Insight / Called to account: December 2019

In this month’s scandals, convictions and penalties, a former insurance CEO fined for shifting pay into wife’s name and tennis star gets 12-year extension to bankruptcy order

Tax / Tips and advice: saving tax on corporate Christmas

With the festive season in full swing, Jonathan Amponsah CTA FCCA, CEO of The Tax Guys, gives a rundown on nine tax-deductible savings available to businesses from Christmas parties to tax-free staff awards and client gifts

Accounting / Superdry finds £3.9m accounting error

Fashion brand Superdry has become the latest retailer to announce its reporting has contained accounting errors, with the company disclosing a £3.9m adjustment related to stock handling which has reduced profits for the second half of the year

Insight / Lack of succession planning catches out SMEs

SME owners are at risk of losing control or having to raid cash reserves to support their business in the event of the death of a fellow owner

Accounting / UK leads crackdown on suspicious transactions

Only one in five countries in Europe including the UK are fully compliant with the rules on suspicious transactions and order reporting (STORs) in financial services

Insight / Record losses in Championship as wages score £795m

The EFL Championship had a year of records in the 2017-18 football season with record revenue, wage levels and operating losses, according to Deloitte report

12 Dec 2019

Tax / Off-payroll working rules: IR35 checklist for contractors - part 3

Jonathan Amponsah CTA FCCA of The Tax Guys examines the IR35 changes to off-payroll working for private companies from the contractor’s perspective from what the new rules means to the tax implications, potential penalties and risks

Accounting / BSBC consults on tougher oversight of cryptoassets

The Basel Committee on Banking Supervision (BCBS) has issued a consultation on the design of a prudential treatment for cryptoassets to improve regulatory oversight

Insight / Begbies Traynor revenue hits £33.8m

Revenue at listed Begbies Traynor Group has grown substantially in the last 12 months to £33.8m in its half year results, as acquisitions and demand for insolvency services are up

Accounting / Post Office pays £58m to settle IT accounting failures

The Post Office has agreed to pay £58m to settle a long running legal case brought by a group of sub postmasters who faced charges of fraud which they said were down to problems with a new computerised accounting system

Tax / What do you think of Making Tax Digital?

CIOT and the ATT are running an online survey for tax professionals and businesses to provide feedback about their experiences of Making Tax Digital for VAT

Insight / Dains expands with Birmingham acquisition

Midlands based Dains Accountants has acquired an accountancy practice in Birmingham in a move designed to strengthen its offer for business owners in the region

Tax / HMRC raises £95m through taxpayer plea bargains

HMRC is less keen to enter into plea bargain style agreements in tax avoidance cases, because it now has more taxpayer data available even though each case generates over £200,000 

Technical Alerts

11 Dec 2019

Tax / SDLT pitfalls of buying a second home

With the Conservatives promising a 3% surcharge on foreign property buyers and complex tax rules around purchase of second homes, Croner-i tax writer Zigurds Kronbergs examines the potential pitfalls for property owners

Accounting / IFRS architect Paul Volcker dies

Paul Volcker, who played a major role in the setting up of the IFRS standard setter, the International Accounting Standard Board (IASB), and was a key player in US monetary policy for three decades, has died at the age of 92

Tax / HSBC Swiss bank to pay $192m over US tax evasion

HSBC’s private Swiss bank is to pay $192.35m to settle charges brought by the US authorities that it conspired with US taxpayers to evade taxes over a period of ten years

Tax / HMRC faces 460k requests for income tax refunds

Around 460,000 people chased HMRC for refunds on overpaid income tax in the year 2018/19, according to an FOI request by insurance company, Royal London

Insight / Brexit pushes builders to the wall

The number of housebuilders going bust has reached a record high due to Brexit pressures and the fall in the pound

Audit / Execs at US brands company charged with fraud

The Securities and Exchange Commission (SEC) has charged brand-management company Iconix Brand Group and three of its former top executives with fraud, after an investigation found they had manipulated the company’s earnings

Audit / KPMG partner pay down 7% as revenue squeezed

After a difficult 12 months, KPMG UK saw revenues increase by 3% from £2.34bn to £2.4bn, as the firm went through a comprehensive overhaul of its audit practice in the wake of harsh criticism from the audit regulator

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