Business &amp; Accountancy Daily

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Tax | Post Office Horizon compensation not taxable

Postmasters caught up in the Horizon accounting scandal are to be paid millions of pounds in additional compensation to offset tax bills

19 Jun 2023

Personal Tax

Tax Compliance

Image for pai partners signs seven figure deal azets

Business | PAI Partners signs seven-figure deal with Azets

Private equity firm PAI Partners has invested an undisclosed amount understood to be around £50m of funding into top 10 accountancy firm Azets Group

19 Jun 2023

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Tax | Tesco removes VAT on suntan lotion

With temperatures continuing to soar, Tesco plans to pay the VAT bill on store brand sun care products this summer

19 Jun 2023

VAT

HMRC

Image for half scottish public sector audits filed late

| Half of Scottish public sector audits filed late

Audit Scotland has called for improvements in the quality of financial reporting by public sector bodies in Scotland as half of audits miss filing deadline

19 Jun 2023

Corporate Governance

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Business | IFRS Foundation opens ISSB office in Beijing

The IFRS Foundation has expanded its international network with the opening a China office to promote the new sustainability reporting standards

19 Jun 2023

Image for hospitality directors banned ps700k tax debt

Tax | Hospitality directors banned for £700k tax debt

A couple have been banned from being company directors for three years after owing more than £700,000 to HMRC

19 Jun 2023

16 Jun 2023

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Tax | Treasury reviewing £30k entry threshold for MTD

The Treasury minister has indicated that she is reviewing whether Making Tax Digital quarterly reporting is appropriate for people with earnings below £30,000

16 Jun 2023

Business | Directors face criminal liability threat

Businesses who commit fraud, money laundering and bribery will be subject to stricter scrutiny under Home Office plans to overhaul the identification doctrine, a legal principle which can hold corporations criminally liable for an offence

16 Jun 2023

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Business | PwC and Capita hired to replace Action Fraud

Big four accountancy firm PwC and outsourcer Capita have been hired to set up a replacement for Action Fraud

16 Jun 2023

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Tax | Government is making tax system too complicated, say MPs

MPs have criticised the overcomplicated tax system as an obstacle to growth, creating compliance burdens, confusion and disincentives to grow a business, while abolition of the Office of Tax Simplification has made the situation worse

16 Jun 2023

HR | People in the news: Azets, Albert Goodman, Henderson Loggie, PKF

In this week’s accountancy career moves, partner promotions and hires at Albert Goodman, Azets, PKF Francis Clark, PKF Smith Cooper, Henderson Loggie, CIMA, Paysend

16 Jun 2023

Careers

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Business | Class prevents young people from accountancy jobs

People from low socio-economic backgrounds are being held back from their preferred career with less opportunities to join accountancy firms

16 Jun 2023

Image for dog charity failed file accounts five years

Finance | Dog charity failed to file accounts for five years

The Charity Commission has issued an official warning to the trustees of a dog charity who raised thousands in charitable donations but broke the rules by not filing accounts

16 Jun 2023

Charities

Image for company insolvencies jumped 51 may

Business | Company insolvencies jumped 51% in May

The number of company insolvencies increased by 51% in May 2023 to a total of 2,552 as the fallout from covid loan schemes hit finances

16 Jun 2023

Restructuring & Insolvency

Business | Lack of diversity at board level

Despite growing diversity across FTSE boards, only a handful of companies have met targets for a diverse executive voice at board level

16 Jun 2023

Image for premier league clubs score ps55bn revenue high

Business | Premier League clubs score £5.5bn revenue high

Premier League clubs topped the football money league with record matchday and commercial revenues across Europe despite a fall in broadcast revenues

16 Jun 2023

15 Jun 2023

Image for plans modernise stamp taxes shares explained

Tax | Plans to modernise stamp taxes on shares explained

The complex stamp tax rules could be simplified to create a single tax, removing some headaches for accountants, explain Ben Jones, co-head of global tax, and Colin Askew and Helen Mackey, tax partners at Eversheds Sutherland

15 Jun 2023

Personal Tax

Consultations

Image for treasury minister defends hmrc service against claim it mess

Tax | Treasury minister defends HMRC service against claim it is a ‘mess’

MPs on the Treasury Committee put the financial secretary under pressure at a hearing about tax reliefs which kicked off with tough questions about HMRC service failures and customer service 'mess'

15 Jun 2023

Tax | Former soldier avoids jail over £45k VAT fraud

A former soldier who stole £45,000 in fraudulent VAT payments as part of a £1.2m fraud has been spared an immediate prison sentence

15 Jun 2023

| Halfords delays results over audit issue

The auditor of FTSE 250 listed Halfords Group has asked for an extension to give the firm time to complete their audit work

15 Jun 2023

Corporate Governance

Image for local billionaire rescues wigan athletic

Tax | Local billionaire rescues Wigan Athletic

The future of Wigan Athletic football club has been secured following a takeover by billionaire Mike Danson, who will pay salaries and outstanding tax

15 Jun 2023

Tax | Architect loses £10k VAT penalty appeal

An architect has lost a First Tier Tribunal (FTT) appeal against penalties related to false VAT assessments

15 Jun 2023

Case Reports

Image for auditors must respond risk cryptoassets audits

Finance | Auditors must respond to risk of cryptoassets in audits

The US regulator has warned auditors to show extreme caution when auditing cryptoassets as the risk of fraud is high

15 Jun 2023

Auditing

Corporate Governance

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Business | Lack of transparency at ESG rating agencies

The Financial Reporting Council (FRC) has published research into the role of proxy advisors and ESG ratings agencies on investors

15 Jun 2023

Image for mpa acquires efm financial management

Business | MPA acquires EFM financial management

Professional services business MPA has acquired EFM Financial Management Limited and Outsource-FD Limited, which will both trade as EFM

15 Jun 2023

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Finance | Charities gain more financial control as rules updated

The latest changes to the Charities Act 2022 are now in force giving charity trustees greater flexibility when selling charity land and using endowments

15 Jun 2023

Charities

Image for agent services account downtime extended

Tax | Agent services account downtime extended

HMRC has confirmed that the agents services account online service will be unavailable for three days from 11.30am on Friday 23 June

15 Jun 2023

HR | Swiss UK deal to recognise accountancy qualifications

Accountants will be able to work in Switzerland as a result of an agreement with the UK to recognise professional qualifications

15 Jun 2023

Careers

Image for vat penalties hit 66k single year

Tax | VAT penalties hit 66k in a single year

Businesses face increased risk of financial penalties for VAT errors driven by the complexity of the regime and HMRC’s return to a compliance focus, warns Xeinadin

15 Jun 2023