Accountancy Daily

Insight / Called to account: June 2018

In this month's roundup of cases and disqualifications, IT director jailed for £190K VAT fraud, fraudster ordered to pay £195k

Tax / Four-month extension to disguised remuneration loan settlement offer

HMRC has extended the deadline for contractors and others who have used disguised remuneration loan schemes by an additional four months to take advantage of a settlement opportunity announced late last year, by extending the deadline for providing information to 30 September

Audit / FCA issues listing rules for sovereign-controlled companies

The Financial Conduct Authority (FCA) has finalised rules creating a new category within its premium listing regime to cater for companies controlled by a shareholder that is a sovereign country, opening the way for government owned businesses to list in the UK

Insight / Finance Mole: age barrier to quiz night

Finance Mole is no more than a one hit wonder as his joker fails to take on young people’s music knowledge plus, Hargreaves Lansdown’s founder launches £24m into space, Bill Dowell throws his Deloitte leaving do

Insight / Teacher lands suspended sentence for £100k tax fraud

A teacher who stole £100,000 of tax repayments to spend on gambling and Leeds Utd football matches has been handed a suspended 21-month prison sentence

Insight / Businesses advised to check in-house World Cup rules

ICAEW is warning businesses not to get tackled by employees’ World Cup fever, with the tournament set to kick off next week and an audience of billions expected

Insight / People in the news: Deloitte, BDO, Menzies

Career news this week includes 54 UK partner promotions at Deloitte, BDO promotes 14 partners across its tax, audit and advisory lines, Menzies gains a forensic accountant and corporate investigation specialist

Insight / Benefits flow from PwC’s water drinks trial

PwC says it has identified a stream of benefits flowing from a one month trial of introducing metal reusable bottles into the office for drinking water, and suggests ditching plastic bottles could mean an annual fall of around 23 tonnes of plastic purchased by the firm’s staff, as well as improvements in well-being

Tax / Buy-to-let landlords face shorter CGT payment window

Owners of second homes and buy-to-let (BTL) landlords face a much shorter period in which to pay any capital gains tax (CGT) due on property sales from April 2020, the Association of Taxation Technicians (ATT) is warning

7 Jun 2018

Accounting / IFRS 16 Leases: tips and advice for vehicle lease contracts - part 4

New lease accounting rules under IFRS 16 mean fleet leases will have to be recorded on the balance sheet for the first time as right of use (ROU) asset requirements change. Paul Lippitt ACA, principal consultant and Andrew Charlton, senior finance manager at Lex Autolease explain the implications of the rule changes on company car leasing

Audit / Carillion liquidation to cost taxpayers £148m

The liquidation of Carillion is to cost UK taxpayers £148m according to an estimate from the National Audit Office (NAO), while MPs have accused the company of ‘hoodwinking’ the government with its published accounts and challenged the Big Four over potential conflicts of interest

Insight / UK sets out plans for post-Brexit backstop Irish trade agreement

The UK has set out details for a backstop agreement between Northern Ireland and Ireland to protect customs arrangements during the transition period after the UK leaves Brexit

Insight / House of Fraser CVA to cut 6,000 jobs

House of Fraser has filed for a company voluntary arrangement (CVA), with Will Wright and Rob Croxen of KPMG appointed as nominees, which will mean the closure of half of its stores, affecting 6,000 jobs

Tax / HMRC consults on construction services VAT reverse charge

HMRC has opened a six-week technical consultation on draft secondary legislation for a VAT reverse charge on certain construction services, which is intended to remove the opportunity for fraudsters to charge VAT and then go missing before paying it over to the Exchequer

Insight / Signatories to women in charter finance top 200

Mazars is one of 45 new signatories added to the government’s women in finance charter, taking the total number of financial services firms which have committed to four key industry actions on gender diversity targets over the 200 mark

Insight / European football worth a record £22bn

Broadcasting deals have pushed the European football market to a record €25.5bn (£21.9bn), with growth driven by the ‘big five’ European leagues who saw combined revenues increase by 9% in 2016/17, according research from Deloitte

Tax / Call for all companies to disclose tax planning

There is strong public support for more robust UK government intervention to encourage responsible tax planning by business, according to research from the Fair Tax Mark

6 Jun 2018

Tax / Curran: why extending offshore limit to 12 years is wrong decision

Government plans to extend offshore time limits for non-tax compliance to minimum 12 years have been met with strong opposition, says CIOT technical officer Margaret Curran CTA

Tax / Aston Villa football club facing £4m tax bill

Championship side Aston Villa has received a £4.2m tax bill and could face a winding up order from HMRC if it does not make payment within seven days, while the football club has admitted that its failure to win promotion to the Premiership has created financial difficulties

Insight / Commission investigates potential losses at London charity

The Charity Commission has opened a statutory inquiry into Mountain of Fire and Miracles Ministries International over concerns about possible losses, after the charity repeatedly failed to file financial information on time and two sets of accounts were qualified by its auditors

Tax / HMRC above average on gender diversity

HMRC employs more women than the average across the civil service but has not achieved gender parity at the highest levels of the department, according to analysis from a new civil service diversity and inclusion dashboard

Tax / EU mandatory tax disclosure rules in force

HMRC is flagging up changes to the EU mandatory disclosure rules which mean there are new requirements starting this month with intermediaries having to report certain cross border, tax-planning arrangements to tax authorities, in a bid to tackle aggressive tax avoidance

Insight / FCA investigating TSB’s IT meltdown

The Financial Conduct Authority (FCA) has made public its intention to investigate the TSB jointly with the Prudential Regulation Authority (PRA), over the bank’s failed IT migration project and its lack of openness and transparency about the issues experienced, which saw up to 1.9m people lose online access to their accounts for long periods

Audit / Call for evidence for Kingman review of FRC’s role

Sir John Kingman has launched a two-month long call for evidence as part of his independent review of the Financial Reporting Council (FRC), which will examine the regulator’s role, impact and effectiveness, powers, governance and leadership