Insight / Top tips: making the move from financial controller to financial director

Karen Young, director at Hays Senior Finance outlines what individuals need to do before making the leap from financial controller (FC) to financial director (FD), stressing the importance of getting involved in strategic projects and broadening technical knowledge

Insight / Manchester United tops European football value table

Manchester United has once more beaten Real Madrid and Barcelona to be crowned most valuable European football club, with year-on-year growth of 5% and the only club to top the €3m mark, according to research by KPMG

Insight / People in the news: Moore Stephens, Grant Thornton, Nexia

This week's news of professional moves in the sector includes three partner appointments in Moore Stephen’s not-for-profit team, Grant Thornton expands its public sector offering with the appointment of a social care advisory team, Nexia appoints a regional executive director

Insight / Father and son jailed over £1m VAT fraud

A father and son duo have been jailed for seven years and 11 months for stealing £1m in VAT after being caught in Spain and extradited to the UK

Insight / Wilkins Kennedy merges with M R Salvage

Wilkins Kennedy is to merge with M R Salvage Ltd, creating a combined firm with over 700 staff and partners with an expected turnover in excess of £55m

Insight / Warnings over GDPR compliance and penalty regime

The General Data Protection Regulation (GDPR) comes into effect from today, 25 May, introducing the biggest changes to the processing of personal data for 20 years, with warnings that low levels of compliance in some areas could see some companies paying large fines

Tax / OECD’s first peer reviews of country by country reporting initiatives

The OECD has released the first peer reviews of the operation of the country by country reporting (CBCR) measures resulting from its base erosion and profit shifting (BEPS) project, which show that practically all countries that serve as headquarters to the large multinationals covered by the initiative have introduced new reporting obligations compliant with transparency requirements

Insight / IRIS acquires Taxfiler to build up SME offering

IRIS Software Group has acquired Taxfiler, the cloud tax and accounts provider for small accountancy practices, and says it plans to integrate the acquisition with others of its products for this market to create a digital compliance solution tailored to smaller practices

Technical Alerts

24 May 2018

Audit / Bannerman guidelines on third-party audit disclaimer revised

ICAEW has issued an update to its guidance designed to assist auditors in managing the risk of inadvertently assuming a duty of care to third parties in relation to their audit reports, commonly known as the Bannerman guidelines

Accounting / LLP accounting: classification of LLP members’ capital and remuneration – part 1

In the first of a new series on accounting for limited liability partnerships (LLPs), Iain Storey of Price Bailey explains the classification of LLP members’ capital and remuneration in the context of the LLP SORP

Insight / Data Protection Act 2018 enacts GDPR rules

The government has passed the Data Protection Act 2018, which ushers in major changes in the way companies handle and process personal data, under the General Data Protection Regulation (GDPR) effective 25 May

Tax / Dodwell: can we trust HMRC pre-populating tax returns?

Bill Dodwell, partner and head of tax policy at Deloitte, considers the implications of tax returns which are pre-populated with data by HMRC and asks whether taxpayers would check or understand the figures put in front of them

Insight / Risk assessment of government suppliers under scrutiny post-Carillion

The Public Accounts Committee (PAC) is to conduct an investigation into the relationship between ‘strategic suppliers’ and government in the wake of the collapse Carillion, over concerns about a lack of transparency and poor risk assessment of the company’s financial problems

Accounting / International reporting: IFRS 9 six months on

Six months after the implementation of IFRS9, we ask Jeroen Van Doorsselaere, Wolters Kluwer’s finance, risk and reporting business, for his views on how well implementations have gone and what challenges remain

Tax / HMRC warns of £20bn post-Brexit customs bill

The head of HMRC has suggested businesses could face annual administration costs of up to £20bn depending on which option the UK selects for handling customs and trading with the EU post-Brexit and warned it could take several years for new systems to be up and running

Tax / £56bn tax hike needed to cure NHS ills

Substantial tax rises are needed to fund the NHS as demand increases and government spending cuts take hold, according to a report from the Institute for Fiscal Studies (IFS) which suggests households could be paying an additional £2,000 in tax for the next 15 years, equivalent to an additional 10p in the pound

Tax / Uber to offer employee benefits

Ride hailing company Uber is to give its self-employed drivers a package of work-related benefits, including access to medical cover, compensation for work-related injuries, sick pay, parental leave and bereavement payments, under a deal signed with insurer Axa

Tax / Cryptoassets taskforce holds inaugural meeting

The government’s new cryptoassets taskforce has had its first meeting, and is considering what, if any, regulation is required over the use of distributed ledger technology in financial services

Technical Alerts

23 May 2018

Audit / Editor's comment: breaking up Big Four accounting firms will not work

The Big Four accounting firms are under threat as MPs call for their break up to allow more competition across the mid-tier for the largest FTSE listed companies, but it is important to be totally clear about what the end goal is, says Sara White

Audit / Tyrie challenged to start CMA review of Big Four

Prospects for a major review of the options for breaking up the Big Four accountancy firms have got closer as MPs have challenged Andrew Tyrie, the former chair of the Treasury committee and incoming head of the Competition and Markets Authority (CMA) to start work on this ‘as soon as possible’

Tax / Cryptocurrency and divorce – hidden assets and tax treatment

A growing number of divorce cases in the UK are understood to involve cryptocurrency, such as Bitcoin, as a listed asset of separating couples. Roger Isaacs, forensic accountancy partner at Milsted Langdon considers some of the issues at play

Tax / Farming: tax planning on farm property renovations

Julie Butler, partner at Butler & Co, considers tax planning arrangements and VAT rules around repairing and restoring neglected farmhouses and barns, comparing the reduced 5% VAT rate for renovation on an unoccupied property against various tax reliefs for habited properties

Tax / Nunn: no entrepreneurs' relief could discourage minority shareholders

Yvette Nunn CTA, director of Berkeley Associates, examines plans to overhaul entrepreneurs’ relief but warns that the proposals could act as a disincentive for minority shareholders

Insight / Charity Commission to investigate £36m aid charity

The Charity Commission has opened a statutory inquiry into Manchester-based Human Appeal amid concerns about its administration and failures to account for the charity’s funds

Insight / FTSE 100 pension schemes back in surplus

FTSE 100 pension schemes are back in surplus for the first time since the 2008 financial crash, but remain at risk due to impending changes in accounting, according to analysis from Lane Clark & Peacock (LCP)

Tax / Housing market dip threatens tax take

House sales continue to slide, with the number of property transactions in April 12.5% lower than the previous month, according to the latest statistics from HMRC, putting pressure on the tax take from stamp duty land tax (SDLT)

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