Accountancy Daily

Tax / Off-payroll working rules: IR35 and status determination statements - part 4

David Blumenthal, partner at Clyde & Co explores how the new IR35 rules will affect the private sector, with a close look at employees providing their services to organisations through a personal service company (PSC) and status determination statements (SDS)

Audit / Revised internal audit code focuses on risk management

 A year on from the high profile corporate collapses of Carillion and Patisserie Valerie, the Chartered Institute of Internal Auditors (IIA) has issued an updated version of its voluntary code of practice for internal auditors

Insight / Bankrupt who ran payroll company disqualified

A bankrupt from Birmingham who ran a payroll company despite being banned has been disqualified for nine years

Insight / Recruitment agency’s £11k fine over pension failings

A recruitment agency and its managing director have been ordered to pay £10,890 for avoiding their automatic enrolment duties and misleading the Pensions Regulator (TPR) by falsely claiming staff had been put into a workplace pension

Tax / One in eight chance of getting caught flouting NMW

Companies that fail to comply with national minimum wage (NMW) rules face only a one in eight chance of being caught by HMRC, while the detection rate for small businesses is likely to be far lower

Insight / Barclays faces landmark challenge on financing fossil fuels

Barclays has become the first European-listed bank to face a shareholder challenge on climate change, with a call for the bank to phase out the financing of fossil fuel companies and certain utility companies starting next year

Audit / FRC criticises tick box mentality to Corporate Governance Code

The largest companies in the UK need to improve their standards of governance and focus on improving corporate culture rather than taking a box ticking approach to compliance, warns the Financial Reporting Council (FRC)

Technical Alerts

8 Jan 2020

Tax / Tax changes to look out for in Budget 2020

Stephen Relf CTA FCA, lead tax writer at Croner-i, casts his expert eye over likely changes to the rules, rates and allowances for taxes for the March Budget

Insight / Travelex operations hit by cyber ransom demand

Foreign exchange company Travelex has admitted it is being held to ransom by hackers after a cyber-attack meant the business has had to turn off all computer systems and carry out processes manually

Insight / Senior civil servant embezzled £1.7m out of MoJ

A senior civil servant has been sentenced to three and a half years in jail after he stole more than £1.7m from the Ministry of Justice

Accounting / Accounting filing deadlines: Jan-Mar 2020

The key accounting filing deadlines for the next quarter including private company accounts year ends for 31 March 2019, plus how to extend the deadline

Insight / Restaurant bosses disqualified over £810k tax failures

Three restaurant bosses have been disqualified for a total of 18 years after submitting inaccurate tax returns

Tax / Government launches limited review of IR35 rule changes

The government has launched a four-week review of the changes to IR35 off-payroll working rules scheduled to come into force in April, in the light of mounting criticism about the way they will operate 

Insight / Half of levy-funded apprenticeships are ‘fake’

Half of the apprenticeships started by employers and universities since the launch of the government levy in April 2017 are ‘fake’, according to analysis by education think tank EDSK which says urgent reform is needed to ensure value for money

Technical Alerts

7 Jan 2020

Tax / UK financial services pays record £75.5bn taxes

The UK financial services sector handed over £75.5bn in taxes last year, a shade more than the previous year’s record total, but corporation tax receipts have declined for the first time in five years, according to a report published by the City of London Corporation

Tax / Budget set for 11 March

The Chancellor of the Exchequer, Sajid Javid, has announced that the first post-Brexit Budget will take place on Wednesday 11 March 2020, and will focus on ‘delivering world-class public services and leveling up the whole country’

Accounting / Corporate governance for accountants on the board

In the wake of numerous corporate collapses, there is a growing focus on the integrity of accountants on company boards. Julie Matheson and Adrian Crawford of Kingsley Napley highlight the corporate governance risks and responsibilities 

Tax / News Corp wins VAT dispute at Upper Tribunal

HMRC has lost an appeal at the Upper Tribunal over zero rated VAT on digital newspapers with the publishers of The Times arguing that digital versions of its newspapers are not a service

Insight / Women’s charity investigated over financial management

The Charity Commission is investigating a women’s charity based in Nottingham over serious concerns that trustees are failing to operate the charity for the public benefit

Insight / RSM removes top management after accounting error

Mid-tier firm audit firm RSM has been forced to overhaul its executive team following the discovery of errors in the way in which it accounted for professional liability claims provisions going back several years

Insight / Hotels go bust as Airbnb thrives

Hotel insolvencies have hit a five-year high as 144 shut up shop in 2018, this is up from 90 closures the previous year

Tax / Q&A: annual investment allowance (AIA)

In our regular Q&A series from Croner Taxwise, Vivienne Cheung examines how to calculate the amount of annual investment allowance (AIA) a company can claim, under the £1m cap

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