Accountancy Daily

Tax / Higgins wins Court of Appeal case over CGT on property sale

The Court of Appeal has ruled that the ‘period of ownership’ for principal private residence (PPR) relief from capital gains tax (CGT) begins when the property purchase is completed, not from exchange, in a ruling which overturns a previous tribunal finding in HMRC’s favour

Tax / Nunn: one size tax is not the answer for self employed

Attempts to reform tax reporting for the self employed and landlords need to be carefully thought through to avoid creating more complexity and red tape. Yvette Nunn CTA ATT MAAT, director of Berkeley Associates, assesses the latest OTS report

Accounting / FRC tells companies to improve IFRS 16 Leases disclosures

Companies applying the new standard on lease accounting are not providing sufficient information on its impact, according to the Financial Reporting Council’s (FRC) review of the first year of implementation of IFRS 16 Leases

Accounting / Nikkei hit by $29m transfer fraud

Japanese media giant Nikkei, which owns the Financial Times, has admitted it has been the victim of a $29m (£22.4m) money transfer fraud

Insight / Tennis star Boris Becker’s bankruptcy restrictions extended

Former tennis champion Boris Becker has been given a 12-year extended bankruptcy restriction following the Official Receiver’s investigation into assets and transactions valued in excess of £4.5m

Audit / Wirecard widens scope of KPMG audit

Wirecard has extended the scope of a KPMG independent audit as it seeks to end speculation it has manipulated its accounts, the German digital payments specialist has reported

Technical Alerts

6 Nov 2019

Tax / What you need to know: high income child benefit charge (HICBC)

Stephen Relf ACA CTA, senior tax writer at Croner-i, explains the tax implications of the high income child benefit charge (HICBC) from calculating the adjusted charge net income and advantages of claiming child benefit but opting out of actual payments to protect state pension

Tax / TV presenter Helen Fospero wins £80k IR35 case

In the latest IR35 loss for HMRC, TV presenter Helen Fospero has won her case at the tax tribunal over a disputed tax bill of £80,000 when she was working on a contract basis for ITV

Tax / Loan charge payment deadline should be scrapped

In a scathing report, members of the Loan Charge All-Party Parliamentary Group (APPG) have demanded an urgent delay and suspension of the loan charge, and for HMRC to suspend related accelerated payment notices (APNs)

Insight / PwC to wind down Mothercare stores in administration

PwC has been confirmed as handling the administration of babycare retailer Mothercare and has announced a phased closure of all the UK stores, putting over 2.500 jobs at risk

Accounting / 10-year ban for ex-BHS director Dominic Chappell

Former BHS director Dominic Chappell has been disqualified for 10 years, and his father given a five-year ban, following an Insolvency Service investigation into a series of financial dealings involving the retail chain

Tax / HMRC hunting £612m in R&D tax relief repayments

HMRC is trying to recover over half a billion pounds in questionable research and development (R&D) tax relief underpayments claimed by large UK businesses

Insight / Consultation on plans to simplify pension statements

The Department for Work and Pensions (DWP) is planning to review the way annual benefit statements for workplace pensions are written to make them easier to understand

Insight / MGI Worldwide and CPAAI merge accounting networks

Global accountancy network MGI Worldwide and association CPA Associates International (CPAAI), headquartered in the US, plan to merge in the new year

Technical Alerts

5 Nov 2019

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

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