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 / IASB amends IAS 1 to clarify debt classification

The International Accounting Standards Board (IASB) has issued limited amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current, to promote greater consistency

Insight / FCA wants rethink on Smith & Williamson merger with Tilney

Smith & Williamson’s plans to merge with wealth manager Tilney in a £1.8bn deal have hit problems, with the Financial Conduct Authority (FCA) identifying ‘a number of issues’ with the proposed structure

Tax / Over three million still to submit tax returns

More than three million taxpayers are yet to send in their 2018-19 tax returns and have just one week left to the 31 January deadline, HMRC warns

Tax / Fast food boss banned for accounting failure

The director of a Walsall takeaway has been disqualified by the courts for seven years after the Insolvency Service found he had failed to maintain accounting records 

Insight / Slow progress on gender pay equality at top of HMRC

HMRC and the Treasury are making slow progress towards meeting the Civil Service’s ambition to become the UK’s most inclusive employer by 2020, according to the latest gender pay gap reporting

Insight / Value of fraud cases exceeds £1bn in UK courts

The number of insider fraud cases involving businesses has more than doubled in the last year, according to figures from KPMG

Insight / Search begins for OBR chair to replace Robert Chote

The Chancellor has launched the process to appoint the next chair of the Office for Budget Responsibility (OBR), the body which provides independent economic forecasts and independent analysis of public finances for the government

Tax / Taxman to invest £100k in tracking tool to curb crypto asset crime

HMRC is ramping up the technology it uses to track investors in cryptoasset transactions using blockchain, with plans to buy a software analysis tool

Insight / Nexia network revenue hits £3.3bn

Accounting network Nexia International saw a 7% rise in revenues last year, with total fee income of more than $4.3bn (£3.3bn)

Tax / Framework for UK/EU double taxation dispute resolution

HMRC has outlined proposals for new regulations designed to provide a more efficient framework for the resolution of double taxation disputes arising between the UK and other member states post-Brexit

Accounting / Ted Baker inventory error swells to £58m

Fashion retailer Ted Baker has revealed its inventory has been overstated by £58m, following an independent review by Deloitte, almost three times the amount originally estimated

Tax / HMRC opens 300,762 self assessment investigations

Taxpayers who have yet to file before the January 31 deadline are being warned to make sure their information is accurate, despite the tight deadline, as HMRC opened over 300,000 investigations into self assessment tax returns in the last year

Accounting / Dixons Carphone admits ‘clerical error’ in trading update

FTSE 250 electronics retailer Dixons Carphone has been left red-faced after being forced to issue a correction to its latest trading update, explaining its sales had decreased and not increased as it originally reported

Insight / FS firms pause post-Brexit relocation plans

With 10 days to go until the UK officially leaves the EU, financial services firms have gone quiet on relocation announcements, and are focusing instead on the nature of post Brexit relationships, according to research from EY

Tax / US and France negotiate digital tax agreement

There are signs that France and the US are looking for a way to end their dispute over French plans to introduce a digital tax, which has seen the US threaten retaliatory tariffs on French products