Accountancy Daily

Audit / Regulator hands out record £43m fines for bad audit

The Financial Reporting Council (FRC) has given leading audit firms a record £43m in fines for sub-standard audits marking a threefold increase in one year, while individual partners have been hammered with £1.6m in personal fines 

Tax / Investors’ relief – how to reduce capital gains tax liability

Stephanie Webber, tax writer at Croner-i, explains how to use capital gains tax (CGT) relief of up to £1m on gains by taking advantage of the reduced tax rate using investors’ relief, effective from April 2019, highlighting potential pitfalls and interplay with entrepreneurs' relief

Tax / MPs slate HMRC failure to support vulnerable taxpayers

The Treasury Committee is calling for an overhaul of the way HMRC deals with vulnerable taxpayers, saying the tax authority is failing to support them and needs to go back to basics 

Insight / FCA calls for more control of pensions transfer advice market

The Financial Conduct Authority (FCA) is addressing continued problems in the pensions transfer advice market with a package of reform proposals

Tax / Treasury Committee chair Nicky Morgan steps down

Following the appointment of the former chair of the Treasury Committee, Nicky Morgan MP, as Secretary of State for Digital, Culture, Media and Sport, there will be an election after the summer recess for a new chair

Tax / HMRC loses £1m VAT case against Scottish farmer

HMRC has lost a £1m VAT case on appeal at the Supreme Court against a Scottish farmer over the purchase of farm subsidy entitlements

Audit / Code of Audit Practice will retain principles-based approach

The National Audit Office (NAO) has set out the framework for a revised Code of Audit Practice for public sector auditors with a sharper focus on value for money and clearer reporting, while retaining the current principles-based approach

Tax / Chancellor urged to take ‘strategic approach’ to tax

Three finance industry bodies have written to the Chancellor, urging him to take a more strategic approach to setting tax policy

Tax / Consultations: Aug-Sep 2019

This month's HMRC and Treasury consultations focus on an overhaul of Companies House' business disclosure regime, plans to simplify VAT capital goods scheme, cross-border tax disclosure rules and reduction in employment allowance NICs 2 threshold 

Tax / Tax filing deadlines: Aug - Dec 2019

The key HMRC filing deadlines from August to December 2019 including deadline for estimated first Making Tax Digital submission falls one calendar month and seven days after end of relevant VAT quarter, forms P46(Car) for quarter ended 5 Jul (where benefits not payrolled) to HMRC and public sector employment intermediary’s quarterly report

Technical Alerts

30 Jul 2019

Tax / Ingenious film scheme ruled tax avoidance at appeal

HMRC has scored a win at the Upper Tribunal as judges rule that the Ingenious film scheme was tax avoidance with the tax authorities expecting to recoup millions in unpaid taxes

Tax / Errors on self assessment statements are a 'fiasco'

Some taxpayers face unexpected tax bills due to a technical error with HMRC’s IT system which means that self assessment statements were sent out with the wrong information

Audit / Grant Thornton stays silent on auditor resignation claims

Grant Thornton has refused to comment on claims that it is planning to resign as auditor of Sports Direct following the delay in the release of the group’s annual results over a disputed tax bill which could have had a material impact on the accounts

Insight / SEC charges three over $25m accounting fraud

A trio of former senior executives at a US engine manufacturing company are facing charges from the Securities and Exchange Commission (SEC) over their roles in an accounting fraud that deceived auditors and allegedly overstated the publicly-traded company’s revenues by almost $25m (£20m)

Accounting / International reporting: amending IFRS 17 Insurance Contracts

Complicated changes to IFRS 17 Insurance Contracts even before it comes into force in 2022 highlight inherent complexities. Jeroen Van Doorsselaere examines the proposals

Insight / 12% rise in government spend on Big Four consultancy

The Big Four accountancy firms signed £307m worth of contracts for new government consultancy projects in 2018, with PwC  taking the largest slice

Tax / OTS reviews tax reporting for self employed

The Office of Tax Simplification (OTS) has launched a project to review tax reporting and payment arrangements for self-employed people and buy-to-let landlords

Tax / Q&A: loan charge reporting for EFRBS

Croner Taxwise tax adviser Amaira Bada unpicks the tax and reporting liabilities for a client reporting under the loan charge requirements for an employer financed retirement benefit scheme (EFRBS)

Technical Alerts

29 Jul 2019

Audit / Grant Thornton set to retain Sports Direct audit

Sports Direct has hit out at claims that it is looking to replace its auditor Grant Thornton after delaying the release of its preliminary results, stating that it plans to reappoint the mid-tier firm for another year subject to a vote at this year's AGM

Audit / PwC picks up £2.6m FirstGroup audit

FTSE 250 bus and train operator, FirstGroup plc, plans to switch auditors with the appointment of PwC to replace rival Big Four firm Deloitte who has been in post for 20 years

Tax / Number of inheritance tax investigations increases

One in four estates face investigations over their inheritance tax (IHT) payments as HMRC ramps up anti-avoidance activity with probes into £1.3bn worth of tax liability

Insight / CBI urges government to engage with business over no-deal Brexit

The CBI says the government is failing to communicate with business over the likely negative consequences of a no-deal Brexit

Insight / Crackdown on abuse of non-disclosure agreements

The government is planning to introduce tougher rules to tackle abuse of non-disclosure agreements (NDAs) and confidentiality clauses in the workplace

Insight / Call centre boss and accountant jailed in £2.3m tax fraud

The director of a Basingstoke call centre business and an accountant have been jailed for a total of seven and a half years after an investigation into a £2.3m income tax, national insurance and VAT fraud

Tax / Company cars: statutory mileage allowance - part 3

Julie Clift, tax writer at Croner-i, looks at the tax implications when a company reimburses an employee for using their own car on company business, taking into account the latest statutory mileage rates

Technical Alerts

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