Accountancy Daily

Tax / HMRC issues wrong tax codes for Scottish MSPs

HMRC has been forced to admit that it failed to treat one third of members of the Scottish parliament (MSPs) as Scottish taxpayers, despite the fact the legislation introducing the devolved income tax regime specifically states that all MSPs, Scottish MPs and Scottish MEPs should be treated as Scottish taxpayers by default

Insight / Artificial intelligence, robots and accountants

Concerns about the increased automation of accountancy tasks and transactional business should not instil fear into accountants despite the impact of artificial intelligence (AI), says Simon Wright, managing director at CareersinAudit.com

Tax / Football clubs score tax windfall for HMRC

With four English football teams set to meet in the Champions League and Europa League finals, the first time one country has dominated the competitions, HMRC is set to take a multimillion pound share of prize money and player bonuses

Insight / People in the news: Wilson Wright, Grunberg & Co, RSM, BDO, Blick, R3

In this week's accountancy career moves, partner hires at BDO, RSM, Blick Rothenberg and Albert Goodman, senior partner at Wilson Wright, promotions at Grunberg & Co, R3 president named

Insight / Haines Watts merges with north east RHK Accountants

Top 20 accountancy firm Haines Watts has merged with Gateshead-based RHK Accountants, a private client specialist with fee income of £1.6m, to strengthen its north east presence following a string of acquisitions, reports Sara White 

Tax / Case: DIY housebuilder wins VAT refund case

In Christopher Swales [2019] TC 007116, the First Tier Tribunal (FTT) reviewed the plans and planning permission for a new house, allowed the appeal and criticised HMRC's position that VAT was chargeable

Audit / Law firms fail to tackle money laundering robustly

A significant number of law firms are not doing enough to prevent money laundering, with some falling seriously short, leading to disciplinary action by the regulator

Insight / Select fashion chain picks Quantuma as administrators

Business advisory firm Quantuma has been named as administrators of Genus UK Ltd, trading as Select, the high street chain which has collapsed putting up to 2,000 jobs at risk

Insight / ‘Squeezed’ generation X falling behind on pension savings

Workers in their forties and fifties from generation X have left organising their pension very late, with indications they are now scrabbling to make up for lost time, as this age group accounted for the largest proportion of contributions last year

Insight / 14-year ban for boss of failed Brazilian social housing investment

The boss of a company that offered investment opportunities in Brazilian social housing, but which collapsed owing investors £21m, has been banned for 14 years after misleading his clients and failing to account for several millions of pounds of transactions

Technical Alerts

9 May 2019

Audit / Swabey: fundamental problem with audit needs urgent reform

Attempts to improve audit and scandal-proof the audit process will be futile unless the basic issues of education, training and trust are first addressed, while simply forcing challenger firms into the mix will not solve the fundamental problem, argues Peter Swabey, policy and research director at ICSA: The Governance Institute

Insight / Standard Chartered sees shareholder revolt on exec pay

Standard Chartered Bank has faced a major shareholder revolt over its directors’ remuneration with over a third voting against the company’s policies at its AGM, amid concerns about pension arrangements for senior management

Insight / Luton coach boss banned for hiding fleet and assets

The director of a coach hire firm has been banned for nine years after intentionally hiding company assets, including three coaches worth almost £40,000, from the liquidator and failing to account for thousands of pounds of payments

Audit / FRC fines MSR Partners £825k over deficient Laura Ashley audit

The Financial Reporting Council (FRC) has fined MSR Partners (formerly Moore Stephens LLP) and Stephen Corrall, audit engagement partner, in relation to an audit of fashion and homeware retailer Laura Ashley, which the regulator said was  ‘deficient in numerous respects’

Tax / IR35: countdown to off-payroll working rules for private sector

As government pushes ahead with mandatory private sector off-payroll working rules from 2020, Joe Tully, managing director of Brookson Legal, stresses the importance of an audit of contractor workforces to understand the scale of the challenge 

Insight / Smith & Williamson to make London office move

Top 10 accounting firm Smith & Williamson has revealed plans to move into new London premises which it says are designed to incorporate opportunities for greater flexibility and more effective collaborative spaces

Technical Alerts

8 May 2019

Audit / FRC fines KPMG £5m over Co-Op Bank audit failings

The Financial Reporting Council (FRC) has fined KPMG £5m, severely reprimanded the firm and imposed additional requirements on its auditing of credit institutions for the next three years, for misconduct in its audit of the Co-operative Bank in 2009

Tax / What you need to know: diverted profits tax – part 1

In the first of a three part series on the diverted profits tax (DPT), Mark Cawthron LLB CTA, tax writer at Croner-I considers whether it has acted as a deterrent to multinationals attempting to mitigate their tax bills and compliance issues

Tax / HMRC ordered to delete illegally held voice records

HMRC has been given 28 days to delete an estimated five million taxpayer biometric ‘voice prints’ obtained from callers to its helplines, after an investigation by the Information Commissioner’s Office (ICO) found they were being held illegally in contravention of data protection rules

Insight / Smith Cooper reports 25% hike in revenue to £19m

Top 50 accountancy firm Smith Cooper has announced its most successful financial year to date, with group revenue for the year to 31 March 2019 up by 25% to £19m from organic growth

Insight / KPMG warns of rise in zombie businesses

The number of so-called zombie companies, defined as those operating under sustained financial strain, is rising and causing a significant drag-effect on the UK economy, according to analysis from KPMG 

Tax / Ethical investment directors banned over tax scheme withdrawals

Three directors of a company offering so-called ethical Costa Rican plantation investments have been banned after withdrawing over £7m from a tax planning scheme when they knew it was being investigated by HMRC

Tax / Scotland drops plan to slash air departure tax

The Scottish government has made a u-turn on plans to cut the rate of tax on air travel with the introduction of an air departure tax (ADT) in Scotland, which would replace UK wide air passenger duty (APD)

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