Insight

Tax / UK most expensive country to send expatriates

The UK has overtaken Japan as the most expensive location to send expatriates, despite salaries remaining static, because of increases in tax and essential costs, including housing

Insight / KPMG administrators to failed Scottish IT company

Blair Nimmo, partner, and Alistair McAlinden, director, of KPMG have been appointed joint administrators of Scottish IT company Hutchinson Networks Ltd, which has collapsed following cashflow difficulties, with the loss of 100 jobs

Accounting / Accounting for guaranteed minimum pensions (GMP) equalisation

The Pensions Research Accountant Group (PRAG) has published guidance on accounting for guaranteed minimum pensions (GMPs) equalisation in pension scheme accounts. Kevin Clark, chair of the PRAG SORP Working Party, examines the key issues for trustees

Tax / EY alliance with Thomson Reuters on digital tax services

EY is teaming up with Thomson Reuters to develop leading-edge, digitally enabled tax services targeted at mulitnationals operating across tax jurisdictions

Accounting / ACCA pre-tax deficit doubles over pension deficit

ACCA’s pre-tax deficit more than doubled to £35.2m last year according to a preview of its financial results for the 2018-19 financial year, largely because of a one-off accounting adjustment relating to ACCA’s defined benefit pension scheme amounting to £12.5m

Insight / EY to handle British Steel administration

EY has been called in to handle the administration of British Steel after last-minute attempts to arrange a rescue deal failed and the government announced the company has gone into compulsory liquidation

Accounting / Accounting standards change to hit FTSE 100 pension schemes

Impending accounting standards changes to IFRIC 14 and the limit on defined benefit asset rules could hit FTSE 100 pension schemes by up to £100bn, double previous predictions, warns LCP

Insight / Administration on menu at Jamie Oliver restaurants

Celebrity chef Jamie Oliver’s restaurant group has gone into administration after failing to secure additional financial backing with administrators KPMG closing all but threee restaurants immediately

Insight / Travel boss banned over £400K unexplained payments

The director of a Chatham-based travel agency has been banned for seven years after a lack of accounts meant it was not possible to explain thousands of pounds worth of company payments

Tax / Disincorporation pros and cons: limited company versus sole trader

Stephen Relf ACA CTA examines the pros and cons of setting up a limited company versus operating as a sole trader, and assesses the critical tax compliance issues when planning a disincorporation

Insight / Pub landlord banned for £7m tax inaccuracies

A pub landlord who operated several pubs and bars across Nottingham and Derby has been banned for 11 years, after causing his company to submit inaccurate documents to tax authorities, with some £7m of tax owing

Accounting / Accountancy bodies ramp up anti money laundering oversight

Regulatory bodies, including HMRC, ICAEW and ACCA, have identified 42 businesses as having potential compliance failings in customer checks, record keeping and identifying risk

Insight / FCA warning as online investment scams triple

Reports of cryptoassets and forex investment scams more than tripled last year, with victims losing over £27m in total in 2018/19, warns the Financial Conduct Authority (FCA) and Action Fraud

Insight / Millennial workers show limited loyalty to employers

Economic and political pessimism among 17-36 year-olds is widespread, and businesses need to do more to keep the younger generation engaged with the workplace as only half plan to stay with employers for maximum two years, Deloitte research has found

Accounting / Recovering cryptoassets after business insolvency

Thomas Hulme, cryptoasset specialist at law firm Mackrell Turner Garrett, examines the rules of insolvency and cryptoassets, and how creditors can recover money from an insolvent person or business’s digital wallet
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