Business &amp; Accountancy Daily

Tax | HMRC loses £1.2m non-dom case against fashion duo

After the First Tier Tribunal sided with the two non-doms, HMRC has lost an appeal at the Upper Tribunal over whether tax was payable on the remittance basis

17 Apr 2024

Tax | Mini umbrellas get a soaking in the UK courts

A landmark case at the First Tier Tribunal, Elphysic & Ors, about umbrella companies revealed thousands have been set up to fraudulently claim tax advantages, warns Scott Harwood, partner at RSM

17 Apr 2024

Employment Tax

Case Reports

Image for minimum limit indemnity insurance accountants rises ps250k

Business | Minimum limit for indemnity insurance for accountants rises to £250k

Accountants will have to take out higher levels of professional indemnity insurance as ICAEW raises the minimum limit from September

17 Apr 2024

Accountancy Firms

Law & Guidance

Leadership & Management

Image for inflation falls lowest rate over two years

| Inflation falls to lowest rate in over two years

The rate of inflation was 3.2% in March, down from 3.4% in February, a significant fall from a year ago when it was 10.1%

17 Apr 2024

Image for complete tell abab taxpayer survey hmrc performance

Tax | Complete Tell ABAB taxpayer survey on HMRC performance

The annual Administrative Burdens Advisory Board ‘Tell ABAB’ survey is now open for small businesses and tax agents to feedback on HMRC performance and tax compliance

17 Apr 2024

Tax Compliance

Image for private equitys pursuit accountancy firms

Business | Private equity’s pursuit of accountancy firms

As private equity firms target the professional services sector, Oliver Vaughan, MD at Houlihan Lokey looks at the implications for partnerships and reasons for the boom

16 Apr 2024

Accountancy Firms

Private Equity

Leadership & Management

Image for will companies houses new powers be enough curb abuse

Finance | Will Companies House’s new powers be enough to curb abuse?

Kate Gee and Paul Brehony, partners at Signature Litigation, question whether Companies House has the resources to become a much more proactive gatekeeper under ECCTA rules

16 Apr 2024

Finance

Financial Reporting

Law and Regulation

Image for end mdr tax break will be counterproductive

Tax | End of MDR tax break will be ‘counterproductive’

A group of property developers and representatives for tenants have written to the Chancellor to express serious concerns about the abolition of multiple dwellings relief

16 Apr 2024

Business | One in three finance leaders use AI

A third of directors in financial services are using artificial intelligence at least once a day at work, with CEOs using it the most

16 Apr 2024

AI & Technology

Image for qa tax implications buying out fellow director

Tax | Q&A: tax implications of buying out a fellow director

In this week’s Q&A, Croner-i tax advisor Stephen Fletcher, explains the tax treatment for a company purchase of own shares, and the trade benefit and ongoing connection tests

16 Apr 2024

| Kreston Reeves replaces Big Four as Fusion auditor

AIM listed Fusion Antibodies plc has hired Kreston Reeves LLP as the company’s external auditor replacing Big Four firm

16 Apr 2024

Corporate Governance

Image for acacia umbrella collapsed owing hmrc ps494k

Tax | Acacia umbrella collapsed owing HMRC £494k

A Liverpool umbrella company called out for promoting tax avoidance schemes went into liquidation with tax debts of £494,000

16 Apr 2024

Employment Tax

Image for playgroup treasurer sentenced ps17k fraud

Business | Playgroup treasurer sentenced for £17k fraud

A treasurer from Suffolk has avoided a jail sentence after stealing £17,000 from a child playgroup after siphoning off funds

16 Apr 2024

Called to Account

Image for hmrc approach harming valid rd claims

Tax | HMRC approach is harming valid R&D claims

With HMRC investigating half of research and development tax relief claims, and criticism of inexperienced case workers, Danielle Ford, partner and Riocard Hoye, senior manager at haysmacintyre, examine how companies can deal with an investigation

15 Apr 2024

Business Tax

Tax Compliance

Image for mod official jailed ps70k misconduct public office

Business | MoD official jailed for £70k misconduct in public office

A former Ministry of Defence finance team member has been given a 30-month jail sentence and ordered to pay back £124,000

15 Apr 2024

Law & Guidance

Called to Account

Image for 650k phone calls hmrc abandoned february

Tax | 650k phone calls to HMRC abandoned in February

Three quarters of people who phoned HMRC had to wait an average 24 minutes for anyone to answer with 650,000 calls abandoned

15 Apr 2024

Making Tax Digital

Image for converted garage does not qualify ps75k mdr tax relief

Tax | Converted garage does not qualify for £75k MDR tax relief

The buyer of a £1.8m house in north west London must pay £75,000 in stamp duty after multiple dwellings relief (MDR) appeal dismissed

15 Apr 2024

Business | Collapsed Britishvolt site sold for data centre

The former Britishvolt site for an electric vehicle battery factory will not see the light of day as PE giant Blackstone buys the land for a data centre

15 Apr 2024

Restructuring & Insolvency

Companies

Image for scottish taxpayers need check tax code

Tax | Scottish taxpayers need to check tax code

Anyone living in Scotland needs to make sure they are on a ‘S’ tax code to ensure they are paying the correct tax

15 Apr 2024

Personal Tax

Tax Compliance

Image for wales plans abolish mdr and six dwellings rule

Tax | Wales plans to abolish MDR and six-dwellings rule

Wales is consulting on plans to remove multiple dwellings relief in line with the abolition in England from June

15 Apr 2024

Property Tax

Consultations

Image for brit arrested ps50m european vat fraud probe

Business | Brit arrested in £50m European VAT fraud probe

A Brit was among four suspects arrested in France last week in an investigation into a €60m (£50m) VAT fraud involving trade from the EU to third countries like the UK

15 Apr 2024