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

Insight / Interim manager appointed at charity under investigation

The Charity Commission has appointed Adam Stephens, partner at Smith and Williamson, as interim manager to Aid Convoy, which is facing a statutory inquiry into its finances

Audit / Mamas & Papas sold in pre-pack administration

Babycare retailer Mamas & Papas has been sold in a pre-pack administration handled by Deloitte, with the assets bought back by its owner Bluegem Capital partners as creditors lose out

Insight / Pension savers face increased risk from scammers

People with degree-level education are more a risk of falling victim to a pension scam than others, claims the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR)

Tax / EU plans overhaul of cross-border VAT rules

The EU is set to tighten VAT rules to improve fraud detection in cross-border e-commerce transactions and simplify requirements for SMEs

Tax / OECD consults on global tax rules to stop profit shifting

The OECD is consulting on its global anti-base erosion (GloBE) proposal which is designed to prevent multinationals from profit shifting, by developing rules which would effectively create a minimum tax rate worldwide

Insight / Lack of gender diversity sees business missing out

Deloitte and PwC are backing calls for increased gender diversity at board level although women still account for less than one in five partners 

Tax / SARs stop £131m money laundering

Criminals have been prevented from accessing £131.7m in the past year, as the number of defence against money laundering (DAML) requests rose sharply, the National Crime Agency (NCA) says

Insight / Xero sees 51% increase in UK accounting software business

Cloud accounting software specialist Xero has reported a 51% hike in both UK revenues and customers in the last six months, citing HMRC’s Making Tax Digital as a factor in its growth

Tax / Higgins wins Court of Appeal case over CGT on property sale

The Court of Appeal has ruled that the ‘period of ownership’ for principal private residence (PPR) relief from capital gains tax (CGT) begins when the property purchase is completed, not from exchange, in a ruling which overturns a previous tribunal finding in HMRC’s favour

Audit / Wirecard widens scope of KPMG audit

Wirecard has extended the scope of a KPMG independent audit as it seeks to end speculation it has manipulated its accounts, the German digital payments specialist has reported

Accounting / FRC tells companies to improve IFRS 16 Leases disclosures

Companies applying the new standard on lease accounting are not providing sufficient information on its impact, according to the Financial Reporting Council’s (FRC) review of the first year of implementation of IFRS 16 Leases

Accounting / Nikkei hit by $29m transfer fraud

Japanese media giant Nikkei, which owns the Financial Times, has admitted it has been the victim of a $29m (£22.4m) money transfer fraud

Insight / PwC to wind down Mothercare stores in administration

PwC has been confirmed as handling the administration of babycare retailer Mothercare and has announced a phased closure of all the UK stores, putting over 2.500 jobs at risk

Accounting / 10-year ban for ex-BHS director Dominic Chappell

Former BHS director Dominic Chappell has been disqualified for 10 years, and his father given a five-year ban, following an Insolvency Service investigation into a series of financial dealings involving the retail chain

Insight / Consultation on plans to simplify pension statements

The Department for Work and Pensions (DWP) is planning to review the way annual benefit statements for workplace pensions are written to make them easier to understand
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