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Image for making tax digital accountancy profession give evidence lords committee

Tax | Making Tax Digital: accountancy profession to give evidence to Lords committee

Representatives from ICAEW and ATT, along with other members of the accountancy profession, will be giving evidence on the impact of the government’s Making Tax Digital proposals, and whether taxpayers are ready for the changes, to a session of the House of Lords economic affairs finance bill sub-committee later today

8 Feb 2017

Making Tax Digital

Accountancy Firms

Image for aplin hmrc must clarify user testing plans making tax digital

Tax | Aplin: HMRC must clarify user testing plans for Making Tax Digital

Effective user testing for Making Tax Digital is critical if HMRC’s plan for quarterly reporting and digitisation of tax is going to work but the delay in confirming the exemption threshold is creating uncertainty for small businesses, warns Paul Aplin, vice president of ICAEW

8 Feb 2017

Making Tax Digital

Accountancy Firms

Image for uk tax burden highest 30 years

Business | UK tax burden highest in 30 years

The UK tax burden is set to hit its highest level as a share of national income in over 30 years, according to analysis by the Institute of Fiscal Studies (IFS), which also suggests Brexit will see the UK economy shrink by 3%

7 Feb 2017

Accountancy Firms

Image for frc publishes best practice audit tendering

| FRC publishes best practice for audit tendering

The Financial Reporting Council (FRC) has updated its notes on best practice for audit tenders, including more emphasis on involving the whole audit committee, early engagement with firms, and the need for a long lead time, in response to companies’ experiences of mandatory rotation and retendering following changes in the regulations

7 Feb 2017

Accountancy Firms

Image for sdlt hike hitting london prime property sales

Tax | SDLT hike hitting London prime property sales

Higher rates of stamp duty land tax (SDLT) have had a bigger impact on high-end central London house prices than concerns over Brexit, according to analysis by estate agency Knight Frank which points to a continuing plateau in values

7 Feb 2017

Image for ebay identifies errors tax reporting

Tax | eBay identifies errors in tax reporting

Online sales platform eBay has notified US regulators that is has identified a material weakness in its internal control over financial reporting which means it did not correctly account for the tax on some transactions in December, and is now implementing a remediation plan

7 Feb 2017

Financial Reporting

Accountancy Firms

Image for uk set be fastest growing g7 economy

Business | UK set to be fastest growing G7 economy

The UK stands to become the fastest growing economy in the G7 in the longer term over the next three decades, despite some medium-term drag from Brexit, according to analysis by PwC

7 Feb 2017

Accountancy Firms

Image for lords probe software companies lack readiness making tax digital

Tax | Lords probe software companies on lack of readiness for Making Tax Digital

HMRC’s timetable for user testing for Making Tax Digital is rushed, while the level of communication between software developers and HMRC is inadequate and there is not enough detailed specifications about the IT requirements for the rollout, leading software company chiefs told Lords Committee. Sara White reports

7 Feb 2017

Making Tax Digital

Accountancy Firms

Image for bt faces possible shareholder claim over ps530m loss

Finance | BT faces possible shareholder claim over £530m loss

Law firm Quinn Emanuel Urquhart & Sullivan is reported to be developing a claim against BT from shareholders and fund managers over the accounting scandal uncovered in its Italian business which saw the company issue a profits warning and resulted in a substantial drop in its share price

6 Feb 2017

Financial Reporting

Accountancy Firms

Image for ftse 100 companies fail recognise risk cyber threats

Business | FTSE 100 companies fail to recognise risk of cyber threats

Only 5% of FTSE 100 companies have a director with specialist technology or cyber security experience, despite the fact that 87% recognise cyber threats as a principal risk in their disclosure reporting, according to research by Deloitte

6 Feb 2017

Accountancy Firms

AI & Technology

Image for baker tilly international posts 62 growth ps26bn

Business | Baker Tilly International posts 6.2% growth to £2.6bn

Baker Tilly International’s combined revenues have grown 6.2% for the year ended December 2016 to reach $3.235bn (£2.6bn) and the number of partners and staff is up 8.9%, despite the departure of two US member firms

6 Feb 2017

Accountancy Firms

Image for ifs calls level playing field employment tax

Tax | IFS calls for ‘level playing field’ for employment tax

The Institute for Fiscal Studies (IFS) says the way the tax system treats the self-employed, owner-managers and employees are ‘costly, inefficient and unfair’ and says a new approach is required following its research into changes in the labour market

6 Feb 2017

Accountancy Firms

Image for fifth micro businesses dark over making tax digital

Tax | Fifth of micro-businesses in dark over Making Tax Digital

Despite HMRC launching an eight-month public consultation on its flagship Making Tax Digital proposals requiring a switch to digital financial records and quarterly online updating, a fifth of micro business owners have no knowledge of the plans, according to a survey by online accounting provider FreeAgent

3 Feb 2017

Making Tax Digital

Image for sweet treats too tempting finance professionals

Business | Sweet treats too tempting for finance professionals

Nearly half (48%) of people working in professional services have ditched their diets at least once this year after being led astray by chocolate and sweet treats in the workplace, according to statistics released by the British Heart Foundation (BHF)

3 Feb 2017

Image for fsb and cicm tips smes managing cash flow brexit era

Business | FSB and CICM tips for SMEs managing cash flow in Brexit era

The Federation of Small Businesses (FSB) and the Chartered Institute of Credit Management (CICM) have joined forces to provide a guide on cash flow and credit management to help businesses navigate the Brexit period

3 Feb 2017

Accountancy Firms

Image for cma reforms business banking increase competition

Business | CMA reforms business banking to increase competition

The Competition and Markets Authority (CMA) has published its proposed reforms for the retail banking industry to give individuals and SMEs more control over their money by opening the business banking market to larger competition and introducing greater transparency through open banking

2 Feb 2017

Accountancy Firms

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