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

Accounting / Volkswagen profits dip 3.6% after adopting IFRS 9

Automotive giant Volkswagen is the latest company to report a dip in profits in the first quarter of the year as a result of switching to a new IFRS 9 Leases to report derivatives

Insight / Charity Commission calls for counter-fraud culture

The Charity Commission is urging charities to ensure staff maintain tight financial controls and challenge any concerning behaviour, after a study found lack of internal oversight, and placing excessive trust or responsibility in individuals, contributed to 70% of insider frauds

Insight / VAT fraud ends in jail for party boss

A North East businesswoman who forged invoices as part of a £87,000 VAT fraud involving her party businesses, has been jailed for failing to comply with an order to repay the money

Insight / Third more businesses in financial distress since Brexit triggered

There has been a 33% hike in UK businesses reporting ‘significant’ financial distress since Article 50 was triggered a little over a year ago, with increased levels of financial distress being seen across all sectors and regions of the UK, according to research by Begbies Traynor

Tax / Online marketplaces to sign agreement tackling VAT fraud

HMRC wants all online marketplaces operating in the UK to sign an agreement to ensure their sellers understand the tax rules and to help tackle online VAT fraud and errors taking place on their platforms, with estimates suggesting a tax loss of between £1bn and £1.5bn in 2016 to 2017

Insight / 38% of global business execs say corruption prevalent

Increased enforcement activity and the introduction of new corporate criminal liability laws have failed to dent the scale of bribery and corruption globally, which has shown no improvement since 2012, according to research by EY

Insight / Pensions regulator to take pub chain to court

The Pensions Regulator (TPR) has announced it is to prosecute the pub chain Samuel Smith Old Brewery (Tadcaster) and company chairman Humphrey Smith for failing to provide information and documents required for an ongoing TPR investigation

Insight / Yahoo fined $35m for failing to disclose cybersecurity breach

Web services provider Yahoo has been fined $35m (£16.5m) by the US Securities and Exchange Commission (SEC) to settle charges that it misled investors by failing to disclose one of the world’s largest data breaches in which hackers stole personal data relating to hundreds of millions of user accounts

Insight / KPMG expands alliance with AI specialist

KPMG is to expand its global alliance with software development platform provider Appian in a push to create artificial intelligence (AI) services which improve business decision-making and compliance

Insight / IT director given jail sentence for £190K VAT fraud

An IT company director who made more than £190,000 of fraudulent VAT claims has been jailed for three years following an HMRC investigation

Audit / Global securities regulator consults on audit committee good practice

The board of the International Organization of Securities Commissions (IOSCO), the global standard setter for securities regulation, is seeking feedback on its proposed good practices to assist audit committees in supporting audit quality

Tax / OECD addresses excessive interest rate deduction by mining multinationals

The OECD is inviting feedback on a draft practice note designed to help tax authorities in developing countries address profit shifting from their mining sectors via excessive interest deductions by multinationals

Insight / Catax extends R&D tax services to Scotland

Specialist R&D tax relief firm Catax is to open a Scottish office in Edinburgh as part of plans to increase focus north of the border and treble the company’s size by 2021

Tax / HMRC warning on sugar tax registration deadline

HMRC is reminding soft drinks businesses that they have only a few days left to meet the 30 April 2018 registration deadline for the soft drinks industry levy (SDIL) or ‘sugar tax’

Insight / EU plans to strengthen whistleblower protection

In the wake of scandals such as the Panama Papers, the European Commission is proposing a new law to strengthen whistleblower protection to ensure safe channels for reporting concerns over unlawful activities, financial irregularities and governance failures both within an organisation and to public authorities