Accountancy Daily

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Insight / Recycling director failed to hand over £1.2m tax

A director who bought unwanted items from charity shops for re-sale has been banned for six years after failing to pay almost £1.2m in taxes due on the company’s operations

27 Nov 2020

Called to account

Tax / Coronavirus: essential updates for accountants, tax advisers and auditors - Part 3

To assist accountants, tax advisers and auditors in dealing with the coronavirus crisis, all our related covid-19 coverage will be available here as soon as new announcements are made, plus expert analysis

27 Nov 2020

Tax / US reworks ‘gig economy’ payments

US tech companies such as Uber are to pilot a scheme to offer to pay some of their gig workers part of their wages in equity, rather than cash, in a move which the Securities and Exchange Commission (SEC) said mirrored changes in the modern workplace

27 Nov 2020

Tax

Tax planning

Law and regulation

Tax / HMRC acts on tax avoidance advertising

HMRC has teamed up with the Advertising Standards Authority (ASA) to crack down on misleading marketing of tax avoidance schemes, as its research shows the number of promotors has halved in the past six years

27 Nov 2020

Insight / IIRC, SASB to merge into new standards body

As investor pressure for improved sustainability reporting increases, the International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB) are to merge into a unified international organisation, the Value Reporting Foundation

27 Nov 2020

Technical Alerts

Direct Tax / Case report: HMRC appeal in FII Test Claimants succeeds

Direct Tax / Case alert: SDLT penalty quashed as no original intention for non-qualifying occupation

Direct Tax / HMRC update money laundering supervision guidance

Direct Tax / Covid-19: SEISS trading conditions guidance published

Direct Tax / Financial sanctions update: Cyber-attacks

Direct Tax / HMRC advisory fuel rates from 1 December 2020

Direct Tax / HMRC remind taxpayers about CGT payment rules

Direct Tax / Double Taxation Treaty Passport scheme register updated

Indirect Tax / LITRG urges HMRC to address loan charge filing barriers

Indirect Tax / AEO status guidance updated

Indirect Tax / HMRC update Fulfilment House Due Diligence Scheme guidance

Indirect Tax / HMRC update list of software developers providing customs declaration support

Indirect Tax / Tonnage tax guidance updated

Accountancy & Audit / FRC issues statement in response to asset management taskforce report

Tax / Furlough rush not cause of fraud

The hasty implementation of CJRS may have led to mistakes, but more time would not have eliminated criminal claims, says Blick Rothenberg’s Fiona Fernie

26 Nov 2020

Insight / Tougher tiered restrictions post-lockdown

England is to return to regional tiered approach to controlling the spread of coronavirus once national lockdown ends next week, with most of the country facing tough measures limiting social and business activity

26 Nov 2020

Careers

Tax / Spending review presages tax rises

The stark picture of an emerging ‘economic emergency’ painted by the Chancellor’s spending review has prompted predictions of significant tax rises in the year ahead, and potentially over the lifetime of this Parliament

26 Nov 2020

Tax / Top five questions about furlough and zero-hours workers

Our employment law helpline, BrightAdvice, has received hundreds of calls about how furlough and zero-hours contracts work under the Job Retention Scheme extension. Alan Price, HR expert and CEO at BrightHR, answers five of the most frequently asked questions

26 Nov 2020

Accounting / FRC hits out at ‘patchy’ corporate governance reporting

Too many companies are still adopting a ‘box ticking’ formulaic approach to corporate governance reporting, the Financial Reporting Council (FRC) has warned

26 Nov 2020

Insight / Lookers reports £25m profit before tax over-statements

National car dealership Lookers has finally published its 2019 annual results, which were delayed following the discovery of accounting irregularities, and has revealed profit overstatements of more than £25m

26 Nov 2020

Audit / Big Four face FTSE non-audit work challenge

Big Four’s fees for non-audit work at audit clients declined by a fifth last year, but much more needs to be done to increase public confidence, says Chris Biggs of Theta Global Advisors

25 Nov 2020

Tax / Spending review: ‘economic emergency’ sees GDP fall 11.3%

In his November spending review, Chancellor Rishi Sunak has emphasised the UK currently faces an ‘economic emergency’, and revealed the economy is set to contract by 11.3%, the largest fall in over 300 years

25 Nov 2020

Insight / FX broker fined £3.44m over misleading information

Foreign exchange options broker TFS-ICAP Ltd has been fined £3.44m by the Financial Conduct Authority (FCA) for communicating misleading information to clients

25 Nov 2020

Audit / Government’s Covid protection procurement failures cost £10bn

Failure to maintain adequate stockpiles of personal protective equipment (PPE) cost the government £10bn as prices soared during the pandemic, while moves to boost supply failed to get equipment to frontline workers quickly enough, the National Audit Office (NAO) has found

25 Nov 2020

Tax / Tougher criteria for third SEISS grant

With under a week to go until applications open for the third grant available of the self employment income support scheme (SEISS), HMRC has published guidance which includes new criteria claimants must meet regarding the impact coronavirus is having on their business

25 Nov 2020