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Image for pwc fined ps15m serious breaches risky lcf audit

Finance | PwC fined £15m for ‘serious’ breaches in ‘risky’ LCF audit

In a first for the Financial Conduct Authority, PwC has been slapped with a record £15m fine for failing to advise the regulator about its suspicions about possible fraud at collapsed LCF

16 Aug 2024

Finance

Auditing

Corporate Governance

Image for mha auditors censured breaking cass rules

| MHA auditors censured for breaking CASS rules

The Financial Conduct Authority has called out audit firm Macintyre Hudson LLP (MHA) for a ‘serious failing’ when preparing client assets reports for two companies

16 Aug 2024

Tax | How to report student loans on PAYE payroll

HMRC has issued an update to employers clarifying how to deal with student loan or postgraduate loan start notices, called SL1 or PGL1

16 Aug 2024

Business | Grant Thornton revamps onboarding for trainees

Mid tier firm Grant Thornton shakes up trainee programme with Career Launchpad, an innovative onboarding programme

16 Aug 2024

Business

Accountancy Firms

Careers

Image for student loan threshold frozen until 2027

HR | Student loan threshold frozen until 2027

With university kicking off soon and A-level results out recently AJ Bell pensions and savings expert Charlotte Young explains just how student loans work

16 Aug 2024

Business

Careers

Image for derby man avoids jail over faked ps390k revenue fraud

Business | Derby man avoids jail over faked £390k revenue fraud

The owner of a business consultancy inflated his earnings to secure two Covid loans but has agreed to pay it back after being threatened with jail

16 Aug 2024

Business

Restructuring & Insolvency

Called to Account

Image for preparing back school flexible working requests

Business | Preparing for back-to-school flexible working requests

Arranging working hours around childcare and school hours can be difficult for those responsible for looking after children

16 Aug 2024

Business

Companies

Image for neurodivergence should be embraced accountancy

Business | Neurodivergence should be embraced in accountancy

Employees who are neurodivergent add great value and creativity to the workforce, says ACCA

16 Aug 2024

Business

Companies

Image for people news azets bdo grunberg pwc

Business | People in the news: Azets, BDO, Grunberg, PwC

In this week’s accountancy career moves, partner promotions and hires at PwC, BDO, Azets, Wbg, Grunberg & Co, McGills, MSP Capital

16 Aug 2024

Leadership & Management

Image for lycamobile faces winding petition over ps51m vat bill

Tax | Lycamobile faces winding up petition over £51m VAT bill

In July Lycamobile was facing a £51m VAT bill but now HMRC has slapped the mobile network provider with a winding up petition through an application to the High Court

15 Aug 2024

HR | Labour plans employment bill to extend worker rights

An election pledge from Labour was to ‘make work pay’ by giving employees’ day-one rights which has had mixed reactions from business leaders

15 Aug 2024

HR

Work

Politics

Image for maths most popular level subject taken

Business | Maths most popular A level subject taken

More than 800,000 A level results handed out to students in England with the number of top grades rising after return to exam board marking

15 Aug 2024

Finance | FD signature forgery was ‘oversight’ claims Plymouth Council

The former finance chief of Plymouth Council’s signature was forged after they had left their position, which investigators have said was not fraud

15 Aug 2024

Finance

Public Sector

| Confidence still weak despite 0.6% growth

The last quarter saw a 0.6% rise in GDP, while for May alone it grew by 0.4%, before flatlining in June despite Euro football boost for pubs

15 Aug 2024

Business

Image for bk plus snaps duo cornish accountants

Business | BK Plus snaps up duo of Cornish accountants

Private equity backed BK Plus has acquired two southwest based accountancy firms, Walker Moyle and Pooleys

15 Aug 2024

Business

Accountancy Firms

Careers

Leadership & Management

Image for austrian tax office uses ai collect eu185m evaders

Tax | Austrian tax office uses AI to collect €185m from evaders

Artificial intelligence was used by the Austrian ministry of finance to recover €185m (£158m) in evaded taxes last year

15 Aug 2024

Tax

International Tax

Image for frc calls feedback future digital reporting

Finance | FRC calls for feedback on future of digital reporting

A group of UK regulators and agencies has launched a discussion paper on how to improve the quality of digital reporting to improve corporate transparency post Brexit

15 Aug 2024

Finance

Audit Consultations

Image for whats new academies 2024 year ends

Finance | What’s new for academies for 2024 year ends?

As the 2024 academy reporting season is underway, Peter Herbert BSc FCA summarises the key changes for 31 August 2024 year ends

14 Aug 2024

Tax | Private school closes after Labour VAT announcement

An almost 100-year-old Scottish private school has announced it will be closing its doors due to financial implications and the buyers of the school ‘reassessing their commitment’

14 Aug 2024

Tax

VAT

Image for father and son duo jailed ps136k fraud

Business | Father and son duo jailed for £136k fraud

The pair would buy ‘heavily discounted’ Tefal irons worth around £400, then returning them to Argos using forged receipts

14 Aug 2024

Business

Called to Account

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Business | How can you prepare for how technology is changing tax?

Tax is one of the biggest costs that individuals or businesses face, like it or not, it pays to keep on top of your tax affairs says Robert De La Rue of RSM

14 Aug 2024

Business

AI & Technology

Image for inflation rate creeps back past 2

| Inflation rate creeps back up past 2%

After the Bank of England (BoE) reduced the base rate just over a week ago the inflation rate has narrowly increased for July to 2.2% in the first increase of 2024

14 Aug 2024

Business

Image for hmrcs refusal restore 24 tonnes cat litter was unreasonable

Tax | HMRC's refusal to restore 24 tonnes of cat litter was ‘unreasonable’

A pet supply importer based in Turkey had its supply of cat litter seized when being imported due to HMRC believing the appellant hadn’t paid import VAT

14 Aug 2024

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Latest news

Finance | PwC fined £15m for ‘serious’ breaches in ‘risky’ LCF audit

| MHA auditors censured for breaking CASS rules

Tax | How to report student loans on PAYE payroll

Business | Grant Thornton revamps onboarding for trainees

HR | Student loan threshold frozen until 2027

Business | Derby man avoids jail over faked £390k revenue fraud

Business | Preparing for back-to-school flexible working requests

Business | Neurodivergence should be embraced in accountancy

Business | People in the news: Azets, BDO, Grunberg, PwC

Tax | Lycamobile faces winding up petition over £51m VAT bill

HR | Labour plans employment bill to extend worker rights

Business | Maths most popular A level subject taken

Finance | FD signature forgery was ‘oversight’ claims Plymouth Council

| Confidence still weak despite 0.6% growth

Business | BK Plus snaps up duo of Cornish accountants

Tax | Austrian tax office uses AI to collect €185m from evaders

Finance | FRC calls for feedback on future of digital reporting

Finance | What’s new for academies for 2024 year ends?

Tax | Private school closes after Labour VAT announcement

Business | Father and son duo jailed for £136k fraud

Business | How can you prepare for how technology is changing tax?

| Inflation rate creeps back up past 2%

Tax | HMRC's refusal to restore 24 tonnes of cat litter was ‘unreasonable’