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Image for sumer plans more acquisitions ps100m accounting group

Business | Sumer plans more acquisitions for £100m accounting group

Private equity backed Sumer has ramped up its acquisition activity with plans to ‘build a world class firm’ based on strong regional accounting and advisory hubs. Sara White talks to founder Warren Mead

21 Feb 2024

Leadership & Management

Image for bahamas removed eu tax havens blacklist

Tax | Bahamas removed from EU tax havens blacklist

The EU has given Bahamas, Belize, Seychelles, and the Turks and Caicos Islands a clean bill of health on tax compliance after removing them from the list of non-cooperative tax jurisdictions

21 Feb 2024

Tax

International Tax

Tax Planning

Image for over 500 companies underpaid staff ps16m

Business | Over 500 companies underpaid staff by £16m

Hundreds of businesses have been ordered to repay £16m in underpaid salaries and penalties as they failed to pay the national minimum wage to staff

21 Feb 2024

Tax | HMRC ramps up checks into inheritance tax filings

HMRC is reviewing more inheritance tax (IHT) accounts where it believes tax has been underpaid, warns Eugenia Campbell, private client tax director at RSM

21 Feb 2024

Business | King Charles III banknotes to enter circulation

Banknotes carrying a portrait of King Charles III will be issued by the Bank of England for the first time on 5 June

21 Feb 2024

Business

Companies

Accountancy Firms

Image for tax take ps33bn due stealth taxes

Tax | Tax take up £33bn due to stealth taxes

Total tax receipts reached £695.1bn for April 2023 to January 2024 exceeding the same period in 2022-23 by £33.6bn

21 Feb 2024

Business | SFO arrests four in Signature £140m fraud probe

The Serious Fraud Office (SFO) has raided three residences and made four arrests across the northwest as part of an investigation into suspected fraud at Signature Group

21 Feb 2024

Business

Called to Account

Image for iaasb strengthen auditors responsibility identify fraud

Finance | IAASB to strengthen auditor's responsibility to identify fraud

The International Auditing and Assurance Standards Board (IAASB) is planning significant changes to strengthen the standard on auditors’ responsibilities relating to fraud

21 Feb 2024

Finance

Audit Consultations

Public Sector

Image for treasury u turns double cab pickup tax

Tax | Treasury u-turns on double cab pickup tax

After just one week, the government has backtracked on plans to classify double cab pickup trucks as cars, which would have resulted in huge tax hikes

20 Feb 2024

Tax | Capital gains tax is ‘regressive’

The total amount of capital gains has tripled over 10 years to £65bn, from just £18.4bn in 2009/10

20 Feb 2024

Business | Companies House increases registration fees

From 1 May 2024 fees for registering a new company are set to rise significantly for the first time since 2016

20 Feb 2024

Business

Companies

Image for hmrc clarifies how work out transition profit

Tax | HMRC clarifies how to work out transition profit

HMRC has issued guidance on how to work out transition profit for the 2023 to 2024 tax year under basis period reform

20 Feb 2024

| National Express delays £2.4m audit sign-off

Mobico Group plc, the owners of National Express, has delayed the FY2023 results as auditor Deloitte needs more time after discovery of accounting irregularities

20 Feb 2024

Corporate Governance

Image for oxford property owner must pay ps577k sdlt

Tax | Oxford property owner must pay £577k SDLT

The buyer of a £6.5m property in Oxford has lost an appeal after the Upper Tribunal found he was not entitled to multiple dwellings relief

20 Feb 2024

Tax

Property Tax

HMRC

Image for qa tax treatment company owned gilts

Tax | Q&A: tax treatment of company owned gilts

In this week’s Q&A, we explain the capital gains tax treatment of gilt-edged securities when a company makes the purchases as opposed to an individual

20 Feb 2024

Tax

Tax Compliance

Image for hmrc withdraws advance assurance redundancy payments

Tax | HMRC withdraws advance assurance on redundancy payments

HMRC is no longer going to provide employers and their advisers with advance assurance on the tax treatment of termination and redundancy payment enquiries

19 Feb 2024