Accountancy Daily

Tax / HMRC power grab as offshore time limits extended to 12 years

Dawn Register, partner in the tax dispute resolution team at BDO LLP considers the implications of the extension of the offshore time limit to 12 years and the increasing powers of HMRC as data from the Common Reporting Standard starts to flood in from global tax jurisdictions

Tax / How does GDPR affect payroll?

The General Data Protection Regulation (GDPR) has overhauled the way data is stored and used, and payroll is just another area where data compliance is critical. Hannah Wright, payroll product marketing manager at Sage reviews the implications for payroll

Tax / ICAEW calls on HMRC to fix off-payroll tax rules

Following a meeting with HMRC on 21 June 2018 to discuss proposals for the rollout of off-payroll working to the private sector, ICAEW has published an in-depth letter calling for improvements

Accounting / Record accountancy ban for AssetCo former execs

Three former senior executives of AssetCo, who were all members of Chartered Accountants Ireland (CAI), have been given the longest ever bans from the profession by the Financial Reporting Council (FRC) for misconduct

Audit / Insolvency Service ramping up Carillion investigation

The Insolvency Service has announced that the liquidation trading period for Carillion has now ended, and that it is moving forward in its investigation into the reasons for the collapsed outsourcer’s insolvency

Audit / Flybe swaps Deloitte for PwC as auditor

Exeter-based independent regional airline operator Flybe has booked PwC as its new external auditor, replacing Deloitte which has reached the 10-year break point in its tenure of the role

Audit / Administration fells furniture manufacturer

Chris Pole and Mark Orton, partners from KPMG restructuring have been appointed joint administrators to The Quality Furniture Company Ltd, a furniture manufacturer employing around 271 staff

Accounting / Accountant in the dock over false pension information

The Pensions Regulator (TPR) has announced legal action against an accountant accused of falsely claiming that staff at a London cafe had been enrolled in a workplace pension

Insight / Government to launch counter fraud profession

The government is to launch a central government profession bringing together counter-fraud and economic crime specialists in a bid to spread best practice and encourage a focus on the prevention and investigation of fraud

6 Aug 2018

Accounting / Harding: time to overhaul accounting for intangible assets

The accountancy profession must look beyond the tangible to think of new ways to articulate the value of intangible assets, says Andrew Harding, chief executive of management accounting at Association of International Certified Professional Accountants (AICPA)

Tax / Amazon’s UK tax bill halved as profits almost treble

News that Amazon’s UK tax bill almost halved last year to £1.7m, despite a near-trebling of profits at the online retail giant, has prompted renewed calls for changes to the tax regime for multinational digital companies

Tax / International law firm attacks HMRC over privacy concerns

Law firm Mishcon de Reya has filed a complaint with the Information Commissioners Office (ICO), citing concerns over the use of the common reporting standard (CRS) and beneficial ownership registers

Insight / House of Fraser settles landlord CVA challenge

Embattled high street retailer House of Fraser looks set to go ahead with plans to close half its stores, putting around 6,000 jobs at risk, after the company announced it had settled challenges by a group of its landlords to its planned company voluntary arrangement (CVA)

Accounting / LLP accounting framework up for review

The Consultative Committee of Accountancy Bodies (CCAB) is consulting on an updated draft of the statement of recommended practice – accounting by limited liability partnerships (LLPs SORP), which is designed to ensure LLPs continue to present financial statements that are comparable with those of other entities

Insight / Begbies Traynor administrators to collapsed credit union

Begbies Traynor partner Dean Watson, who is a specialist in credit unions, has been appointed as administrator of Polish Credit Union UK Ltd

Insight / Call to widen the net on gender pay gap reporting

The business, energy and industrial strategy (BEIS) committee wants to see gender pay gap reporting extended to include small and medium-sized enterprises (SMEs), and also says companies should be required to publish action plans and narrative reports on what they are doing to close the gap

Accounting / IFAC set to take on educational oversight for IES

IFAC (International Federation of Accountants) and the International Accounting Education Standards Board (IAESB) plan to overhaul accountancy training and professional development, bringing oversight under the auspices of the IFAC board

3 Aug 2018

Insight / Finance Mole: thumbs up for Summer Fridays

Finance Mole may be luxuriating in fancy air-conditioned office but summer working patterns are the real bonus plus, Treasury chucks out reams of draft legislation on a hot Friday afternoon, ICAEW member fights for a re-run of the Brexit referendum

Tax / HMRC raises interest rates in wake of BoE base rate hike

HMRC wasted no time in raising interest rates for late payments following the rise in the Bank of England base rate at the beginning of August

Insight / KPMG 2019 graduate scheme opens

 KPMG’s 2019 graduate recruitment programme for its audit, tax, pensions and legal services opens this week, with the firm looking to recruit those possessing curiosity and a keen eye for detail

Tax / Scottish government may extend LBTT stamp duty reliefs

The Scottish government is to consider the introduction of land and buildings transaction tax (LBTT) relief for investors such as pension funds and insurance companies in Scottish property, in a move welcomed by the accountancy profession

Insight / Xero acquires HubDoc for $70m

Cloud accounting firm Xero has acquired HubDoc, which provides data capture and financial document collection solutions for accountants, bookkeepers, and small businesses

Insight / Barclays partners with SME invoice financing firm

Barclays Bank has struck a deal with major UK invoice financing company in a move which it says will give its SME clients ‘seamless access’ to new ways to manage cash flow and generate growth

Insight / Pay in finance hits three-month high but workers unsatisfied

Average salaries for finance roles hit a three-month high in July as pay increased by 3% year-on-year, but many in the sector express dissatisfaction and say they are underpaid and badly trained

Tax / Property income allowance gives £1,000 tax relief

Property owners who receive an income from rent could be missing out on a recently introduced tax-free allowance potentially worth hundreds of pounds provided they have low rental income

Insight / People in the news: PwC, RSM, LITRG

This week's news of professional moves in the sector includes a leader of financial services risk and regulation at PwC, RSM appoints an associate director as well as promoting two employees to managing partners, head of team appointment at LITRG