16 Aug 2019

Insight / Succession planning for business owners

Accountants can play a pivotal role when business owners decide to sell from ensuring the finances are in shape to essential advisory and strategic support. Glen Foster, director, partner sales at Xero, provides tips and advice

Accounting / Kingfisher faces £2.6bn lease liability on balance sheet

FTSE 100 home improvement group, Kingfisher, has warned that the new lease accounting standard, IFRS 16, which it has adopted retrospectively, has affected certain half year 2018/19 and full year 2018/19 income statement line items, including retail profit by geography

Accounting / University launches app to ‘translate’ annual report information

A team of academics at Lancaster University has developed an app to help investors and regulators make sense of hard-to-understand financial reports, after finding that while annual reports have doubled in length in the last decade, there has been no improvement in their readability score

Accounting / US standard setter consults on delay to lease accounting standard

The US Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU) that would grant private companies, not-for-profit organisations, and certain small public companies additional time to implement the new standard on leases, current expected credit losses (CECL) and hedging

Insight / Builder jailed for £110k tax fraud

A Bournemouth builder who evaded almost £110,000 in tax has been jailed over unpaid income tax and NICs 

Insight / AAT launches TV ad campaign to recruit accountants

Accountants from all backgrounds will be starring in television and radio adverts, to be played during the daytime across a range of channels over the next six weeks, as part of a campaign by the Association of Accounting Technicians (AAT) to attract applicants to the accounting sector

Insight / People in the news: CABA, TaxAssist, Iris, Carey Olsen

In this week’s accountancy career moves, CABA names new president, CEO and chairman changes at Iris Software, TaxAssist franchisees anmed, Carey Olsen expands HK legal team, and cloud accountant for Watson Buckle

Insight / KPMG invests in software engineering degree apprenticeship

KPMG plans to expand its software engineering degree apprenticeship, quadrupling the number of applicants, as the firm embarks on a drive to train more engineers to support its technology team

Technical Alerts

15 Aug 2019

Insight / Footballer Diego Costa settles Spanish tax allegations

Brazilian striker and ex-Chelsea star Diego Costa, who now plays for Atletico Madrid, is to pay €1.7m (£1.5m) to Spanish tax authorities to settle allegations of non-payment of taxes on image rights

Tax / One in 10 businesses miss MTD for VAT filing deadline

An estimated 120,000 businesses have missed the deadline to sign up for Making Tax Digital for VAT, meaning that technically they should be due a penalty from HMRC

Tax / The sale of a horse for VAT

Julie Butler FCA considers the VAT implications when selling a racehorse from shared ownership to applying the business economic activity test, particularly in light of the McMorris case

Audit / BEIS clarifies position over Sports Direct auditor

Lawyers from Sports Direct have approached the Department for Business, Enterprise and Industrial Strategy (BEIS) to gain clarity on the role of BEIS following the resignation of auditor Grant Thornton

Tax / Luxembourg moves to introduce hybrid mismatch tax clampdown

The  Luxembourg government is planning to tighten up the rules on use of hybrid mismatches in line with the EU Anti-Tax Avoidance Directive 2 (ATAD 2), which has to be adopted in EU member states by 2020

Accounting / BT admits £3.7m Ofcom accounting blunder

BT has rung up a £3.7m bill with Ofcom, after the regulator found that accounting errors made by the telecom giant meant it had been under-paying the administrative fees due over a five-year period

Accounting / Companies House London office is moving

Companies House is relocating its London information centre to Westminster this autumn

Tax / Retailers demand fix to ‘broken’ business rates

The government is under pressure to take action on business rates, with over 50 major retailers supporting recommendations designed to fix what they describe as ‘the broken business rates system’  

Insight / Accountancy profession targets A level school leavers

With thousands of students around the country receiving their A levels results today and starting to make decisions about their future, the accountancy sector is keen to set out the attractions of building a career in the sector through trainee programmes

Tax / Call for tax regime to address air pollution concerns

In order to cut dangerous levels of air pollution in the UK, the government should lift the freeze on fuel duty, introduce a surcharge on diesel vehicles and exempt the most eco-friendly cars from VAT, according to research from think tank Bright Blue

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