Accountancy Daily

Insight / Finance Mole: tattoos, debts and cashflow

Finance Mole targets debt collection as a spring priority but gets off to a shaky start by failing to dodge the Managing Director, also HMRC suffers a pensions blunder, FRC is fighting for survival and KPMG ditches its plastic cups

Tax / One tax mistake and you’re out

The Home Office is meddling with complex tax affairs and it is questionable whether immigration officers have the requisite tax expertise to refuse people leave to remain in the UK under section 322(5) of the Immigration Rules for tax compliance reasons. Andrew Hubbard, tax consultant at RSM considers the dilemma

Audit / Shareholder vote sees SIG drop Deloitte as auditor

Buildings materials group SIG has begun an immediate search for a new external auditor, after shareholders at its annual general meeting (AGM) voted by a large majority against the reappointment of Deloitte, following on from the discovery earlier this year of historic profit overstatements at the FTSE 250 business

Accounting / Barclays chief fined £642k over whistleblowing incident

Barclays chief executive James Staley has landed a six-figure fine over his handling of a whistleblowing incident at the banking giant

Tax / MPs slate use of RPI for student loan inflation measure

The Treasury select committee has criticised the government over the ‘absurd’ decision to use RPI as the inflation measure to calculate student loan interest instead of CPI which is used for majority of government calculations, including benefit rises

Accounting / No amendments to FRS 101 Reduced Disclosure Framework in annual review

There are no changes to FRS 101 Reduced Disclosure Framework following the Financial Reporting Council’s (FRC’s) annual review of the standard, while the regulator says it will review the impact of IFRS 17 Insurance Contracts in more detail when a clearer picture of the endorsement of the standard is known

Audit / Bitcoin negativity deters adoption of blockchain

The use of blockchain across the financial services industry risks being significantly delayed by the damaging publicity associated with cryptocurrencies, warns law firm Gowling WLG

Insight / The Pensions Regulator commits extra funding to regulatory work

The Pensions Regulator (TPR) plans to toughen up its regulatory approach to failing and high risk pension schemes over the next three years as it increases the budget for monitoring and compliance following a spate of pension failures

Tax / Speakers confirmed for Fair Tax Conference on tax transparency

The Fair Tax campaign has announced the speakers for its June conference, when leaders from FTSE 100 companies, MPs, economists and tax campaigners will debate tax transparency

Insight / FTSE 350 needs to name disability champions

FTSE 350 boards are being urged to take action to become more inclusive and assign directors specific responsibility for disability issues, after research by KPMG and disability consultancy Purple found almost 60% of businesses do not currently have a named disability champion at the board or senior management level

Insight / Tax partner gender hiring gap

Hiring in the top ranks of tax partners remain dominated by men according to an analysis of recruiting patterns around the world prepared by executive search specialist Wilkinson Partners

Technical Alerts

10 May 2018

Accounting / Reporting: UN sustainable development goals (SDGs) explained

Louise Scott, PwC UK sustainability and climate change director, explains how the United Nations' sustainable development goals (SDGs) should be integral to annual reporting and considers how to integrate the challenging goals into annual sustainability reports

Tax / OECD consults on review of intra-group transfer pricing

The OECD is seeking feedback on the scope of proposed revisions to its transfer pricing guidelines covering intra-group services and administrative processes which need updating to match the current global tax landscape

Audit / FRC calls for audit firms to act in the public interest

The Financial Reporting Council’s first ever study of audit culture has concluded it is important that firms create a culture where achieving high quality audit is valued and rewarded, and which emphasises the importance of ‘doing the right thing’ in the public interest

Tax / Number of tax refund scams escalating

A sharp rise in the number of scam emails and text messages targeting taxpayers has been flagged by HMRC, with renewed warnings that criminals are attempting to trick the public into thinking they have received a tax rebate so they hand over their account and personal details

Tax / Q&A: principal private residence relief and CGT

Croner Taxwise tax adviser Sohail Butt FCCA considers the use of principal private residence relief (PPR) when selling a property and outbuilding, and whether there are potential capital gains tax (CGT) charges

Tax / National minimum wage back payments hit £15.6m

The number of national minimum wage (NMW) underpayments has hit a record 200,000 workers in the past year, more than double the previous year’s total

Insight / Scrap metal money launderer jailed

A man who handled £360,000 in illegal cash payments for the sale of scrap metal has been given a 12-month jail sentence following an HMRC investigation

Technical Alerts

9 May 2018

Accounting / Brexit proofing contracts during transition period

Initial transition talks have started but there is little clarity about the future validity of contracts during the pre-Brexit period. Richard Smith and Stuart Pickford, partners at law firm Mayer Brown, consider how to Brexit proof contracts to avoid commercial disputes and identify potential pitfalls

Tax / Call for tighter rules on holiday pay for lowest paid

Payslips for all workers, stricter enforcement of holiday pay and bigger financial penalties for employers who break the law are among 37 recommendations to stop the exploitation of low paid workers set out in the first annual report from the director of labour market enforcement

Tax / HMRC ramps up tax yield from big business investigations by 17%

HMRC is raking up its biggest successes and highest yields from investigations into tax compliance by large businesses, which produced £77 for every £1 spent last year, with an estimated £24.8bn recovered

Insight / Crowe Horwath network rebrands to Crowe

Crowe Horwath International is to rebrand the network and the 189 international member firms will adopt the name Crowe globally

Insight / ICAEW issues GDPR guidance for accountants

ICAEW has issued guidance and a quick checklist for accountants to ensure they comply with the General Data Protection Regulations, due to come into force on 25 May

Insight / Charity Commission investigates London school’s governance

Geoff Carton-Kelly and Jason Daniel Baker of FRP Advisory have been appointed joint interim managers to take over control of the charity that runs Grangewood independent primary school in London

Accounting / William Hill CEO pay challenged

Bookmaker William Hill is the latest high profile organisation to face a shareholder storm over executive pay rates, with 30.71% voting against the FTSE 250 company’s renumeration report, largely on the basis of concerns over plans to boost the chief executive’s pay

Tax / NI landlord given suspended sentence over failure to disclose tax

A Northern Ireland businessman who failed to declare a string of property sales to avoid paying more than £422,000 in tax, and did not use HMRC’s contractual disclosure facility COP9 to make good the irregularities, has been given a suspended sentence

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