Accountancy Daily

Tax / Pension tax pitfalls - lifetime and annual allowances

Staying on top of the pensions tax rules is an important part of managing a pension. But the provisions can be disconcertingly complex. Karen Goldschmidt, partner at LCP, unpicks some of the tax complexity surrounding the annual and lifetime allowances

Audit / Trifast drops KPMG in move to BDO auditors

Following a formal tender process, FTSE listed global engineering company Trifast has hired BDO LLP as auditor ending a 24-year relationship with KPMG

Tax / Q&A: LLP self assessment tax returns

In our weekly Q&A series from Croner Taxwise, tax consultant David Woolley explains the ins and outs of HMRC requirements when filing annual tax returns for a new limited liability partnership whose accounts straddle different tax years

Insight / Interim manager appointed at charity under investigation

The Charity Commission has appointed Adam Stephens, partner at Smith and Williamson, as interim manager to Aid Convoy, which is facing a statutory inquiry into its finances

Tax / Bacs dates for 2020 confirmed

The retail payment authority Pay.UK has issued dates for 2020 Bacs processing deadlines, taking into account bank holidays

Insight / ICAEW signs membership deal with AI specialist Inflo

ICAEW has announced a partnership with financial data analytics software company Inflo to give smaller accounting firms access to analytics dashboards and artificial intelligence (AI) tools

Tax / UK voters want hike in tax for top earners

Both Labour and Conservative voters expect taxes to rise, and the majority feel that higher earners should make up the deficit

Technical Alerts

11 Nov 2019

Tax / Dividends and distributable profits: part 6

In the sixth of eight articles looking at how to avoid the pitfalls of dividends and distributions, Croner-i tax and accounting writer David Duvall looks at the often complex relationship between parent and subsidiary companies

Audit / Mamas & Papas sold in pre-pack administration

Babycare retailer Mamas & Papas has been sold in a pre-pack administration handled by Deloitte, with the assets bought back by its owner Bluegem Capital partners as creditors lose out

Insight / Pub and bar insolvencies jump 13%

More pub and bar companies are going bust due to Brexit-driven cost rises exacerbated by teetotal millennials

Audit / Mining giant BHP switches £12m audit to EY

FTSE 100 listed global mining conglomerate BHP has ended its 23-year audit relationship with KPMG, hiring fellow Big Four giant EY

Tax / OECD consults on Pillar Two tax rules to stop profit shifting

The OECD is consulting on its global anti-base erosion (GloBE) proposal which is designed to prevent multinationals from profit shifting, by developing rules which would effectively create a minimum tax rate worldwide

Insight / Pension savers face increased risk from scammers

People with degree-level education are more a risk of falling victim to a pension scam than others, claims the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR)

Tax / EU plans overhaul of cross-border VAT rules

The EU is set to tighten VAT rules to improve fraud detection in cross-border e-commerce transactions and simplify requirements for SMEs

Technical Alerts

8 Nov 2019

Tax / Property tax essentials: 30-day CGT deadline, PPR relief

Residential property owners and buy-to-let landlords face significant tax changes from April 2020, including the 30-day CGT payment deadline and an overhaul of principal private resident relief (PPR) and extra statutory concessions (ESC). Mercer & Hole's Alison Palmer and Alice Pearson examine potential pitfalls

Insight / Finance Mole: thought leaders in the firing line

Fed up with time wasting thought leaders who have no defined role, Finance Mole longs for a hands-on CFO who will focus on the detail

Tax / Pros and cons of four-day week

Labour party plans for a four-day week have been criticised by a think tank which claims the impact on productivity would cost up to £17bn a year, but there are advantages of offering a more flexible work environment to employees 

Insight / People in the news: Grant Thornton, Kreston Reeves, RSM, FRC

In this week's accountancy career moves, partner appointments at RSM and Brown Rudnick, promotions at Grant Thornton, DSG, Greenfield and FRP, plus ramping up the FRC's enforcement work

Insight / Lack of gender diversity sees business missing out

Deloitte and PwC are backing calls for increased gender diversity at board level although women still account for less than one in five partners 

Audit / Smith & Williamson picks up Eve Sleep audit from KPMG

AIM listed Eve Sleep, the online mattress and sleep retailer, has swapped auditors with the appointment of Smith & Williamson, replacing KPMG

Tax / SARs stop £131m money laundering

Criminals have been prevented from accessing £131.7m in the past year, as the number of defence against money laundering (DAML) requests rose sharply, the National Crime Agency (NCA) says

Insight / Xero sees 51% increase in UK accounting software business

Cloud accounting software specialist Xero has reported a 51% hike in both UK revenues and customers in the last six months, citing HMRC’s Making Tax Digital as a factor in its growth

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