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 / BBC presenters lose in IR35 ‘chaos’

HMRC has won a First Tier Tribunal (FTT) case concerning the employment status of three BBC presenters who used personal service companies (PSCs), in an IR35 ruling involving over £300,000 in tax which threatens to add to the ‘chaos’ around how the employment rules should be applied

Tax / Amendments to rules on ‘UK property rich’ collective investment vehicles

HMRC is consulting on draft amendments to legislation about the taxation of UK property rich collective investment vehicles and their investors, which are designed to ensure the new rules work as intended

Tax / Ireland loses €10m aluminium EU state aid tax argument

Ireland and Italy have lost a lengthy battle to overturn an EU demand for the recovery of millions of euros in taxes from two aluminium metal manufacturers, following a judgment that a tax exemption amounted to illegal state aid

Insight / Restaurant bosses banned for cooking the tax books

Two restaurateurs from Glasgow have been banned for a total of 17 years for failing to pay HMRC more than £4m in taxes owed from a string of businesses

Insight / Smith & Williamson signs £1.8bn merger with wealth manager Tilney

Top 10 fund management and accounting firm Smith & Williamson has confirmed it is merging with Tilney in a £1.8bn deal to create an integrated group combining wealth management and professional services

Tax / US regulator slams Prudential over $200m tax reorganisation

Two US subsidiaries of financial services giant Prudential Financial have been censured by the US Securities and Exchange Commission (SEC) for failing to disclose conflicts of interest and making misleading disclosures, after they were reorganised so that Prudential received over $200m (£160m) in tax benefits to the detriment of funds they advised

Accounting / EFRAG launches crypto-assets research to tighten accounting rules

The European Financial Reporting Advisory Group (EFRAG) is seeking input from crypto-assets experts, as part of a research project looking to address current gaps in accounting standards

Audit / Quality of local authority audit under review

Practitioners who work in the local government sector and audit community are being urged to contribute to the government’s independent Redmond review into the quality and effectiveness of local authority audit

Tax / EU tax demand for €13bn from Apple ‘defies reality’

IT giant Apple and the Irish government are at the EU general court this week, challenging a ruling that the company should pay €13bn (£11.5bn) in back taxes

Insight / Accountant jailed for £140k fraud at family-run business

A former accountant at a family-owned business in London who fraudulently transferred more than £140,000 worth of payments to her personal account has been jailed after her champagne lifestyle aroused suspicions

Accounting / Regulator and government ramp up Brexit advice

With six weeks until the Halloween deadline for Brexit, the Financial Reporting Council (FRC) has written to audit committee chairs and finance directors setting out actions companies should consider in advance of the UK’s exit from the EU

Tax / Mazars USA ordered to hand over Trump tax returns

Mazars USA has been issued with a court subpoena requiring the firm to supply details of Donald Trump’s personal and business tax returns covering an eight year period, in the latest stage in a lengthy legal battle to obtain information about the president’s tax affairs

Tax / Amendments to new rules on taxation of hybrid capital instruments

The government has published details of amendments to new rules on the taxation of hybrid capital instruments, which are designed to ensure they work as intended for instruments with a takeover or change of control clause

Insight / Jailed boss to repay £300K tax fraud or do extra time

A jailed airport car park boss must repay almost £300,000 deducted from employees under PAYE but never paid to HMRC, or face another three years behind bars, a court has ordered

Tax / Chancellor warned over Treasury insolvency ‘cash grab’

Leading business groups and insolvency experts have written to the Chancellor to warn that plans to prioritise repayments to HMRC over repayments to other creditors in insolvencies ‘will have serious consequences for the UK economy’