Business &amp; Accountancy Daily

HMRC

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Business | Chancellor launches National Wealth Fund

The government plans to create a National Wealth Fund to stimulate private sector investment backed by £7.3bn in funding through the UK Infrastructure Bank

9 Jul 2024

Companies

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Tax | Tate brothers chased for £2.8m tax bill

Devon and Cornwall Police have brought a civil claim against the controversial Tate brothers over untaxed earnings of £21m

9 Jul 2024

| MHA fined £160k for MRG Finance audit failures

A failure to realise that an audit client was a listed company has resulted in a £158,500 fine for MHA, an audit partner and audit director, as well as legal costs of £330,000

9 Jul 2024

Corporate Governance

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Tax | How to reduce capital gains tax exposure

As the new Chancellor reviews the books, there are concerns that capital gains tax (CGT) rates could be hiked to align with income tax

9 Jul 2024

Business | Only £280m recovered from collapsed Thomas Cook

The Official Receiver is set to return £280m to creditors after the failure of the Thomas Cook Group five years ago, less than five per cent of the total £9bn debt

9 Jul 2024

Restructuring & Insolvency

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Tax | Jeremy Hunt named as shadow chancellor

Rishi Sunak has appointed Jeremy Hunt as shadow chancellor, reprising the role he held in the last government after a tight election win

9 Jul 2024

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Business | Jailed trader claims did not know tax refunds fraudulent

A British trader previously jailed in Denmark for the fraudulent cum-ex tax reclaim scheme has testified in London, saying he was not aware what he was doing was illegal

9 Jul 2024

Law & Guidance

Called to Account

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Tax | Non-doms tax take stays steady at £8.9bn

With non doms set to face a tougher tax regime, despite fears of an exodus, the total number living in the UK has risen to 60,700 in the last year

9 Jul 2024

Personal Tax

International Tax

Tax | What taxes could Labour raise?

James Kipping, head of private tax at MHA, warns accountants to expect possible tax rises to capital gains tax, changes to pension tax relief and inheritance tax, with wealthy non-doms in sight

8 Jul 2024

Inheritance Tax

Tax Planning

Business | Accountants at risk of deepfakes

The rise of deepfake technology is creating a minefield when it comes to know your client checks and tackling fraud risks. Harriet Holmes, AML services manager at Thirdfort gives some tips on how to avoid the pitfalls

8 Jul 2024

Business | HMRC settles £141m EY tax dispute out of court

A dispute between HMRC and EY over their tax work for property developer Jamie Ritblat has been settled before it headed to trial

8 Jul 2024

Law & Guidance

Called to Account

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Tax | Lord Livermore takes on HMRC remit at Treasury

A former adviser to Gordon Brown who sits in the House of Lords has been named as financial secretary to the Treasury

8 Jul 2024

HMRC

Tax | King’s Speech set for 17 July

The opening of Parliament will be on 17 July with the King’s Speech set to outline the Labour government’s legislative agenda for the next year

8 Jul 2024

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Business | Grant Thornton explores private equity options

Mid tier firm Grant Thornton is evaluating the potential for investment from external sources including private equity after US firm secured majority PE stake

8 Jul 2024

Accountancy Firms

Private Equity

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Finance | FRC overhauls reporting and data teams

The Financial Reporting Council (FRC) has closed the FRC Lab and restructured its digital reporting, taxonomy and market monitoring teams

8 Jul 2024

Finance

Financial Reporting

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Tax | Accountants call for ‘immediate and drastic change’ at HMRC after election

As Labour takes power, the priority for the accountancy profession is urgent investment in HMRC to improve service standards with a plan of action within 100 days

5 Jul 2024

HMRC

Tax | HMRC loses £47k tax dispute with Devon manor owner

The owner of a 16th-century Grade II listed manor house has beaten HMRC at tribunal over a bill for £47k in extra stamp duty in a 'highly marginal' decision

5 Jul 2024

Case Reports

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Tax | Rachel Reeves named as first female Chancellor in history

The Labour Chancellor of the Exchequer is the first woman chancellor since the role was first instated in the 16th century, 45 years after the first female prime minister was elected

5 Jul 2024

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Tax | What does a Labour win mean for taxes?

Labour has won the general election and Sir Keir Starmer will become the UK’s next Prime Minister. But what tax changes can we expect to see under a Labour government?

5 Jul 2024

Tax Planning

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Business | Q&A: how does Labour plan to overhaul employment law?

Croner-I HR experts explain the priorities for the new government with a raft of significant changes to employment law, including flexible working and first day rights

5 Jul 2024

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Business | Traffic boss stopped for missing accounts and £1.5m tax bill

A director of a traffic safety company failed to file accounts and could not account for £9.1m in payments when the business went bust owing HMRC over £1.5m

5 Jul 2024

Called to Account

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Tax | Labour wins landslide victory in general election

Sir Kier Starmer will become prime minister after he meets the King this morning as Labour wins 412 seats in landslide win, leaving Conservatives with 121 seats

5 Jul 2024

HR | People in the news: Bishop Fleming, PKF Francis Clark

In this week’s accountancy career moves, partner promotions and hires at Evelyn Partners, Menzies, BTG Advisory, PKF Smith Cooper, Institute of Directors

5 Jul 2024

Careers

Business | Join our webinar on Labour changes to employment law

Sign up for our post-election webinar on 8 July at 11am to unpick Labour's plans to overhaul employment law, and the implications for accountants and businesses

5 Jul 2024

Companies

Accountancy Firms