Accountancy Daily

Tax / Calls to suspend loan charge following PM’s revelation of a ‘thorough review’

Amid heated exchanges during Prime Minister’s Questions, Boris Johnson confirms review as MPs demand all loan charge settlements must be suspended until the results are known

Audit / FRC boss warns reforms ‘may not address expectations’

Audit watchdog increases enforcement team by 25% during preparations for move to more powerful Audit, Reporting and Governance Authority as outgoing chairman warns reviews may not address all stakeholder expectations  

Insight / Called to account: September 2019

In this month’s round up of the latest scandals, convictions and penalties, an ex-KPMG accountant is jailed over PCAOB inspection tip offs, a gambling-addicted Devon dairy trader sentenced in £900k VAT scam, a call centre boss and accountant get seven and a half years for £2.3m tax con, a builder is put behind bars for £100k tax fraud and a bouncy castle director gets banned

Insight / Finance Mole: when the summer just has to end

After a two-week summer break, it is almost a pleasure for Finance Mole to get back to work and resume his days of wrangling with the numbers

Insight / People in the news: ex-KPMG partners, EY, Saffrey Champness, Baldwins

Career news this week includes two ex-KPMG partners who have set up deal advisory firm and an EY director who has joined the Chancellor’s team

Tax / OECD slams slowing tax reform progress

The pace of tax reforms has slowed across most leading economies and bolder tax reforms will be needed to address future challenges, according to a new OECD report

Insight / Haulage boss and accountant jailed over tax fraud

An accountant at a haulage company has been jailed for three years while his boss received a 30-month sentence after lying about VAT, National Insurance Contribution and PAYE payments

Technical Alerts

5 Sep 2019

Audit / Joint audits: double the trouble?

In the wake of the ongoing audit reform inquiries, Katharine Bagshaw FCA unpicks the pros and cons of mandatory joint and shared audits in the UK, asking whether the lack of viable alternatives will force an unwelcome political solution

Audit / EY global chief admits ‘zero contingency’ for audit break up

Revealing record worldwide revenues of $36.4bn, Carmine Di Sibio has hit back at proposals in the UK for operational splits between the Big Four’s audit and consultancy practices

Accounting / International reporting: how relevant are IFRS standards?

The recent IASB annual conference focused on the transparency of international reporting under IFRS, the relevance of standards to company reporters and stakeholders, and the definition of materiality. Jeroen Van Doorsselaere, vice president of value propositions at Wolters Kluwer Financial Services, unpicks the key issues

Audit / Hadfield: audit can add value for business owners

With the audit process under the microscope, Menzies audit partner James Hadfield argues the case that businesses can benefit from closer scrutiny if they resist the cheapest audit option

Tax / Tribunals force rethink on Scottish land tax penalties rules

An Upper Tribunal for Scotland ruling has highlighted administrative issues over the issue of penalty notices for Land and Buildings Transaction Tax late payments, but Revenue Scotland vows to continue charging daily penalties

Insight / Supercar-loving father and son sentenced for £1.5m horse box VAT scam

Lavish lifestyle of Ferraris and Aston Martins revealed as duo who hid money in bathroom safe are sentenced after investigation into a £1.5m VAT fraud

Tax / Taxpayers struggling to pay want ‘simplicity, flexibility and accessibility’

Research reveals taxpayers who are facing difficulties with their tax bills have little or no awareness of help options, but believe HMRC should do more to promote available support and make more use of YouTube

Technical Alerts

4 Sep 2019

Tax / HMRC’s approach to private residence relief (PRR) enquiries

HMRC is questioning the basis for more claims for private residence relief (PRR) than ever before as it eyes up opportunities to increase the tax take from property sales. Croner Taxwise senior tax consultant Neil Tipping highlights potential PPR pitfalls when selling houses and land

Tax / Chancellor adds extra £2bn public spending for Brexit

Sajid Javid has announced today extra cash for preparations ahead of the UK departure from the EU but raises fears over increased government borrowing

Insight / Forex business in record £7.8m money laundering fine ‘ignored regulations’

A west London money transmitter has been landed with a £7.8m penalty after it ignored anti-money laundering regulations following an HMRC investigation

Tax / Consultations: Sep-Oct 2019

This month's HMRC and Treasury consultations focus on simplification of partial exemption and capital goods scheme and cross-border tax disclosure rules affecting intermediaries and tax advisers

Accounting / Transition tips: FRS 105 to FRS 102 - NEW CPD module

This month's exclusive Accountancy Daily CPD module focuses on transitioning from FRS 105 Micro-Entities Regime accounting rules for small entities to full blown FRS 102 Financial Reporting Standard

Accounting / HLB network signs up financial data analytics software firm

Mid-tier international accounting network HLB agrees strategic partnership with Inflo, a supplier of accounting data analytics, to provide improved and consistent service for clients around the world

Tax / Restaurateur served up nine-year ban after hiding VAT from HMRC

A restaurateur behind Glasgow’s Cyan Restaurant has been disqualified for nine years after failing to pay a £195,000 VAT bill.

Technical Alerts

3 Sep 2019

Tax / Q&A: annual allowance charge on pensions

In our regular Q&A series, Croner Taxwise tax advisor Alexandra Fielding considers the tax implications for high earners of exceeding the annual allowance limit of £10,000 on pension contributions

Accounting / Legal updates: September 2019

In this month’s legal updates, Sophie Brookes, partner at law firm Gateley plc, considers whether granting an indemnity is a substantial property transaction, the powers of a general meeting chair and whether an unenforceable restrictive covenant could be severed

Insight / Nine million middle aged employees ignorant over pension plans

Survey reveals shocking lack of understanding among mid-lifers over how much they need to retire in comfort or even how much they currently have saved in their pension plans

Insight / FRC appoints ex-EY risk partner as audit quality committee chair

Anne Whitaker becomes new chair of Financial Reporting Council’s audit quality review committee and joins conduct committee after David Cannon steps down

Tax / Tax filing deadlines: Sep-Dec 2019

The key HMRC filing deadlines from September to December 2019 including corporation tax second quarterly instalment payment for companies with annual taxable profits exceeding £20m, loan charge deadline for reporting to HMRC any disguised remuneration issues, and Making Tax Digital for VAT compliance deadline for deferred entry businesses

Audit / Grant Thornton loses FTSE 250 Pantheon audit

Private equity investment trust parts ways with mid-tier audit firm after three decades following appointment of EY as new auditor from 2020

Tax / £16m ‘Brexit boost’ to fund thousands more customs agents

Government sets aside more funding to help businesses train staff to handle customs regulations after the UK leaves the EU, but business urged to apply early before funds run out

Technical Alerts

Subscribe