Accountancy Daily

Tax / Nunn: tax breaks may speed up adoption of electric cars

As tax on company cars escalates, Yvette Nunn asks whether there will be a revival of interest in the benefit when the government removes company car tax from lower emission vehicles in 2020

Tax / HMRC will not send out confirmation emails for MTD VAT returns

HMRC has issued a last-minute update to its guidance stating that it will not be sending out confirmation emails on receipt of Making Tax Digital for VAT submissions

Accounting / FRC consults on energy reporting taxonomy

The Financial Reporting Council is consulting on an additional taxonomy to reflect the new reporting requirements for energy and carbon data introduced on 1 April 2019

Tax / Tax take from non-doms falls to near record low

The amount of tax paid by non-domiciled individuals has fallen dramatically since last year, clocking in at £7.54bn, down from a record high of £9.49bn last year

Tax / UK digital tech businesses want tax streamlined

The UK’s digital tech businesses are positive about tax compliance but struggle with the complexity of some requirements, notably VAT and employment taxes, according to HMRC research

Tax / Post-Brexit trade policy will introduce UK freeports

The government is looking at setting up a string of freeports around the UK providing duty-free trade zones with tax and customs duty advantages

Accounting / Consultation on investment property under IFRS for SMEs

The IFRS Foundation has issued a draft Q&A for comment on the application of the IFRS for SMEs standard relating to investment property exemptions on first adoption of the accounting rules

Accounting / SFO sets cooperation bar on deferred prosecution agreements

The Serious Fraud Office (SFO), which has agreed a handful of high-profile deferred prosecution agreements (DPAs) with companies that have co-operated on investigations, has released details of guidelines for those looking to strike a plea deal

7 Aug 2019

Tax / DHSC consults on remedy for NHS pension ‘tax trap’

The Department of Health and Social Care (DHSC) is to consult on proposals giving full flexibility over the amount senior clinicians put into their pension pots, to stem the rising numbers of doctors cutting their hours and leaving the NHS because of tax issues

Tax / OECD makes progress on improving international tax transparency

The OECD Secretary-General Tax Report to G20 Leaders provides a concise and upbeat summary of the dramatic changes to the international tax environment over the past 10 years, Mark Cawthron examines the key issues

Tax / Government gives £1.1bn tax relief to film, TV and creative industries

A total of £1.1bn was paid out in creative industries tax reliefs in 2018-19, a 22% increase on the previous year’s figure of £900m 

Insight / Regulators warn 5m at risk over pension scams

The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) are joining forces this summer to warn the public about fraudsters targeting people’s retirement savings

Tax / FTSE 100 has £4.5bn at risk in tax disputes

FTSE 100 companies have up to £4.5bn at risk from tax disputes, most commonly arising from changes in legislation in emerging markets, according to research by Thomson Reuters

Accounting / Companies House clarifies filing periods for confirmation statements

Companies House has updated guidance for company confirmation statements with more information about filing and payment periods

Accounting / IASB consults on IAS 1 focus on materiality in accounting policy disclosures

The International Accounting Standards Board (IASB) has published proposed narrow-scope amendments to IAS 1 Presentation of Financial Statements to help companies improve their accounting policy disclosures for users of financial statements

Insight / SEC fines property company $7m over accounting fraud

The US Securities and Exchange Commission (SEC) has charged Brixmor Property Group, a publicly-traded real estate investment trust, and four former senior executives with fraud

Insight / Rennie Welch builds up Scottish border presence

Scottish firm Rennie Welch has merged with Optimus Accounting Ltd, as part of a strategy to increase its geographical reach and widen its client base

6 Aug 2019

Tax / Dodwell: council tax reform proves problematic

Bill Dodwell CTA (Fellow), head of the Office of Tax Simplification, examines the complexities of reforming council tax where the regressive nature of the tax bands does not reflect property valuations

Insight / Facebook faces backlash over Libra cryptocurrency

A group of international regulators is calling on Facebook and the group of companies behind the launch of a new digital cryptocurrency, Libra, to provide more clarity about how it will handle data protection

Insight / Spudulike latest casual dining casualty

Baked potato fast food chain Spudulike has collapsed after a pre-pack sale of the 45-year old business fell through, resulting in the loss of 300 jobs

Insight / KPMG sells Jack Wills to Sports Direct in £12m deal

KPMG has sold Jack Wills, the upmarket British fashion retailer, out of administration to companies controlled by Sports Direct, the high street empire owned by Mike Ashley, in a deal valued at £12.7m

Insight / Ryanair ordered to repay €8.5m of illegal state aid

The European Commission has ordered France to force Ryanair to return €8.5m (£7.8m) of support the Irish airline received for using Montpellier airport, which it has ruled amounted to illegal state aid

Tax / Half of small businesses make VAT return errors

Half of small businesses say they have made mistakes when sending in their VAT return and only a quarter are confident they have the figures correct despite spending more than an hour checking

Tax / Richest taxpayers are male and live in London

The wealthiest taxpayers are predominantly male and middle aged, with those living in London earning income of over £700,000 a year, which places them in the top 300,000 earners in the UK, according to analysis by the Institute of Fiscal Studies

Tax / Q&A: bare trust for child gift

 In our regular Q&A series, Croner Taxwise’s Marsha Haywood unravels the tax consequences of using a bare trust to hold money gifted by a parent to a child