Business &amp; Accountancy Daily

HMRC

Tax Compliance

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Tax | Sign up for our webinar on pension tax changes

With a raft of changes to pensions tax, our Croner-i tax expert will be presenting a webinar on the latest developments

25 Jul 2023

Tax | Bar owner loses £56k tax dispute over late appeal

A director of a bar and restaurant group has lost an appeal over a late filing penalty which was submitted more than a year late

25 Jul 2023

Business | Ex Nigerian governor handed £101m confiscation order

A former governor of Nigeria has been ordered to pay back £101m which he stole through a complex money laundering scheme

25 Jul 2023

Finance | MPs launch inquiry into £10m Norton pension fraud

The Work and Pensions Committee is to examine the collapse of three Norton pension schemes after trustee director used £10m to support ailing company

25 Jul 2023

Pensions

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Business | Accountancy fees drive revenue growth at Evelyn Partners

Top 10 firm Evelyn Partners reported a record first half for 2023 with professional services fee income up 22%

25 Jul 2023

Image for pra fines credit suisse ps87m over governance failures

| PRA fines Credit Suisse £87m over governance failures

The Prudential Regulation Authority has fined Credit Suisse a record £87m for significant failures in risk management and governance related to Archegos

25 Jul 2023

Corporate Governance

Tax | Q&A: withholding tax on royalties

In this week’s Q&A, Croner-i tax adviser Amaira Badat, considers the most favoured nation rule under double taxation agreements when calculating withholding tax

25 Jul 2023

Business Tax

Tax Compliance

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Business | One in 10 accountants using generative AI

More than half of accountants believe that generative AI could be used for tax and accounting workflows, but there is a lack of trust in its reliability

25 Jul 2023

Business | FRC reduces investigations backlog

The Financial Reporting Council has reduced the backlog of investigations in the last year but is concerned about delay in government approval to create tougher audit regulatory body

25 Jul 2023

Image for gary lineker return leg ir35 case

Tax | Gary Lineker – the return leg in IR35 case

The tribunal ruling in the IR35 Lineker case unusually centred around partnership employment status but what are the wider implications, ask Nick Bustin, employment tax director and Riocard Hoye, senior manager at haysmacintyre

24 Jul 2023

Tax | Restaurant wins £280k VAT hardship appeal

The First Tier Tribunal (FTT) has granted a restaurant its application for hardship related to a VAT penalty of £280,903, which it could not afford to pay

24 Jul 2023

Tax | Construction director banned over £170k tax fraud

A businessman has been disqualified as a company director for a total of 12 years after falsely claiming £170,000 through an HMRC tax scheme

24 Jul 2023

Tax | Limited HMRC trials on policy changes criticised

HMRC plans to roll out limited trials of new policies or processes on small groups of taxpayers without consultation could undermine consultation approach

24 Jul 2023

HMRC

Image for overpayment tax pensions hits ps56m

Tax | Overpayment of tax on pensions hits £56m

Taxpayers taking money out of their pension pots before they retire have been landed with tax bills amounting to a record £56m in the last three months

24 Jul 2023

Finance | Collapsed Coventry City of Culture reported accounting errors

Accounting problems helped to lead to the collapse of the Coventry City of Culture Trust after it received £21.3m of public funding, according to a report by the National Audit Office (NAO)

24 Jul 2023

Business | EY names 267 partners in UK firm

EY has appointed 267 partners in the UK with nearly half putting in equity as the firm continues to make significant investments in talent

24 Jul 2023

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Finance | Accounting for Climate Resilience briefing released

AICPA & CIMA have launched Accounting for Climate Resilience, an online educational brief designed to help finance professionals report on climate-related risks

24 Jul 2023

Finance

Financial Reporting

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Business | How is AI impacting the future of accountancy?

Chris Willsher, accountancy recruitment expert at Reed, looks at the opportunities for accountants as demand for specialists with strategic and analytical skills while commoditised work is most at risk

21 Jul 2023

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Tax | Plan to deduct high income child benefit charge via PAYE

As more people are dragged into higher rate tax, the government is taking action to ensure that anyone liable for the high income child benefit charge (HICBC) will not be able to avoid the tax

21 Jul 2023

Tax | Shock plan to tax inherited pensions

In a slew of legislation issued this week, the government plans to change income tax rules for people who inherit pensions to make them liable for marginal rate income tax

21 Jul 2023

Personal Tax

Pensions

Image for inheritance tax hits record ps795m june

Tax | Inheritance tax hits record £795m in June

Higher rate corporation tax, record inheritance tax receipts and frozen thresholds all contributed to a record month for tax receipts of £60bn

21 Jul 2023

HMRC

Tax Compliance

Image for accommodation provider wins ps252k toms vat case

Tax | Accommodation provider wins £252k TOMS VAT case

A tribunal has ruled that a supplier of temporary accommodation to business travellers and tourists can apply the Tour Operators Margin Scheme

21 Jul 2023

VAT

Case Reports

Image for people news evelyn partners rsm kreston reeves

Business | People in the news: Evelyn Partners, RSM, Kreston Reeves

In this week’s accountancy career moves, partner promotions and hires at Evelyn Partners, RSM, Armstrong Watson, Kreston Reeves, Eight Advisory, Baines Jewitt

21 Jul 2023

Image for ukeb adopts temporary amendments ias 12

Finance | UKEB adopts temporary amendments to IAS 12

The UK Endorsement Board has adopted the amendments to IAS 12 International Tax Reform: Pillar Two Model Rules for use in the UK during the initial adoption period of the global base tax rate

21 Jul 2023

Tax | Tax breaks for occupational health up for review

The Treasury is considering tax breaks for provision of occupational health services as it grapples with the large number of workers signed off on long-term sick

21 Jul 2023