Tax / Entrepreneurs' relief and disposal of shares

When claiming entrepreneurs' relief on disposal of shares it is important to ensure that the definition of personal company falls within HMRC's parameters. Stephanie Webber ACA CTA, tax writer at Croner-i, explains 

Tax / HMRC fails to communicate 30-day CGT payment window

Property sellers are confused about the introduction of a new 30-day payment deadline for settling capital gains tax (CGT) on second and inherited property sales, with complaints about the overly complex guidance and dearth of communications from HMRC. Sara White reports

Tax / Childcare and tax: workplace nurseries – part 3

In part three of a series on childcare tax issues, Julie Clift CTA, specialist tax writer at Croner-i, examines the tax liability for employees using workplace nurseries   

Tax / HMRC targets overseas-based UK landlords not paying tax

Nearly 400 overseas based buy-to-let landlords have disclosed unpaid tax on rental income to HMRC in the last year as the tax authorities intensifies its campaign to net offshore landlords hiding income

Audit / AJ Bell drops KPMG auditors for BDO

FTSE 250 investment manager AJ Bell appoints BDO as its new auditor for 2020, replacing KPMG after 10 years

Tax / Employment allowance NICs 2 threshold reduced

The government is cutting the threshold for eligibility for claims for the employment allowance from April 2020 due to state aid de minimis rules and to remove larger business claimants from the scheme

Audit / US to overhaul audit evidence rules to reflect blockchain

The US is planning to update the Audit Evidence Statement On Auditing Standards (SAS) to modernise the guidance for auditors to reflect increasing use of audit data analytics, blockchain and artificial intelligence (AI)

Tax / Q&A: HMRC and employment related securities return

In our regular Q&A series, Croner Taxwise tax consultant David Woolley reviews the filing requirements for employer related securities returns and the importance of reportable events such as issues of unapproved shares

Insight / MHA Moore and Smalley reports 7% revenue growth to £17.7m

Digital services and cross-border tax help drive fee growth at North West firm as it plans further expansion in bid to break in to top 40 firms

Insight / CIOT names Whiteman as chief executive replacing Fanning

The Chartered Institute of Taxation (CIOT) has appointed Helen Whiteman as the Institute’s new chief executive, replacing Peter Fanning, who is retiring

Audit / Thomson Reuters acquires Confirmation audit service

Thomson Reuters is expanding its audit offering with the acquisition of Confirmation, a provider of secure audit confirmation services, primarily for banking and financial services

Technical Alerts

24 Jun 2019

Accounting / SFO arrests over Patisserie Valerie accounting fraud

The Serious Fraud Office has stepped up its investigation into café chain Patisserie Valerie with the arrest of five people over the accounting fraud uncovered last autumn

Tax / Do you have the right tax code?

David Redfern, director of DSR Tax Claims, explains how HMRC determines employees’ tax codes and calculates how much tax should be deducted from income

Audit / Grant Thornton invests £7m to rebuild audit practice

In a bid to restore confidence in its audit business, Grant Thornton plans to set up an audit quality board and increase audit staff numbers with a mix of external senior hires and an increase in trainee numbers

Tax / Payment on account errors delay bills for taxpayers

Problems with HMRC’s IT systems earlier this year and calculations for payment on account mean that some taxpayers will not receive tax demands this July, when they actually owe over £1,000 to the taxman

Accounting / IASB plans to prioritise intangibles reporting under IFRS

The head of the International Accounting Standards Board (IASB) has set out plans for changes to financial reporting under IFRS to reflect the importance of intangibles reporting, create a stricter definition of operating profit and introduce management performance measures (MPM), 

Tax / NHS chief calls for gambling tax to pay for addiction treatment

The head of the NHS has called for a mandatory tax for betting companies to help pay for treatment for gambling addicts

Insight / VAT carousel traders arrested over €2m drinks fraud

A group of VAT carousel fraudsters involved in a multimillion-euro scam involving the EU drinks market and missing trader intra-community (MTIC) fraud have been arrested across Europe

Tax / Majority of SMEs unaware of £1m machinery tax break

Despite a temporary two-year increase in the annual investment allowance (AIA), nearly two thirds of UK SMEs are not aware of the £1m tax break, which has been criticised for being over-complex due to straddling periods

Audit / ISA 500 audit evidence review must not be over engineered

Attempts by the IAASB to amend ISA 500, the audit evidence standard, the very fundamentals of how auditors gather and assess evidence, must be right first time as technology and regulator oversight is putting the audit profession under scrutiny, argues Katharine Bagshaw FCA

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