Accountancy Daily

Audit / FRC calls for rewrite of Companies Act to improve audit

The head of the audit regulator, the Financial Reporting Council (FRC), is calling for a significant overhaul of the 2006 Companies Act as a way to reform the audit market, raise standards and restore public confidence in audit firms, which MPs described as 'tantalising'

Accounting / International reporting: IFRS 17 and risk management top agenda

As the IASB continues to roll out IFRS standards and sets out plans to consult on dynamic risk management, Jeroen van Doorsselaere, VP at Wolters Kluwer Financial Series says the continuing regulatory onslaught calls for an integrated approach to finance and risk

Tax / Middlesbrough FC boots HMRC claim out of court

Middlesbrough football club has been cleared of failing to pay staff the national minimum wage (NMW), after winning its case against HMRC at an employment tribunal, which found that the deductions made at the request of the employees to spread the payments for season cards were permitted under the legislation

Insight / Government outsourcer Interserve in rescue deal

Embattled Interserve, a major outsourcing supplier to the government, is facing shareholder challenge as it attempts to put in place a rescue deal to handle its £600m of debt via a debt for equity swap with its lenders which would see other shareholdings very significantly diluted

Insight / Regulator warns think tank over Brexit report

The Institute of Economic Affairs (IEA)has been given an official warning by the Charity Commission, after the regulator found its trustees had breached charity law in relation to a publication about a key government policy on Brexit, demonstrating misconduct and mismanagement

Insight / Accounting software supplier keeps head above water

Australian accounting software company Calxa was forced to activate its disaster management plan following a ‘once in a century’ flood which saw homes and offices abandoned and snakes and crocodiles swimming through the streets, but with businesses needing to keep online services running despite the deluge

Insight / DFK and AGN expand network with alliance member

Independent accounting associations DFK International and AGN International have expanded the strategic alliance they announced a year ago with the addition of a multi-disciplinary partner, MSI Global Alliance, an international association of both legal and accounting firms

Audit / BDO picks up £200k Halfords audit from KPMG

FTSE 250 car parts and bike retailer Halfords has appointed BDO as its external auditor, ending a 10-year relationship with KPMG

Accounting / Deloitte identifies ‘discrepancies’ in Swiss mining company accounts

Ferrexpo, a Swiss headquartered iron ore company with assets in Ukraine, is to conduct a review of its accounts after auditor Deloitte identified ‘discrepancies’ in bank statements relating to contributions to a charitable foundation

Insight / Jose Mourinho scores €2.2m tax fine

Former Manchester United manager José Mourinho has been given a one-year suspended prison sentence and agreed to pay €2.2m (£1.9m) in fines after admitting tax fraud while he was the manager of Spanish club Real Madrid

Insight / Occupational pension scheme investments to be widened

The Department for Work and Pensions (DWP) is consulting on proposals to encourage defined contribution (DC) pension schemes to invest more widely, in areas such as start-up companies, housing, and green energy, to boost returns and encourage economic development

Insight / Government appoints SME Crown representative

A business lobby group is challenging the government’s newly appointed small business crown representative to get tough on late payments in the sector, as part of his remit to ensure government gets the best value and small businesses have improved access to government contracts

5 Feb 2019

Tax / EXCLUSIVE: Top 75 Firms hit £15bn barrier in 5% growth surge

Fee income at the Top 75 accounting firms has reached a record £15.75bn, increasing revenue by more than 5% in the last 12 months despite a barrage of criticism of the Big Four audit firms over contentious listed audits, Brexit concerns and business uncertainty

Tax / HMRC simplifies customs procedures for no deal Brexit

HMRC has announced simplified procedures for businesses importing from the EU, as part of its no deal Brexit preparations in the event of the UK leaving without a withdrawal agreement on 29 March

Tax / Dodwell: digital economy makes global tax reform difficult

Reforming international taxation to keep up to date with the digital economy is proving harder than first thought when the G20 asked the OECD to review the rules. Bill Dodwell LLB, LLM, CTA (Fellow), ACA, tax director of the Office of Tax Simplification (OTS) explains

Audit / Woolf: will latest proposals really improve audit quality?

Emile Woolf FCA is sceptical that the latest raft of probes and investigations will be able to cure the problems with the audit market, when there are many parties to blame, not only the heavily criticised auditors, but also the companies providing the accounts

Tax / Harry Potter actor fails in £1m tax refund appeal

Harry Potter star Rupert Grint has failed in his latest attempt to claim a £1m tax refund, after an Upper Tribunal ruled the actor was not able to change his accounting date in the way he had intended, because his accounting records did not support the necessary requirements

Insight / Investors locked out of £110m in cryptocurrency after exchange CEO dies

Canada's largest cryptocurrency exchange is unable to access around $145m in cryptocurrency after its founder suddenly died, taking with him the only password for the digital account

Tax / HMRC toughens stance on debt recovery

HMRC is making widespread use of powers to deduct tax debts owed directly from the earnings of individuals, with 428 people having cash taken straight from their pay packets in 2017/18, according to research from UHY Hacker Young

Insight / CIMA calls for wider digital skillset

Most finance teams and professionals are failing to evolve their skills fast enough to account for the impact of artificial intelligence, robotic process automation and other technologies on traditional accounting tasks, according to research from CIMA which is updating its qualifications in response

Insight / £5.9m tax fraud puts engineering boss in jail

A North East engineering company boss has been jailed for more than eight years for a £5.9m tax fraud, following an HMRC investigation

Tax / VAT Q&A: sub-letting surplus office premises

In our regular VAT Q&A series, Croner Taxwise adviser Priyesh Mistry considers the VAT treatment of sub-letting surplus space and the option to tax rules

4 Feb 2019

Insight / Top 75 Firms survey 2019: record revenue despite heightened scrutiny

After a difficult year for the dominant Big Four accounting firms, harsh criticism of audit quality and market concentration, not to mention the launch of a number of hard-hitting reviews into the audit sector, revenue in Accountancy's Top 75 Firms Survey 2019 has soared to a record £15.75bn across the leading UK firms with staff hires rising. Philip Smith analyses current trends, financial performance and the future outlook

Insight / Self employed couriers offered employment deal

Consumer delivery company Hermes has signed a deal with the GMB Union which means its self-employed couriers now have the option to take holiday pay and have guaranteed earnings, in a move to improve employment conditions for gig economy workers

Tax / HMRC criticised over ‘unacceptable’ workplace culture

HMRC is to take immediate action to improve its workplace culture, after a highly critical independent report found widespread examples of unacceptable behaviour, and said many of the processes designed to support employees require urgent improvement

Insight / Top football clubs reduce transfer spending by £250m

Premier League clubs spent £180m in the January 2019 transfer window, marking the first fall in spending for seven years and well short of the previous year’s record of £430m, but total spend for the season is the second-highest, according to analysis by Deloitte

Insight / Kitchen firm boss ordered to repay £270K tax

The former boss of a Derbyshire business, who tried to hide money in an offshore bank account to evade £277,616 in tax, has been sentenced and ordered to repay the stolen cash or face five years in prison

Insight / 80% of CFOs say UK worse off after Brexit

More than three quarters of CFOs believe the UK will be worse off as a result of leaving the EU, according to research from Deloitte which identified a fall in capital expenditure and a focus on cost reduction going forward

Insight / Regulator investigates education charity

The Charity Commission has opened a statutory inquiry into a Birmingham-based education charity after trustees failed to file serious incident reports about regulatory failings, and in response to concerns about the charity’s financial controls and accounting

Insight / BDO completes its merger with Moore Stephens

From today, BDO and Moore Stephens LLP have become one firm, operating under the BDO brand with a combined workforce of 5,000 people across 17 locations in the UK and delivering revenues of £590m