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Tax | Managing VAT: in-house, hybrid or outsourced

With an increasingly complex indirect tax landscape, deciding what is the right mix of in-house, hybrid and external resources is critical to ensure compliance, says Peter Boerhof, senior director, VAT at Vertex

18 Dec 2024

Tax

VAT

Tax Compliance

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Business | FRC to rein in costs and move to Canary Wharf

The Financial Reporting Council plans no additional staff hires in the next 12 months as it reins in costs after double hit from ‘unexpectedly high’ public sector pay rises and next year’s national inusrance hike

18 Dec 2024

Business | Inflation rises for second month

Hopes of a Bank of England base rate cut this month have been dented as November inflation figure hit 2.6%, driven by rises in fuel and hospitality prices

18 Dec 2024

Business

Companies

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Finance | IASB updates IFRS 9 for renewable electricity contracts

The International Accounting Standards Board (IASB) has amended IFRS 9 to improve reporting on the financial effects of wind and solar-based electricity contracts

18 Dec 2024

Finance | UK to go ahead with IFRS sustainability standards

The UK is set to adopt IFRS sustainability standards with a two-year transition period for ‘climate first’ reporting but no implementation date as yet

18 Dec 2024

Finance

Financial Reporting

ESG & Sustainability

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Business | Hike in NICs and minimum wage costs £2,500 per employee

The new 15% rate of employer national insurance and national living wage increases will cost businesses £209 per employee per month

18 Dec 2024

Tax | UK businesses using tax havens plummets by 43%

The number of UK businesses using tax havens in the Caribbean and closer to home has halved as HMRC gets access to more data on whether they are genuinely operating

18 Dec 2024

Business | Tate brothers liable for tax on £21m earnings

Devon and Cornwall Police has won a civil claim against the Tate brothers to confiscate funds from seven bank accounts holding £21m in untaxed income

18 Dec 2024

Business

Called to Account

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Tax | ‘Decades old’ IT system damaging HMRC

A legacy IT system, under resourcing and too much reliance on paper-based processes is contributing to service decline at HMRC, warns ABAB

17 Dec 2024

Tax

Making Tax Digital

HMRC

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Finance | Plan to ‘fix broken local audit’ and create regulator

As part of the devolution plan, the government has prioritised dealing with failing local audit market, setting up a new audit body and merging councils

17 Dec 2024

Finance

Auditing

Public Sector

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Finance | Capture accounting software also failed postmasters

After the debacle of the Horizon Post Office scandal, the government now says it will have to pay compensation to postmasters over problems with earlier Capture accounting software

17 Dec 2024

Finance

Financial Reporting

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Tax | Q&A: tax, disposals and furnished holiday lets

In this week’s Q&A, we explain the tax interaction between business asset disposal relief (BADR) and furnished holiday lettings when converting to a property business

17 Dec 2024

Tax

Property Tax

Tax Compliance

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Business | Johnston Carmichael hires first non-executive directors

In a first for Johnston Carmichael, the Scottish firm strengthens audit governance team with appointment of two independent non-executive directors

17 Dec 2024

Business

Accountancy Firms

Corporate Governance

Leadership & Management

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Tax | £150 cap on Christmas parties to avoid tax bill

Businesses planning to spend big on Christmas parties this year could leave employees facing a hefty tax bill

17 Dec 2024

Tax

Employment Tax

Personal Tax

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Business | Xeinadin makes double acquisition in Kent

Private equity backed Xeinadin has acquired two accountancy practices in double deal with Friend & Grant and Hedley Dunk

17 Dec 2024

Business

Accountancy Firms

Private Equity

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Business | Addlestone director changed name to defraud £100k

A director from Surrey changed his name to deceive banks and showed ‘absolutely no evidence’ of ever trading to gain loans during the pandemic

17 Dec 2024

Business

Called to Account

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Business | Grant Thornton partners vote for Cinven private equity deal

Partners at Grant Thornton have unanimously voted through a deal to secure private equity investment from Cinven, set to be finalised by end March

16 Dec 2024

Business

Accountancy Firms

Private Equity

Business | Dains sells £67m firm to second private equity backer

Accountancy firm Dains has been sold to IK Partners, as the top 30 firm swaps private equity backers after three years with Horizon Capital

16 Dec 2024

Business

Accountancy Firms

Private Equity

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Finance | GPs, tax returns and pension statements

With less than two months to go until the pension tax deadline on 31 January, there is a high chance that many GPs will not have correct, complete pension statements to hand, warns Katie Collin, partner at Ramsay Brown LLP

16 Dec 2024

Finance

Pensions

Tax | Spring Statement set for 26 March

The Chancellor will deliver her Spring Statement to the House of Commons on Wednesday 26 March 2025

16 Dec 2024

Tax

Politics

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Finance | FRS 101 must be amended due to IFRS 18

The Financial Reporting Council has issued draft amendments to FRS 101 Reduced Disclosure Framework taking into account the impact of brand new IFRS 18 due to come in from 2027

16 Dec 2024

Accounting Consultations

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Finance | Beowulf swaps to PKF for £106k mining audit

AIM listed Beowulf Mining has hired PKF Littlejohn, replacing BDO as the 10-year tenure comes up and after audit fees shot up 36%

16 Dec 2024

Finance

Auditing

Corporate Governance

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Finance | Catholic friars face probe into missing accounts

Regulator to investigate Catholic religious order over repeated failure to file accounts and trustee governance

16 Dec 2024

Finance

Financial Reporting

Charities

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Business | Win a Fortnum & Mason Christmas hamper

Christmas is the time for giving, and here at Business & Accountancy Daily, we wanted to give a little something back to you for choosing our news service this year

16 Dec 2024

Business

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Latest news

Tax | Managing VAT: in-house, hybrid or outsourced

Business | FRC to rein in costs and move to Canary Wharf

Business | Inflation rises for second month

Finance | IASB updates IFRS 9 for renewable electricity contracts

Finance | UK to go ahead with IFRS sustainability standards

Business | Hike in NICs and minimum wage costs £2,500 per employee

Tax | UK businesses using tax havens plummets by 43%

Business | Tate brothers liable for tax on £21m earnings

Tax | ‘Decades old’ IT system damaging HMRC

Finance | Plan to ‘fix broken local audit’ and create regulator

Finance | Capture accounting software also failed postmasters

Tax | Q&A: tax, disposals and furnished holiday lets

Business | Johnston Carmichael hires first non-executive directors

Tax | £150 cap on Christmas parties to avoid tax bill

Business | Xeinadin makes double acquisition in Kent

Business | Addlestone director changed name to defraud £100k

Business | Grant Thornton partners vote for Cinven private equity deal

Business | Dains sells £67m firm to second private equity backer

Finance | GPs, tax returns and pension statements

Tax | Spring Statement set for 26 March

Finance | FRS 101 must be amended due to IFRS 18

Finance | Beowulf swaps to PKF for £106k mining audit

Finance | Catholic friars face probe into missing accounts

Business | Win a Fortnum & Mason Christmas hamper