Tax / Small business review calls for PAYE and tax agent change

The Office of Tax Simplification (OTS) is calling for a root and branch review of the PAYE system to make it easier for tax agents to view data on their small business clients held by HMRC, while it also needs to pay more attention to the needs of small business when developing new IT systems, reports Pat Sweet

Insight / Tips and advice on coping with exam pressure

As exam season starts for thousands of accountancy students across the country, Jessica French, learning & development manager at CABA, shares tips and advice on how to prepare and cope with the emotional rollercoaster

Audit / AIM-listed miner GoldStone flips auditor

AIM listed mining exploration company GoldStone Resources has switched auditors after two years in a move to DSG Accountancy and Business Services

Insight / Horse racing investors face multimillion insolvency losses

Members of a horse racing syndicate, Layezy Racing Owners Club, whose owner has been declared bankrupt face losing millions of pounds, because the insolvency means the horses are not able to run under the regulations of the racing industry’s ruling body

Insight / Finance experts dominate FTSE CEO roles

The UK’s top business leaders at FTSE 100 companies are still most likely to come from a finance background rather than any other sector, but diversity and gender representation has worsened

Insight / Making Tax Digital drives Xero revenue growth

Cloud accounting software provider Xero has reported a 36% hike in operating revenue to NZ $552.8m (£283m) for the 2019 financial year and signed a record 151,000 new users in the UK

Insight / People in the news: Milsted Langdon, CISI, FRC, Thorne Widgery

In this week’s accountancy career news, director promotions at Milsted Langdon, hires at Thorne Widgery, Chartered Institute for Securities & Investment and Centage, and CMI recognition for FRC board member

Insight / Fraudulent miners’ charity trustee ordered to repay over £200K

A former union official who was a trustee of a miners’ charity and used its funds to pay for private building works has been ordered to repay over £200,000 following a Charity Commission investigation, which highlighted concerns over risks that can arise from charities being closely linked to a non-charitable organisation

Audit / Over a third of audits fail quality test, says IFIAR

One in three audits carried out by member firms of the six largest global audit networks are judged deficient in some way with fair value judgment frequently cited as a key problem area, finds global audit regulatory forum

Insight / How to reduce workplace stress for accounting and finance staff

The world of accounting and finance can hold multiple sources of stress, from year-end and regulatory reporting changes to new business demands. Matt Weston, managing director of Robert Half UK looks at ways to reduce stress across finance teams

Technical Alerts

16 May 2019

Insight / KPMG restructures leadership team after audit failures

KPMG UK is to make significant changes to its executive governance structure, including setting up a new audit executive committee and reshaping its executive leadership team following a string of audit failures

Accounting / Marshall: tips on IFRS 16 preparation and lease terms

As the half year financial reporting period approaches, Andrew Marshall FCA, senior technical partner at KPMG, examines the complexities of calculating lease terms, particularly for property, when reporting under IFRS 16 Leases

Tax / FTSE 250 Cobham in £70m one-off tax payment

FTSE 250 aerospace and defence company Cobham has agreed to make a one-off tax payment of £55m, plus an interest payment of £14m, to settle a long running dispute with HMRC

Tax / HMRC toughens position on use of offshore trusts to avoid tax

HMRC is cracking down on the use of disguised remuneration and contractor loans after winning two tax avoidance cases at the tax tribunal over use of offshore trusts to avoid tax and NICs

Insight / Airline insolvency proposals may fail to take off

The government’s independent airline insolvency review, set up in the wake of the collapse of Monarch Airlines in 2017, has recommended developing a special administration regime (SAR) to keeping aircraft flying in order to repatriate travellers, but has run into industry opposition

Insight / Investment director banned for £800K client fraud

The boss of an investment company has been banned as a director for 10 years, after misappropriating £800,000 from his only client

Insight / Brexit worries force CFOs to curb UK investment

The UK’s top CFO’s are implementing risk aversion strategies in the face of continued Brexit uncertainty over the year ahead, with  almost all believing that the prospect of widely unanticipated surprise events is a rapidly growing concern for their company, a poll of senior finance executives has found

Technical Alerts

15 May 2019

Tax / Mix-up sees Welsh taxpayers charged Scottish rates

HMRC’s difficulties in handling devolved income tax regimes continue, as it has now admitted that some Welsh taxpayers have been given Scottish income tax codes by mistake by their employers so they will be paying the wrong tax

Tax / What you need to know: diverted profits tax – part 2

In the second of a three part series on the diverted profits tax (DPT), Mark Cawthron LLB CTA, tax writer at Croner-i considers recent developments from UK implementation to interaction with OECD Base Erosion and Profit Shifting (BEPS) rules

Insight / Shareholder revolt over Standard Life Aberdeen CFO pay

FTSE 100 asset management company Standard Life Aberdeen has seen a significant shareholder revolt over its planned pay package for Stephanie Bruce, a former PwC partner due to join as its new chief financial officer (CFO) next month, with 42% voting against the remuneration report in one of the largest such AGM protests to date

Tax / Pakistan to offer taxpayer amnesty on hidden assets

Pakistan is set to introduce a time-limited amnesty allowing taxpayers at home and abroad to regularise any undeclared assets, as part of plans to raise revenue and improve the performance of the economy

Accounting / SEC to relax reporting rules for smaller companies

The Securities and Exchange Commission (SEC) has opened a 60-day consultation on changes to the definitions of ‘accelerated filer’ and ‘large accelerated filer’ to reduce compliance costs for smaller reporting companies in the US

Insight / Quantuma merger expands presence outside south east

Business advisory firm Quantuma has completed a merger with Kingsland Business Recovery, which sees the firm open three new offices across the Midlands and Yorkshire as part of expansion plans beyond its base in southern England

Insight / Restaurateur cooked the VAT books to pay school fees

The owner of a Surrey restaurant who used money from a VAT fraud to pay her children’s school fees has been jailed following an HMRC investigation

Technical Alerts