Tax / Q&A: hire purchase contract and capital allowances

In our regular Q&A series from Croner Taxwise, Alexander McCarthy explains when a claimed capital allowance is allowable in the event that a hire purchase agreement on a car has not been paid off

Tax / Nunn: do nudge taxes really work?

Yvette Nunn CTA asks whether the government’s efforts to change behaviour by putting taxes on everything from plastic bags to diesel vehicles, not to mention the apprenticeship levy on businesses, are an effective way of altering taxpayers’ mindsets

Accounting / Companies handed 223k penalties for late filing accounts

Thousands of penalties for late filing of company accounts were handed out in 2018 with more than 25,000 companies missing the 30 September deadline

Tax / Mazars USA ordered to hand over Trump tax returns

Mazars USA has been issued with a court subpoena requiring the firm to supply details of Donald Trump’s personal and business tax returns covering an eight year period, in the latest stage in a lengthy legal battle to obtain information about the president’s tax affairs

Insight / Fish Partnership rebrands under Wilkins Kennedy name

The Fish Partnership has rebranded as Wilkins Kennedy after the accountancy firm was snapped up by fast growing Baldwins Group last year

Insight / Jailed boss to repay £300K tax fraud or do extra time

A jailed airport car park boss must repay almost £300,000 deducted from employees under PAYE but never paid to HMRC, or face another three years behind bars, a court has ordered

Tax / Amendments to new rules on taxation of hybrid capital instruments

The government has published details of amendments to new rules on the taxation of hybrid capital instruments, which are designed to ensure they work as intended for instruments with a takeover or change of control clause

Technical Alerts

16 Sep 2019

Insight / PwC partners earn £765k as profitability breaks £1bn

Big Four accounting firm PwC has reported record fee income of £4.23bn as partners are set to receive a partner payout of £765,000 and group profitability breaks the billion pound barrier

Accounting / Top 10 tips for filing year-end accounts – part 2

The filing deadline for private companies with a December year end and public companies with a March year end is 30 September. Michelle Roberts ACA, senior technical writer, audit & accounting, at Croner-I provides essential advice on how to file FRS 102 year-end accounts to avoid unwanted penalties

Tax / HMRC does not understand small business tax concerns

Small business taxpayers feel that HMRC does not understand their needs and are worried that any mistakes will be perceived as intentional and result in penalties

Tax / EU to investigate 39 multinationals over profit shifting tax deals

The European Commission has launched in-depth investigations into dozens of multinationals which had negotiated special tax deals with Belgian authorities to slash their tax bills

Tax / Chancellor warned over Treasury insolvency ‘cash grab’

Leading business groups and insolvency experts have written to the Chancellor to warn that plans to prioritise repayments to HMRC over repayments to other creditors in insolvencies ‘will have serious consequences for the UK economy’

Tax / HMRC corrects error in tour operator VAT advice

HMRC has admitted to an error in its information about applying the tour operators margin scheme (TOMS), and has now published a correction and details of how businesses who have paid too much VAT from 1 March 2019 can correct the overpayment

Tax / UK high earners stung for more tax than European counterparts

The UK has lost the top spot as one of Europe’s low-tax jurisdictions, with top earners now paying 3% more tax than the European average

Insight / Top 20 firm rebrands as Moore Kingston Smith

As part of the global rebranding of accounting network Moore Stephens, Kingston Smith is to rebrand as Moore Kingston Smith, adopting the network name for the first time

Tax / One in 10 employees do not receive a payslip

Around one in 20 workers report not receiving any holiday entitlement, and almost 10% do not receive a payslip, according to the Resolution Foundation

Technical Alerts

13 Sep 2019

Insight / AI automation: your new favourite co-worker

If partial automation has not yet arrived in the accounts payable department of your organisation, it will not be long before it does, says Magali Michel, director at Yooz

Tax / Self assessment records used to recover £818m in unpaid council tax

HMRC has released details of data sharing arrangements with local authorities where it is trialling self assessment and tax data exchange to clamp down on council tax debt

Accounting / Overhaul of charity SORP committee sees change of membership

There is to be a major overhaul of the way the charity accounting rules under the Charity SORP framework are developed with a new, smaller SORP committee, following a highly critical government review

Tax / Google hit with €1bn French tax payment

The French government is claiming a ‘historic’ victory in a long running tax battle with Google, after reaching a €945m (£845m) settlement with the tech giant over tax fraud allegations

Tax / Pub chain plans VAT-cut day of action

Beer drinkers have something to celebrate this weekend when national chain Wetherspoons is cutting the price of a pint in the build up to its proposed UK-wide National Tax Equality Day

Insight / People in the news: Shaw Gibbs, Kreston, Grant Thornton, Crowe, ICAS

In this week’s accountancy career moves, hires and promotions at Shaw Gibbs, Kreston, Dellitte and Grant Thornton, and partner appointments at MHA MacIntyre Hudson and Crowe, and top young accountant named at ICAS awards

Insight / Legal and tech push changes face of accountancy training

There are changes afoot in the accountancy training world, as ICAEW is revising its ACA qualification to focus more on emerging technology, and Deloitte becomes the first Big Four firm to offer graduate training contract programmes for solicitors

Technical Alerts

Subscribe