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 / 75% of accountants want well-being support at work

Almost half of accountants believe their employer is not doing enough to help employees deal with work-related stress, anxiety and other mental health issues, and 58% believe the government should be doing more to promote wellbeing, according to a study by healthcare provider Westfield Health

Tax / Late tax form returners risk daily charges

Anyone who has yet to submit their 2016/17 self-assessment tax return form is being urged to do so before the end of this month to avoid daily penalties of £10 accruing

Tax / HMRC passes 10m robot transactions total

HMRC has announced what it is calling a major milestone in its modernisation programme, having now processed 10m transactions using robots since 2015, a development which the department says has improved efficiency and customer experience

Insight / False contracts fraudster ordered to pay £195k

A former finance director who was given a ten-year jail sentence for his role in a £160m financing fraud has been ordered to pay a confiscation order of £194,343 in full within three months or a default sentence of two years will be activated

Accounting / IESBA consults on 2019-2023 strategy and work plan

The International Ethics Standards Board for Accountants (IESBA) is consulting on its proposed strategy and work plan covering the next five years, which will see the regulator leverage its completely rewritten and enhanced code of ethics 

Tax / Updated directors’ loan accounts agent toolkit available

HMRC has published the directors’ loan accounts agent toolkit for 2017-18, which is aimed at helping and supporting tax agents and advisers by providing guidance on errors that commonly occur in relation to directors’ loan accounts

Insight / Retail sector profit warnings hit seven-year high

UK quoted companies issued 73 profit warnings in Q1 2018, two fewer than the same quarter of 2017 and 10% less than the previous quarter, but warnings from the beleaguered retail sector hitting a seven-year high, according to research by EY which says companies need to adapt to a new economy to survive

Tax / HMRC updates tax-free inherited imports appeals guidance

HMRC has issued an update to the notice explaining how to import inherited goods into the UK free of duty and VAT, with changes to the section detailing what to do if an individual does not agree with a HMRC decision

Insight / High Court judgment shines light on shadow directors

The High Court has handed down judgment in a complex case involving the role of the former directors and their professional advisers in a company called Instant Access Properties Ltd (IAP), which has shed light on the issues of what fiduciary duties are owed by shadow directors

Tax / HMRC publishes guidance on online security vulnerabilities

HMRC has published guidance alerting taxpayers to what they should do if they identify a security vulnerability in an HMRC online service

Insight / FDs need to re-assess pension accounting compliance

Finance directors are being urged to look at how recent changes to pension regulations are impacting accounting costs, after research from pensions consultancy Xafinity Punter revealed that new pension freedoms could cost UK companies £25bn

Insight / EY signs global tax deal with AIG

EY has announced a global tax compliance and technology operating agreement with financial services and insurance multinational AIG that involves a combination of managed tax services and the transfer of select AIG employees to EY

Accounting / FRC’s Lab to report on implementation impact

The Financial Reporting Council’s (FRC’s) financial reporting lab is carrying out an implementation study on how practice has changed as a result of its work on corporate reporting, and will reveal its findings at its conference in London in June

Insight / Gender diversity challenge to 10% of FTSE 350

A total of 35 FTSE 350 companies, including 14 in the FTSE 100, have been singled out for their low level of female representation at leadership level and challenged to make changes in an initiative led by the Investment Association (IA) and the Hampton-Alexander Review

Insight / Call to end 40% flat rate pension relief

The Royal Society of the Arts (RSA) is calling for a new approach to pensions relief to offer more support for lower earners and the self employed, saying that three quarters of workers would be better off if the government introduced a 30% flat rate