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 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 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

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

21 Feb 2020

Insight / Succession planning: how to plan for order, not chaos

Succession planning is vital in any finance team where the future viability of a business can rest on a poor decision. Matt Weston, managing director of Robert Half UK, sets out the key steps

Insight / Top 75 trainee interview: Mercer & Hole

In our trainee series, Zak Jakubowski talks to Molly Tait and Matt Pollard, audit trainees at Mercer & Hole, about long working days and their ambitions to become ACA qualified 

Insight / Women FDs fail to break glass ceiling at FTSE 100

A third of all board positions in FTSE 100 are now held by women, but female representation in senior executive roles is lagging with only 15% of finance directors at top UK companies being women

Insight / People in the news: Wilkins Kennedy, Kilsby Williams, PKF

In this week’s accountancy career moves, partner appointment at Wilkins Kennedy, hires at Kilsby Williams, Quantuma and Wilkins Kennedy and an interim CFO at Fulcrum Utility Services

Insight / Security firm boss banned over £400k tax bill

The boss of a Leeds-based security firm has been banned from being a director after failing to file or pay more than £400,000 due in taxes

Technical Alerts

20 Feb 2020

Accounting / Navigating IFRS: judgments and estimates under IAS 1 – part 1

In our new series on IFRS, Glynnis Carthy CA(SA), technical writer at Croner-i, explains the importance of reporting accurate disclosures and their material impact in IAS 1 Presentation of Financial Statements

Audit / FRC to scrutinise climate change reporting

The Financial Reporting Council (FRC) is to conduct a major review of how companies and auditors assess and report on the impact of climate change

Insight / Makers of Guinness fined $5m over US disclosure failures

Diageo, the UK-based alcohol producer whose brands include Guinness, Baileys, Smirnoff and Johnny Walker, has been fined $5m (£3.88m) by the Securities and Exchange Commission (SEC)

Tax / Nunn: tax on a dangerous cliff edge

The abolition of ESC D49 in the upcoming Finance Bill will remove a useful tax break for home owners who cannot immediately move into their homes due to late-running renovations. Yvette Nunn CTA explains

Tax / EU blacklists Cayman Islands as tax haven

The Cayman Islands has been put on an EU blacklist of tax havens, the first UK overseas territory to be named and shamed for failing to crack down on tax abuse

Insight / Administration rolls up Axminster Carpets

The Devon-based firm has fallen into insolvency for the second time in seven years with the loss of around 80 jobs

Insight / US and China slowest to pay invoices

Nearly half of UK companies are paid late with worst offenders US and China paying past the average 45-day payment terms

Technical Alerts