Accountancy Daily

Tax / Ward: inheritance tax overhaul would remove useful exemptions

Proposals to overhaul inheritance tax may look good on the surface, but it is a case of removal of complexity would lead to the abolition of some useful tax breaks like taper relief and gifting exemptions. James Ward, head of the private client team at Kingsley Napley LLP, examines the Office of Tax Simplification recommendations

Tax / Bank and apprenticeship levy raise £37bn since 2010

HMRC has collected an additional £37bn from new taxes introduced over the past decade, according to research from UHY Hacker Young

Accounting / International charity trustees ignore safeguarding risks

The trustees of international UK charities need to focus more on the risks associated with safeguarding and the impact of Brexit, which are being neglected in favour of a concentration on future funding and financial sustainability, according to research from Haysmacintyre

Insight / Badly-run pension schemes must ‘improve or consolidate', says TPR

The Pensions Regulator (TPR) is consulting on the future of trusteeship, in a bid to raise standards and reduce the number of poorly governed pension schemes

Insight / CMA raps Barclays over SME account ‘bundling’

The Competition and Markets Authority (CMA) has told Barclays to improve its practices after the bank broke rules designed to protect small businesses by requiring some to open bank accounts they did not request or need, in a process known as ‘bundling’

Insight / Accountant ordered to pay back £680K from fraud

An accountant from South Wales who stole more than £1.7m while working for the government of Bermuda has been ordered to repay thousands in compensation

Insight / BA faces record £183m GDPR fine

British Airways (BA) is facing a potential fine of £183.39m for infringements of the general data protection regulation (GDPR), following an extensive investigation by the Information Commissioner’s Office (ICO) into a cyber incident the airline notified in September 2018

Technical Alerts

5 Jul 2019

Tax / Call for radical overhaul of inheritance tax and lifetime gifting

The Office of Tax Simplification (OTS) has recommended sweeping reforms of inheritance tax in a bid to reduce complexity as more people are caught by the tax as house prices soar, but has no proposals to deal with the overly complex residential nil rate band, reports Sara White

Insight / Called to Account: July 2019

In this month’s round up of the latest scandals, convictions and penalties, an accountant avoids jail over £90k expenses fiddle, a Porsche-loving fraudster gets four-year sentence, a charity finance manager is jailed for £170,000 invoice fraud while the Charity Commission finds serious mismanagement and misconduct by the trustees and CEO of a poverty aid charity

Tax / Tax push to turn taxi cabs green

The government is to introduce tax incentives for taxi drivers and companies to buy zero-emission capable vehicles, in a bid to drive greater uptake of cleaner technologies

Insight / Finance Mole: what happens in Vegas

When Finance Mole is dragged out to Las Vegas for a team building event for his private equity investors, his musical ability fails to wow the crowd, but he does have a 20th floor pool view to compensate

Accounting / Domestic UK corruption risks overlooked

Unchecked conflicts of interest and austerity mean corruption risks for UK businesses are increasing, but these dangers are being overlooked because of a focus on overseas bribery cases, warns Fraud Advisory Panel (FAP)

Insight / Norfolk accountant jailed for £250k fraud

A man employed as a tax adviser by an accountancy firm for three decades has been jailed for defrauding his employer and clients out of almost £250,000 to pay for his gambling habit

Insight / PwC teams up with British Athletics to drive Olympic gold haul

PwC has taken a leap into the sporting world signing a partnership with British Athletics to improve how the Olympic and Paralympic world class programmes work with performance data and analytics in a bid to increase the medals haul at next year’s Olympics

Insight / CIOT and ICAS link up for joint qualification

CIOT and ICAS have signed a strategic partnership and a launched a joint qualification in accountancy and tax, which will be available from September 2019

Insight / People in the news: Thomas Westcott, Grant Thornton, DTE, Mazars, Float

In this week’s accountancy career moves, managing partner appointment at Thomas Westcott, partner hires at Mazars and Grant Thornton, director hires at Johnston Carmichael and MHA Henderson Loggie, CFO for Elder and Float ramps up leadership team

Technical Alerts

4 Jul 2019

Tax / £1.5m second-hand bond scheme breaks tax rules

The General Anti-Abuse Rule (GAAR) advisory panel has outlawed a disguised remuneration scheme involving employee rewards linked to a second-hand bond, labelling it as abusive tax avoidance

Accounting / International reporting: when the big standards disappear

After the launch of three critical IFRS on revenue recognition, financial instruments and leases, the IASB is switching its focus to disclosure, taxonomy and a hedging replacement, explains Jeroen Van Doorsselaere, vice president of value propositions at Wolters Kluwer Financial Services

Audit / Deloitte faces £6.5m fine over Serco Geografix audit failures

Deloitte has been fined £6.5m by the Financial Reporting Council (FRC) over its auditing of Serco Geografix Ltd, the company which has recently settled fraud and false accounting charges under a deferred prosecution agreement (DPA) with the Serious Fraud Office (SFO)

Tax / Nunn: time to scrap double tax return in first year of new business

Calls to remove the need for businesses to complete two tax returns in their first year, put forward by the Office of Tax Simplification, could be implemented overnight. Yvette Nunn, director of Berkeley Associates, sets out a simple change to Companies House’s default position

Insight / Artificial intelligence cannot replace professional judgment for auditors

The use of artificial intelligence (AI) to replace human intervention for auditing processes and financial transactions will not remove the need for professional judgment, ICAEW warns

Audit / FRC revises Practice Note 19 for bank audits

The Financial Reporting Council (FRC) has issued a revision of Practice Note 19: The audit of banks and building societies, to reflect changes to auditing standards, and a significant rewrite to reflect the latest ISA 540 on disclosures 

Tax / P11Ds and payrolling benefits

With the 2018/19 P11D deadline looming, Croner Taxwise payroll adviser Samantha O'Sullivan examines the pros and cons of payrolling benefits, plus key registration and filing dates

Accounting / Companies House changes late filing penalty appeal process

Companies House has updated the guidance on how it assesses penalty appeals made by businesses for the late filing of accounts, with the changes coming into effect from 1 October

Accounting / Accounting deadlines: Jul-Sep 2019

The key accounting deadlines to end September 2019 for accounts of private companies for periods ending 31 December 2018, and for public companies with periods ending 31 March 2019, plus details of open consultations on investment reporting, auditing standards and IFRS 17 amends 

Technical Alerts

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