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Image for self professed tax expert loses ps17m tax dispute

Tax | ‘Self-professed tax expert’ loses £1.7m tax dispute

Laurence Onwufuju, a director of over 45 companies across the country, most of which are dissolved, has lost an appeal against a £1.7m tax bill

26 Jan 2024

Tax | Easyway Umbrella company loses judicial review claim

A Hertfordshire umbrella company has lost an attempt to force HMRC to remove details of a tax avoidance scheme from their name and shame list published under a section 86 notice

26 Jan 2024

Tax

HMRC

Case Reports

Business | Accountancy salaries rise by 4.2%

Despite high demand for accounting and audit specialists, the average salary rise for accountants was 4.2% in 2023

26 Jan 2024

Business

Accountancy Firms

Tax | Top 100 taxpayers paid £5.3bn

Russian billionaire takes the top spot for tax paid with a bill for £664.5m, followed by former F1 boss Bernie Ecclestone at £652.6m

26 Jan 2024

HR | People in the news: Streets, Cowgills, haysmacintyre

In this week’s accountancy career moves, partner promotions and hires at BDO, James Cowper Kreston, Streets, Cowgills, Prime Accountants, Quantuma

26 Jan 2024

Business

Careers

Leadership & Management

Image for draft rules ir35 paye liabilities out review

Tax | Draft rules on IR35 PAYE liabilities out for review

HMRC is calling for feedback on draft legislation for a new mechanism to calculate PAYE liabilities in cases of non compliance with IR35 rules

26 Jan 2024

Tax

Consultations

Image for gold bars sold repay ps17m vat fraud

Business | Gold bars sold to repay £17m VAT fraud

A convicted VAT fraudster will see his gold bars, luxury watches and rare coins auctioned off to recover public money stolen in a VAT fraud

26 Jan 2024

Business

Called to Account

| Audit reform kicked down the road

The government’s failure to reform the audit market and create a new regulator is deeply frustrating, says Paul Brehony, partner at Signature Litigation

25 Jan 2024

Corporate Governance

Image for scottish hospitality venues could be ps110k worse

Business | Scottish hospitality venues could be £110k worse off

Hotels, restaurants and pubs operating in Scotland are set to be ‘significantly worse off’ than English hospitality venues as business rate relief is not available

25 Jan 2024

Business

Companies

Restructuring & Insolvency

Image for hmrcs call centre fiasco accountants perspective

Tax | HMRC’s call centre fiasco: an accountant’s perspective

As HMRC reduces and closes phone helplines, Lee Murphy, managing director at The Accountancy Partnership, says this puts ‘immense stress’ on self assessment taxpayers

25 Jan 2024

Tax

HMRC

Tax | HMRC line for dispute resolution restricted to answerphone

Anyone wanting to enter an alternative dispute resolution (ADR) procedure with HMRC will only be able to leave a message on an answerphone in future

25 Jan 2024

Business | Charity trustees pushing fake covid ‘cure’ struck off

The trustees of a dissolved religious charity failed to follow trustee rules and did not file accurate accounts for years despite reporting £400,000 of expenditure a year

25 Jan 2024

Business

Called to Account

Image for ps500k push recognise accountancy qualifications overseas

Business | £500k push to recognise accountancy qualifications overseas

Accountants, auditors and lawyers will be able to access grants of up to £75,000 to support efforts to expand recognition of UK professional qualifications around the world

25 Jan 2024

Business

Companies

Image for local council finances require urgent reform

Finance | Local council finances require urgent reform

Additional government funding for local councils is too short-term to resolve significant financial problems across the country, warns CIPFA

25 Jan 2024

Finance

Financial Reporting

Public Sector

Image for hmrc will not appeal kaye adams ir35 case

Tax | HMRC will not appeal Kaye Adams IR35 case

HMRC has confirmed that it will not go back to the tax courts and appeal the latest decision in the long-running IR35 case of Loose Women presenter

24 Jan 2024

Tax

Personal Tax

HMRC

Image for five common mistakes avoid tax returns

Tax | Five common mistakes to avoid on tax returns

With nearly four million tax returns outstanding, Trusha Shah, tax manager at HW Fisher, offers advice for those who have not yet filed

24 Jan 2024

Tax

Personal Tax

Tax Compliance

Business | Scottish insolvencies up 7% in a year

The number of corporate insolvencies in Scotland has increased slightly from Q2 to Q3 in 2023 but has risen by 7.4% compared to Q3 of 2022

24 Jan 2024

Business

Companies

Restructuring & Insolvency

Image for private equity firm invests mazuma accountants

Business | Private equity firm invests in Mazuma accountants

Online accountancy firm Mazuma has secured private equity funding from Innovation Investment Capital (IIC), which is backed by the Cardiff Capital Region (CCR)

24 Jan 2024

Business

Accountancy Firms

Careers

Leadership & Management

Image for high income child benefit charge broken

Tax | High income child benefit charge is ‘broken’

Taxpayers are taking more cases to tribunal to dispute the high income child benefit charge, costing time, money, and stress, in the fight against a ‘broken’ system

24 Jan 2024

Business | Social club treasurer jailed over £397k fraud

The treasurer of a Warwickshire social club has been jailed for over three years after stealing nearly £400,000 from his employers

24 Jan 2024

Business

Called to Account

Image for first changes uk company law due 4 march

Finance | First changes to UK company law due on 4 March

Companies House will introduce tougher checks on company names and data matching to remove inaccurate information and crack down on abuse of the register

24 Jan 2024

Finance

Law and Regulation

Image for record ps1bn tax relief venture capital trusts

Tax | Record £1bn tax relief on venture capital trusts

Investment in venture capital trusts (VCTs) was up significantly with £1.04bn claimed in tax reliefs as the number of investors was up by a third

24 Jan 2024

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Tax Services

Latest news

Tax | ‘Self-professed tax expert’ loses £1.7m tax dispute

Tax | Easyway Umbrella company loses judicial review claim

Business | Accountancy salaries rise by 4.2%

Tax | Top 100 taxpayers paid £5.3bn

HR | People in the news: Streets, Cowgills, haysmacintyre

Tax | Draft rules on IR35 PAYE liabilities out for review

Business | Gold bars sold to repay £17m VAT fraud

| Audit reform kicked down the road

Business | Scottish hospitality venues could be £110k worse off

Tax | HMRC’s call centre fiasco: an accountant’s perspective

Tax | HMRC line for dispute resolution restricted to answerphone

Business | Charity trustees pushing fake covid ‘cure’ struck off

Business | £500k push to recognise accountancy qualifications overseas

Finance | Local council finances require urgent reform

Tax | HMRC will not appeal Kaye Adams IR35 case

Tax | Five common mistakes to avoid on tax returns

Business | Scottish insolvencies up 7% in a year

Business | Private equity firm invests in Mazuma accountants

Tax | High income child benefit charge is ‘broken’

Business | Social club treasurer jailed over £397k fraud

Finance | First changes to UK company law due on 4 March

Tax | Record £1bn tax relief on venture capital trusts