Accountancy Daily

Tax / Majority unaware of inheritance tax limits

Confusion about the operation of inheritance tax (IHT) is growing, with over two thirds of those liable not knowing the threshold for the standard nil rate band of £325,000, according to a survey by Canada Life

Insight / Is Alexa your next HR hire?

As artificial intelligence becomes increasingly popular through the likes of Amazon Alexa and Google Home Alaistair Brown, chief technical officer at Bright HR, considers how virtual assistants can be used to improve HR in the workplace

Insight / PwC blows away winter blues at Wizard of Oz panto

The 32nd annual PwC Panto, the Wizard of Oz, is a dazzling display of technicolour talent and energy with 200 PwC staff and alumni performing the show, sharing the fun with 8,000-plus kids from inner city schools and charities, who get to go for free, not to mention the grown-ups

Insight / Finance Mole: meetings not for daydreams

Finance Mole is making an impression at the new job until a hunt for Pall Mall sets him reminiscing, despite IT failures hitting HMRC its employees are rewarded in the New Year’s Honours list and naming services using initials becomes a trend

Insight / Millennial interviews: the assistant manager

This week CCH Daily talks to Adam Soilleux, an assistant manager in BDO’s London financial services team, on why he decided to turn away from banking and go into accountancy, whether he has any regrets and what he believes his toughest challenge is

Insight / Accountant fined after sweary rant at clients

An accountant has been fined £1,500 and ordered to pay £8,000 in costs to the ICAEW after launching into an expletive rant over a fee dispute with clients, which was found to breach professional behaviour rules

Insight / Praxity Alliance pushes through $5bn barrier

The Praxity Alliance of independent accounting and consulting firms has reported record global revenues of $5.2bn (£3.7bn) for the year ended 31 December 2017, representing a year-on-year increase of 9.5%

Accounting / Official warning to Maidenhead charity over accounting failures

The Charity Commission has issued an official warning to the Islamic Trust (Maidenhead) after finding misconduct and mismanagement in the administration of the charity

Insight / Accounting job applications up 88%

The new year has seen job-seeking accounting professionals showing strong resolve to find new positions, with application rates in the sector rising by 88% in January 2018, compared to the end of 2017, according to job market data from CV-Library

Insight / People in the news: Armstrong Watson, RSM, Moore Stephens

Career news this week includes a partner at Armstrong Watson is appointed as chairman of the firm, RSM appoints a corporate tax partner, a transfer pricing partner joins Moore Stephens from RSM

Insight / 78% of UK CFOs report rising stress levels in finance

Finance workers in the UK are among the most stressed in the world, and very few expect the situation to change over the next two years, according to a study by Robert Half UK

Insight / ICAEW teams up with charity to build education in economics

ICAEW is backing a campaign to encourage schools to devote more time to providing education on economics, with the aim of raising its profile within the personal, social, health and economics education (PSHE) module, in a bid to equip students with a deeper understanding of how the economy operates

Tax / OECD updates guidance on country-by-country reporting

The OECD’s inclusive framework on base erosion and profit shifting (BEPS) has released additional guidance to give certainty to tax administrations and multinationals on the implementation of country-by-country reporting (CBCR), in line with action 13 of its plan

Insight / PwC appointed administrators to Williams Industrial Services

Stephen Cave and Toby Underwood, partners at PwC, have been appointed joint administrators to Williams Industrial Services, a County Antrim engineering firm, with the loss of 145 jobs 

8 Feb 2018

Tax / Taxing royalties in the digital economy: do the plans make sense?

A proposed tax on royalties at the giant digital multinationals announced in the last Budget and now out for consultation is supposed to curb profit shifting but will the royalties withholding tax produce the desired effect? Paul Davies CTA ACA, tax writer at Croner-i, examines the proposals

Audit / FRC under fire over Carillion collapse at meeting

The Financial Reporting Council (FRC) was questioned on its response to Carillion’s collapse at the regulator’s annual priorities meeting, with a panel member from Aberdeen Standard Investments admitting that there were a number of red flags at the outsourcing giant which worried investors

Audit / Regulators identify risk hotspots for actuaries from Brexit to pensions

The Joint Forum on Actuarial Regulation (JFAR) is warning that poorly funded defined benefit pension schemes, the aging demographic and rising mortality rates, and post-Brexit regulatory concerns are key risks actuaries need to take into account when assessing risk probabilities

Tax / Case: reasonable excuse gives taxpayer part penalty relief

A taxpayer had part of his penalties cancelled after falling victim to the malpractice of his accountants however his six-month penalties remained as the daily reminders should have prompted him to take action

Insight / MPs hit out at lack of Brexit action and financial information

The government has been too slow to allocate skills and resources for Brexit according to an assessment by the public accounts committee (PAC), which also calls for greater transparency over the costs of delivery

Insight / BEIS research finds 'pay between assignment' contracts failing

The Department for Business, Energy and Industrial Strategy (BEIS) has published background research on the use of pay between assignment (PBA) contracts and the role of umbrella organisations, two of the topics which are under consideration in current consultations on ‘good work’ proposals

Insight / Four ‘good work’ consultations published in response to Taylor review

The government has published four consultations setting out its proposals in response to the Matthew Taylor review of modern work practices, which will form part of its newly announced ‘good work’ plan

Insight / KPMG gets teeth into Square Pie administration

Rob Croxen and Will Wright, restructuring partners from KPMG, have been appointed joint administrators of Square Pie Ltd, a food and restaurant business which has collapsed with the loss of 50 jobs

Accounting / IASB issues amended IAS 19 pension accounting standard

The International Accounting Standards Board (IASB) has issued narrow-scope amendments to pension accounting in relation to IAS 19 Employee Benefits

7 Feb 2018

Accounting / Companies Act 2006 part 13: individual accounts

This article, the thirteenth in our series on the Companies Act 2006, will focus on the preparation of individual accounts looking into Financial Reporting Standards (FRS) and International Accounting Standards (IAS) 

Insight / Longe steps down as CEO of RSM

Laurence Longe is to step down as CEO of RSM after 22 years at the head of the firm, with current CEO David Gwilliam named as his successor in the top job

Tax / Case: overpaid tax claim not allowed

The High court dismissed a taxpayers claim to recover £215,000 in overpayments of tax ruling that it had no jurisdiction to entertain this claim and the taxpayer had no reasonable grounds for bringing it

Insight / Footballer Sanchez sentenced for tax fraud

Manchester United’s Alexis Sanchez has accepted a 16-month prison sentence for committing a €1m (£890,000) tax fraud during his time at Barcelona FC, although he will not spend any time in jail

Tax / HMRC signs lease for Glasgow regional hub

HMRC has signed a 25-year lease for its Glasgow regional hub with the tax authority planning to move 2,700 employees into the building by 2021, with the Scottish building becoming the tenth lease that HMRC has signed out of the 13 regional centres

Audit / FRC to closer scrutinise top six audit firms

The Financial Reporting Council (FRC) is to introduce a new approach to monitoring the top six audit firms, seeking evidence in five areas while also assessing candidates for key roles such as head of audit, the regulator confirmed at its annual priorities meeting

Insight / BEIS unveils ‘good work plan’ in response to Taylor review

The government has committed to act on all but one of the 53 recommendations from last year’s Taylor review of modern employment practices, with a package of reforms to support the gig economy, but no plans to reduce the difference between the National Insurance Contributions (NICs) of employees and the self-employed

Tax / Consultation on simplification to PAYE settlement agreement

HMRC is consulting on secondary legislation to reduce administrative burdens by simplifying the PAYE settlement agreement (PSA) process, by removing the current requirement on employers to renew their PSA annually, and providing for an ‘enduring agreement’

Tax / HMRC guidance on changes to enveloped UK dwellings

HMRC has issued guidance covering changes to enveloped UK dwellings and related finance which took effect from 6 April 2017 and limit the availability of excluded property for inheritance tax (IHT), meaning that some properties which were previously excluded may no longer fall into that category

Insight / Tesco faces potential £4bn bill in equal pay challenge

Tesco is facing a class law suit in what is potentially the largest ever equal pay challenge in UK history, which could cost the supermarket giant £4bn to compensate workers for an apparent disparity between store workers and depot workers’ pay