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Tax | Filing deadlines: June - September 2023

Our handy guide to tax filing deadlines for amending corporation tax returns for accounting periods ended 30 June 2021 and balancing payments for VAT annual accounting

1 Jun 2023

Tax

Tax Compliance

Tax Planning

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Tax | Property developer loses £2.79m tax case

A property developer has lost an appeal at the Upper Tribunal over a dispute with HMRC over withholding tax on £2.79m in income earned from interest

1 Jun 2023

Tax | Amazon paid £781m in UK taxes

The UK division of Amazon paid £781m in corporation tax and employer national insurance in 2022, up £130m on the previous year

1 Jun 2023

Tax | How to protect yourself as fraudsters target taxpayers

The rising level of scammers posing as HMRC means accountants need to ensure their clients are able to resist attack, explains Stuart Miller, head of product compliance at Xero

1 Jun 2023

Tax

Tax Compliance

Image for hmrc slaps ps29m fines money laundering abuse

Business | HMRC slaps £2.9m in fines for money laundering abuse

Over 240 businesses have been fined for breaches of anti-money laundering rules with fines of nearly £3m issued between July and December 2022

1 Jun 2023

| FRC consults on revised ISA (UK) 505

The FRC has released an amended version of the International Standard on Auditing (UK) 505 - External Confirmations, including guidance on use of digital platforms to verify information

1 Jun 2023

Auditing

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Finance | SNP MPs at Westminster submit audited accounts

The Scottish National Party’s (SNP) Westminster group of MPs filed its audited accounts hours ahead of the 31 May deadline

1 Jun 2023

Auditing

Audit Regulations

Accountancy Firms

Tax | Property sales down by 20% in 2023

The total number of property transactions so far this year have fallen by 20% as buyers pull back from the market as interest rates soar

1 Jun 2023

Tax

Property Tax

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Finance | IASB plans deferred tax amend to IFRS for SMEs

The International Accounting Standards Board (IASB) plans to amend the IFRS for SMEs accounting standard to help SMEs respond to the 15% global base tax rate

1 Jun 2023

Finance

Financial Reporting

IFRS

Image for fraudsters posing insolvency service employees

Business | Fraudsters posing as Insolvency Service employees

The Insolvency Service has issued a warning to investors and its customers after an increase in fraudulent activity including impersonation of employees

1 Jun 2023

Business

Companies

Accountancy Firms

| How accountants can get audit-fit

Kevin McCallum, CEO of Bright, explains how accountants can support auditors to raise standards in business amid economic uncertainty

31 May 2023

Corporate Governance

Business | KPMG cuts UK staff bonuses

KPMG UK plans to slash the bonus pool this year after a sharp drop in mergers and acquisition (M&A) deals

31 May 2023

Business

Companies

Accountancy Firms

Image for party planner loses ps9k furlough case

Tax | Party planner loses £9k furlough case

A party organiser has lost a First Tier Tribunal (FTT) appeal related to overpayment of Coronavirus Job Retention Scheme (CJRS) payments

31 May 2023

Tax | VAT rules could change on solar battery storage

The government has told MPs that it is consulting on a change to VAT on energy saving materials which could boost the capacity of householders to use solar energy to power their homes

31 May 2023

Tax

Consultations

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Business | Accounts admin sentenced for £60k fraud

An accounts administrator who stole more than £60,000 from a sewage company has been handed a two-year suspended sentence for fraud

31 May 2023

Tax | Watchdog bans misleading ads by tax repayment agents

A trio of tax repayment agents have been rapped by the advertising watchdog over misleading advertisements and told they must include fee information

31 May 2023

Tax

Personal Tax

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Business | CT shakes up management team to drive growth

Following rebranding, CT, formerly known as Chiene + Tait, has appointed a new executive committee to lead the firm

31 May 2023

Business

Accountancy Firms

Careers

Leadership & Management

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Tax | Adviser must compensate client over £200k EIS investment

The Financial Ombudsman Service (FOS) has ordered Armstrong Watson Financial Planning to compensate the estate of a customer mis-sold an enterprise investment scheme

31 May 2023

Tax

Business Tax

Property Tax

Image for capital regional hires mazars audit tenure exceeded

| Capital & Regional hires Mazars as audit tenure exceeded

Property investment vehicle Capital & Regional has appointed Mazars as auditors after Deloitte were forced to resign as the Big Four firm had been in place over 20 years

31 May 2023

Corporate Governance

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Tax | Q&A: company credit cards and EV charging

In this week’s Q&A, Croner-i payroll advisor Joe Tabois, explains the correct tax treatment when using company credit cards and reclaiming electric vehicle recharging costs

30 May 2023

Tax

Employment Tax

Image for average inheritance tax bill hits ps62k

Tax | Average inheritance tax bill hits £62k

The freeze on the main inheritance tax (IHT) threshold since 2009 has pushed more estates into the tax net, costing bereaved families almost £62,000

30 May 2023

Tax

Personal Tax

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Finance | Greenhouse gas reporting should not be 'onerous'

Accountants need to provide transparent information about greenhouse gas emissions to improve the quality of disclosures using a dedicated finance team

30 May 2023

Finance

Accounting Standards

Financial Reporting

Image for taxman targets 512 uk businesses using tax havens

Tax | Taxman targets 512 UK businesses using ‘tax havens’

HMRC is tracking over 500 UK businesses suspected of using so-called tax havens, up 84% from the 277 businesses flagged last year

30 May 2023

Tax

Business Tax

HMRC

Image for one three director bans bounce back fraud

Business | One in three director bans for bounce back fraud

More than a third of directors struck off the company register in the last 12 months have been involved in fraud related to bounce back loans paid out during the pandemic

30 May 2023

Business

Companies

Called to Account

Image for hmrc issues scam warning tax credits claimants

Tax | HMRC issues scam warning to tax credits claimants

Tax credit claimants need to be on their guard against fraudsters, as HMRC warns of increasing use of text messages by scammers

30 May 2023

Tax

Personal Tax

Image for are you prepared economic crime levy

Business | Are you prepared for the Economic Crime Levy?

With just four months to go before the Economic Crime Levy (ECL) comes into force, HMRC has issued guidance on how to prepare for the annual charge

30 May 2023

Business

Companies

Accountancy Firms

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Latest news

Tax | Filing deadlines: June - September 2023

Tax | Property developer loses £2.79m tax case

Tax | Amazon paid £781m in UK taxes

Tax | How to protect yourself as fraudsters target taxpayers

Business | HMRC slaps £2.9m in fines for money laundering abuse

| FRC consults on revised ISA (UK) 505

Finance | SNP MPs at Westminster submit audited accounts

Tax | Property sales down by 20% in 2023

Finance | IASB plans deferred tax amend to IFRS for SMEs

Business | Fraudsters posing as Insolvency Service employees

| How accountants can get audit-fit

Business | KPMG cuts UK staff bonuses

Tax | Party planner loses £9k furlough case

Tax | VAT rules could change on solar battery storage

Business | Accounts admin sentenced for £60k fraud

Tax | Watchdog bans misleading ads by tax repayment agents

Business | CT shakes up management team to drive growth

Tax | Adviser must compensate client over £200k EIS investment

| Capital & Regional hires Mazars as audit tenure exceeded

Tax | Q&A: company credit cards and EV charging

Tax | Average inheritance tax bill hits £62k

Finance | Greenhouse gas reporting should not be 'onerous'

Tax | Taxman targets 512 UK businesses using ‘tax havens’

Business | One in three director bans for bounce back fraud

Tax | HMRC issues scam warning to tax credits claimants

Business | Are you prepared for the Economic Crime Levy?