Business &amp; Accountancy Daily

HMRC

Tax Compliance

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Tax | Global digital services tax plan delayed

Plans to introduce a digital services tax for global multinationals have been delayed by a year, the OECD has confirmed, as some countries had problems with aspects of the tax rules

12 Jul 2023

Business | Accountancy firms struggle to find staff

The accountancy profession is struggling to hire experienced auditors and new talent, as salary pressures and excessive workloads are felt across the board

12 Jul 2023

Tax | CPD module: capital gains tax rules

This month's exclusive Accountancy Daily CPD module provides a refresher course on capital gains tax (CGT) compliance rules

12 Jul 2023

Tax | Electric vehicle VAT cuts would not be passed on

Despite the high profile campaigns to scrap VAT on sunscreen and public electric vehicle charging, the changes would be an expensive waste of money and would not benefit consumers, claim tax experts

12 Jul 2023

VAT

Tax Compliance

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Tax | Charities earned £4.3bn in tax breaks

The charity sector saw a significant increase in donations in the last year as Gift Aid tax breaks added £1.6bn to their annual income

12 Jul 2023

Business | KPMG ramps up artificial intelligence in Microsoft deal

Big Four firm KPMG has entered into a multibillion dollar agreement with Microsoft to put artificial intelligence (AI) at the forefront of its business processes, particularly to improve audit processes

12 Jul 2023

Tax | Online service to check overlap relief for basis period transition

HMRC is set to launch an online service to make it easier to find out tailored information about claims for overlap relief due to the introduction of basis taxation rules

12 Jul 2023

Business | Fraudster jailed over £660k invoice fraud

A man who helped fake signatures from the CEO of a foreign exchange company based in the City of London has been jailed for six and a half years

12 Jul 2023

Called to Account

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Tax | DeFI lending and staking: what does it mean for accountants?

Daniel Howitt, co-founder of Recap, explains what planned tax legislation for crypto could mean for accountants and their clients

11 Jul 2023

Personal Tax

Consultations

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Business | NHS manager pleads guilty to £500k invoice fraud

A former manager who used his dead wife’s email account to cover his tracks over a series of fraudulent invoices to steal over £500,000 from the NHS has pleaded guilty to fraud

11 Jul 2023

Tax | Q&A: PPR tax relief on furnished holiday lets

In this week’s Q&A, Croner-i tax adviser Ibrahim Nalla explains the interaction between private residence relief and rollover relief on furnished holiday lets

11 Jul 2023

Property Tax

Tax Planning

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Finance | FRS 102 temporary amend for 15% global tax issue

The Financial Reporting Council has issued amendments to UK GAAP accounting rules to allow for transition to OECD 15% global base tax rate

11 Jul 2023

Finance | One in 10 charities miss accounts filing deadline

More than 15,000 charities failed to file their annual accounts on time in 2022-23 with 9% missing the deadline, compared with 8% the previous year

11 Jul 2023

Charities

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Business | Insolvency activity gives Begbies 11% revenue growth

Listed restructuring firm Begbies Traynor has reported an 11% hike in revenue to £121.8m following an increase in insolvency appointments and mid-market business

11 Jul 2023

Restructuring & Insolvency

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Business | Single body could monitor anti-money laundering compliance

The Treasury is consulting on proposals to create a single supervisory body to oversee accountancy and law firms’ compliance with anti-money laundering rules which will affect accountants and tax advisers

11 Jul 2023

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Business | Insolvency Service launches director hub

The Insolvency Service has launched an information portal to help directors of SMEs with business decisions by centralising guidance in one location

11 Jul 2023

Companies

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Tax | Digital nomads: what are the tax challenges?

Crossborder tax is a complex issue for employers as more staff work overseas to take advantage of flexible and hybrid working patterns, warns Dominik Skalet, international tax manager, Remote

10 Jul 2023

Tax | Stolen laptop did not cancel £10k VAT penalty

Two directors of a management consultancy have lost an appeal at the First Tier Tribunal (FTT) over VAT penalties totalling £21,400 after its records were stolen abroad

10 Jul 2023

Tax | Call waiting times to be included on HMRC helplines

Following a trial, messages on the estimated time it will take to speak to an adviser were extended to more HMRC helplines from 4 July

10 Jul 2023

HMRC

Tax Compliance

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Business | Site administrator jailed for £450k fraud

A fraudster who stole funds from her employer over an 11-year period has been jailed after admitting to stealing nearly £450,000, which she used to fund a lavish lifestyle

10 Jul 2023

Business | Health agency unable to account for £3.3bn Covid inventory

The UK Health Security Agency (UKHSA) has been criticised in a report by the Public Accounts Committee (PAC) for its inability to account for £3.3bn worth of test and trace inventory

10 Jul 2023

Auditing

Companies

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Finance | Academy school trust accounting changes

The latest Academy Trust Handbook has revised some accounting rules with an increase to the limit on related party transactions and a later deadline for annual budget forecast returns

10 Jul 2023

Finance

Financial Reporting

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Finance | IFRS Foundation takes on TCFD climate disclosure oversight

The Financial Stability Board has confirmed that the IFRS Foundation will take over the monitoring of the progress on companies’ climate-related disclosures from the Task Force on Climate-related Financial Disclosures (TCFD)

10 Jul 2023

Finance

Financial Reporting

Business | Ryan snaps up R&D firm Indigo

US tax services specialist Ryan LLC has acquired research and development (R&D) tax firm, Indigo Consulting Group

10 Jul 2023