Tax / Dividends and distributable profits: part 6

In the sixth of eight articles looking at how to avoid the pitfalls of dividends and distributions, Croner-i tax and accounting writer David Duvall looks at the often complex relationship between parent and subsidiary companies

Audit / Mamas & Papas sold in pre-pack administration

Babycare retailer Mamas & Papas has been sold in a pre-pack administration handled by Deloitte, with the assets bought back by its owner Bluegem Capital partners as creditors lose out

Insight / Pub and bar insolvencies jump 13%

More pub and bar companies are going bust due to Brexit-driven cost rises exacerbated by teetotal millennials

Audit / Mining giant BHP switches £12m audit to EY

FTSE 100 listed global mining conglomerate BHP has ended its 23-year audit relationship with KPMG, hiring fellow Big Four giant EY

Tax / OECD consults on global tax rules to stop profit shifting

The OECD is consulting on its global anti-base erosion (GloBE) proposal which is designed to prevent multinationals from profit shifting, by developing rules which would effectively create a minimum tax rate worldwide

Insight / Pension savers face increased risk from scammers

People with degree-level education are more a risk of falling victim to a pension scam than others, claims the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR)

Tax / EU plans overhaul of cross-border VAT rules

The EU is set to tighten VAT rules to improve fraud detection in cross-border e-commerce transactions and simplify requirements for SMEs

Technical Alerts

8 Nov 2019

Tax / Property tax essentials: 30-day CGT deadline, PPR relief

Residential property owners and buy-to-let landlords face significant tax changes from April 2020, including the 30-day CGT payment deadline and an overhaul of principal private resident relief (PPR) and extra statutory concessions (ESC). Mercer & Hole’s Alison Palmer and Alice Pearson examine potential pitfalls

Insight / Finance Mole: thought leaders in the firing line

Fed up with time wasting thought leaders who have no defined role, Finance Mole longs for a hands-on CFO who will focus on the detail

Tax / Pros and cons of four-day week

Labour party plans for a four-day week have been criticised by a think tank which claims the impact on productivity would cost up to £17bn a year, but there are advantages of offering a more flexible work environment to employees 

Insight / People in the news: Grant Thornton, Kreston Reeves, RSM, FRC

In this week's accountancy career moves, partner appointments at RSM and Brown Rudnick, promotions at Grant Thornton, DSG, Greenfield and FRP, plus ramping up the FRC's enforcement work

Insight / Lack of gender diversity sees business missing out

Deloitte and PwC are backing calls for increased gender diversity at board level although women still account for less than one in five partners 

Audit / Smith & Williamson picks up Eve Sleep audit from KPMG

AIM listed Eve Sleep, the online mattress and sleep retailer, has swapped auditors with the appointment of Smith & Williamson, replacing KPMG

Tax / SARs stop £131m money laundering

Criminals have been prevented from accessing £131.7m in the past year, as the number of defence against money laundering (DAML) requests rose sharply, the National Crime Agency (NCA) says

Insight / Xero sees 51% increase in UK accounting software business

Cloud accounting software specialist Xero has reported a 51% hike in both UK revenues and customers in the last six months, citing HMRC’s Making Tax Digital as a factor in its growth

Technical Alerts

7 Nov 2019

Tax / Higgins wins Court of Appeal case over CGT on property sale

The Court of Appeal has ruled that the ‘period of ownership’ for principal private residence (PPR) relief from capital gains tax (CGT) begins when the property purchase is completed, not from exchange, in a ruling which overturns a previous tribunal finding in HMRC’s favour

Tax / Nunn: one size tax is not the answer for self employed

Attempts to reform tax reporting for the self employed and landlords need to be carefully thought through to avoid creating more complexity and red tape. Yvette Nunn CTA ATT MAAT, director of Berkeley Associates, assesses the latest OTS report

Accounting / FRC tells companies to improve IFRS 16 Leases disclosures

Companies applying the new standard on lease accounting are not providing sufficient information on its impact, according to the Financial Reporting Council’s (FRC) review of the first year of implementation of IFRS 16 Leases

Accounting / Nikkei hit by $29m transfer fraud

Japanese media giant Nikkei, which owns the Financial Times, has admitted it has been the victim of a $29m (£22.4m) money transfer fraud

Insight / Tennis star Boris Becker’s bankruptcy restrictions extended

Former tennis champion Boris Becker has been given a 12-year extended bankruptcy restriction following the Official Receiver’s investigation into assets and transactions valued in excess of £4.5m

Audit / Wirecard widens scope of KPMG audit

Wirecard has extended the scope of a KPMG independent audit as it seeks to end speculation it has manipulated its accounts, the German digital payments specialist has reported

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