HMRC will open phone lines on MTD deadline day, ChatGPT is not a suitable bookkeeper replacement, and evidence lacking on need for HMRC reckless offence say critics

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Image for hmrc reviews hugely complex enquiry powers

Tax | HMRC reviews hugely complex enquiry powers

HMRC has launched a review of its enquiry powers to address extreme levels of complexity and hints at suspending time limits and overhauling the penalty regime

26 Feb 2024

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Tax | Don’t get caught by EU e-invoicing rules

Mandatory real-time electronic invoicing is now required across EU member states affecting UK exporters with tough penalties for non-compliance, explains Ray Grove, head of corporate tax at Thomson Reuters

26 Feb 2024

International Tax

Image for ofwat blasted lack internal audits water suppliers

Business | Ofwat blasted for lack of internal audits at water suppliers

A quarter of UK water companies do not have an internal audit function despite many reporting significant financial losses

26 Feb 2024

Accountancy Firms

Image for sainsburys hires pwc ps4m audit

| Sainsbury’s hires PwC for £4m audit

Supermarket giant Sainsbury’s has swapped Big Four firms with the appointment of PwC to replace EY as statutory auditor

26 Feb 2024

Corporate Governance

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Business | Average accountancy salaries rise 9.6%

Nearly half of accounting firms plan to increase their staff numbers in 2024, with large gaps in salaries expected depending on experience

26 Feb 2024

Accountancy Firms

Image for gang jailed over industrial scale money laundering

Business | Gang jailed over ‘industrial scale’ money laundering

Over £26m of ‘dirty money’ was sent to Dubai after depositing cash into banks ‘a dozen times a day’ across Buckinghamshire

26 Feb 2024

Called to Account

Image for pension regulator beefs compliance team

Finance | Pension regulator beefs up compliance team

The Pensions Regulator (TPR) is reorganising its compliance, oversight and strategic teams to ensure the pensions market works effectively for workers

26 Feb 2024

Image for just one six brits want tax cuts

| Just one in six Brits want tax cuts

With tax cuts rumoured to be on the agenda at next week’s Budget, the majority of people would like the Chancellor to leave tax rates alone

26 Feb 2024

Image for xeinadin snaps bicester accountancy firm

Business | Xeinadin snaps up Bicester accountancy firm

Xeinadin Group has acquired David Cadwallader & Co, a Bicester-based accountancy firm, in 18th acquisition in two years

26 Feb 2024

Accountancy Firms

Leadership & Management

23 Feb 2024

Image for mtd income tax will cost landlords ps350 implement

Tax | MTD for income tax will cost landlords £350 to implement

The move to Making Tax Digital for income tax from 2026 will cost sole traders and landlords on average £350 to set up the correct reporting system

23 Feb 2024

Making Tax Digital

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Business | KPMG rolls out AI tool to UK tax staff

An artificial intelligence software tool developed to ‘answer challenging tax research questions’ has been launched by KPMG UK and Blue J

23 Feb 2024

Accountancy Firms

AI & Technology

Image for sec charges husband bp deals manager insider trading

Business | SEC charges husband of BP deals manager with insider trading

The husband of a mergers and acquisitions manager at BP has been charged with insider trading after overhearing phone calls about the deal when working from home

23 Feb 2024

Called to Account

Image for financial sector concerned about applicants qualifications

Business | Financial sector concerned about applicants’ qualifications

Fraud, false accounting and applicants lying about their qualifications on their CVs are key ethical concerns for the financial sector

23 Feb 2024

Accountancy Firms

Image for revised draft code practice fire and re hire

Business | Revised draft Code of Practice on fire and re-hire

Following a period of consultation in early 2023, the Government has now released a revised draft statutory Code of Practice on fire and re-hire practices, reports Stacie Cheadle, law researcher and writer

23 Feb 2024

Image for people news bkl grant thornton armstrong watson

HR | People in the news: BKL, Grant Thornton, Armstrong Watson

In this week’s accountancy career moves, partner promotions and hires at Kilsby Williams, EY, KPMG, Mercer & Hole, Evelyn Partners, Carpenter Box

23 Feb 2024

Leadership & Management

Image for irish accountancy institutes merge

Business | Irish accountancy institutes merge

Members of Chartered Accountants Ireland and CPA Ireland have voted in favour of a proposal to amalgamate the two institutes

23 Feb 2024

Accountancy Firms

Leadership & Management

Image for big four risk employee retention attendance monitoring

Business | Big Four risk employee retention with attendance monitoring

Monitoring office attendance of staff will lead to higher employee turnover and lower retention when there is a shortage of talent, argues former EY staffer and CEO of AM Bank, Dr Nahla Khaddage Bou-Diab

23 Feb 2024

Accountancy Firms

Leadership & Management

22 Feb 2024

Image for volunteers test mtd income tax system wanted

Tax | Volunteers to test MTD for income tax system wanted

HMRC is calling for accountants and tax advisers to take part in the first beta trials of Making Tax Digital (MTD) for income tax self assessment

22 Feb 2024

Making Tax Digital

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Tax | Spring Budget: what to expect

With the upcoming Spring budget fast approaching, Jonathan Barber, executive director of the Institute of Financial Accountants (IFA), advises SME accountants to ready themselves in anticipation of potential changes

22 Feb 2024

Image for ps3m fraudulent investment scheme shut down

Business | £3m fraudulent investment scheme shut down

A brother and sister duo have had their companies shut down after they were found to be misleading public investors

22 Feb 2024

Called to Account

Image for commissioners take over bankrupt nottingham council

Finance | Commissioners take over bankrupt Nottingham Council

The government has called in a team of commissioners to take over the financial operations and oversee an overhaul of services at Nottingham City Council as it faces a £23m overspend

22 Feb 2024

Financial Reporting

Image for it contractor sees ps35k tax penalties dismissed

Tax | IT contractor sees £35k tax penalties dismissed

An IT contractor who used a tax scheme promoted by Isle of Man based Montpelier has won an appeal over penalties, as First Tier Tribunal dismisses HMRC’s argument

22 Feb 2024

Image for two thirds accountants make multiple errors month

Business | Two thirds of accountants make multiple errors a month

A heavy workload is putting pressure on accountants with 18% making at least one financial error a day and two thirds reporting multiple errors a week

22 Feb 2024

Accountancy Firms

AI & Technology

Image for accountant wins ps61m euromillions lottery

Business | Accountant wins £61m EuroMillions lottery

A couple from Lancashire have won £61,708,231 in the EuroMillions lottery, allowing the self employed accountant to retire

22 Feb 2024

Accountancy Firms

Image for national insurance credit plan risks falling short

Tax | National insurance credit plan risks ‘falling short’

The head of HMRC has told the Treasury Committee that it will take at least two years to upgrade IT systems to handle the new national insurance credit for people who did not claim child benefit

22 Feb 2024

Image for cpd module accounting and audit changes 2024 0

Finance | CPD module: accounting and audit changes in 2024

In this month’s exclusive Accountancy CPD learning module, we explore the key changes to audit and accounting rules facing accountants this year

22 Feb 2024

Financial Reporting

HMRC will open phone lines on MTD deadline day, ChatGPT is not a suitable bookkeeper replacement, and evidence lacking on need for HMRC reckless offence say critics

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