Accounting / SRA Accounts Rules 2019: client money

With the Solicitors Regulation Authority’s new slimmed down client money rules now in force effect, reporting accountants need to demonstrate greater professional judgment when assessing compliance, says Croner-i’s Kate Beeston ACA

Accounting / Eddie Stobart books £11m loss after accounting errors

Haulage firm Eddie Stobart Logistics has recognised a £169.2m impairment charge in its restated half-year results for the period to May 2019, which saw operating losses of £11.6m

Insight / Investment directors’ 11-year ban over missing £11m

Two directors of a property investment scheme, which left over 200 investors owed more than £11m, have been banned for a total of 22 years following an Insolvency Service investigation

Tax / Accountant loses appeal over £1.2m goodwill claim

An accountant has been left facing a potential £431,400 tax bill after losing a case at First Tier Tribunal (FTT) over a claim for goodwill on the sale of his business, with HMRC arguing it did not exist

Insight / FCA admits website data breach

The Financial Conduct Authority (FCA) has suffered the embarrassment of a second run-in with another regulator after 1,600 individuals had details disclosed online

Audit / Consultation opens on EU market regulator reforms

The European Commission is consulting on possible reforms to the regulatory framework for investment firms and market operators which would include a single price comparison tool

Tax / TV presenter Eamonn Holmes loses IR35 appeal

Veteran TV presenter Eamonn Holmes has lost a First Tier Tribunal (FTT) appeal regarding his status as a freelancer under IR35 rules, with the judge determining his contract with ITV’s This Morning programme amounted to employment

Technical Alerts

25 Feb 2020

Tax / What you need to know: tax changes for property owners

An overhaul of capital gains tax (CGT), halving the final period exemption and restrictions on lettings relief, not to mention possible changes to inter-spousal transfers, will have ramifications for anyone selling or renting property. Julie Butler FCA explains

Tax / Treasury plans northern expansion

Chancellor Rishi Sunak is planning to ‘shift the gravity of economic decision making away from the capital’ by relocating some Treasury staff

Accounting / Accountants slow to act on climate change

Leading UK accounting bodies are spearheading a global call to action urging accountants to put sustainability and the fight against climate change at the forefront of their work

Insight / Wells Fargo fined $3bn over fake bank accounts

US regulators have slapped a $3bn (£2.3bn) fine on Wells Fargo bank over a long running scandal which saw its employees create millions of fake accounts in order to hit ambitious sales targets

Tax / HMRC challenged over anachronistic credit card ban

HMRC has been accused of being ‘out of step’ with other large commercial organisations over its ban on the use of credit cards by individuals to pay their tax bills, leaving some unable to pay and facing penalties

Tax / Q&A: VAT and healthy staff perks

In our regular Q&A series from Croner Taxwise, VAT advice consultant, Sally Atkins, looks at the VAT implications of paying for staff gym memberships and subsidised healthy meals 

Technical Alerts

24 Feb 2020

Audit / Government committed to setting up ARGA audit regulator

The government has signalled its intention to set up a new audit regulator to replace the Financial Reporting Council FRC, despite the cabinet reshuffle which saw the business secretary replaced

Tax / Entrepreneurs’ relief should support start-up not sell-up

Entrepreneurs’ relief should be reshaped to inspire budding entrepreneurs rather than acting as a way to top up pension pots, argues Phil Hall, head of public affairs, AAT

Tax / HMRC advisory fuel rates for company car users from 1 March

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 March 2020 cutting mileage rates for Diesel and Petrol vehicles with 2000cc or more by 1p per mile

Tax / HMRC targets ultra-rich £700bn assets

HMRC has set up a specialist team to probe the tax affairs of ultra-high net worth individuals, as it extends efforts to crackdown on possible tax avoidance by some of the UK’s wealthiest families

Insight / FTSE shareholder dissent over exec pay rises

Rising shareholder dissent hit a quarter of the FTSE all share companies last year, with high levels of executive pay and director re-election topping the list of concerns

Insight / Restaurateur served with ban over £570k tax fraud

An Aberdeen restaurateur has been banned for 11 years after the discovery of almost £800,000 of payments that were not declared to HMRC

Tax / OECD consults on reporting rules for online platform sales

The OECD plans to develop a single set of reporting rules for countries to use to collect information about sales made via online platforms to assist future tax collection

Tax / Chancellor promises lenient penalties for IR35

The Chancellor, Rishi Sunak has reassured contractors that HMRC will not be ‘heavy handed’ on penalties during the first year of IR35 implementation

Insight / Johnson to reduce business council network

A number of business leaders could lose their government advisory roles as Downing Street plans to downsize committee numbers on the business council network

Technical Alerts