self assessment threshold rises ps150k

Tax | Self assessment threshold rises to £150k

HMRC has confirmed that from tax year 2023 to 2024 onwards, the self assessment threshold for taxpayers taxed through PAYE only, will change from £100,000 to £150,000

25 May 2023

Business | Private equity funds invest millions in accountancy firms

In 2022, there were 20 acquisitions of UK professional services firms by private equity funds with nine deals across the accounting and consulting sectors

25 May 2023

Tax | Sign up for our P11D expenses webinar

Don't miss our latest expert webinar on the key issues to consider when completing P11D expenses forms

25 May 2023

Tax

Employment Tax

Image for kpmg and fra sign ai and crypto tech deals

Business | KPMG and FRA sign AI and crypto tech deals

KPMG UK has joined up with MindBridge to use advanced artificial intelligence (AI) for digital audit, while Forensic Risk Alliance ramps up crypto transaction verification service

25 May 2023

Finance | IASB increases disclosures for supplier finance

The International Accounting Standards Board (IASB) has issued disclosure requirements to enhance the transparency of supplier finance arrangements under IAS 7 and IFRS 7

25 May 2023

Finance | FRC extends audit monitoring with Scalebox

The Financial Reporting Council (FRC) has expanded its monitoring and oversight of mid-tier audit firms with the launch of the Scalebox initiative

25 May 2023

Auditing

Corporate Governance

Image for hmrc advisory fuel rates company car users 1 june 2023

Tax | HMRC advisory fuel rates for company car users from 1 June 2023

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 June 2023, cutting diesel rates

25 May 2023

Finance | Charities Act 2022 changes from 1 June

The Charity Commission has clarified changes to the Charities Act 2022 including rules on selling or leasing charity land and use of endowment funds

25 May 2023

Business

Charities

Image for over ps500m paid tax free childcare

Tax | Over £500m paid in tax-free childcare

More than 650,000 families used tax-free childcare in 2022-23, accounting for more than £533m in financial support

25 May 2023

Finance | Government plans shakeup of non-financial reporting

The government is consulting on options to simplify non-financial reporting rules and the appropriateness of current company thresholds

25 May 2023

Finance

Audit Consultations

Image for pkf littlejohn opens manchester office

Business | PKF Littlejohn opens Manchester office

PKF Littlejohn, part of one of the UK and Ireland’s largest accountancy brands, is opening an office in Manchester to target north west based clients

25 May 2023

Business

Accountancy Firms

Careers

Leadership & Management

24 May 2023

Image for residential properties and tax liability

Tax | Residential properties and tax liability

From principal private residence relief to inheritance tax and capital gains tax, home owners need to keep up to speed with tax liability, explains Chris Thorpe LLB ATT CTA (Fellow) TEP

24 May 2023

Tax | Scottish energy giant wins £200m tax case

FTSE 100 power company SSE has won a case at the Supreme Court over a long-running dispute over whether a claim for capital allowances was tax deductible

24 May 2023

Business | Inflation falls to 8.7% but food prices remain high

The rate of inflation dropped to 8.7% in April from 10.1% the previous month, the largest fall in inflation since the Bank of England began raising interest rates in 2021

24 May 2023

Business

Companies

Accountancy Firms

Image for fraudster living high life jailed ps4m scam

Business | Fraudster living high life jailed for £4m scam

The boss of an investment firm has been jailed for seven years after duping more than 50 investors in a £4m scam

24 May 2023

Tax | Electrical blinds are not tax deductible

HMRC has clarified the rules on claiming VAT relief on the installation of electrical blinds in building projects

24 May 2023

| Corporate Governance Code up for review

The Financial Reporting Council (FRC) is planning to tighten up the Corporate Governance Code for the first time in five years

24 May 2023

Corporate Governance

Image for cps calls mileage tax electric cars

Tax | CPS calls for mileage tax on electric cars

Electric vehicle drivers should be charged on a pay as you go basis for every mile driven to ensure they contribute to the tax coffers

24 May 2023

Tax

Personal Tax

Image for cottons rugby acquires street street accounts

Business | Cottons Rugby acquires Street & Street Accounts

Warwickshire based accountancy firm Cottons has snapped up Street & Street Accounts, a Midlands firm with a strong hospitality clientele

24 May 2023

Business

Accountancy Firms

Careers

Image for enwell energy search auditor stalls

| Enwell Energy search for auditor stalls

AIM listed oil and gas exploration group Enwell Energy plc is still looking for a UK auditor following the resignation of PwC in December due to Russian sanctions

24 May 2023

Corporate Governance

Navigate

Tax Services

Latest news

Tax | Innovation body faces £36m IR35 tax bill

Tax | Clothing boss jailed for £97m VAT fraud

Business | Government intervenes over £1.9bn Woking Council debt

Business | UK gender pay gap falls at fastest pace since 2017

HR | People in the news: BDO, Evelyn Partners, Milsted Langdon

Business | Redundancy protection extended for parents

| Revolution Beauty auditor signs off year end

Tax | A UK wealth tax is a non-starter

Tax | Self assessment threshold rises to £150k

Business | Private equity funds invest millions in accountancy firms

Tax | Sign up for our P11D expenses webinar

Business | KPMG and FRA sign AI and crypto tech deals

Finance | IASB increases disclosures for supplier finance

Finance | FRC extends audit monitoring with Scalebox

Tax | HMRC advisory fuel rates for company car users from 1 June 2023

Finance | Charities Act 2022 changes from 1 June

Tax | Over £500m paid in tax-free childcare

Finance | Government plans shakeup of non-financial reporting

Business | PKF Littlejohn opens Manchester office

Tax | Residential properties and tax liability

Tax | Scottish energy giant wins £200m tax case

Business | Inflation falls to 8.7% but food prices remain high

Business | Fraudster living high life jailed for £4m scam

Tax | Electrical blinds are not tax deductible

| Corporate Governance Code up for review

Tax | CPS calls for mileage tax on electric cars

Business | Cottons Rugby acquires Street & Street Accounts

| Enwell Energy search for auditor stalls