Business

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

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

Insight / FTSE 100 CEOs see pay drop to average £3.4m

The average pay package for FTSE 100 CEOs has fallen to £3.4m, down from £4m, but criticism of excessive pension payments is growing as shareholders hit out

Insight / Tilney targets Smith & Williamson for merger

Leading wealth manager Tilney and top 10 fund management and accounting firm Smith & Williamson, are reportedly mulling a merger which would create a combined entity with some £45bn of assets under management, with the accounting division kept within the group

Insight / Succession planning for business owners

Accountants can play a pivotal role when business owners decide to sell from ensuring the finances are in shape to essential advisory and strategic support. Glen Foster, director, partner sales at Xero, provides tips and advice

Insight / AAT launches TV ad campaign to recruit accountants

Accountants from all backgrounds will be starring in television and radio adverts, to be played during the daytime across a range of channels over the next six weeks, as part of a campaign by the Association of Accounting Technicians (AAT) to attract applicants to the accounting sector

Insight / Accountancy profession targets A level school leavers

With thousands of students around the country receiving their A levels results today and starting to make decisions about their future, the accountancy sector is keen to set out the attractions of building a career in the sector through trainee programmes

Tax / Retailers demand fix to ‘broken’ business rates

The government is under pressure to take action on business rates, with over 50 major retailers supporting recommendations designed to fix what they describe as ‘the broken business rates system’  

Accounting / Companies House London office is moving

Companies House is relocating its London information centre to Westminster this autumn

Audit / PwC quits as auditor to AIM listed Staffline Group

Big Four audit firm PwC has resigned as auditor of Staffline Group plc, an AIM listed recruitment and training group, and has already stepped down citing concerns over material uncertainty and contractual obligations  

Audit / Grant Thornton resigns as Sports Direct auditor

Grant Thornton has resigned as auditor of Sports Direct, the day after the high street retailer announced its annual results and said it expected the firm to remain in situ for a further year and potentially until 2027, and despite acknowledged issues over selecting a Big Four replacement

Accounting / M&C Saatchi posts one-off £6.4m accounting charge

Adverting giant M&C Saatchi has revealed accounting issues first identified by external auditor KPMG have forced the company to take a one-off exceptional charge of £6.4m to its 2019 results

Tax / Brexit pressure forces one-year spending review

There will be a fast-tracked one-year spending review to ensure departments can focus on delivering Brexit by 31 October, the Chancellor has confirmed, as the normal three-year spending review is delayed
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