George Bull, senior tax partner and Andy Ilsley, VAT director at RSM assess the latest no deal Brexit VAT guidance from HMRC and warns companies to act now to avoid missing VAT refunds and review MOSS compliance
The impact of IFRS 9 Financial Instruments, effective 1 January 2018, is starting to show as banks begin to publish their 2018 annual reports, with HSBC, Barclays and RBS all being affected by the new standard
A European Commission ruling that Belgium’s ‘excess profit’ tax scheme amounted to €700m of illegal state aid to Belgian subsidiaries of multinational companies has been overturned in the highest EU court, on the grounds that it was an umbrella scheme and not clearly defined
Ahead of the Chancellor’s spring statement next month, official figures show public sector borrowing has recorded the largest January surplus on record at £14.9bn, £5.6bn more than the same period last year, boosted by self assessed income tax payments which also hit a record high
MPs are backing changes to the tax regime to halt the current decline in high streets and town centres and allow them to flourish in the future, which could include reforms to business rates, a new sales tax and ‘green taxes’ on packaging and deliveries
Lee Lockwood, director at Begbies Traynor, and Ray Claughton, director at Rushtons, have been appointed joint administrators of bespoke furniture maker YTM Group, based in Castleford, which has ceased trading with the loss of over 100 jobs
UK businesses should ensure they claim the local VAT incurred in the EU by their staff on expenses spending before the March deadline for quitting the EU, or they could face having to deal with the delays and costs of dealing with countries individually, in the event of a ‘no deal’ withdrawal, CIOT is advising
UBS has been fined a record €3.7bn (£3.2bn) by a French court on tax evasion and money-laundering charges, after allegations the Swiss bank illegally helped French clients hide assets worth €10bn from the tax authorities between 2004 and 2012
A number of tax tribunal decisions every year revolve around HMRC’s interpretation of reasonable excuse, but it is the Upper Tribunal decisions which are important to watch. Meg Wilson CTA, specialist tax writer at Croner-i Tax and Accounting, examines the options for taxpayers considering an appeal and use of the reasonable excuse defence
Companies will not have to file their first digital VAT return under Making Tax Digital for VAT until 1 July at the earliest, although the digital reporting requirement becomes mandatory in April
With six weeks to go to the launch of Making Tax Digital for VAT, HMRC research indicates 81% of VAT mandated businesses are aware of the new requirements and a similar proportion have started to prepare for the changes, although only 45% plan to sign up before the April deadline
Royal Dutch Shell, BP, Sainsbury’s, Vodafone and International Airlines Group head the ranking of FTSE 350 companies whose balance sheets are set to be most impacted by the new IFRS 16 lease accounting standard, according to analysis by accounting software specialist LeaseAccelerator
The Prudential Regulation Authority (PRA) has published a policy statement on ‘Solvency II: adjusting for the reduction of loss absorbency where own fund instruments are taxed on write down’, which has been updated to reflect comments made during the consultation
The Big Four have been asked to give MPs details of their spending on hospitality and entertainment for FTSE 350 clients, along with details of staff targets and progression, as part of the Department for Business, Energy and Industrial Strategy (BEIS) committee inquiry into audit quality
With only weeks to go until the reporting deadline, four in 10 private companies that have published their latest gender pay gap are reporting wider gaps than they did last year, according to BBC analysis
Sweeping changes to accounting for insurance contracts are set to come into effect from 2022 under IFRS 17. Mark Miller, IFRS global lead at Legerity, sets out key steps to start the compliance process, highlighting potential pitfalls and the use of cloud options to avoid a 'rip-and-replace' approach
MPs are calling for a 1p producer responsibility charge for fashion retailers and say taxation should also be reformed to reward companies that offer clothing repairs and reduce the environmental footprint of their products
The government has announced plans to phase in for EU imports the pre-arrival forms known as entry summary declarations, if the UK leaves the EU without a withdrawal deal, in a bid to ease trading arrangements post-Brexit
The government is to offer developing countries a £47m package of support aimed at improving tax systems in a move aimed at helping end their reliance on aid, the Department for International Development (DFID) has announced
In our regular VAT Q&A series, Croner Taxwise advice consultant Janis Kirkham explains how to best register clients for VAT when they have exceeded the £85,000 threshold in 2017-18
A South Lanarkshire man who used a VAT tax fraud to repay money he had previously made as forger of fake banknotes has been jailed for more than two years, following an HMRC investigation in which an officer uncovered his identity
More than half of finance professionals and global business leaders are not completely confident they can identify financial errors before reporting results, according to a survey commissioned by software specialist BlackLine
BDO business restructuring partners Graham Newton, Tony Nygate and James Stephen have been appointed as joint administrators over British Midland Regional Ltd, the East Midlands-based airline which operated as Flybmi, and ceased operations at the weekend with all flights cancelled and the loss of around 400 jobs
