Accountancy Daily

Tax / 10 things charities need to know about Gift Aid

Helen Elliott, partner at Sayer Vincent, looks at the 10 most important things about Gift Aid for charities to keep in mind, including the restrictions on who is eligible to use and what kinds of benefits are excluded

Tax / HMRC writes to taxpayers about Welsh rates of income tax

With four months to go, HMRC has written to two million individuals in Wales ahead of the introduction of the new Welsh rates of income tax (WRIT), outlining residency and compliance issues

Tax / Dodwell: sounds like an online tax for multinationals

Bill Dodwell, senior policy adviser at the Office of Tax Simplification (OTS), examines the controversial digital services tax on giant online multinationals and considers what tax other countries will introduce as a result

Insight / 12-year ban for directors over £800K of connected payments

Two marketing bosses have been disqualified for total of 12 years after causing their company to pay more than £830,000 to businesses they had connections with, while they also owed over £300,000 to creditors

Accounting / Recommendations for IFRS 9 expected credit loss disclosures

A specialist taskforce on disclosures about expected credit losses has published ‘stretching’ recommendations for the UK's biggest banks in meeting requirements under IFRS 9 Financial Instruments, which will have a significant effect on how they calculate loan loss provisions

Accounting / European companies lagging on climate change reporting

Less than half (44%) of the largest European companies explain in their management reports how their business models are affected by climate change or environmental challenges, a review of company reporting under the EU’s environmental reporting law has found

Insight / Government to fund research into AI and accounting services

The government is ploughing £3m into research which will look at how businesses, including accounting firms, can make best use of artificial intelligence (AI) to reduce processing times and save money for consumers, improve customer engagement, and consider how people interact with technology

Insight / Small businesses owed average £25K in late payments

The average British small business is owed £24,841 in late payments on any given day, while 78% are owed money at any time outside of agreed payment terms, according to research by accounting software provider Xero

Audit / PwC opens up discussions on future of audit

PwC has announced a programme of actions designed to encourage wider discussion on how auditing needs to evolve for the future, which includes a series of roundtable sessions around the country, culminating in a London event early next year

27 Nov 2018

Accounting / Charity accounts part 13: recognition of liabilities and commitments

This article, the thirteenth in our series on charity accounts, will focus on accounting for grants payable and provisions for commitments, including performance-related grants and disclosure of grants payable

Accounting / Charities SORP development process out for review

The Charities SORP Committee is consulting on how best to reform the process for developing the Charities Statement of Recommended Practice (SORP), which sets the accounting framework for charities

Insight / Additional FCA consultation on Brexit plans

The Financial Conduct Authority (FCA) has announced a further consultation on its approach to the UK’s exit from the EU, setting out additional proposals to prepare for the possibility the UK leaves the EU on 29 March 2019 without an implementation period

Insight / FRC stops Autonomy CFO complaint pending US appeal

The Financial Reporting Council (FRC) has temporarily halted its formal complaint against Sushovan Hussain, the former chief financial officer (CFO) of Autonomy Corporation, pending the outcome of his intended appeal against his conviction on 16 counts of fraud in a US court

Insight / Second jail term for failing to pay back £75K

A Birmingham fraudster has been jailed for a second stretch of 20 months for failing to pay back the £75,000 owing from a two-year tax fraud

Insight / RSM pushes into East Anglia market

Mid-market specialist RSM has opened a new office in Cambridge as part of moves to strengthen and expand its operations throughout East Anglia, in a bid to become the leading advisory firm to the middle market in the region

Tax / UK agrees customs arrangements with crown dependencies

The UK has signed a series of arrangements with the crown dependencies to maintain and reaffirm its close customs relationships, which will come into force when they and the UK leave the EU customs union

Insight / UK financial services failing to go paperless

UK financial services firms are failing to communicate the benefits of swapping traditional paperwork for digital communications, with only 28% of customers electing to go paperless and missing out on around £1.3bn of cost savings annually, according to research by EY

Tax / Q&A: existing VAT numbers in the flat rate scheme

Vivienne Scott, senior VAT consultant at Croner Taxwise, discusses how to determine the anniversary of a business which joined the flat rate scheme and, on becoming a new incorporated entity, assumed the pre-existing VAT number

Insight / Double disqualification for married printing bosses

A married couple who ran a printing company have been disqualified for a total of 14 years after the husband breached a previous disqualification for failing to ensure a company complied with its tax obligations

Insight / Mercer & Hole complete rebrand and office move

Accountancy firm Mercer & Hole has completed a significant rebrand, including a new logo, and on the same day opened a flagship office on Lombard Street in London in a bid to launch a ‘confident new look’

26 Nov 2018

Insight / BDO to merge with Moore Stephens

A major shake-up of the accountancy sector is underway as BDO has confirmed it is in advanced merger discussions with Moore Stephens to create an accounting firm with a particular focus on entrepreneurial, fast growing businesses and high net worth individuals, and which will overtake Grant Thornton to become the UK’s fifth largest firm 

Tax / Appeal sees HMRC penalties knocked down to size

The First Tier Tribunal (FTT) has ruled that HMRC’s interpretation of legislation when calculating the penalty for a late self-assessment return was incorrect, reducing a contested £3,200 penalty to £600 in the case of a former taxi driver

Audit / Woolf: auditors need to go back to basics

A failure to reform the audit market means that the government is likely to take a hard line with audit firms and revive the principles of 'true and fair', warns Emile Woolf FCA

Insight / Economic trends: legacy costs, care bill and public spending

Ben Zaranko, research economist at the Institute for Fiscal Studies (IFS), argues that the spiralling costs of health, pensions and long-term care mean that future tax hikes are inevitable

Accounting / FRC lab to review use of artificial intelligence

The Financial Reporting Council’s (FRC) financial reporting lab is set to release a report on the impact of artificial intelligence (AI) on the future of corporate reporting

Insight / Global alliance Praxity rebrands

Praxity has undergone a rebrand, designed to give the global alliance of independent accounting and consulting firms a ‘modern, professional feel’, and is rolling out new purpose and position statements and refreshing its logo, website and marketing material

Insight / Businesses fail to report sustainable development goals

While nearly three quarter of organisations (72%) mention the global sustainable development goals (SDGs) in their annual corporate or sustainability reports, an increase of 10% on last year, most fail to provide evidence of concrete actions, according to research by PwC

Tax / HMRC penalties for CFOs under SAO regime rise

HMRC is issuing significant numbers of personal penalties to senior financial executives at big businesses under the senior accounting officer (SAO) regime

Insight / Two thirds of companies fail to meet GDPR response deadlines

Six months on from the introduction of the General Data Protection Regulation (GDPR), more than two thirds of organisations are responding to customer data requests late, according to research by Deloitte which warns that the volume of data enquiries is set to increase

Insight / £13m tax and immigration fraud puts gang in jail

An ACCA-qualified accountant was one of a gang of five fraudsters who falsely claimed £13m in tax repayments, and facilitated around 900 bogus visa applications, and who have been sentenced to a total of more than 31 years in jail

Insight / Accounting technicians support ethnicity pay reporting

A survey of members of the Association of Accounting Technicians (AAT) shows significant support for a requirement of companies to report differences in ethnicity pay among employees