Accountancy Daily

Accounting / Charity accounts Part 2: annual report and disclosures

This article, the second in our series on charity accounts, will focus on what information should be included in the trustees; annual report as well as outlining compulsory and optional disclosure requirements

Tax / Q&A: VAT recharges versus disbursements

Tony Chamberlain, VAT adviser at Croner Taxwise explains the differences between recharges and disbursements when reclaiming expenses for consulting work via a VAT-registered business

Insight / Carney to remain at Bank of England until 2020

The government has announced that governor Mark Carney will remain at his post until January 2020 in order to guide the bank through Britain’s exit from the EU

Tax / Scotch Whisky Association calls for spirit duty freeze

Nearly three-quarters of Scots believe that the tax imposed by HMRC on Scotch Whisky should be at least as competitive as European taxes on flagship food and drink products, according to a poll commissioned by the Scotch Whisky Association

Insight / Fortune 500 face £57.8bn tax in dispute

Tax disputes are escalating among Fortune 500 companies, as the increasing digitisation of activities makes it more difficult to agree on the location and source of corporate value and pose a growing threat to multinationals’ profitability, according to a research study by Baker McKenzie

Insight / Female SME director representation outstrips FTSE 100

A third of directors at UK SMEs are female - a higher percentage than in the FTST 100 - according to analysis by Moore Stephens, which says this is a sign that entrepreneurship amongst women continues to grow

Insight / Retail CVA growth prompts call for business rates overhaul

If beleaguered Debenhams elects to go into a company voluntary agreement (CVA), it will bring to 30 the total of high profile high street chains which have looked to cut their real estate costs since last year’s business rates revaluation, according to analysis by Colliers

Tax / HMRC posts 6% rise in fraud investigation tax take

HMRC’s elite fraud team, the fraud investigation service (FIS), collected £5.47bn in extra tax last year, an increase of £300m (6%) from the previous year, according to analysis by Pinsent Masons which suggests tax authorities are taking advantage of wider powers to launch civil investigations

Insight / Military charity’s financial controls rebuilt by regulator

A military charity, which was under investigation over concerns about poor financial controls, has been successfully reconstructed as a result of a Charity Commission inquiry that facilitated the appointment of new trustees and the adoption of stronger governance

Accounting / Government tightens up director duty reporting rules

Changes to the reporting requirements for larger companies come into force in January 2019, as part of a revisions to the Companies Act 2006 (CA 2006) under The Companies (Miscellaneous Reporting) Regulations 2018 which extends reporting requirements to the strategic report, corporate governance and executive pay

Technical Alerts

10 Sep 2018

Tax / PAYE and the tax status of platform workers

The confusion surrounding the tax status of platform workers has led to the Office of Tax Simplification (OTS) proposing significant changes to bring them their status into line with PAYE, says Lee Hamilton, partner at Blick Rothenberg

Audit / Big tech could shake up the audit market

High-profile cases and the gathering pace of technology could mean that technology firms enter the audit market and disrupt the status quo, according to analysis by Source Global Research 

Tax / Insurance premium tax delivers 19% more revenue than forecast

The insurance premium tax (IPT) has delivered 19% more in tax revenues than was originally predicted, with revenues now close to £6bn, as businesses are taking out increasing amounts of insurance cover and the tax rate on policies has increased

Insight / Debenhams calls in KPMG turnaround experts

KPMG has been called in to advise Debenhams on options for its turnaround plan, which may see the store chain join other high street retailers in opting for a company voluntary arrangement (CVA), according to reports

Audit / Mandatory audit firm rotation fails to deliver lower costs

Mandatory audit firm rotation (MAFR) has forced up audit costs for the FTSE 100, with fees increasing 10% in the last 12 months, but is delivering very mixed results in terms of reducing Big Four dominance and increasing competition, according to a report from Source Global Research

Insight / Tesla loses finance exec after one month

The chief accounting officer at Tesla has left the electric car maker less than a month after joining, citing concerns about the ‘level of public attention placed on the company’, which has been hit by a string of management changes

Insight / Bar on SMEs accessing invoice finance to be lifted

The government is set to introduce new laws making it easier for small and medium-sized enterprises (SMEs) to access invoice finance, which it claims will provide a £1bn long-term boost to the economy

Insight / Tax fraud leads to jail sentence for clothing company boss

The boss of a clothing company who bought a house with money from a £175,000 tax fraud has been jailed for sixteen months and is subject to a confiscation order

Technical Alerts

7 Sep 2018

Tax / Treasury abandons plan to abolish Class 2 NICs

The government has announced that it is not going to proceed as planned with the abolition of Class 2 national insurance contributions (NICs), which was originally scheduled for April 2018, then delayed to April 2019

Audit / FCA warns auditors over client asset reporting

Audit firms’ performance has come under fire from the new head of the Financial Conduct Authority (FCA), who has said audit quality needs to improve ‘urgently’ and warned that some firms are failing to produce adequate reporting on client assets

Insight / Finance Mole: gallows humour order of the day

Finance Mole has to make the finance team take aptitude tests to satisfy the demands of private equity investors plus, Treasury’s sweet tooth, MP takes shot at audit regulator

Insight / Charity Commission appoints interim manager to school charity

The Charity Commission has announced the appointment of an interim manager to Hope House School Limited and will continue to carry out it inquiry following concerns about the charity’s governance and administration

Audit / Government plans overhaul of dividend framework

The government is considering whether to reinforce the rules on dividend payouts and distributions to give stronger reassurances to shareholders and prevent dividends from undermining the viability of a company, reports James Bunney

Insight / Finance services job levels hold steady

The number of financial and professional services jobs has held steady over the last five years although a Brexit ‘no deal’ could result in job losses, according to analysis from UHY Hacker Young

Insight / Seven-year ban for director over £500K VAT understatement

The director of a company that installed disability ramps across South Wales has been disqualified for seven years for providing inaccurate information to HMRC regarding some £500,000 of under-declared VAT

Insight / KPMG seeks buyers for Blackpool burlesque

Paul Dumbell, advisory director, and Howard Smith, associate partner, from KPMG’s restructuring practice have been appointed joint administrators to Funny Girls Ltd, the Blackpool-based burlesque cabaret showbar operator, which has collapsed putting around 100 jobs at risk

Insight / People in the news: Bishop Fleming, PwC, RSM

In the latest accountancy careers news, Bishop Fleming appoints four managers across its tax and audit teams, new head of public sector health at PwC, RSM gains two partners in its Birmingham office

Technical Alerts

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