Audit / Government consults on plans for overhaul of audit market

Plans for a radical overhaul of the audit market are progressing as the government launches an eight-week consultation to gauge views on CMA market reforms, including possible introduction of joint audits, operational split at Big Four to hive off audit, and more powers for the new audit  regulator

Insight / Would you hire your online self?

Simon Wright, managing director at CareersinAudit.com gives the accountancy profession some pointers on how to ensure your online presence is professional and reflects your skills and experience

Audit / HMRC chief Thompson quits in move to head audit regulator

Sir Jon Thompson is to leave the top post at HMRC after just three years to take on the role of chief executive at the troubled audit regulator, Financial Reporting Council (FRC)

Insight / One in five FTSE 100 CEOs is an accountant

Having an accountancy qualification or holding a masters of business administration (MBA) are the two most common routes to the top roles in the UK’s largest companies, according to a survey from recruitment specialist Robert Half

Insight / OBR warns of breakdown in fiscal discipline, recession risk

The Office for Budget Responsibility (OBR) has warned that a no-deal Brexit could see public borrowing doubling to some £60m next year, with the risk of recession increasing sharply

Tax / HMRC in-house digital spend hits £73m

Revenue and Customs Digital Technology Services (RCDTS) Ltd, the not-for-profit company set up by HMRC in the wake of the decision to end the outsourced Aspire commercial contract, reported income of £73.7m last year, up from £59.8m the year before

Insight / People in the news: Grant Thornton, BHP, UHY Hacker Young, RSM, EY

In this week’s accountancy career moves, partner hires at Grant Thornton, BHP, UHY Hacker Young and RSM, EY adds 57 partners, new council members at the Financial Reporting Council, board appointments at the Institute of Internal Auditors and Parasol bolsters IR35 service

Technical Alerts

18 Jul 2019

Tax / Top tax tips: when expenses are non deductible against income

Jonathan Amponsah, founder of The Tax Guys, gives a rundown of 10 expenses which cannot be claimed against income even if incurred for business, highlighting potential tax traps after HMRC wins in Healy and Samadian expenses cases

Tax / HMRC criticised over 'stretched' resources and helplines

The standard of service on HMRC helplines and 'stretched' resources remain major concerns for taxpayers, exacerbated by the additional pressure due to Brexit, according to the latest research into attitudes to the tax authority

Insight / EU starts antitrust inquiry into Amazon use of retailer data

The European Commission has opened a formal antitrust investigation to assess whether Amazon's use of sensitive data from independent retailers who sell on its marketplace is in breach of EU competition rules

Accounting / London businesses worst for filing late accounts at Companies House

London and Birmingham are the worst areas in the country for filing accounts late with over 200,000 UK companies facing fines for non-compliance for missing the Companies House deadline

Accounting / IASB consults on IAS 12 amend to reflect lease accounting rules

The International Accounting Standards Board (IASB) is consulting on changes to the treatment of deferred tax under IAS 12 Income Taxes as a result of IFRS 16 lease accounting rules

Insight / Household name companies shamed over late payments

Eighteen companies – including BT, British American Tobacco, and Centrica – have been suspended from the Prompt Payment Code (PPC) for failing to pay suppliers on time

Insight / Regulator probes Sheffield educational charity’s finances

The Charity Commission has opened a statutory inquiry into educational charity Avicenna Global due to concerns over potential misconduct and mismanagement at the Sheffield-based charity

Tax / UK multinationals to challenge EU on CFC rules

Over a dozen companies, including BT, Vodafone and GlaxoSmithKline are set to challenge an EU ruling which found that elements of the UK’s controlled foreign company (CFC) regime breach the rules on state aid

Technical Alerts

17 Jul 2019

Tax / Trade and asset sales: tax implications - part 1

Croner-i tax writer Paul Davies FCA CTA unpicks the tax implications of trade and asset sales by a company to an unconnected third party looking at how every component of the sale can have an impact on tax efficiency

Tax / Government exempts Windrush compensation payments from tax

Payments made under the Windrush Compensation Scheme will be exempt from income tax, inheritance tax and capital gains tax, HMRC has announced

Insight / Haines Watts’ acquisition policy sees 13% rise in revenues

Top twenty firm Haines Watts has reported turnover of £96m for the year, up from £84m, recording a 13% hike in revenues  from both organic growth and an active acquisition strategy

Insight / Pension scheme negligence lands insurance boss seven-year ban

An insurance boss who caused his company to be negligent in its responsibilities while administering a pension scheme has been banned for seven years, after concerns were raised about some £13m of members’ funds

Insight / BEIS plans single enforcement body under Good Work Plan

The Department for Business, Energy and Industrial Strategy (BEIS) is consulting on proposals to establish a single enforcement body for employment rights as part of the Good Work Plan

Accounting / FRC consults on FRS 102 hedge accounting amend

The Financial Reporting Council (FRC) is consulting on amendments to hedge accounting under FRS 102 to reflect changes to interest rate benchmarks

Insight / Diversity at senior executive levels stalled

Progress on improving diversity in senior roles at the UK’s largest companies has stalled according to two research reports, with one estimating FTSE 350 boards are unlikely to achieve gender balance before 2090 at the current rate

Insight / Global fraud costs balloon to £3.89 trillion

Fraud is costing businesses and individuals in the UK £130bn each year, while the cost to the global economy is put at £3.89 trillion, with losses rising by 56% in the past decade

Technical Alerts

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