Audit / Morris: separating audit profession would restore trust

Andy Morris, head of audit at Dains Accountants, shares his thoughts on the Brydon Report and what it means for the future of the auditing profession 

Insight / Accounting firm founder quits Baldwins Group

John Baldwin, the founding director of acquisition-hungry Midlands firm Baldwins Group, now part of the Cogital Group, has left the firm with immediate effect, along with two other directors, David Baldwin and Shaun Knight

Insight / Pastor of religious charity must pay back £50k

The charity watchdog has ruled that an absence of trustees at the Redeemed Christian Church of God New Life Assembly left it without a governing body, leading to misappropriation of funds

Accounting / Brexit transition guidance for accountants released

The Financial Reporting Council (FRC) and Department for Business, Energy and Industrial Strategy (BEIS) have published guidance for accountants and auditors confirming that there will be no substantive changes during the transition period post Brexit

Accounting / Shake-up of SORP charity accounting committee finalised

Regions and small charities will have more influence over the development of charity accounting rules following an overhaul of the Charities SORP committee but the number of members is barely reduced

Tax / Confusion over tax-free childcare hits usage

Take up of the government’s tax-free childcare (TFC) scheme, intended to replace childcare vouchers, has been hampered by a lack of understanding about who is eligible and the financial benefits

Tax / Government fails to monitor £155bn doled out in tax reliefs

Tax reliefs introduced to support government economic and social objectives now cost £155bn a year, but the HMRC and the Treasury are failing to monitor and evaluate the spiralling costs, and need to make substantial progress in improving how these are managed

14 Feb 2020

Insight / Finance Mole: passionate about SAAS, surely not?

Finance Mole takes a few moments away from the balance sheet to play spot the LinkedIn profile, but is left dazed and confused by the experience

Insight / Nuptial agreements: what accountants need to know

Building a strong relationship is hard work in itself, but practical issues like tax planning and legal contracts should not be ignored. Katherine Marshall and Joanne Chilton examine the different relationship scenarios that may benefit from a nuptial agreement

Insight / ‘Priceless’ Royal accountancy role up for grabs

The year has opened with a spike in demand for accountants, and top of the list is the Royal Household where the Queen is advertising for a management accountant 

Audit / US may merge PCAOB audit regulator with SEC

The Trump administration has indicated it plans to abolish the Public Company Accounting Oversight Board (PCAOB), the US audit regulator, and roll its functions into the Securities and Exchange Commission (SEC) in its budget blueprint, although immediate action is unlikely

Insight / People in the news: Armstrong Watson, Kilsby Williams, EY

In this week’s accountancy career moves, associate partner at EY, hires at Armstrong Watson and Mazars, CFO at FinnCap Group plc and new Chancellor in Cabinet reshuffle

Insight / Dow Schofield Watts invests in Camlee Group

Accountancy firm Dow Schofield Watts has made a seven-figure investment in Camlee Group, a Manchester-based corporate finance boutique which provides business sales advice to SMEs, in bid to grow the business nationally

Accounting / Bank of England to adjust bank stress tests for IFRS 9

The Bank of England is looking to adjust its stress tests for banks, following the introduction of IFRS 9 expected credit loss accounting (ECL), which has led to impairment losses being recognised earlier than previously

Insight / Accountants shy away from lunchtime quickie

Nearly one in five (18%) Brits have had sex on their lunch break, although accountants are the least likely to have time for a lunchtime dalliance and prefer to have a work spouse

Insight / Top 75 trainee interview: BDO

Melissa Dube, audit trainee at BDO, talks to Zak Jakubowski about her decision to take the apprenticeship route to ACA qualification rather than a degree in mathematics and finance

Technical Alerts

13 Feb 2020

Tax / HMRC information notices: resistance is futile?

A dispute between a taxpayer and HMRC over the format of tax data provided for an information notice for disclosure under schedule 36 of Finance Act 2008 could only be resolved at a tax tribunal. Neil Tipping, senior tax consultant at Croner Taxwise, examines the issues

Tax / HMRC trials online CGT payment system for 30-day change

The payment window for capital gains tax (CGT) on the sale of second homes and buy-to-let residential properties is being cut to 30 days

Tax / Sajid Javid replaced by Rishi Sunak as Chancellor

Sajid Javid has resigned as Chancellor as the PM shakes up the Treasury with the appointment of Rishi Sunak, who has been chief secretary since July 2019

Insight / Pensions regulator backs down on trustee requirements

The Pensions Regulator (TPR) has watered down plans to require pension scheme boards to engage a professional trustee in order to drive up standards, in the light of responses to its consultation on the future of trusteeship and governance

Tax / OTS to review claims for tax reliefs

The Office of Tax Simplification (OTS) is seeking input to a review of claims and elections for various taxes and reliefs to streamline the application process

Audit / Ethics code consultation to strengthen auditor conflict issues

The International Ethics Standards Board for Accountants (IESBA) is consulting on limited scope revisions to the international code of ethics for professional accountants, to clarify issues relating to an engagement quality reviewer’s objectivity

Accounting / Government slammed over prison building cost overruns

Government plans to provide and maintain safe, secure and decent prisons have run into cost overruns and delays, and its flagship initiatives have not delivered, according to a National Audit Office (NAO) report

Tax / OECD releases guidance on transfer pricing on financial transactions

The OECD has released the first detailed guidance on use of the arm's length principle for transfer pricing on financial transactions as part of its base erosion and profit shifting (BEPS) clampdown

Insight / £870k fraudsters taken to the cleaners

A gang of benefit fraudsters has been sentenced at Manchester Crown Court for setting up fake companies and filing false invoices

Insight / Bombardier rapped over small business late payments

Canadian multinational manufacturer Bombardier has been heavily criticised by the small business commissioner over late payments to suppliers made by its UK operation, and is to review its payment practices

Insight / Administration knocks stuffing out of soft furnishings firm

St Helens-based soft furnishings manufacturer Ena Shaw has collapsed with the loss of over 160 jobs

Technical Alerts