Accountancy Daily

Audit / Brydon review consults on fundamental overhaul of audit process

Plans to overhaul the audit market have gathered pace with the launch of the government’s public consultation into the quality and effectiveness of audit, looking at the fundamentals of the audit process, purpose and scope, led by Sir Donald Brydon. Sara White reports

Tax / Tax compliance and loss relief for worthless assets

Stephanie Webber ACA CTA examines the tax compliance issues for assets that have become worthless, considering capital gains tax liability, tangible and intangible assets, negligible value claims and crystallising losses under Taxation of Chargeable Gains Act 1992

Tax / Taxpayers fight back as number of tax tribunals surges

Disputes between HMRC and taxpayers are increasing as the tax authority makes greater use of data collected from banks and foreign tax authorities, and more cases head to tax tribunals

Insight / Treasury consults on £95,000 cap on public sector payouts

The Treasury is consulting on draft regulations to introduce a cap of £95,000 on exit payments in the public sector, which are being introduced in response to concerns about the number of such payments that exceed or come close to £100,000 and the need to ensure they represent value for money

Accounting / Standard Chartered hit with $1.1bn fines for compliance failures

Standard Chartered Bank is to pay $1.1bn (£840m) to settle long running claims by both US and UK regulators relating to sanctions busting activities in Iran and breaches of anti-money laundering (AML) rules

Accounting / Charity Commission slates garden bridge project as ‘failure for charity’

The ‘high profile and expensive failure’ of a £50m project to build a garden bridge across the Thames in London, which was set up as a charity to raise funding, has been described as a failure for charities, policymakers and the regulator itself, according to a report by the Charity Commission

Insight / High street decline accelerates at record rate

The high street’s decline is accelerating, with a record number of stores disappearing in 2018 and a sharp drop in the number being opened, according to analysis from PwC which says the increasing cost of occupancy, shift to online and subdued consumer spending are all taking their toll

Insight / Big data needs an ethical framework, says ICAEW

There is an urgent need for an ethical framework for the use of big data or there is a risk of undermining the social purpose of financial services according to ICAEW

Technical Alerts

9 Apr 2019

Accounting / Football finance – short-term cost controls, profitability and sustainability

Andy Turner, media and sports partner at Mercer & Hole, provides an update on football finance from accounting for the impact of financial fair play regulations to calculating club profitability

Tax / Lifetime allowance for pensions increases to £1.05m

The standard lifetime allowance for pensions has increased by £25,000 in line with CPI inflation to £1,055,000 for the new tax year from 6 April  

Insight / MHA network rebrands firms under single UK identity

MHA, the network of regional accountancy firms and UK member of Baker Tilly International, have rebranded the nine UK member firms under the MHA label

Tax / Q&A: interim dividends and distributable reserves

In our regular Q&A series from Croner Taxwise, tax adviser Alexander Fielding considers the legal and tax implications of paying interim dividends when a company has insufficient distributable reserves

Insight / Debenhams sold in pre-pack administration

High street department chain Debenhams has gone into administration in a pre-pack as lenders take over control of the group following the appointment of FTI Consulting LLP, putting more high street jobs at risk

Accounting / Consultation on consolidated global banking regulation standards

The Basel Committee on Banking Supervision (BCBS) is consulting on plans for a consolidated version of its global standards for the regulation and supervision of banks, with the aim of making the standards more accessible and promoting their consistent global interpretation and implementation

Insight / Champions League quarter finalists set to score £2.2bn revenue hit

The four Premier League clubs playing in this week’s first leg quarter finals of the Champions League generated two thirds of the total footballing revenues of the last eight and this week's games are set to generate record revenues

Tax / Treasury revises oil and gas tax history compliance

The Treasury has published detail of the alternative schedule to the decommissioning relief deed (DRD) that oil and gas companies are required to sign before they elect to transfer their tax history

Insight / Insolvency warning as late payment rates rise

Almost 115,000 businesses waited an average of 57 days for payment in 2018 with more than 1,000 of these subsequently entering insolvency as a result, according to data from Begbies Traynor which highlights how late payments could be a significant factor in insolvency

Insight / Furniture boss jailed for £150k VAT scam

 A discount furniture store boss who failed to pay more than £150,000 in VAT, despite recording sales of over £2m, has been given a jail sentence following an HMRC investigation into his business affairs

Technical Alerts

8 Apr 2019

Tax / Lehman case and withholding tax complexity

While the Supreme Court has ruled on Lehman Brothers’ withholding tax dispute with HMRC questions remain. Hannah Field-Lowes, partner, and Victoria Burton, associate, at White & Case LLP examine the judgment

Audit / BDO may hive off audit practice to ensure profitability

Mid-tier firm BDO has confirmed that it is considering various options to hive off the audit practice from the rest of its accounting, tax and business advisory activities to ensure profitability and remove potential conflict, reports Sara White

Tax / HMRC call centre connection times deteriorate

One in five taxpayers are not satisfied with HMRC’s digital services despite the tax authority’s push to move all services online, while wait times to speak to an adviser worsened in February with nearly a third of callers waiting more than 10 minutes to speak to an adviser

Insight / Taylorcocks rebrands as TC Group

Accountancy firm Taylorcocks has rebranded as TC Group in a bid to modernise the group's image and has set up three specialist departments covering financial planning, legal and HR support

Tax / Dodwell: digitising tax system removes control from taxpayers

In the face of tax digitisation, HMRC may be removing control over tax contributions from individuals to the state. Bill Dodwell, tax director of the Office of Tax Simplification (OTS) argues that a review of the design of the tax system is overdue

Tax / Payslips mandatory for all workers from 6 April

Almost 300,000 workers who previously did not receive a payslip will now do so starting from this week, including those on casual and zero-hours contracts, as part of the government's Good Work Plan reforms

Insight / Saffery Champness acquires GT Ireland’s media practice

Top 20 accountancy firm Saffery Champness has opened its first office in Dublin with the acquisition of Grant Thornton Ireland’s media and entertainment practice

Tax / Deadline for export grants for Brexit preparation extended

The Treasury and HMRC have extended the deadline to end May for applications for an £8m government funding grant for customs and export related training due to ongoing Brexit uncertainty and low take-up

Insight / Joint managing partners take helm at BHP

Joint managing partners have taken up the reins at BHP, the largest independent firm of accountants in Yorkshire and North Derbyshire

Insight / Poker champ loses £30K winnings to HMRC

A poker champion has been stripped of tournament prize-money for a second time to repay money he stole in a tax fraud

Accounting / Financial Reporting Lab seeks feedback on future projects

The FRC’s Financial Reporting Lab is running an online survey into the effectiveness of corporate reporting, to identify the most important areas for future projects, including topics such as reporting on explanations of fair value, remuneration, revenue disclosures and risk

Tax / IFS slams failure to uprate tax thresholds

As the new tax year starts, having thresholds in the tax system which do not rise with prices means increasing numbers of people are being drawn into higher tax bands in a way which is neither planned nor transparent, the Institute for Fiscal Studies (IFS) is claiming

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