Audit / Thomson Reuters acquires Confirmation audit service

Thomson Reuters is expanding its audit offering with the acquisition of Confirmation, a provider of secure audit confirmation services, primarily for banking and financial services

Accounting / SFO arrests over Patisserie Valerie accounting fraud

The Serious Fraud Office has stepped up its investigation into café chain Patisserie Valerie with the arrest of five people over the accounting fraud uncovered last autumn

Tax / Majority of SMEs unaware of £1m machinery tax break

Despite a temporary two-year increase in the annual investment allowance (AIA), nearly two thirds of UK SMEs are not aware of the £1m tax break, which has been criticised for being over-complex due to straddling periods

Tax / NHS chief calls for gambling tax to pay for addiction treatment

The head of the NHS has called for a mandatory tax for betting companies to help pay for treatment for gambling addicts

Audit / Cineworld drops KPMG after 15 years as auditor

International cinema giant Cineworld replaces KPMG with PwC after Big Four firm refuses to bid in new audit tender, reports Philip Smith

Insight / ACCA launches computer-based exam practice platform

ACCA (Association of Chartered Certified Accountants) has launched a brand new accountancy exam practice platform for computer-based exams (CBE) targeted at training providers

Accounting / Big businesses face fines for late payment to SMEs

For the first time large businesses could be fined for failing to pay smaller suppliers on time as part of a robust package of measures launched by small business minister Kelly Tolhurst, but there will be no change to the 60-day payment term set out in the voluntary Prompt Payment Code

Insight / Facebook to launch Libra cryptocurrency

Facebook has moved into the crypto currency market with plans to launch Libra, a new global currency powered by blockchain technology, which will be available as a payment method on WhatsApp and Messenger

Tax / Crown Dependencies plan public beneficial ownership registers

Jersey, Guernsey and the Isle of Man have agreed to set up public beneficial ownership registers to improve transparency of company and trust ownership in line with EU efforts to clamp down on money laundering and tax evasion

Insight / UK CEOs lose confidence in global growth

Less than half of UK CEOs are confident about growth prospects for the global economy, but despite continuing Brexit uncertainties, a significant proportion of global CEOs still see the UK as an attractive investment destination, a KPMG survey has found

Accounting / EU plans to simplify company registrations

The European Council has adopted a directive designed to make setting up a company in the EU simple and cheaper by promoting online options for company registration

Accounting / FCA tightens rules on peer-to-peer lending platforms

The Financial Conduct Authority (FCA) is introducing rules to strengthen protections for investors using peer-to-peer (P2P) and investment based lending platforms based on tighter governance and robust risk management systems

Accounting / Deloitte, ICAEW launch climate change reporting programme

Big Four firm Deloitte and ICAEW have teamed up to launch a learning programme which aims to build climate change awareness and the role of business, with an emphasis on financial statement reporting

Insight / Retail chain Select fashions CVA deal

High street fashion chain Genus UK Ltd, trading as Select, has agreed a company voluntary arrangement (CVA) after it went into administration in early May putting hundreds of jobs at risk

Insight / Majority of SMEs unhappy with their accountant

Most of the small businesses who are working with an external accountant or bookkeeper would not recommend their adviser to others and a quarter are looking to switch accountants, according to research by software provider Xero