Tax / Making Tax Digital for VAT pilot now live for businesses

The pilot is intended to allow up to 500,000 businesses to get fully involved with Making Tax Digital (MTD) for VAT and test it in full ahead of the April 2019 introduction of the system

Accounting / Charity accounts part 7: accounting for remuneration

This article, the seventh in our series on charity accounts, will focus on what information needs to be disclosed in charity accounts regarding employees’ and trustees’ remuneration 

Tax / Collins: DAC 6 and cross-border arrangements

Jason Collins, partner at Pinsent Masons, examines the implications of DAC 6, the EU’s new mandatory disclosure rules for reinforcing cross-border tax transparency

Tax / OECD names 21 ‘golden passport’ countries for hidden assets

The OECD has published a list of 21 countries which it says offer residence and citizenship by investment (CBI/RBI) options, or so-called ‘golden passport’ schemes, that can be used to hide assets held abroad from reporting under the common reporting standard (CRS)

Tax / IFS and ICAEW warn of ‘tough choices’ in Budget

Without substantial tax rises, or better-than-expected economic growth, the Prime Minister’s aim of ‘ending austerity’ leaves Philip Hammond facing some tough choices for the Budget later this month, analysis by the Institute for Fiscal Studies (IFS) suggests

Tax / OECD urges UK to do more on exchange of information requests

The UK is ‘largely compliant’ with the requirements of the international standard on transparency and exchange of information on request (EOIR), but still needs to ensure that information recorded is adequate, accurate and up to date, according to the latest assessment from the OECD

Tax / Lords committee told 'less than 15%' of businesses prepared for MTD

A Lords sub-committee has taken evidence from experts on the digitisation of VAT returns by businesses with turnover above £85,000, which is due to begin in April 2019, and information provided by HMRC on the preparations they need to make

Insight / Regulator to investigate London charity over risk to funds

The Charity Commission has opened a class statutory inquiry into two London-based charities, Future Vision Care and Future Vision Consortium, over concerns that charitable funds may be at risk

Insight / Financial regulators seek views on planning for climate change impact

The Financial Conduct Authority (FCA) has published a discussion paper on climate change, saying its effects and the associated transition to a low carbon economy may have a major impact on financial markets and on products that serve those markets

Insight / Administrators called in as 1,000mph car project hits skids

Andrew Sheridan and Geoff Rowley, partners at FRP Advisory, have been appointed as administrators to Bloodhound Programme Ltd, the company behind a project to break the land speed world record by creating a supersonic racing car capable of doing 1,000mph, which has run out of funds

Tax / Q&A: incorporation of a letting business for tax relief purposes

Croner Taxwise tax adviser Sohail Butt FCCA considers the use of Chargeable Gains relief to claim relief on a rental portfolio by incorporating the business

Technical Alerts

15 Oct 2018

Accounting / LLP accounting: small and micro LLPs - part 4

In the fourth of our series on accounting for limited liability partnerships (LLPs), Iain Storey of Price Bailey explores the accounting requirements for partnerships that meet the requirements to be classed as small or micro

Insight / Romanovitch plans to step down as CEO at Grant Thornton

Grant Thornton has announced that current CEO Sacha Romanovitch is to step down later this year following the identification of a successor, after she decided to not stand for re-election for a second term

Insight / FRC fines see expenditure come in under budget

The Financial Reporting Council (FRC)’s total expenditure for the year came in under budget, in part because of the amounts it received in costs from a series of high profile investigations into accountancy firms, according to the regulator’s 2017/18 annual report

Insight / EU considers greater protection for whistleblowers

The European Court of Auditors (ECA) has welcomed the proposal of a comprehensive system to protect whistleblowers and complement top-down enforcement across EU member states

Insight / Bank of England to print polymer £50 banknote

The Treasury has announced it is to retain the £50 note - which has come under criticism over the role of high value notes in illicit transactions - but is to issue a new, more secure polymer version

Insight / Businesses report post-Brexit confidence dip

With six months to go until the Brexit deadline, business preparedness has hardly changed from December 2017 while levels of confidence in future turnover and employee growth have dipped, according to research from FTI consulting

Tax / Spike in business's assets seized for tax payments

Over the last twelve months there has been a 45% jump in the number of businesses that have had their assets seized by HMRC to settle tax bills when they do not have the cash to pay, according to research from Funding Options, the online business finance supermarket

Insight / Guidance on professional qualification recognition under ‘no deal’ Brexit

The government has published guidance on the recognition of professional qualifications in the event of a ‘no deal’ Brexit, along with advice on the implications for businesses which provide services

Audit / US regulator suspends BDO accountants over audit filing failures

Three former BDO USA accountants have been suspended by the Securities and Exchange Commission (SEC) for their improper professional conduct during an audit of an exchange-listed insurance company, which included predating documents

Technical Alerts

12 Oct 2018

Insight / Called to account: October 2018

In this month's roundup of cases and disqualifications, £175K Tax fraud leads to 16-month jail sentence for business owner, seven-year ban over £500K VAT understatement, tax consultant jailed for £6.9m payroll fraud

Tax / HMRC chief receives death threats over Brexit cost estimate

Chief executive and permanent secretary of HMRC, Jon Thompson, has revealed that he received two death threats after telling the Treasury Committee that a post-Brexit customs option could potentially cost £20bn

Insight / Call for evidence on competition in the digital sector

A panel of experts is to investigate the subject of competition in the digital market, a field which is dominated by a small number of large companies, and make recommendations on future government policy

Tax / Scots poll reveals poor understanding of devolved taxes

Few Scots have a clear understanding of Scotland’s devolved tax powers, according to a poll commissioned by CIOT, which found 84% think that they need better information about how taxes are decided in Scotland

Insight / FreeAgent launches free RBS and NatWest licences

Cloud accounting software provider FreeAgent has launched a new set of licences specifically for accountants with clients that bank with the Royal Bank of Scotland and NatWest, enabling them to add their new clients to the service for free

Insight / EY’s graduate recruitment adapted to boost diversity

EY has made further adaptions to its recruitment process for graduates and school leavers to speed-up the process and help boost diversity among its new recruits by removing the conventional ‘one-to-one’ final interview

Insight / SEC cracks down on false claims for blockchain offering

The Securities and Exchange Commission (SEC) has taken steps via an emergency court order to halt a planned initial coin offering (ICO) by a company called Blockvest, which backers falsely claimed was approved by the US regulator

Insight / Six men jailed for £17m solar panel fraud

Six men have been sentenced for a total of just over 30 years for their part in a £17m solar panel fraud scheme following a lengthy investigation by the Serious Fraud Office (SFO), Insolvency Service and several other organisations

Insight / Patisserie Valerie CFO arrested

Crisis-hit cake and café chain Patisserie Holdings has now announced it has learnt the company’s finance director, Chris Marsh, who is currently suspended from his role, has been arrested by police and released on bail

Insight / PwC fashions partial rescue for Coast retail chain

Women’s fashion chain Coast has become the latest high street casualty, with Mike Denny, Ian Green and Zelf Hussain of PwC appointed as joint administrators, in a move which will see the retailer’s shops close but with a deal to retain an online presence

Accounting / Changes to accounting and audit rules in the event of no-deal Brexit

The government has published guidance outlining changes to audit, accounting and company reporting rules in the event that the UK leaves the EU in March 2019 with no agreement in place, to allow the sector to ‘make informed plans and preparations’

Insight / People in the news: Smith Cooper, Kreston Reeves, AAT

This week's news of professional moves in the sector includes a partner promotion in Smith Cooper’s business recovery and insolvency team, Kreston Reeves appoints a director of VAT and duty, AAT gains a director of finance and operations

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