Accountancy Daily

Tax / Entrepreneurs’ relief and share buybacks: multiple completions

Entrepreneurs’ relief (ER) should be fully available for properly structured multiple completion share buybacks, but until HMRC issues definitive guidance, advisers should look at alternatives, says Peter Rayney FCA, CTA (Fellow), TEP

Tax / Loan charge review delayed by election

Taxpayers will have to wait until a new government is formed to find out the outcome of the Morse review into the loan charge

Tax / Gaines-Cooper returns to tribunal over disputed £30m tax bill

Multimillionaire Robert Gaines-Cooper is back in the tax courts at the First Tier Tribunal disputing a long-running avoidance case centring on tax liability and domicile issues

Audit / MPs slate ‘audit automatons’ over Thomas Cook failure

The next government must bring forward legislation as soon as possible to replace the Financial Reporting Council (FRC) with the Audit, Reporting and Governance Authority (ARGA)

Audit / Auditors must raise quality of their audit work, says FRC

The Financial Reporting Council (FRC) has signalled a crackdown on audit firms who fail to improve the quality of their work and is threatening to publish individual audit scores in the next Audit Quality Inspection reports in mid 2020

Tax / IT contractor wins £240k IR35 appeal

HMRC has lost its latest legal challenge on the operation of the off-payroll rules, after a First Tier Tribunal (FTT) found in favour of an IT contractor

Tax / Individual tax accounts need a revamp, says OTS

The Office of Tax Simplification (OTS) is calling for improvements to HMRC’s individual tax account service to provide an end-to-end tax reporting and payment service for the self employed and buy-to-let landlords

Tax / HMRC targets offshore investment fund holders

HMRC will be sending high net worth individuals advisory letters warning them to submit offshore investment returns correctly to avoid tax penalties  

Accounting / MPs invite 30,000 citizens to climate change assembly

Invitation letters will be sent out this Wednesday to thousands of members of the public asking the them to strategise how the UK will reach zero emissions

Tax / Q&A: SDLT and residential property

In our regular Q&A series from Croner Taxwise, Patrick O'Brien explains how revised HMRC guidance on acquiring residential property will affect the acquisition of ‘mixed use’ land

Technical Alerts

4 Nov 2019

Insight / Big Four auditors dominate £910m listed audit market

The Big Four audit firms have pushed all competition out of the FTSE 100 audit market in the last 12 months as BDO and Grant Thornton both lose top tier audit client ranking

Audit / FTSE 100 Auditors Survey 2019

Big Four firms now have total domination of the FTSE 100 audit market as mid-tier presence is squeezed out of the market. Philip Smith analyses the £700m plus audit market, highlighting the risk of substantial audit fee price rises after year-one audit wins and the impact of second-cycle audit tendering on competition

Accounting / Dividends and distributable profits: part 5

In the fifth in our dividends series, Croner-i tax and accounting writer David Duvall FCA looks in detail at issues relating to realised profits and losses

Audit / KPMG rejects talk of partner cull

Big Four firm KPMG has denied that it is planning to cut around a tenth of its partners in a bid to get the firm back on track and improve performance, saying that around 50-60 partners leave the firm each year through natural churn 

Tax / Surrey taxpayers pay the most income tax in UK

Towns in the south east England stockbroker belt account for nine of the top 10 list of places in the UK where residents pay the most income tax

Tax / HMRC sets out tax treatment of cryptoassets for business

HMRC has issued its first detailed guidance on the tax treatment of cryptoasset transactions specifically clarifying the rules for transactions at businesses and companies

Insight / 2,500 jobs at risk in Mothercare administration

High street parent and baby retailer Mothercare has announced it is to appoint administrators to its active trading subsidiary

Tax / 'Broken' business rates regime needs overhaul

MPs are calling for fundamental reform of the business rates system, which they describe as unfair and ‘broken’, and are urging a future government to examine alternatives as soon as possible

Accounting / College accounts direction updated for 2018-19

The Education and Skills Funding Agency (ESFA) has issued the 2018-19 college accounts direction setting out financial reporting requirements for sixth form and further education colleges

Insight / Regulator investigates linked charities over financial discrepancies

The Charity Commission is to investigate six charities which share common trustees over serious concerns about potential mismanagement, including financial reporting issues

Technical Alerts

1 Nov 2019

Tax / Tax updates: November 2019

In this month’s tax updates, HMRC wins latest GAAR ruling, Ackroyd loses IR35 appeal, Starbucks success in Dutch tax case, HMRC threatens action over IR35, probate fees u-turn, Facebook’s UK tax under fire and Scotland mulls plastic cup tax 

Tax / Goals Soccer Centre accounting loss balloons to £40m

Troubled Goals Soccer Centre, which de-listed from AIM earlier this year following the discovery of irregularities in its accounts, has now admitted the profits of the business may have been overstated by as much as £40m since 2009

Insight / People in the news: Deloitte, KPMG, Carey Olsen, CFW,

In this week’s accountancy career moves, hires at Deloitte, Sackers, Carey Olsen and CFW, senior partner promotion at KPMG East Midlands and CFO appointments at Centaur, Dechra and Concepta

Insight / Deloitte HR manager heads for Invictus Games

Stephen Rice, HR learning manager at Deloitte, was picked for Team UK at the Invictus Games 2020

Insight / Audit firms champion LGBT+ role models

Leaders from Deloitte, EY and PwC have been named on this year’s annual role model lists published by Involve, a membership organisation championing diversity and inclusion in business

Insight / Called to account: November 2019

This month’s named and shamed consists of a Deloitte audit partner who was fined £120k by the FRC, directors banned over failing to put creditors first, a land engineering boss banned for 11 years over tax offences and money launderers jailed for role in £1m ‘rare earth’ metal scam

Insight / Regulator finds misconduct and mismanagement at charity

Three trustees of a Hereford and Worcester-based charity have resigned after a regulatory inquiry uncovered a string of failures in its governance, finances and safeguarding

Tax / Tax data: CGT data, HMRC rates of interest - Nov 2019

Download the current HMRC CGT indexation allowance unchanged since December 2017, RPI index for September 2019, HMRC rates of interest, and property tax rates including SDLT, Scottish LBTT and Welsh LTT

Insight / Government considers mandatory employee references

The government is considering changing the rules on work references to force employers to provide a basic reference for former employees 

Tax / HMRC discovery assessments - NEW CPD module

This month's exclusive Accountancy Daily CPD module focuses on HMRC discovery assessments, particularly focusing on when they can be issued and how to challenge them, taking into account the rules applying for income tax, capital gains tax and corporation tax.

Accounting / Accounting updates: November 2019

This month’s roundup includes FRC’s revised Stewardship Code, MPs grill auditors over Thomas Cook failure, climate change reporting, concerns raised on revenue recognition disclosures, FRC consults on future of company reports and CIPFA calls for fundamental shift in local government financial reporting

Tax / VAT updates: November 2019

In this month’s VAT updates, Graham Elliott, director at City & Cambridge Consultancy, considers whether direct patient contact is necessary for medical services, how waiting for a single document lost a self-builder’s tax claim, and whether a husband and wife’s businesses were one or two businesses

Audit / Audit updates: November 2019

In this month’s audit updates, FRC fines leap 44%, MPs grill auditors over Thomas Cook, PwC in $7.9m independence fine, Kingman warns of reform drift while Brydon hits out at ‘shotgun’ approach, BDO predicts 25% audit fee hike, public demands ‘more teeth’ at regulator as new team take over and going concern audit standard is ‘toughened’

Accounting / Legal updates: November 2019

In this month’s legal updates, Sophie Brookes, partner at law firm Gateley plc, considers whether an automatic email signature can act as a real signature, whether the actions of a company’s members were vexatious, and whether legal professional privilege can be lost when a company dissolves

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