Insight / Supporting employees with drug or substance abuse

Ben McCarthy, employment law writer at Croner-i, explains what steps employers need to take if they identify workplace drug or alcohol abuse, and how to support affected staff 

Insight / People in the news: HMRC, RSM, ICAEW, PwC

In this week's accountancy career moves, there are top-tier changes at HMRC and ICAEW, as well as a round of promotions and external hires at firms across the UK

Accounting / FRC survey on future of company reports

The Financial Reporting Council (FRC) is seeking stakeholders’ views on company reports as part of a major project on the future of corporate reporting, which is aimed at shaping and improving information for all users of corporate reports, so that they are more useful

Tax / Government U-turn on probate fees hike

The Ministry of Justice (MoJ) has backtracked on long-standing plans for a substantial increase in probate fees, which will now remain at a flat rate, after proposals for a new tiered approach met with strong opposition on the grounds they amounted to a ‘stealth tax’ on bereaved families

17 Oct 2019

Tax / Intercompany agreements and transfer pricing

HMRC’s greater focus on transfer pricing is testing intercompany agreements to breaking point, explains Paul Sutton, founder of LCN Legal 

Tax / Tax investigations: getting out of the rut

The stand-off between HMRC and taxpayers is only exacerbated when it comes to tax investigations which drag on for years, but partial closure notices (PCNs) at least offer some expectation of an outcome, albeit not final. David Lewis, partner at Mazars, explains

Accounting / FCA seeks improvements in climate change disclosures

The Financial Conduct Authority (FCA) has said it wants to see improvements in the climate change disclosures made by companies, as well as clearer information for consumers on green financial products and services

Insight / Cost overruns sink Grand Design housing funders

Liquidators from KPMG have been appointed to a clutch of companies within the property group founded by Kevin McCloud, presenter of the TV refurbishment show Grand Designs, which have failed following project and cost overruns

Tax / Isle of Man cleared over private jet VAT avoidance

There is no evidence of aircraft VAT avoidance in the Isle of Man but further compliance checks should be implemented, according to a Treasury review investigating allegations made in the Panama Papers

Accounting / CIPFA wants ‘fundamental’ shift in local government reporting

CIPFA has signalled its intention to drive a fundamental shift in local government financial reporting in the UK, with a consultation on a new framework specifically design for the sector

Technical Alerts

16 Oct 2019

Tax / Digital services tax: what's wrong with the UK plan

Sarah Arnold, tax writer at Croner-i, explains the key objections to the draft legislation on the government's proposed digital services tax, due to come into force in April 2020, reflecting industry concerns about the complexity of the rules and lack of clarity in the draft legislation

Accounting / Can you pay your accountant in cryptocurrency?

Top 50 accounting firm BKL is the first practice outside the Big Four to offer clients a Bitcoin payment facility. Jon Wedge, financial services partner, explains the due diligence process undertaken before launching the cryptocurrency payment service

Accounting / Rising global support for international accounting standards

There is ‘strong and sustained’ support for adopting and implementing international standards according to the International Federation of Accountants (IFAC), after research found more than 90% of the 130 jurisdictions in which its accountancy member organisations operate use IFRS

Insight / Regulator orders pensions trustees to check data

The trustees of hundreds of pension schemes are to be ordered to urgently review the data they hold as part of a crackdown on poor record-keeping by The Pensions Regulator (TPR), which could result in fines of up to £50,000 for those found to be non-compliant

Audit / Audit review head warns of reform ‘drift’

Sir John Kingman, who led a highly critical review of the operations of the Financial Reporting Council (FRC) has hit out at the government over its failure to include any reference to the legislation needed for reform of the audit regulator in this week’s Queen’s Speech

Insight / Irish firms in €8m merger

Two Irish accountancy firms, both members of the DFK International association, are to merge to create a combined practice with an annual fee income of over €8m (£6.9m)

Technical Alerts

15 Oct 2019

Tax / Getting creative: tax relief for films and productions

An increasingly complex compliance regime for creative tax reliefs makes applying for the various grants and tax write-offs a challenge for the creative sector. Matt Appleton, national creative sector tax relief lead and Dougy Agnew, tax partner at RSM, explain what film producers and TV directors need to consider when making a claim

Audit / FRC audit fines up 44% to £24.3m

There was a 44% hike in the value of fines issued by the Financial Reporting Council (FRC) to audit firms last year, following a global trend which sees its replacement regulator set to impose even tougher sanctions, according to analysis by Thomson Reuters

Insight / Queen’s Speech: pensions, employment and airline insolvency changes

Changes to the financial services regime to prepare for Brexit, new airline insolvency rules, and a ‘pensions dashboard’ for savers were among the measures in the Queen’s Speech outlining the government’s programme for the year ahead

Tax / Q&A: trusts and Fifth Money Laundering Directive

In our regular Q&A series from Croner Taxwise, Kiya Jacobs examines potential pitfalls accountants could experience when registering trusts to comply with the Fifth Money Laundering Directive (5MLD)

Tax / HMRC enrols traders for ‘no deal’ simplified imports

HMRC has ramped up its planning to minimise potential post-Brexit disruption to trade, by automatically registering 95,000 businesses for its simplified import procedures which will be put in place should the UK leave the EU without an agreement at the end of the month 

Tax / FCA cracks down on car finance commission

The Financial Conduct Authority (FCA) is consulting on new rules for discretionary commission models, after research in the motor finance market revealed the potential for annual savings of £165m for consumers through changes to the way brokers are paid 

Technical Alerts