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 / HMRC extends deadline for taxation of trust consultation

HMRC has extended the deadline for responses to its consultation on the taxation of trusts by a month, with feedback now welcomed up to 28 February

Accounting / NAO flags concerns over health of NHS finances

The National Audit Office (NAO) warns that the current funding model for the NHS is not sustainable, despite the government’s pledge of an additional £20.5bn cash boost, because of the existence of substantial deficits in some parts of the system and the continued failure to hit performance targets

Tax / UK agreement with Israel cuts dividend tax

The UK has signed a new Israel tax agreement to update the double taxation convention (DTC) with the country, offering reduced dividend tax rates for inward investors

Insight / KPMG expands Asia Pacific legal services

KPMG has launched a law firm in Hong Kong and is to open another in Shanghai later in the year as part of moves to expand its legal capabilities in Asia Pacific

Insight / SEC brings charges over $4m data hack

The Securities and Exchange Commission (SEC) is charging nine defendants who hacked into the regulator’s electronic data gathering, analysis, and retrieval (EDGAR) system and extracted non-public information to use for $4m (£3.09m) of illegal trading

Insight / EY administrators to plant hire group

Sam Woodward, Alex Williams and Hunter Kelly of EY’s restructuring team have been appointed joint administrators of plant hire company, Hawk Plant (UK) Ltd and subsidiaries, which has collapsed, putting over 400 jobs at risk

Tax / HMRC loses £300k chocolate brownie VAT case

HMRC has lost a case involving the VAT status of a ‘raw chocolate brownie’ containing no egg, dairy or gluten but which a First Tier Tribunal (FTT) has ruled is a cake and not a chocolate bar, and should therefore be zero-rated, opening the way for manufacturer Pulsin’ to reclaim £300,000 in tax

Insight / Corporates boost compliance teams and technology

Over half (55%) of corporates have increased the size of their compliance teams in response to the mounting regulatory pressures that have emerged over the last five years, according to a study from Intertrust

Tax / Lords committee calls for single inflation measure

The government should stop ‘index shopping’ when it calculates inflation, address known errors in the retail prices index (RPI) calculation, and move to a single general measure of inflation in the next five years in order to eliminate unfairness, a House of Lords select committee has advised

Insight / Takeaway boss picks up second director ban

The boss of Asian-style takeaway in Cardiff has picked up a second disqualification after being caught running the business when he had already been banned for failing to pay significant amounts of tax

Accounting / EFRAG consults on IFRS 3 amendments

The European Financial Reporting Advisory Group (EFRAG) has issued a draft endorsement advice letter relating to the endorsement for use in the EU of Definition of a Business (Amendments to IFRS 3 Business Combinations).

Insight / Football clubs drive profits with brand focus

Top European football clubs are growing their operating revenues primarily by expanding their commercial activities, despite higher staff costs, according to analysis from KPMG which suggests clubs are positioning themselves as entertainment brands as much as sporting teams

Accounting / KPMG advises Patisserie Valerie on ‘devastating’ fraud

Troubled high street café chain Patisserie Valerie has called in KPMG to help the company consider its options, after investigations found the accounting misstatements identified in October are much larger than originally estimated, with evidence of ‘devastating’ fraud and deliberate manipulation

Tax / Welsh income tax will track rUK rates

Using its devolved powers for the first time, the National Assembly for Wales has agreed the proposed Welsh rates of income tax for 2019-20, which means there will be no change to overall income tax rates for taxpayers in Wales in the coming financial year

Insight / Historic defeat risks no-deal Brexit

With 10 weeks to go before the UK is scheduled to leave the EU the Prime Minister’s failure to win approval for the terms of her withdrawal agreement by a 230-vote margin, the worst government defeat in British history, has heightened the uncertainty businesses face
Subscribe