Accountancy Daily

Tax / Payroll complexity: avoiding the pitfalls

Convoluted payroll tax rules from compliance with national minimum wage to real time reporting and IR35 are making PAYE compliance increasingly difficult. Neil Cameron, payroll senior manager at Chiene + Tait, examines potential pitfalls and calls for higher standards of training for payroll teams

Tax / VAT receipts hit record £133bn

The amount of VAT collected in the last year has risen by 5.3% to a record £133bn driven by the wholesale and retail sectors, despite widespread VAT evasion

Accounting / Shareholders threaten legal action over Quindell ‘misleading’ reporting

Shareholders in AIM-listed Quindell, now known as Watchstone Group, have signalled plans for legal action over losses sustained as a result of what they claim were misleading statements or omissions in the company’s representations to the London Stock Exchange

Insight / Alstom UK subsidiary fined £16m over corruption charges

Alstom Network UK Ltd is to pay a total of £16.4m over corruption charges relating to a contract to supply trams in Tunisia, comprising £15m in fines and £1.4m in costs, following an investigation by the Serious Fraud Office (SFO)

Tax / Overseas requests to UK for tax crime help up 44%

Requests from foreign prosecutors to the UK for help with criminal tax investigations have gone up by 44% in the past year

Tax / Germany takes action over €440m tax fraud

The German finance ministry is to set up a new special unit to tackle large-scale tax fraud in the wake of the so-called Cum-Ex case, which has seen two British investment bankers on trial for their part in an alleged €440m fraud using complex financial transactions to engineer tax losses

Tax / Scotland consults on tourist tax

The Scottish government is consulting on plans to introduce a tourist tax to  enable local authorities in Scotland to apply a visitor levy on short-term overnight stays

Insight / 64% of investors think cryptocurrencies are unsafe

UK investors are favouring more traditional methods of investments such as shares and property in a time of political uncertainty 

Tax / Consultations: Dec 2019

This month's HMRC and Treasury consultations focus on simplification of partial exemption and capital goods scheme and cross-border tax disclosure rules affecting intermediaries and tax advisers

Insight / Institutional investors criticise UK’s biggest companies over workers’ pay

Some of the UK’s largest companies, including Royal Mail, JD Sports and Hargreaves Lansdown, have been told to improve workers’ pay rates in a letter signed by 21 asset managers, pension funds, stewardship service providers, and charitable investors

Tax / Ban on bearer shares helps recover billions in evaded tax

Global action by OECD countries to reduce tax evasion has resulted in a 24% global reduction in foreign-owned bank deposits held in international financial centres (IFC)

Technical Alerts

27 Nov 2019

Audit / Internal audit: compliance and risk management

Internal audit can exist in many shapes and sizes, but one crucial point is that this function should not operate in isolation. Armoghan Khan ACA, head of internal audit at Aetna International, looks at how to maximise the interaction of internal audit and wider business needs

Tax / SNP plans to stop Brexit and protect whisky

The SNP want to reduce tax on whisky sales, close tax avoidance loopholes and invest oil and gas revenue into building greener infrastructure

Tax / HMRC advisory fuel rates for company car users from 1 December

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 December 2019 cutting standard 1600cc minus mileage rates by 1p per mile to reflect lower fuel costs

Tax / Savers face pension tax relief breaches

Hundreds of taxpayers could face unexpected tax bills for failing to declare pension contributions accurately on their self assessment returns

Accounting / Record £44m fine for Citigroup over regulatory reporting failures

The Bank of England has slapped Citigroup’s UK operations with a record £44m fine after discovering a string of failings in their regulatory reporting governance and internal controls over a four-year period

Tax / Childcare provider wins at tribunal over £230k VAT dispute

A childcare business has won an appeal overturning a £230,000 demand for VAT after a First Tier Tribunal (FTT) agreed its holiday camps should have the same VAT treatment as its after-school business

Insight / Nasdaq cryptocurrency platform closes

DX.Exchange, an Israeli cryptocurrency trading platform which offered opportunities to buy Nasdaq-listed stocks using virtual ‘tokens’, has closed and is set to file for bankruptcy amid controversy about its founders

Technical Alerts

26 Nov 2019

Tax / Q&A: inheritance tax for trustees selling assets

In our regular Q&A series from Croner Taxwise, David Woolley examines whether trustees pay inheritance tax on assets when closing accounts

Accounting / Using AI to improve decision making in accounting

Artificial intelligence (AI) is not yet advanced enough to challenge judgmental accounting and auditing decisions made by humans, but it will not be long before the technology can do so. Pete Hirsch, chief technology officer at Blackline, examines the potential of AI

Insight / Katie Price declared bankrupt

The former model and TV star was declared bankrupt in a hearing at the High Court, which was told she had failed to repay her debts

Accounting / De La Rue issues warning on material uncertainty

Listed bank note printer De La Rue has issued a warning in its half year report about going concern issues due to escalating operating losses and a threat to banking covenants

Audit / FRC issues revised Client Asset Assurance Standard (CASS)

The Financial Reporting Council (FRC) has issued a revised standard for the audit of client assets, outlining rules for conforming with FCA rules and stressing the importance of independent judgment and scepticism

Tax / HMRC confirms Christmas PAYE reporting dates

HMRC is making permanent changes to the way Christmas payroll is reported to help universal credit claimants where their employer pays them earlier than usual over the festive period

Insight / Accountant sentenced for upskirting

A young accountant, caught filming up a female customer’s skirt at Top Shop’s Oxford Circus store, has received a suspended prison sentence

Tax / Plaid Cymru calls for more tax powers

The Plaid Cymru party wants more financial powers to control taxation and funding for Wales, as under Scottish devolution

Technical Alerts