Accountancy Daily

Accounting / Pension funds at risk from cyber crime, warns PRAG

The Pensions Research Accountants Group (PRAG) is warning that pension funds are at high risk of attack from cyber criminals as they have access to extensive personal identity data including addresses, financial records and banking details, which can be sold, or used to compromise or steal from other victims

20 Apr 2018

Tax / Taxpayer rights under Human Rights Act explained

HMRC has issued factsheet CC/FS9 on the individual rights of taxpayers who are facing penalties for non-compliance with tax rules, focusing on article 6 of the European Convention on Human Rights

20 Apr 2018

Tax / Late tax form returners risk daily charges

Anyone who has yet to submit their 2016/17 self-assessment tax return form is being urged to do so before the end of this month to avoid daily penalties of £10 accruing

20 Apr 2018

Insight / Barclays CEO faces fine over whistleblower probe

The Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority (PRA) are to fine Barclays CEO Jes Staley over an alleged breach of conduct after he attempted to find out the identity of a whistleblower in 2016

20 Apr 2018

Tax / HMRC clarifies process for paying unpaid tax for deceased landlords

HMRC has updated its Let Property Campaign Service, which allows landlords to disclose and settle any unpaid tax bills, to include information on how to make a disclosure on behalf of someone who has died

20 Apr 2018

Insight / Premier League clubs net a record £4.5bn

As the football season draws to a close, Premier League clubs collected a new record of £4.5bn in revenues last year up from £3.6bn the previous year, with wage costs across the league rising by 9% to £2.5bn, according to research from Deloitte

20 Apr 2018

Insight / 75% of accountants want well-being support at work

Almost half of accountants believe their employer is not doing enough to help employees deal with work-related stress, anxiety and other mental health issues, and 58% believe the government should be doing more to promote wellbeing, according to a study by healthcare provider Westfield Health

20 Apr 2018

Careers

Insight / False contracts fraudster ordered to pay £195k

A former finance director who was given a ten-year jail sentence for his role in a £160m financing fraud has been ordered to pay a confiscation order of £194,343 in full within three months or a default sentence of two years will be activated

20 Apr 2018

Called to account

Tax / HMRC passes 10m robot transactions total

HMRC has announced what it is calling a major milestone in its modernisation programme, having now processed 10m transactions using robots since 2015, a development which the department says has improved efficiency and customer experience

20 Apr 2018

Tax

HMRC

Technical Alerts

Indirect Tax / Case: No breach of EU exemption rules

Indirect Tax / Case: Tribunal re-visits the meaning of ‘dwelling’ in claim by a DIY builder

Direct Tax / Case: Costs order refused for taxpayers who won judicial review claim against HMRC

19 Apr 2018

Tax / Dividend versus bonus: tips and pitfalls for directors

Stephen Relf CTA FCA, lead tax writer at Croner-i, examines the pros and cons of dividend payments versus bonuses for owner managed businesses including the implications of cash flow, potential tax savings and profit extraction options

19 Apr 2018

Tax / Malicious software warning to taxpayers

HMRC has issued a warning to tax agents about the risks of malicious software (malware) and malvertising being delivered by email, and particularly the risks of opening apparently benign attachments and clicking links

19 Apr 2018

Insight / FDs need to re-assess pension accounting compliance

Finance directors are being urged to look at how recent changes to pension regulations are impacting accounting costs, after research from pensions consultancy Xafinity Punter revealed that new pension freedoms could cost UK companies £25bn

19 Apr 2018

Pensions

Accounting / Company forced to reinstate financials due to impact of IFRS 9 and IFRS 15

Technology company, Aspocomp, has had to adjust its 2018 opening statement of financial position due to the adoption of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers, with €1m being added to the company’s net sales for 2017

19 Apr 2018

Accounting / IESBA consults on 2019-2023 strategy and work plan

The International Ethics Standards Board for Accountants (IESBA) is consulting on its proposed strategy and work plan covering the next five years, which will see the regulator leverage its completely rewritten and enhanced code of ethics

19 Apr 2018

Tax / Updated directors’ loan accounts agent toolkit available

HMRC has published the directors’ loan accounts agent toolkit for 2017-18, which is aimed at helping and supporting tax agents and advisers by providing guidance on errors that commonly occur in relation to directors’ loan accounts

19 Apr 2018

Insight / Retail sector profit warnings hit seven-year high

UK quoted companies issued 73 profit warnings in Q1 2018, two fewer than the same quarter of 2017 and 10% less than the previous quarter, but warnings from the beleaguered retail sector hitting a seven-year high, according to research by EY which says companies need to adapt to a new economy to survive

19 Apr 2018

Tax / HMRC updates tax-free inherited imports appeals guidance

HMRC has issued an update to the notice explaining how to import inherited goods into the UK free of duty and VAT, with changes to the section detailing what to do if an individual does not agree with a HMRC decision

19 Apr 2018

Insight / High Court judgment shines light on shadow directors

The High Court has handed down judgment in a complex case involving the role of the former directors and their professional advisers in a company called Instant Access Properties Ltd (IAP), which has shed light on the issues of what fiduciary duties are owed by shadow directors

19 Apr 2018

Tax / HMRC publishes guidance on online security vulnerabilities

HMRC has published guidance alerting taxpayers to what they should do if they identify a security vulnerability in an HMRC online service

19 Apr 2018

Tax

HMRC

Technical Alerts

Direct Tax / Case: Director liable for liquidated company’s PAYE and NIC liabilities

Direct Tax / Case: Future rental liabilities to be deducted in Business Property IHT calculation

18 Apr 2018

Tax / VAT: issues of single and multiple supply

Stanley Dencher, senior technical writer at Croner-i, examines various recent tax cases where questions have arisen over whether a deal should be treated as single supply or multiple supply for VAT

18 Apr 2018

Tax / HMRC in pensions website advice blunder

HMRC has been forced to temporarily remove an online calculator which gave incorrect information about annual pension allowances, following complaints from Royal London

18 Apr 2018

Tax / IRS payment site crashes on tax deadline day

The Internal Revenue Service (IRS) has had to give US taxpayers an extra day to file their taxes after its payment site crashed on the 17 April deadline day

18 Apr 2018

Tax

International tax

Accounting / Company directors liable for failing to report on climate risk

Companies directors could be held personally liable for failing to assess, manage and report climate risk, where it poses a foreseeable and material financial risk to the company, according to research from Commonwealth Climate and Law Initiative (CCLI)

18 Apr 2018

Insight / EY signs global tax deal with AIG

EY has announced a global tax compliance and technology operating agreement with financial services and insurance multinational AIG that involves a combination of managed tax services and the transfer of select AIG employees to EY

18 Apr 2018

Accounting / FRC’s Lab to report on implementation impact

The Financial Reporting Council’s (FRC’s) financial reporting lab is carrying out an implementation study on how practice has changed as a result of its work on corporate reporting, and will reveal its findings at its conference in London in June

18 Apr 2018

Accounting

Financial reporting

UK GAAP

Insight / Gender diversity challenge to 10% of FTSE 350

A total of 35 FTSE 350 companies, including 14 in the FTSE 100, have been singled out for their low level of female representation at leadership level and challenged to make changes in an initiative led by the Investment Association (IA) and the Hampton-Alexander Review

18 Apr 2018

Insight / Call to end 40% flat rate pension relief

The Royal Society of the Arts (RSA) is calling for a new approach to pensions relief to offer more support for lower earners and the self employed, saying that three quarters of workers would be better off if the government introduced a 30% flat rate

18 Apr 2018