Accountancy Daily

Insight / How would a data breach impact your business?

Aon have created a free Cyber Risk calculator to help determine your level of risk and exposure. Input your details to generate a free personalised Cyber Risk report

Insight / RGL Forensics rebrands as BTVK Advisory

RGL Forensics is to merge with US accounting firm Baker Tilly Virchow Krause (BTVK) to create a global forensic accounting practice under the Baker Tilly brand

Accounting / Shell to link exec pay to carbon footprint

Royal Dutch Shell has responded to shareholder pressure to meet climate change goals, and is to set specific net carbon footprint targets which will be linked to executive remuneration, the oil giant has announced

Tax / Business implications of HMRC’s Crown preference

Simon Willmett, financial director of Nucleus Commercial Finance, argues that the reinstated preferential status for HMRC in the event of a business insolvency may increase cash flow pressures for unsecured creditors

Insight / MHA and Haines Watts Kent practices to merge

MHA MacIntyre Hudson and Haines Watts are planning to merge their Kent offices to create a single Kent operation under the MHA group brand and will create a team of 10 partners and more than 80 accounting and support staff in Kent, operating from MHA MacIntyre Hudson’s offices in Maidstone and Canterbury

Tax / Human rights appeal on inheritance tax dismissed

The First Tier Tribunal (FTT) has dismissed an appeal by businessman Arron Banks that HMRC had breached his human rights by assessing him liable to inheritance tax (IHT) for donations made to UKIP in the period following the 2010 election

Insight / DWP to consult on pension dashboards

The Department for Work and Pensions (DWP) is to consult on proposals for new, free ‘pensions dashboards’ which would allow people to access their information from most pension schemes in one place online for the first time, following a letter from Frank Field MP

Accounting / IFRS chair endorses EU fitness check on standards

In his first speech as chairman of the IFRS foundation trustees, Erkki Liikanen has welcomed the outcome of the EU ‘fitness check’ on IFRS standards, and the emphasis on not requesting ‘carve outs’ from International Accounting Standards Board (IASB) requirements

Tax / Chancellor gives VAT on X Factor single to charity

Chancellor Philip Hammond has announced his annual Christmas gift to charity, by revealing that the VAT collected on sales of the X Factor winner’s charity song will be donated to children’s charities

Audit / KPMG grabs largest number of FTSE 100 audits

KPMG has grabbed the top slot for auditing FTSE 100 companies, with the largest number of clients, overtaking PwC which held this position in the rankings since they were first published in 2005

Tax / Tax updates: December 2018

In our monthly roundup of tax cases, a FTT decision on ‘period of ownership’ of an off-plan apartment overturned in Higgins, FTT allows new argument not heard in previous appeals in Vaccine Researcher Ltd Partnership and livery business eligible for business property relief

Insight / Called to account: December 2018

In this month’s roundup of cases and disqualifications, trainee accountant sentenced for £30K VAT fraud, first fine for accountant under The Pension Regulator’s enrolment rules, director banned for failing to keep company records and Somerset man jailed for £650K VAT fraud

Audit / Audit updates: December 2018

In our monthly roundup of key audit and government news, call for changes to audit profession as it remains 'black box' to outsiders, ISA 315 amendments unsuitable for SMEs, FRC chief Haddrill quits, PwC lands Air Partner audit and Redrow business moves to KPMG

Insight / Development updates: December 2018

In the latest career and firm news, Blick Rothenberg snaps up Hazlems Fenton, EY fee income hits £2.41bn as tax services grow and Dunckley replaces Romanovitch as Grant Thornton chief

Accounting / Accounting updates: December 2018

In this month’s roundup of accounting and reporting developments, Companies Act 2006 amended for post-Brexit scenario, profit warning at Yü Group, Housing SORP 2018 issued, IFRS 17 Insurance Contracts delayed and poor quality disclosure reporting at smaller listed entities

Tax / VAT updates: December 2018

In our monthly roundup of VAT cases and developments, Graham Elliott, VAT specialist at City & Cambridge Consultancy, considers partial exemption on car finance in n VW Financial Services (UK) C-153/17), taxable person status for reverse charge in Wellcome Trust and input tax on abortive takeover bids in Ryan Air

Tax / Employment tax updates: December 2018

In our monthly roundup of employment tax developments and Budget announcements, Jackie Hall, partner at RSM examines off-payroll working in the private sector, employee shares and entrepreneurs' relief, change to national insurance contributions (NICs) from 2020 and small company apprentice levy cut

Accounting / Legal updates: December 2018

In this month's legal updates, experts at law firm Gateley plc explain revised guidance for company directors under amendments to s172 duty of Companies Act 2006, employer liability for data breach by disgruntled employee in Morrisons, oligarchs battle over right of first refusal in United Co Rusal plc and extending personal liability in whistleblowing claims

Insight / Horse researcher jailed for multiple frauds

A woman from Cheshire who set up a specialist horse research company has been jailed for four-and-a-half years after she defrauded a series of organisations to clear her debts and submitted £43,000 in false VAT returns

Technical Alerts

30 Nov 2018

Insight / Moore Stephens senior management to join BDO board

The merger of BDO and Moore Stephens will see the senior management team join the board and a proportion of partners will be on the merged firm's partnership council when the deal is finalised in early 2019

Insight / Finance Mole: it’s something about pink

Finance Mole is duped by the Head of Sales when he is persuaded to don a pink wig for charity but gets his own back by clamping down on bad debtors at the monthly meeting

Tax / Xero tells Chancellor MTD software ready for launch

Gary Turner, managing director at software company Xero, has met with Chancellor Philip Hammond to confirm that Xero is ready for the launch of Making Tax Digital for VAT in April 2019

Tax / HMRC set to collect £11.9bn in Scottish income tax

HMRC estimates Scottish rate of income tax revenue (SRIT) for 2017-18 will be £11.9bn, reflecting the more comprehensive tax setting powers available, and has implemented assurance processes to ensure collection, the annual National Audit Office (NAO) review has found

Insight / Football salaries kick off at £4m

As the football season gathers pace, so do players’ earnings, with research showing the top earner from the England national side earns 96 times more than the average UK citizen, while team mates are ploughing an average of £3.8m into buying a house and splashing out an average of £142,000 on a car

Insight / VAT and exports – NEW CPD module

This month’s exclusive Accountancy Daily CPD module will look at the basic requirements for zero rating exported goods, examples of exports where additional rules apply and the options for zero rating supplies to individuals who will remove them from the UK

Insight / Charity Commission warning on postal stamp fraud

The Charity Commission has issued an alert to trustees, employees and volunteers about postal stamp fraud and the risks associated with it

Insight / Autonomy CEO and finance exec face US fraud charges

The US government has brought fraud charges against Mike Lynch, CEO and founder of Autonomy, and Stephen Chamberlain, former vice president of finance, relating to the software company’s $11bn (£8.6bn) sale to US tech giant Hewlett Packard (HP) in 2011

Insight / US boxer and DJ settle crypto coin touting claims with regulator

Two celebrities - professional boxer Floyd Mayweather Jr. and music producer Khaled Khaled, known as DJ Khaled - have between them paid over $700,000 to settle charges in the first cases to be brought by the Securities and Exchange Commission (SEC) related to unlawfully touting initial coin offerings (ICOs)

Insight / Deutsche Bank investigated over money laundering

The headquarters of Deutsche Bank in Frankfurt have been raided by prosecutors in a money laundering investigation connected to information gleaned as a result of the Panama Papers leaks

Tax / Elliott: partial exemption on car finance

Graham Elliott, VAT specialist at City & Cambridge Consultancy, considers partial exemption on car finance in n VW Financial Services (UK) C-153/17)

Technical Alerts

29 Nov 2018

Accounting / Accounting for climate change: current trends and expectations

Mark Chadwick, CEO of EcoAct UK, examines global sustainability reporting trends, the growing pressure on the financial sector to adequately account for climate risk, and how companies are applying climate reporting to their business models

Accounting / International reporting: IASB still has much to do

As 2018 draws to a close, Jeroen Van Doorsselaere discusses the long-term plans of the International Accounting Standards Board (IASB), the work it is doing on materiality, and its collaboration with other boards to develop a global common set of standards

Accounting / Companies House services not available on 1 December

Companies House has announced its online services will not be available on Saturday, 1 December, due to essential maintenance

Insight / Nightclub boss banned for failing to keep accounting records

An Edinburgh nightclub boss has been banned for six years after failing to ensure the company kept proper accounting books and records

Accounting / Gambling Commission gets tough on money laundering

The gambling regulator has taken action, including imposing nearly £14m in penalties, against online casino companies and their senior management, as part of an ongoing investigation into the way the industry combats money laundering and problem gambling

Insight / Crackdown on government supplier late payments

Companies which fail to demonstrate prompt payment to their suppliers could be stopped from winning government contracts, under new plans unveiled to tackle late payment

Insight / Accountancy contributes £59bn to GDP

In the UK, the accountancy profession contributed £59bn to GDP in 2017, while in Ireland the profession’s contribution was equivalent to 4.4% of the economy, according to research from the Consultative Committee of Accountancy Bodies (CCAB)

Insight / Interior design company wound up for fake accounting

An interior design company based in Kent has been wound up in by the courts after it was found to be used as a vehicle to fraudulently secure credit

Insight / Labour mulls executive pay curbs

Giving a company’s customers as well as employees a vote on executives’ pay, cash-only bonuses and a requirement to publish the names of those with salaries over £150,000 are among the proposals for curbing excessive boardroom pay set out in a policy paper for the Labour party

Technical Alerts

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