Accountancy Daily

Audit / Brydon criticises ‘shotgun’ approach to auditors over company collapses

Senior management and board directors, and not just the auditors, need to take some of the blame for the string of corporate collapses in recent years, says audit review chief  

Insight / Called to account: October 2019

In this month’s scandals, convictions and penalties, an accountant is jailed for a £140,000 fraud at a family engineering business, two Glaswegian restaurateurs banned over VAT scam, father and son sentenced in horse-box tax fraud and a foreign exchange business given a record fine for anti-money laundering rules breach

Insight / Internal fraud levels in UK worse than global average

UK companies are more likely to experience internal fraud than the global average, with internal culture failing to prioritise the risks

Accounting / Banks struggle with IFRS 9 implementation

The UK’s major banks are making progress in implementing IFRS 9 Expected Credit Loss accounting (ECL) but there remain weaknesses in aspects of firms’ controls and management information around reporting impairment allowances

Insight / FTSE 350 hits 30% target for women on boards

The FTSE 350 has hit the target of having a third of board positions filled by women for the first time since the London Stock Exchange was established in 1571, according to global campaign organisation the 30% Club

Insight / KPMG handles biotech, poly manufacturer administrations

Big Four firm KPMG has taken on the administrations of two companies – a medical innovation start-up and an established polythene film manufacturer – which have both collapsed putting over 200 jobs at risk

Insight / People in the news: Mazars, KPMG, BDO, Price Bailey, WPP

In this week’s accountancy career moves, partner promotions at KPMG, Mazars, Armstrong Watson and BDO, and senior hires at Wilkes Partnership, Ted Baker and WPP

Insight / Deloitte gender pay gap slow to close

Deloitte UK has published its 2019 gender pay gap data, indicating that progress towards parity is taking a while to achieve

Insight / Law firms tighten up anti money laundering activities

There has been a 13% drop in the number of reports submitted by accountants to the Solicitors Regulation Authority (SRA) about failings in how lawyers handle client money over the past year

Technical Alerts

3 Oct 2019

Accounting / International reporting: IFRS 3 disclosures on mergers and IBOR

The IASB has begun a review of its business mergers’ standard, IFRS 3, while grappling with the impact of changes to interest rate benchmarks. Jeroen Van Doorsselaere outlines the impact on disclosures and transparency

Tax / Contractors using PSCs at risk over IR35 rule change

Freelance contractors are warning of a potential ‘domino effect’ as some of the UK’s largest companies stop using off-payroll workers in advance of the introduction of new IR35 rules in the private sector next April

Tax / Last chance to register for online self assessment tax return for 2018/19

The deadline to register for an online self assessment tax return for 2018/19 falls this weekend on Saturday 5 October, so taxpayers need to act quickly

Insight / HNH launches boutique M&A advisory firm in Edinburgh

Four senior advisers from Scotland’s leading accountancy practices have set up a corporate finance office in Edinburgh offering a director-led M&A service for SMEs

Tax / Dodwell: loan charge review requires judgment of Solomon

The Morse review of the loan charge needs to resolve the problem of disguised remuneration loan schemes effectively, particularly for those facing lower tax bills who entered the shemes without grasping the full tax implications, warns Bill Dodwell CTA (Fellow), head of the Office of Tax Simplification

Tax / Climate change protesters spray red paint at Treasury

Activists from Extinction Rebellion have splattered the Treasury with red dye as they lost control of a fire engine hose during a demonstration in Whitehall today

Accounting / General public says FRC must have more ‘teeth’

Members of the public view companies in a negative light, accusing them of greed and corporate misdemeanours, and they want the regulator to be given strong powers to hold big business to account

Tax / Parents warned on deadline for high-income child benefit charge

Saturday 5 October marks the deadline for those hit by the high-income child benefit charge (HICBC) in 2018-19 tax year to notify HMRC, so that they can receive a tax code adjustment

Technical Alerts

2 Oct 2019

Tax / Nunn: it's easy to get caught out by changes to property tax

Yvette Nunn examines the tax risks facing accidental landlords and second home owners when new tax rules on residential property sales come into force from April 2020

Tax / Jim Harra named head of HMRC on interim basis

Jim Harra is to take over from former chief executive Jon Thompson as the head of HMRC on a temporary basis

Audit / FTSE listed solar energy fund swaps auditor

Guernsey-based NextEnergy Solar Fund Limited (NESF) has changed Big Four auditors after five years with a move to KPMG from PwC

Insight / HMRC sets aside extra £10m in Brexit grants for exporters

The government is ploughing more money into grants for customs intermediaries and agents to help companies prepare for Brexit

Insight / Tax offences land engineering boss 11-year ban

The director of an engineering firm has been banned for 11 years for failing to pay £200,000 in tax owing while withdrawing £1.2m from the company for himself

Insight / McBrides acquires Shea & Co accountants

McBrides Chartered Accountants is merging with Shea & Co of Forest Hill with founder John Shea joining the firm as a consultant

Insight / PwC Global revenue tops $42bn

PwC’s global revenue topped $42bn (£34bn) last year, up 7%, placing it second of the Big Four behind Deloitte

Insight / Charity trustees spent £68K outside its remit

A Charity Commission inquiry has found that trustees of Aid and Peace Trust were responsible for misconduct and mismanagement, after they failed to show how charitable funds were used and acted outside the charity’s stated objects, and the charity has been removed from the register

Tax / MHA Macintyre Hudson snaps up specialist VAT practice

Top 20 accountancy firm MHA MacIntyre Hudson has strengthened its VAT and travel teams with the acquisition of Martin Pooley’s accountancy practice, based in Norwich

Technical Alerts