Tax / VAT pitfalls – prevention better than cure

Falling foul of the VAT rules can be an expensive mistake, resulting in an unwanted HMRC penalty or inspection visit. Robert Marchant, VAT partner at Crowe, runs through some fundamentals on compliance from property transactions to import VAT reclaims and intra-group arrangements

Tax / Recruitment bosses call for delay to IR35 for private sector

A group of industry leaders have written to the Chancellor criticising the IR35 rule changes to off-payroll working for the private sector and calling for a one-year delay to introduction

Audit / 2020 must be year of audit reform

With the audit profession under fierce scrutiny and the regulator in flux, it is critical to move forward with the creation of the replacement audit watchdog to restore confidence in the audit profession, argues Scott Henderson, CEO of ABGI

Tax / Off-payroll working rules: IR35 and mutuality of obligation – part 5

From April 2020, off-payroll working rules will be extended to the private sector. Caroline Harwood, partner and head of employment tax at Crowe UK, explains how mutuality of obligation could be a decisive factor when determining employment status

Tax / Taxman to invest £100k in tracking tool to curb crypto asset crime

HMRC is ramping up the technology it uses to track investors in cryptoasset transactions using blockchain, with plans to buy a software analysis tool

Audit / NAO releases draft Code of Audit Practice 2020

The National Audit Office (NAO) has published the final draft of the new Code of Audit Practice 2020, confirming more robust narrative reporting requirements 

Audit / Global ethics board plans overhaul of auditor independence rules

The International Ethics Standards Board for Accountants (IESBA) is consulting on significant revisions to the ethics code relating to provision of non-assurance services and fees to client companies in a bid to strengthen auditor independence

Insight / Search begins for OBR chair to replace Robert Chote

The Chancellor has launched the process to appoint the next chair of the Office for Budget Responsibility (OBR), the body which provides independent economic forecasts and independent analysis of public finances for the government

Insight / Nexia network revenue hits £3.3bn

Accounting network Nexia International saw a 7% rise in revenues last year, with total fee income of more than $4.3bn (£3.3bn)

Tax / Framework for UK/EU double taxation dispute resolution

HMRC has outlined proposals for new regulations designed to provide a more efficient framework for the resolution of double taxation disputes arising between the UK and other member states post-Brexit

Technical Alerts

22 Jan 2020

Tax / IR35 draft legislation out for consultation

HMRC has published draft secondary legislation with a four-week window for feedback from stakeholders despite being mid-way through a government review of the rules

Accounting / Ted Baker inventory error swells to £58m

Fashion retailer Ted Baker has revealed its inventory has been overstated by £58m, following an independent review by Deloitte, almost three times the amount originally estimated

Accounting / Dixons Carphone admits ‘clerical error’ in trading update

FTSE 250 electronics retailer Dixons Carphone has been left red-faced after being forced to issue a correction to its latest trading update, explaining its sales had decreased and not increased as it originally reported

Tax / VAT treatment of recharged salary costs

Employee salary costs can be liable for VAT when recharged between subsidiaries and related companies. Sarah Kay examines potential pitfalls for employers from risks for group payroll functions to distinctions of supply of staff or supply of services 

Tax / Sugar tax should net pre-mixed alcoholic drinks

An anti-sugar lobby group is calling for the government to extend the parameters of the sugar levy to cover pre-mixed alcoholic and energy drinks which are packed with hidden sugar

Tax / Time to pay arrangements for individual taxpayers clarified

HMRC has issued guidance for individual taxpayers on how to settle a tax debt using a negotiated time to pay arrangement

Accounting / TheWorks faces £300k tax bill over import duty

FTSE listed discount stationery retailer TheWorks has warned it is facing a potential tax bill following an HMRC investigation into the use of zero rated import duty

Tax / Digital services tax will be temporary

The Chancellor has given the April digital services tax for multinationals the go ahead at the World Economic Forum, but only a short-term basis

Tax / HMRC opens 300,762 self assessment investigations

Taxpayers who have yet to file before the January 31 deadline are being warned to make sure their information is accurate, despite the tight deadline, as HMRC opened over 300,000 investigations into self assessment tax returns in the last year

Insight / European data breach fines hit £97m

European regulators have imposed €114m (£97m) in fines under the GDPR regime for data privacy infringements, with a further €329m in fines threatened by the UK regulator

Technical Alerts

Subscribe