Accountancy Daily

Tax / Scrapping entrepreneurs' relief: does it make sense?

An overhaul of entrepreneurs’ relief is high on the agenda as the Chancellor sets out his first Budget next month, but reform rather than abolition is surely a more sensible approach, argues Chris Etherington, tax partner at RSM

Tax / MTD for landlords and sole traders still at trial stage

HMRC has re-issued brief guidance on Making Tax Digital for landlords and sole traders who will be required to report income tax quarterly at some stage in the future, although it is still only a pilot and will not be mandatory

Tax / Naming and shaming rules for NMW breaches overhauled

The threshold for being named and shamed for flouting national minimum wage (NMW) rules has been raised to £500, while salary sacrifice schemes will no longer be taken into account

Tax / Nine companies face HMRC investigations over tax evasion

HMRC is ramping up the use of its corporate criminal offences (CCO) powers, with nine businesses curently under investigation for failing to stop the facilitation of tax evasion

Accounting / NHS finances reliant on short-term fixes, warns NAO

The National Audit Office (NAO) has warned that short-term fixes have left the NHS ‘seriously financially unstable’

Insight / Charity pension trustee jailed for £250k fraud

The former head of a charity for the disabled has been jailed for five years for defrauding the charity’s pension scheme out of more than £250,000

Insight / Tick box approach to climate-related reporting criticised

The European Financial Reporting Advisory Group (EFRAG) has published advice on how to improve climate-related reporting, particularly to stop the use of boiler plate reporting 

Tax / Q&A: training costs and tax liability

In our regular Q&A series from Croner Taxwise, tax adviser Laura Burrows CTA looks at tax compliance issues when deducting training costs from employment income

Technical Alerts

10 Feb 2020

Accounting / The jeopardy of software licences under IFRS 16

Robin Fry, director of Cerno, outlines the hidden risks when reporting software licence liabilities under IFRS 16 Leases, from right-of-use considerations, to assets versus liabilities and accounting for under-licensing charges

Insight / Bristol housing charity underreported thousands in income

The trustees of a housing charity branded the ‘most prosecuted landlords in the UK’ have been found responsible for misconduct by the Charity Commission

Tax / OECD set to review country-by-country reporting rules

The OECD is consulting on a review of its country-by-country reporting (CBCR) standard which forms part of the ongoing work on base erosion and profit shifting (BEPS)

Insight / Treasury plans 60-day debt relief window

The government is to launch Breathing Space, a debtor protection scheme to help people in debt by freezing all creditor contact over a 60-day period to encourage them to access advice sooner

Tax / Consultation on plans for 10 freeports

The government is consulting on plans to create up to 10 freeports across the UK, with tariff flexibility, customs facilitations and tax measures designed to encourage global trade and attract inward investment post-Brexit

Tax / HMRC launches fewer dawn raids

HMRC raided 1,082 homes and businesses last year as part of criminal investigations into tax evasion, but the numbers of unannounced visits are falling as the tax authority has access to more targeted information

Insight / Frank Hirth in deal with leading NY firm

US and UK tax compliance specialist Frank Hirth has transitioned its US business and corporate tax practice, Frank Hirth LLC, to the New York firm of Raich Ende Malter & Co (REM)

Technical Alerts

7 Feb 2020

Tax / IR35 rules for private sector will not be retrospective

IR35 contractors mid-way through a contract when the off-payroll working rules for the private sector come into force in April will only go on payroll from the new 2020-21 tax year, reports Sara White

Insight / Top 25 accounting firms in 2010: where are they now?

A decade since the financial crash, the top 25 accountancy firms look rather different to their pre-2009 counterparts, except for the ever expanding Big Four. Philip Smith assesses the cataclysmic changes of the last 10 years, with revenue comparisons 

Insight / PRA bans two credit union directors over governance failures

The Prudential Regulation Authority (PRA) has taken its first ever enforcement action against the directors of a credit union for their role in the collapse of Enterprise Business Credit Union Ltd (EBCU) in 2015

Insight / EY targets carbon neutrality by end of 2020

EY is the first Big Four firm committed to going carbon neutral within less than a year by reducing and offsetting its carbon emissions

Insight / Top 75 trainee interview: HW Fisher

In our trainee series, Zak Jakubowski talks to Travis Martin, tax trainee at HW Fisher, about his three-year training contract and ambition to achieve chartered tax adviser status

Insight / Top 75 Firms survey 2020: record profits as partner numbers cut

Revenue at the UK’s top accounting firms is on a growth trajectory with 7% growth as income exceeds £16.8bn but stronger profitability and rising staff numbers has resulted in a decline in partner numbers as the fee to partner ratio has risen, reports Philip Smith

Insight / People in the news: BDO, Mazars, Kreston, Streets

In this week’s accountancy career moves, partner appointments at BDO, Kreston and Mazars, and climate change lead for Deloitte

Insight / Called to account: February 2020

In this month’s scandals, convictions and penalties, a senior civil servant jailed for stealing from the Ministry of Justice and property pair sentenced for dodging capital gains tax on over 50 properties

Insight / Stone masonry firm tumbles into administration

Howard Smith, associate partner, and David Costley-Wood, partner, from KPMG have been appointed joint administrators to J Rotherham Masonry Ltd, which has collapsed

Technical Alerts