Accounting / Eddie Stobart Logistics delays results after £2m accounting error

Eddie Stobart Logistics has suspended trading of its shares on AIM, announced its CEO is to stand down with immediate effect, and is to delay publication of its interim results in the wake of the discovery of a £2m accounting error last month

Tax / First guidance on IR35 private sector off-payroll rules

HMRC has published its first detailed guidance on how new rules for off-payroll workers (IR35) will operate in the private sector when the responsibility for determining individual’s employment status moves to employers in April next year, reports Pat Sweet

Insight / What you need to know: EU workers and settled status

As the possibility of a no-deal Brexit nears, it becomes more important for EU workers to be aware of the requirement to apply for settled status to allow them to continue to work in the UK after 2020. Kate Palmer, associate director of advisory at Peninsula, sets out five key considerations for employers

Insight / Business fined £350,000 for pension failures

The Pensions Regulator (TPR) is warning employers not to put their head in the sand after one business ended up with a £350,000 fine from the watchdog for failing to comply with auto enrolment pension rules

Insight / One in five consumers still not made PPI claim

With only days left until the 29 August 2019 PPI complaints deadline for mis-sold payment protection insurance (PPI) claims, the Financial Conduct Authority (FCA) is urging the 18% of consumers who have not claimed to take action

Insight / KPMG launches Manchester technology innovation hub

KPMG has taken on extra office space in Manchester to extend its national technology innovation hub, bringing the total number of staff employed in the city to over 1,000

Insight / People in the news: Foxley Kingham, Inchcape, Goringe, Smith Cooper

In this week’s accountancy career moves, director and partner promotions at Foxley Kingham, Smith Cooper, DTE Business Advisers and Carey Olsen

Technical Alerts

22 Aug 2019

Tax / Spain cracks down on 'aggressive tax planning' by foreign property investors

With Spanish tax authorities prosecuting tax evaders and the launch of the beneficial owner register, anyone invested in property via a corporate structure should review their tax position. León Fernando Del Canto, a barrister at Normanton Chambers, examines the tax rules

Tax / PAYE RTI penalties to remain risk-based

Following a review, HMRC has decided to continue the risk-based approach to PAYE late filing and late payment penalties for employers throughout the 2019/20 tax year with penalties due to go out from September

Tax / Graduates overpay £28m in student loan errors

The government is holding more than £28m of overpayments made to the Student Loan Company (SLC) in error, as a result of repayments being deducted from individuals after they have paid off their loans in full

Tax / Worker cannot claim tax relief on commuting expenses

A man who had a series of temporary contracts working at different company sites has lost his appeal for tax relief on his travel expenses, on the grounds this was ordinary commuting

Insight / Disqualification deflates bouncy castle boss

The director of a bouncy castle hire company has been banned for £240,000 of tax offences similar to those that resulted in her husband’s disqualification four years earlier

Tax / Auto enrolment for post-Brexit EU customs system

HMRC is to automatically enrol over 145,000 VAT-registered UK companies into the economic operator registration and identification (EORI) customs system to reduce the risk of Brexit disruption to trade

Insight / Bupa falls foul of SME late payment rules

The government’s small business commissioner has sounded a warning about large companies’ failure to pay adequate compensation to small business in cases of late payment of invoices, following an investigation into a complaint brought against healthcare giant Bupa

Technical Alerts

21 Aug 2019

Tax / RNIB forces HMRC to change blind person’s allowance rules

The Royal National Institute of Blind People (RNIB) has successfully challenged HMRC guidance over the circumstances in which the blind person’s allowance can be transferred between spouses

Accounting / Moody’s warns on staggered adoption date for lease standard

Credit ratings agency Moody’s has criticised plans to defer the rollout of the new US lease accounting standard for smaller companies and non-profits, saying it will distort comparability of accounts

Insight / Cyber fraud cases increase as courts ramp up action

Court cases involving alleged fraud dropped in value in the first half of 2019 to £319m, down from £345m in the same period last year, but there are signs cybercrime is becoming more sophisticated and fraudsters are sometimes repeat offenders

Tax / Using capital allowances for tax relief on business expenditure

Confusion and lack of knowledge about capital allowances discourages many business owners from using this essential tax relief worth up to £1m. David Redfern, director of DSR Tax Claims explains the qualifying criteria for the £1m annual investment allowance (AIA)

Tax / Making Tax Digital for VAT webinar date

HMRC is running a live webinar on Making Tax Digital for VAT compliance this Friday to help businesses who have not yet signed up for mandatory digital reporting

Tax / Four Quick Fixes to VAT on intra-EU movement of goods

Businesses need to prepare for the EU’s Four Quick Fixes, the latest attempt to refresh the VAT system for intra-EU movement of goods, effective from January 2020. Rob Janering, associate director at Accordance explains the impact on supplies when call-off stock arrangements and chain transactions take place

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