Tax / IT head sets out digital tax priorities for HMRC

HMRC is focusing IT efforts on developing the Customs Declaration Service, Brexit transition and replacing the obsolete Government Gateway over the next two years, while the API development programme is at the heart of the rollout of Making Tax Digital. Sara White reports on HMRC's IT vision

Tax / Asquith: Making Tax Digital for VAT is only the beginning

HMRC has the technology to roll out Making Tax Digital faster, as with pre-approved invoicing in Italy and Spain, but is treading carefully, says Richard Asquith, vice president of global tax compliance at Avalara 

Accounting / IFRS 16 Leases: tips and advice for restaurant and fast food sector - part 6

Emily Browne, associate partner in the financial accounting and advisory services team at EY, examines the challenges of new accounting rules for food and catering groups with a large real estate portfolio, offering tips and advice on lease modifications, control issues and sub-leases

Tax / HMRC builds up football image rights probe

HMRC has brought more footballers and their agents into the net of its enquiries into allegations about potential tax abuses related to players’ image rights as part of investigations into possible tax avoidance

Insight / More SMEs given access to Financial Ombudsman Service

The Financial Conduct Authority (FCA) has confirmed plans to extend access to the Financial Ombudsman Service (FOS) to more SMEs, which would see around 210,000 additional UK SMEs eligible to complain to the ombudsman

Tax / MTD deadline pushed back for ‘small minority’

HMRC has confirmed that ‘a small minority’ of VAT-registered businesses with more complex requirements will not be required to switch to its flagship Making Tax Digital (MTD) for VAT regime at the deadline of 1 April 2019, but will be given a further six months to prepare

Insight / CBI warns Brexit uncertainty hitting investment

Eight out of ten firms say Brexit has had a negative effect on investment decisions, up from 36% a year ago, according to updated research from the CBI which shows that companies are implementing plans to reduce the potential impact

Insight / Seven-year ban for company boss over tax failures

An engineering boss from Peterhead, Aberdeenshire, has been given a seven-year ban from running companies after an Insolvency Service investigation found he had failed to pay the correct tax for four years

Tax / Lords to grill HMRC over Making Tax Digital progress

Senior executives from HMRC and the Treasury will give evidence on the balance of power between HMRC and the taxpayer and progress on the rollout of Making Tax Digital (MTD) for VAT to a House of Lords select committee this afternoon

Insight / Business model disclosures falling short

Investors are still looking for companies to make business model, risk and viability disclosures more useful, with clearer links to information contained in the annual report, according to research from the Financial Reporting Council's (FRC) financial reporting lab

19 Oct 2018

Insight / Wright: ethical practices must be enforced in accountancy firms

With 22% of accountants believing that a quarter of the profession have helped clients create misleading accounts, an enforceable code of ethics must be introduced to stop further corporate scandals, says Simon Wright, managing director of CareersinAudit.com

Tax / Budget scheduled for 3:30pm on 29 October

Although traditionally announced in the early afternoon after PMQs, the Treasury has confirmed that the Chancellor will deliver his Budget at 3:30pm on Monday 29 October

Audit / Audit will only change 'if it does not affect profit and loss'

A Financial Reporting Council (FRC) event concerning audit in 2018 saw discussion of the recent high-profile failures of companies, and questions raised this year about the regulator’s own effectiveness in maintaining quality in the audit sector

Insight / Account names to be used to prevent fraud on bank transfers

In a bid to combat fraud and the risk of payments being sent to the wrong account, the UK payment authority, Pay.UK, has revealed details of a new service which will check names registered to accounts before payment is processed

Insight / Norris: combatting workplace sexual harassment in accounting firms

Julie Norris, partner at Kingsley Napley LLP, discusses sexual harassment in the workplace and firms’ regulatory obligations and calls for better #metoo related guidance from accounting regulators

Insight / Top five crucial skills for the CFO of the future

With businesses embracing big data, new tech and digital media, the role of traditional CFO is evolving from financial expert to strategic partner, data analyst, talent curator and more. James Booth, chief financial officer at Instant Offices explains what this new era of the multidiscipline strategist means

Tax / AAT launches software guide to Making Tax Digital

The Association of Accounting Technicians (AAT) has launched a detailed guide to help accountants and bookkeepers prepare clients for the first implementation phase of Making Tax Digital

Tax / Student loan repayment threshold rises by 2.9%

The government has increased the loan repayment thresholds for student loans by 2.9% and confirmed the introduction of a postgraduate loan system deductible from PAYE effective April 2019

Insight / Tech degree students start fully-funded apprenticeships with PwC

PwC has signed up 111 students to a new fully-funded technology and data science degree programme, as part of an initiative to improve social mobility and attract more young people from a broader range of backgrounds into technology based careers at the Big Four firm

Insight / People in the news: Mazars, AAT, ICAEW

In this week’s moves and appointments roundup, Mazars gains a partner in its financial services team, AAT appoints its 38th president, the next vice president for 2019-2020 has been announced at the ICAEW

Technical Alerts

18 Oct 2018

Audit / The difficulty of auditing cryptocurrencies

Sarah Perrin ACA examines whether the complexity of cryptocurrencies poses a significant enough challenge to auditors to require the creation of new standards

Tax / HMRC’s use of powers criticised in Lords committee

HMRC's extension of powers for tackling tax evasion were under fire from witnesses at a Lords committee, with concerns being raised about the upholding of individual rights, and whether safeguards for protecting individual rights have kept pace with enforcement activity

Tax / Oury: stock availability and imports in the event of no-deal Brexit

Andrew Oury, partner at Oury Clark, takes a wry look at the potential impact of a no deal Brexit on imports and stock availability in a just-in-time supply chain

Insight / Some colleagues have been superhuman: interview with Croner-i CEO

A year ago, Croner-i was acquired by Peninsula Group – and in just 12 months, the company has gone from strength to strength. CEO Bertrand Stern-Gillet talks about what Croner-i has been up to, the new Navigate Tax service, and how the company has adjusted to major changes while making significant investments in technology, infrastructure and resources

Accounting / Global intangible value of brands tops $50 trillion

The global intangible value of top brands has surpassed $50 trillion (£38 trillion) for the first time in history, but three quarters of this remains unaccounted for on balance sheets, according to research by Brand Finance

Insight / FCA and TPR launch joint regulatory strategy for pensions

The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have launched a joint regulatory strategy aimed at strengthening their relationship, and taking joint action to deliver better outcomes for pension savers and those entering retirement

Insight / Government to move forward on collective defined contribution pension schemes

The government has signalled its intention to launch a consultation on collective defined contribution (CDC) pension schemes this autumn, in the wake of a proposed deal between the Royal Mail and the Communication Workers Union (CWU) announced earlier this year

Insight / Begbies Traynor administrators to failed 150-year old building company

Lee Lockwood, director, and Bob Maxwell, partner, of Begbies Traynor have been appointed as joint administrators of H. Waterhouse & Sons (Wakefield) Ltd, which has been trading for over 150 years but has collapsed with a loss of all jobs

Audit / SEC wants better internal audit controls against cyber threats

The Securities and Exchange Commission (SEC) is urging companies to consider cyber threats more closely when implementing internal accounting controls, following a report on nine organisations that fell victim to cyber frauds with combined losses of some $100m (£76m)

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