Accountancy Daily

Tax / Company cars: tax liability on cash versus car option - part 4

Julie Clift, tax writer at Croner-i, looks at how the optional remuneration (OpRA) rules apply when an employee decides to take the cash rather than the company car, as well as other changes to salary sacrifice rules

Insight / Call to improve People with Significant Control register

The People with Significant Control (PSC) register at Companies House could be a more powerful tool for financial investigations with a few changes to how it collects and organises information, users have said

Audit / Woolf: enforce independence for real auditor reform

Until the issue of independence and ownership is resolved, any proposed audit market shake-up will remain a fanciful pretence, failing to satisfy investor expectations, argues Emile Woolf FCA

Insight / Interim manager at religious charity with ‘significant losses’

The Charity Commission has appointed an interim manager to Mountain of Fire and Miracles Ministries International, after the regulator identified ongoing governance issues at the charity

Insight / Charity fraud losses touch £8m

Charities are being warned about the dangers of fraud after new figures show that reported losses reached almost £8m in 2018/19, with poor employee training identified as a contributing factor

Insight / KPMG books administration for LateRooms

Tracey Pye, director, and David Costley-Wood, partner, from KPMG restructuring have been appointed joint administrators to LateRooms Ltd, Superbreak Mini-Holidays Ltd and Malvern Travel Technology Ltd, which have collapsed hitting holiday plans for around 42,000 customers

Audit / ICAEW to update assurance on internal controls of service organisations

ICAEW is consulting on proposed updates to guidance on assurance reports on internal controls of service organisations for third parties, set out in technical release 01/06 AAF

Technical Alerts

2 Aug 2019

Audit / Goals Soccer Centres plc to be delisted from AIM following accounting irregularities

Goals Soccer Centres Plc said that its shares will be delisted from the Alternative Investment Market (AIM) following the discovery of more irregularities in the company’s accounts

Insight / Called to Account: August 2019

In this month’s round up of the latest scandals, convictions and penalties, racehorse owning accountant ripped off own mother, fake spy and wife to repay £1m over false VAT claims and forged invoices, Lovell Blake’s clients conned by tax adviser and RAF mess charity caught up in £200k fraud

Insight / Big Four win London mayor’s Good Work Standard award

The accounting giants are among the first organisations to achieve a new benchmark for high employment standards, highlighting fair pay, wellbeing and diversity, despite concerns raised over bullying

Tax / HMRC seeking £30m more tax from contractor investigations

HMRC believes it can squeeze an extra £29.7m from contractors through investigations into their employment status

Insight / Debt bosses banned after £6.6m shortfall in funds

Two directors from the north west have been banned for 16 years after an accounting error led to a £6.6m shortfall in monies being held for insolvent estates, which resulted in the eventual collapse of the company

Insight / Company insolvencies hit five-year high

The total number of insolvencies in England and Wales has risen 12% on the same period last year and are at their highest level for five years, according to the Insolvency Service

Insight / People in the news: BDO, PwC, FTI Consulting, Forrestbrown

In this week’s accountancy career moves, partner promotions and hires at BDO, PwC and Haysmacintyre, senior appointments at FTI Consulting and Forrestbrown, and deputy chair for PSIG

Tax / What you need to know about Making Tax Digital

The deadline for the first round of VAT returns under Making Tax Digital (MTD) is fast approaching – here’s what you need to know if you haven’t already filed your first VAT return via MTD

Insight / CIMA drops exemption fees for accounting students

The Chartered Institute of Management Accountants (CIMA) is ending the practice of charging exemption fees for new students, who hold a relevant degree or qualification, to encourage accessibility and social mobility

Technical Alerts

1 Aug 2019

Accounting / Companies House updates guidance on penalties for late filing

The death of a company’s accountant is no excuse for the late filing of accounts at Companies House, but an unexpected Royal Mail strike could help avoid late filing penalties, writes Sophie Brookes, partner at law firm Gateley plc

Tax / Capital gains tax bill hits record £8.8bn

The number of people paying capital gains tax (CGT) has hit 281,000 as the government collected a record £8.8bn in the last tax year, with total chargeable gains hitting £57.9bn in 2017-18

Audit / KPMG slammed with £3.5m fine for BNY Mellon reporting failures

The Financial Reporting Council (FRC) has given Big Four auditor, KPMG a multimillion pound fine for misconduct over client asset reporting at BNY Mellon banking group dating back eight years

Audit / FRC consults on limited revisions to CASS standard

The Financial Reporting Council (FRC) has launched a consultation proposing limited revisions to the Client Assets Assurance Standard (CASS), which provides requirements and guidance for auditors who are have to report to the Financial Conduct Authority on an entity’s compliance with the CASS Rules

Tax / Tax updates: August 2019

In this month’s round-up of tax cases and news, more IR35 woe for HMRC while GAAR panel kicks out bond scheme, Finance Bill 2019-20 confirms £1.1bn payroll extension to private sector, Making Tax Digital penalty leniency, capital goods scheme simplified and UK multinationals challenge CFC rules

Tax / Inheritance tax receipts hit record £5.36bn

Inheritance tax receipts hit £5.36bn in 2018/19 marking a record gain for the Treasury as more estates are sucked into the IHT net

Audit / IESBA plans to clarify professional scepticism for accountants

The International Ethics Standards Board for Accountants (IESBA) is consulting on proposals to tighten up the International Code of Ethics for Professional Accountants in a bid to clarify the level of professional scepticism expected from accountants handling audits

Accounting / Legal updates: August 2019

In this month’s legal updates, Sophie Brookes, partner at law firm Gateley plc, considers the liability of directors for a wrongful act in Antuzis v DJ Houghton Catching Services Limited, and the limits of individual directors to bind a company in East Asia Company Ltd v PT Satria Tirtatama Energindo

Tax / VAT updates: August 2019

In this month’s VAT roundup of significant cases, Graham Elliott CTA (Fellow), VAT specialist at City & Cambridge Consultancy, considers group registrations in Baillie Gifford, transport of disabled people in Jigsaw Medical, charities VAT recovery in University of Cambridge and treatment of bank note supplies in Clydesdale

Accounting / Filing accounts at Companies House - NEW CPD module

This month's exclusive Accountancy Daily CPD module focuses on filing accounts at Companies House covering the legal requirements, electronic filing, reasons for rejection and specific rules for charities and limited liability partnerships (LLPs)

Accounting / Accounting updates: August 2019

In this month’s accounting updates, misstatements at AIM-listed Renold and Eddie Stobart Logistics, deferred prosecution for Serco, late filing penalty change at Companies House, revised ethics code, FRC flags problems with half of annual reports reviewed, IASB consults on insurance contracts and prioritises intangibles, while one third of local councils are at risk of financial failure

Audit / Audit updates: August 2019

In this month’s audit updates, Deloitte hit with £6.5m fine over Serco, Ferrexpo swaps Big Four auditor for MHA, ‘complexities’ delay Sport Direct results, BEIS audit market reform consultation, MPs concerns over FRC chair appointment, ethical standards and local authority audits both up for review

Audit / AQI 2019: ‘disappointing’ lack of improvement in audit quality

The Financial Reporting Council has made a scathing attack on the quality of UK audit in the latest 2019 Audit Quality Inspections reports, with one in four audits inspected requiring significant improvement. Sara White reports

Technical Alerts

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