Accountancy Daily

Insight / Deloitte racks up largest share of government’s Brexit consultancy spend

Government departments have spent at least £97m on Brexit consultancy work in the last 12 months, with almost a quarter (22%) of the business going to Big Four firm Deloitte, while PwC and EY have also picked up substantial consulting contracts

Tax / Nunn: absence of Making Tax Digital nudges and prompts

Relying on software exclusively for Making Tax Digital for VAT is fraught with potential problems, with any errors in calculation likely to create problems for taxpayers who do not know the complexities of tax law. Yvette Nunn, director of Berkeley Associates recommends a spreadsheet backup to avoid penalties down the line

Tax / BFI, DCMS back return of film fund tax break

The British Film Institute (BFI) is backing a so-called ‘new breed’ creative content Enterprise Investment Scheme (EIS) fund, which will offer investors the opportunity to put money into UK film and screen companies’ productions, to meet demand from streaming services

Accounting / Charity accounting needs radical overhaul, says Morgan review

Charity reporting and accounting needs to be overhauled to provide more transparency and accountability on financials and to simplify the reporting process for the smallest charities, says Charity SORP review panel, chaired by professor Gareth Morgan

Tax / BBC to scrap free TV licences for over 75s

Over three million pensioners will lose their free TV licences from next year when the BBC takes over the funding liability and limits the benefit to those receiving pension credits

Insight / Regulator investigates £800k charity transfer

The Charity Commission has opened a statutory inquiry into Devon Charitable Trust, a Harrow-based charity, over concerns about the transfer of thousands of pounds of funds to a trustee’s bank account and the handling of donations

Insight / RDP Newmans expands SE base with Harrow merger

Two Harrow accountancy firms, RDP Newmans and S J Associates Ltd, have merged in a deal designed to expand their business across the south east

Insight / Senior business and accounting execs in birthday honours list

The deputy chair of KPMG and a senior PwC partner are among those from the world of finance and accounting named in the Queen’s birthday honours list

7 Jun 2019

Tax / Australia rules Uber drivers contractors for tax purposes

In a landmark ruling for the gig economy, an Australian court has ruled that Uber drivers should be treated as contractors for tax and employment purposes, rather than as employees, which could have repercussions in the UK, where the ride hailing company is fighting a similar case through the courts

Tax / HMRC refunds £1.8m child benefit tax penalties

HMRC has made £1.8m in refunds to nearly 5,000 taxpayers as a result of cancelling ‘failure to notify’ penalties in high income child benefit charge (HICBC) cases, on the grounds they had a reasonable excuse

Insight / Fiona Wilkinson takes over ICAEW president role

ICAEW’s new president for 2019/20, Fiona Wilkinson, has stated she plans to use her time in office to be an ambassador for inclusion in accountancy and to rebuild the reputation of the profession after it has been slated for audit performance

Insight / Called to account: June 2019

The latest scandals, convictions and penalties this month include a celebrity accountant jailed for £3.5m fraud, director banned over £5.6m football stadium accounting own goal, a restauranteur cooks VAT books and time called on pub landlord’s £7m tax errors

Tax / Chancellor calls for global action on digital services tax

Chancellor Philip Hammond is to use today’s meeting of G20 finance ministers and central bank governors in Fukuoka, Japan to underline the need to update global tax rules to reflect the digital world as multinationals operate crossborder and base themselves in low-tax jurisdictions 

Insight / Brexit uncertainty slashes UK foreign direct investment

Although the UK retained the top slot as the number one location for foreign direct investment (FDI) into Europe in 2018, there has been a significant drop in the number of inbound mergers and acquisitions as uncertainty around Brexit affects long-term decisions

Insight / Finance Mole: do you need to take a flight to get invoices paid?

Finance Mole heads to Italy to support the Head of Sales with debt collection and is surprised when he wins over some sceptical European colleagues when he promises to hassle head office for a new coffee machine

Insight / People in the news: BDO, PKF Littlejohn, Deloitte, PwC, BHP

In this week’s career moves, partner promotions at BDO and Deloitte, Houston takes top job at Deloitte NSE, new hires and promotions at PwC, Grant Thornton, Cowgills, Carey Olsen and BHP, and incoming IAASB chair

Insight / 'No evidence of charitable activity’ at Gaza aid charity

The Charity Commission has published a highly critical report on Viva Palestina, the aid charity founded by former MP George Galloway, saying it may not have conducted any charitable activity or distributed any humanitarian aid, and finding its former trustees were responsible for mismanagement

6 Jun 2019

Tax / Dodwell: does the cost of tax reliefs make sense?

The personal allowance costs the government £195bn a year in tax relief, while inheritance tax exemptions amount to £17bn a year, just some of the numerous reliefs adding to the complexity of the tax system but necessary to determine tax liability. Bill Dodwell, head of the Office for Tax Simplification (OTS), analyses the annual costs to the Exchequer

Tax / Labour considers overhaul of stamp duty regime

The Labour party is considering plans to overhaul the current stamp duty system by phasing out the charge for purchasers and increasing capital gains tax on second property sales

Audit / Woolf: no improvement in standard of audit work

Auditors will never be able to fulfil their responsibilities until regulators ensure accounting rules are fit for purpose, while pressure from client companies has led to legacy misstatements and the Big Four audit firms simply set aside contingency for multimillion pound fines, says Emile Woolf FCA

Accounting / European single electronic format for financial statements mandated

The European Commission has issued rules requiring all listed companies across EU member states who report under IFRS to submit their annual financial statements digitally as iXBRL documents from 1 January 2020

Insight / Johnston Carmichael expands with Dundee opening

Johnston Carmichael, Scotland’s largest independent accountancy firm, has opened a Dundee office as part of a strategic expansion of its operations

Tax / Greece most difficult country to operate a business

Greece is the most challenging country to do business with a fragmented tax system and complex compliance requirements, but the world’s largest economies are the most complex and unpredictable places for multinational firms to operate in

Insight / Charity and trustees removed for ‘serious abuse’ of funds

The Charity Commission has removed a charity and its trustees from its register, after an investigation uncovered ‘serious abuse’ of its funds, including spending on gym memberships and TV subscriptions, and no evidence of any charitable activity