Tax / Fat tax on table to tackle holiday hunger

In the wake of the campaign for free school meals during the summer holidays, RSM’s Chris Etherington looks at what other options are on the menu to tackle childhood hunger

Tax / Apple wins EU £11.6bn tax battle

The Irish government and Apple have won a landmark appeal at the European Central Court which means the US tech giant will not have to pay Ireland €13bn (£11.6bn) in back taxes, in a major blow to the European Commission’s bid to challenge the tax arrangements of multinationals

Audit / AQI 2020: a third of PwC audits needed improvements

A third of the PwC audits reviewed by the Financial Reporting Council (FRC) in this year’s audit quality inspection (AQI) were judged to require improvement, with the level of challenge to management on cash flow forecasting highlighted as below expectations

Audit / AQI 2020: Deloitte best performer of Big Four

Deloitte leads the Big Four as having the fewest audits judged to need improvements in the Financial Reporting Council’s (FRC’s) latest review, and is the only firm to have hit the regulator’s target of 90% of FTSE 350 audits meeting the required quality standard

Tax / Coronavirus: essential updates for accountants, tax advisers and auditors

To assist accountants, tax advisers and auditors in dealing with the coronavirus crisis, all our related covid-19 coverage will be available here as soon as new announcements are made, plus expert analysis

Audit / AQI 2020: Mazars improves on previous year at time of growth

The FRC is calling on mid-tier firm for extra rigour as it takes on larger and more complex audits

Audit / AQI 2020: Grant Thornton branded ‘unacceptable’ despite increased scrutiny

FRC’s AQI report finds only 55% of audits at mid-tier firm require no more than limited improvements following dire 2019 report

Audit / AQI 2020: BDO in dock for revenue audit failings

FRC urges ‘robust action’ as audit quality takes a backwards step at mid-tier firm with only 63% of audits up to scratch

Technical Alerts

14 Jul 2020

Audit / AQI 2020: FRC finds a third of audits need improvement

The Financial Reporting Council (FRC) has branded the level of audit quality in the UK’s top seven firms as ‘unacceptable’, after its annual inspection cycle found a third of the audits reviewed needed improvements.

Tax / Blick Rothenberg: Bleak winter to follow summer statement

The chancellor’s moves on job retention bonuses and VAT cuts could be delaying the inevitable failure of many companies, says Blick Rothenberg’s Nimesh Shah

Audit / AQI 2020: KPMG needs faster progress on audit inconsistency

The Financial Reporting Council’s (FRC’s) annual review has criticised KPMG for failing to achieve high audit quality consistently, and called for the firm to make improvements more quickly, including strengthening its culture of challenge

Audit / AQI 2020: EY ‘disappointed’ as results reveal lack of challenge

With a third of its audits failing to hit the top grade, EY has been pulled up by the accountancy watchdog for shortcomings over challenging management assessments of impairments and inadequate oversight of component audit teams

Audit / MPs accuse government of delaying audit reforms

MPs have hit out at the slow progress of audit reforms, including establishing the successor body to the Financial Reporting Council (FRC), accusing the government of dragging its feet on the changes promised in the wake of a series of high profile corporate failures and industry reviews

Tax / Q&A: is VAT recoverable from electric cars?

In our regular Q&A series from Croner Taxwise, VAT advice consultant, Sally Atkins explores whether VAT is recoverable on the purchase of an electric car, and the input tax implications on usage of a green vehicle

Technical Alerts

13 Jul 2020

Audit / Woolf: same fraud, bigger cakes

From crumbs to corporate collapse, the way fraudsters cook the books has changed little, although the ingredients have become far from immaterial, warns Emile Woolf

Insight / Covid-19: last day for Self Employment scheme applications

This is the final day to apply for the first Self Employment Income Support Scheme (SEISS) grant, taxpayers need to claim before midnight tonight in order to receive their first grant worth 80% of their average trading profits

Insight / ‘Brexit ready’ campaign launches

With under six months to go until the UK leaves the EU, the government has announced a major new public information campaign for businesses, while research from the Institute of Directors (IoD) indicates only a quarter are fully ready for the end of the Brexit transition period

Insight / G4S to pay £38.5m to settle MoJ fraud charges

FTSE 100 security outsourcing company G4S is to pay £38.5m to settle charges of fraud in a prisoner tagging contract with the Ministry of Justice (MoJ), in a deal with the Serious Fraud Office (SFO)

Tax / Scotland to cut Land and Buildings Transaction Tax

The Scottish government is to cut the rate of its devolved Land and Buildings Transaction Tax (LBTT) from this week, after Chancellor Rishi Sunak announced a limited time reduction in stamp duty land tax (SDLT), as part of plans to revitalise the housing market

Insight / Lockdown cracks china retailer

Howard Smith, associate director, and Dave Costley-Wood, partner from KPMG’s restructuring practice, have been appointed joint administrators of Yorkshire lifestyle retailer Peter Jones (China) Ltd, which has collapsed with the loss of 70 jobs

Technical Alerts

12 Jul 2020