Tax / Tax planning: lasting power of attorney for farmers

Setting up a lasting power of attorney is a  shrewd move for farmers as they prepare to pass their business to the next generation, giving them flexibility and protection from a punitive tax bill, says Julie Butler of Butler & Co

Insight / Insolvency Service consults on single regulator for practitioners

The government has launched a consultation on the current regulatory framework for insolvency practitioners, which includes considering whether to establish a single regulator for the sector

Insight / Government crackdown on economic crime

The government has launched an Economic Crime Plan, a joint initiative with law enforcement, business and professional services firms, to share data and pool resources, in a bid to crack down on fraud, money laundering, bribery and corruption

Tax / VAT Q&A: how travel agents must account for VAT using billback arrangement

In this week’s Q&A, Vivienne Scott, senior VAT consultant at Croner Taxwise, explains how travel agents must use the Tour Operators’ Margin Scheme (TOMS) to account for VAT

Technical Alerts

15 Jul 2019

Tax / Company cars: calculating tax on car benefit - part 1

In the first of a series on company car tax, Julie Clift CTA, tax writer at Croner-i, explains the calculations when assessing company cars as a taxable benefit and defining reason of employment

Tax / HMRC promises leniency despite slow take up of Making Tax Digital

HMRC has promised not to throw the book at firms who struggle to register for Making Tax Digital (MTD) as new figures show total take-up lagging in certain sectors

Tax / Scope of reduced VAT rate for solar panels narrows

The VAT incentive for installing energy efficiency measures in residential accommodation is to be amended to bring the UK into line with EU rules, HMRC has confirmed

Audit / FRC to tighten auditing and ethical standards

The Financial Reporting Council (FRC) is to introduce more stringent ethical rules for auditors in response to findings from recent audit enforcement cases and audit inspections

Audit / ‘Complexities’ force delay in Sports Direct annual results

Sports Direct has delayed the publication of its annual results, citing the ‘complexities’ relating to its purchase of House of Fraser last August and a request from auditor Grant Thornton for more time

Audit / New code of practice to address shortcomings in internal audit

The Chartered Institute of Internal Auditors (IIA) has begun a consultation on an internal audit code of practice in the wake of high-profile corporate failures

Accounting / FRC amends FRS 101 for insurance contracts

The Financial Reporting Council (FRC) has issued an amendment to FRS 101 reduced disclosure framework as part of its annual review, to address a conflict with the new insurance contracts standard

Insight / Smith & Williamson revenue hits £278m as profitability rises

Smith & Williamson, the financial and professional services firm, has reported 4.3% growth as operating income hits £278m and confirmed it is still planning to list in 2020

Technical Alerts

12 Jul 2019

Tax / Treasury plans one-year tax break for zero-emission company cars

The government plans to remove company car tax for newly registered zero emission models for one year from 2020 to offset the impact of the Worldwide harmonised Light vehicles Test Procedure (WLTP)

Insight / O'Connor: using fintech to increase practice profitability

Advances in fintech could transform the accounting profession if firms leverage the technology to help growth their practices and offer extended services to their smaller clients, explains Sam O’Connor ACA, co-founder & CEO of smart banking app Coconut

Tax / France faces US backlash on 3% digital services tax

France is to introduce a 3% digital services tax, the first European country to do so, and now faces the risk of retaliation from the US, which argues that the levy unfairly targets multinational tech giants

Accounting / AIM listed Renold finds £1.8m accounting error

Renold, an industrial equipment supplier, has postponed its AGM scheduled for 17 July after the company discovered a £1.8m accounting black hole in its gears business unit

Insight / Mazars builds North America alliance

Mazars plans to expand its presence in the US and Canada with the creation of the Mazars North America Alliance in a tie-up with five major accounting firms to challenge the Big Four in the region

Accounting / Third of councils ‘at risk of financial failure’

Grant Thornton has teamed up with CIPFA to develop a financial foresight model to help local authorities understand and test their long-term financial sustainability

Insight / Women on FTSE 100 boards ‘symbolic’ only

FTSE 100 companies are being criticised for a failing to tackle the lack of diversity on their boards despite new figures showing they are on track to hit a 33% target for female board representation by 2020

Insight / People in the news: RSM, CVR Global, Zedra, Carey Olsen

In this week’s accountancy career moves, partner hires at RSM, CVR Global and Carey Olsen, promotions at Wylie & Bisset, onshore MD for trust specialist Zedra, and Revenue Scotland ramps up board members

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