Accountancy Daily

Tax / Will inheritance tax ever be simplified?

Nimesh Patel, senior tax manager at Grunberg & Co, looks at recent proposals from the Office of Tax Simplification to see whether inheritance tax (IHT) really is set to become less complex and why there would be winners and losers from any reform plan to tax and estate planning

Accounting / EY resigns after issuing disclaimer on Datalex accounts

Auditors at EY have refused to give an opinion on the financial statements of Irish travel software firm Datalex, which disclosed ‘significant accounting irregularities’ earlier this year, and have reported the company to the regulator for failure to keep adequate accounting records

Tax / Treasury Committee names McKinnell as second interim chair

Timing issues and resignations have seen the temporary appointment of a second interim chair to the influential Treasury Committee in less than a week

Tax / Devolved air passenger duty for Wales rejected

The government has rejected proposals to devolve responsibility over air passenger duty (APD) to Wales, unlike in Scotland and Northern Ireland, citing concerns about the possible impact on competition

Insight / Ban for boss who prioritised directors loan over creditor payments

The boss of a greetings card business has been disqualified for six years after approving transactions that were detrimental to creditors, who were owed over £1.7m when the company went into liquidation

Insight / Moore Stephens network rebrands as Moore

Global accounting and consulting network Moore Stephens has rebranded as Moore, dropping the Stephens element of its name

Audit / Majority of client companies dissatisfied with Big Four auditor

The Big Four look set to retain their stranglehold on large listed company audit even though over half of client companies do not rank their current auditor as their first choice

Tax / VAT Q&A: property on hand at deregistration

In our regular Q&A, Vivienne Scott, senior VAT consultant at Croner Taxwise, considers the implications of deregistration with property on hand when an owner has invested heavily in refurbishment

Technical Alerts

9 Sep 2019

Tax / U-turn on start date for construction industry reverse charge VAT

HMRC has bowed to pressure and has announced a one-year delay to 2020 to the introduction of reverse charge VAT in the construction sector, due to be implemented next month, after industry bodies and accounting specialists highlighted concerns about lack of preparation and the impact on businesses

Tax / Construction VAT reverse charge: delayed by one year

As construction companies face up to yet more tax reporting commitments, Johnston Carmichael’s head of VAT Nigel Roberts sets out the wide implications of the new VAT reverse charge, delayed by one year to 2020 in a government u-turn

Tax / Glencore wins £51m transfer pricing tax appeal

Anglo-Swiss multinational mining group Glencore has won a A$92m (£51m) victory in a long-running transfer pricing dispute with the Australian Taxation Office (ATO)

Insight / Cogital subsidiary Blick Rothenberg snaps up Rees Pollock

Accounting consolidator CogitalGroup and its London division, Blick Rothenberg, has acquired Rees Pollock accountants 

Tax / Two MPs put names up for Treasury Committee chair

Nominations for the chair of the influential Treasury Committee close at noon Tuesday with a successor to Nicky Morgan MP due to be confirmed the following day, barring proroguing of parliament

Insight / Seven charities investigated over accounting discrepancies

The Charity Commission is to investigate seven charities linked by two common trustees and common registered contact details, amid serious concerns over possible accounting discrepancies

Tax / Medics call for cake tax

Doctors are calling for the government to introduce a tax on sugary snacks, after research showed this may be more effective at reducing obesity levels than the current levy on sugary drinks

Technical Alerts

6 Sep 2019

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