Kevin Reed

Kevin Reed is a freelance business and accounting writer. He is the former editor in chief of Accountancy Age.

Accounting / Shohet: why accountancy firm rankings matter

Climbing the accountancy league table is a serious business, but the overall pattern of movement suggests an existential threat to the practice community, write Foulger Underwood’s Phil Shohet and Kevin Reed

Insight / Lincoln accountant bankrupt after selling firm

A Lincoln accountant, whose firm was placed into administration in February 2017 and later sold to another local practice, has been made bankrupt

Insight / SFP secures sale of insolvent carpentry business

An insolvent carpentry business in Ramsgate has been sold by administrators from SFP, saving all jobs

Insight / Christian charity dissolved after breaching accounts filing

A charity set up to advance the Christian faith through evangelism and teaching has been removed from the register of charities after failing to submit accounting documents for two years, according to the Charity Commission

Tax / Cyber attack spread from Ukrainian tax software

A Ukrainian tax software company has denied that it was hacked and used to kick-start yesterday’s global cyber-attack

Tax / OECD looks to 'principled approach' for BEPS profits attribution

The OECD is looking to set global principles for attributing profits to a permanent establishment, a move away from a more prescriptive approach, as part of its Base Erosion and Profit Shifting (BEPS) project

Tax / HMRC sees 18% hike in taxpayer judicial reviews

HMRC was hauled up before a record 90 judicial reviews last year, compared to 42 in 2014, according to law firm RPC, as use of accelerated penalty notices (APNs) multiplies

Tax / HMRC clamps down on 'supply splitting' to avoid VAT

HMRC has issued a ‘spotlight’ after it has become aware of attempts to avoid VAT by splitting a single supply of goods or services into separate supplies, warning that the schemes do not work and it will investigate anyone who uses one

Accounting / IASB reviews financial guarantees under IFRS for SMEs standard

The International Accounting Standards Board (IASB) has issued draft guidance for consultation for the IFRS for SMEs standard about the treatment of financial guarantees issued by a parent company in their financial statements

Tax / OTS to focus on digital and gig economy after first annual report

The Office of Tax Simplification (OTS) has released its first annual report, stating that digitisation of the tax administration means its remit ‘has never been more important’

Tax / Complex cases push down HMRC's tax investigation yield

HMRC’s yield from investigations has fallen 10%, from £73 for every £1 spent in 2014/15 to £66 in 2015/16, according to law firm Pinsent Masons

Insight / PSC regime updated as EU money laundering rules come into effect

Accountants will need to carry out more stringent checks into clients and financiers and face new company ‘rightholder’ rules as the Fourth Money Laundering Directive (4MLD) comes into force

Insight / NAO slams government over ‘risky’ and ‘expensive’ Hinkley project

The government’s deal to construct nuclear power station Hinkley Point C has locked the public into a ‘risky and expensive project with uncertain strategic and economic benefits’, according to National Audit Office (NAO) head Amyas Morse

Insight / Arthur Andersen & Co heading to court

US firm Andersen Tax and its CEO Mark Vorsatz could face the French courts, after a summons was issued against it by French firm Arthur Andersen & Co, alleging its rival has committed forgery to stake claim to ‘Andersen’

Tax / Individuals' tax relief required for Making Tax Digital software costs

Failing to provide tax relief for individual taxpayers buying Making Tax Digital software is ‘manifestly unjust’, according to RSM senior tax partner George Bull, as tax relief will be made available to businesses