Accountancy Daily

Insight | What are the options for a business in distress?

With supply chain problems, war in Europe and an increasingly uncertain economic outlook, Devi Shah, partner, and Christopher Street, senior associate in Mayer Brown’s restructuring team, explore the options for companies experiencing financial distress

30 Jan 2023

Practice & Industry

Tax | Nadhim Zahawi sacked over tax affairs

The former Chancellor Nadhim Zahawi has been sacked as chairman of the Conservative party following an ethics inquiry into the handling of his tax affairs

30 Jan 2023

Insight | FRC ramps up ESG scrutiny on auditors

The Financial Reporting Council (FRC) plans to monitor auditors more closely to make sure they are correctly following ESG reporting requirements in company audits, as many firms admit widespread confusion

30 Jan 2023

Practice & Industry

Tax | Gift Aid claims process needs to be automated

Charities are calling for more automation of the Gift Aid claims system to reduce red tape and stop repetitive entering of donor details

30 Jan 2023

Insight | Flybe collapses for second time

Regional airline Flybe has gone into administration with the majority of staff losing their jobs, just two years since the company was rescued by private equity investors

30 Jan 2023

Practice & Industry

Accounting | Average 237-page annual reports criticised for repetition

The length of listed company annual reports has ballooned in size by 46% in just five years due to increased reporting requirements and repetitive commentary

30 Jan 2023

Financial reporting

Insight | M&A activity down 16% as contract value halves

The level of mergers and acquisitions (M&A) activity in 2022 slowed down from its record-setting 2021 activity to pre-pandemic levels, with economic headwinds affecting the volume of deals completed

30 Jan 2023

Practice & Industry

Insight | Over 300 directors banned for Covid fraud

The Insolvency Service is now banning around 35 directors per month for Covid support scheme abuse, almost treble the previous year, although few lead to convictions

30 Jan 2023

Called to account

27 Jan 2023

Tax | Accountants call for single sign on HMRC portal

Tax agents are frustrated by the lack of consistency in the quality of HMRC advisers and want to see client tax records merged into a single sign-on account to reduce complexity

27 Jan 2023

Insight | People in the news: Crowe, Kilsby Williams, RSM, Azets

In this week’s accountancy career moves, partner promotions and hires at Crowe, Lubbock Fine, Forensic Risk Alliance, Kilsby Williams, RSM, Azets

27 Jan 2023

Leadership & management

Insight | Former HMRC debt adviser jailed for £52k fraud

A former debt adviser at HMRC has been jailed after trying to defraud more than £140,000 from taxpayers trying to clear their tax liabilities

27 Jan 2023

Law and regulation

Called to account

Tax | HMRC clarifies digital handshake for income record viewer

HMRC has updated the guidance on how accountants can use digital handshakes to access the income record viewer

27 Jan 2023

Insight | Global economy steady but weak, say accountants

Accountants around the world have indicated that confidence levels were steady in Q4 2022, with many hinting that a global recession could be avoided

27 Jan 2023

Practice & Industry

Economic trends

Insight | Directors given suspended sentences over bounce back loans

A duo of directors who fraudulently claimed bounce back loans have been given suspended prison sentences

27 Jan 2023

Called to account

Insight | TaxAssist launches financial services advisory arm

TaxAssist Group has launched a financial services company to extend its range of services beyond accounting, payroll and tax

27 Jan 2023

Practice & Industry

Leadership & management

Tax | Chancellor sets out growth priorities

Chancellor Jeremy Hunt has outlined plans to boost the UK economy while stressing that tax cuts will not happen until inflation is under control

27 Jan 2023

Practice & Industry

26 Jan 2023

Insight | Criminal offence on false accounting planned

The government is introducing an offence of failure to prevent false accounting or fraud in the Economic Crime Bill

26 Jan 2023

Practice & Industry

Leadership & management

Accounting | Does ESG data need to be assured to accounting standards?

ESG or non-financial reporting is set to become the new accounting normal, but how will it affect accountants, asks Marc Lepere, co-founder of ESGgen

26 Jan 2023

Financial reporting

Tax | Morrisons wins £1m VAT Nakd bar appeal

Supermarket chain Morrisons has won an appeal at the Upper Tribunal over a disputed VAT bill about zero rating on Nakd and Organix snack bars

26 Jan 2023

Tax | Small business tax debt grows, warns HMRC chief

The level of small business tax debt is growing as companies struggle with economic downturn, HMRC chief tells MPs

26 Jan 2023

Insight | Car dealer banned for £50k bounce back fraud

A car dealer has been disqualified as a director for 11 years after fraudulently taking a £50,000 bounce back loan

26 Jan 2023

Practice & Industry

Insight | UK business confidence falls to 13-year low

ICAEW’s latest Business Confidence Monitor (BCM) shows that business confidence continues to plummet, following difficult economic conditions and falling customer demand

26 Jan 2023

Practice & Industry

Tax | Sole traders need to take care with SEISS on tax returns

Any sole traders or partnership members who received support from the government’s Self Employed Income Support Scheme (SEISS) during Covid must include details on tax returns

26 Jan 2023

Audit | IAASB consults on group audit rules for less complex entities

The International Auditing and Assurance Standards Board (IAASB) is consulting on rules for group audits for less complex entities (LCEs)

26 Jan 2023

Insight | £305m diverted from money laundering risk

Authorities and banks blocked £305m in proceeds from money laundering, with a total of 83,000 defence against money laundering (DAML) notices issued in 2022

26 Jan 2023

Practice & Industry