Pat Sweet

Pat Sweet

Pat Sweet is online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, published by Croner-i, covering news stories as they happen each day. With a background in specialist business publications, Pat covers tax, audit and accounting, as well as management consultancy and IT, and is now focused primarily on developments in the accounting and finance markets. Contact Pat Sweet

Tax / OTS proposes PAYE for online platform gig workers

The Office of Tax Simplification (OTS) is suggesting the introduction of a PAYE option for online platform workers, which would see operators such as Deliveroo or Uber deducting tax from their earnings and thereby taking responsibility for fulfilling the tax obligations of their workers

Insight / Builder disqualified over hidden sales and VAT loss

The director of a West Midlands construction company has been disqualified for seven years after he failed to declare all the company’s sales income, resulting in an under-payment of VAT totalling over £200,000

Audit / KPMG in banking regulator’s spotlight

The Prudential Regulation Authority (PRA) is believed to have held discussions with financial institutions and other regulators over potential risks to KPMG’s business, following the firm’s string of problems in South Africa and challenges to its auditing of collapsed outsourcer Carillion

Tax / Increased transparency requirements put tax functions under pressure

Tax and finance functions are struggling to keep up with digital advances, a push towards transparency and global reforms of the international tax system, according to a survey conducted by EY

Insight / Administrators grill Gaucho steak chain

Matthew Smith and Robert Harding, partners from Deloitte, have been appointed joint administrators of Gaucho Grill Ltd, Gioma (UK) Limited and Cau Restaurants Ltd, the operators of a chain of restaurants specialising in Argentinian steaks which has collapsed, putting over 1,200 jobs at risk

Tax / Record £850m of tax reliefs claimed by creative sector

TV hit ‘Peaky Blinders’ and Gary Oldman’s portrayal of Winston Churchill in the film ‘Darkest Hour’ are just two of dozens of examples from Britain’s world-leading creative sector to have benefited from over £850m of tax breaks in the last year, according to the latest HMRC statistics

Tax / Armed forces to be compensated for Scottish tax differential

The Ministry of Defence (MOD) is to compensate thousands of military personnel based in Scotland against being left out of pocket because of differences between the Scottish tax regime and that used elsewhere in the UK, with top-up payments to be made each year

Accounting / Streamlined energy and carbon reporting to be mandatory

Large companies will be required to adopt a streamlined energy and carbon reporting (SECR) framework from April 2019 which will see them include details of energy use, carbon emissions and their energy efficiency measures in their annual report, as part of the government’s drive for business and industry to cut energy use by at least 20% by 2030

Insight / Charity ex-trustees disqualified over financial mismanagement

Two former trustees, one of whom was an accountant, have been disqualified following a joint agency investigation and a Charity Commission inquiry which found serious misconduct and mismanagement in the charities they were running

Insight / Deloitte creates Asia Pacific firm

Deloitte is to create a new entity, Deloitte Asia Pacific, bringing together its geographies in Australia, China, Japan, New Zealand and Southeast Asia, with the aim of increasing its services and presence in the region, which it says is the fastest-growing area of its network

Insight / BDO South Africa to merge with Grant Thornton

BDO South Africa has announced it is to merge with Grant Thornton Johannesburg, with the aim of creating the country’s leading mid-tier audit firm

Insight / Tax fraudster to pay £67K or face two more years in jail

A Gloucester security services company director, who was jailed for a £497,000 tax fraud, must pay back £67,424 or face another two years in jail and still owe the money

Tax / HMRC guidance on disguised remuneration scheme loan charges

HMRC has issued guidance on disguised remuneration schemes, whereby loans are paid instead of ordinary income to avoid income tax and National Insurance contributions (NICs), with users of such tax avoidance schemes now facing charges if they have not repaid their loan or agreement settlement by 5 April 2019

Insight / Government wins vote on leaving customs union

In a tense evening of voting, the government has seen off attempts to alter its agreed post-Brexit trade strategy, with the defeat of an amendment which sought to insist the UK should be forced to join a customs union with the EU if no agreement were reached on frictionless trade by 21 January 2019

Accounting / Global insurers see costs of IFRS 17 implementation balloon

Global insurers have significantly underestimated the costs of moving toward a new accounting regulation, IFRS 17 Insurance Contracts, with more than a third now budgeting over €50m (£44.2m) for implementation, according to research from Deloitte