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 / Accountants and law firms pay £19.1bn in taxes

The UK’s accountancy and legal firms paid £19.1bn in taxes in 2018, a 6.8% rise in their total tax contribution compared to two years ago, according to a report from TheCityUK

Tax / Accounting for VAT adjustments when prices change

HMRC has updated the accounting rules for adjustments to VAT when there are increases or reductions in the price of goods or services, set to come into effect in September

Insight / Quarterly company insolvencies fall in Q2

Despite a number of high profile insolvencies hitting the headlines, the number of companies entering administration in England and Wales fell during the second quarter of this year

Insight / Regulatory framework for financial services out for review

The Treasury has announced the first phase of a review into the future regulatory framework for financial services, starting with a three-month consultation looking at how co-ordination between regulatory authorities could be improved only months before potential Brexit departure

Audit / HMRC chief Thompson quits in move to head audit regulator

Sir Jon Thompson is to leave the top post at HMRC after just three years to take on the role of chief executive at the troubled audit regulator, Financial Reporting Council (FRC)

Insight / One in five FTSE 100 CEOs is an accountant

Having an accountancy qualification or holding a masters of business administration (MBA) are the two most common routes to the top roles in the UK’s largest companies, according to a survey from recruitment specialist Robert Half

Insight / OBR warns of breakdown in fiscal discipline, recession risk

The Office for Budget Responsibility (OBR) has warned that a no-deal Brexit could see public borrowing doubling to some £60m next year, with the risk of recession increasing sharply

Tax / HMRC in-house digital spend hits £73m

Revenue and Customs Digital Technology Services (RCDTS) Ltd, the not-for-profit company set up by HMRC in the wake of the decision to end the outsourced Aspire commercial contract, reported income of £73.7m last year, up from £59.8m the year before

Tax / UK multinationals to challenge EU on CFC rules

Over a dozen companies, including BT, Vodafone and GlaxoSmithKline are set to challenge an EU ruling which found that elements of the UK’s controlled foreign company (CFC) regime breach the rules on state aid

Insight / EU starts antitrust inquiry into Amazon use of retailer data

The European Commission has opened a formal antitrust investigation to assess whether Amazon's use of sensitive data from independent retailers who sell on its marketplace is in breach of EU competition rules

Insight / Household name companies shamed over late payments

Eighteen companies – including BT, British American Tobacco, and Centrica – have been suspended from the Prompt Payment Code (PPC) for failing to pay suppliers on time

Insight / Regulator probes Sheffield educational charity’s finances

The Charity Commission has opened a statutory inquiry into educational charity Avicenna Global due to concerns over potential misconduct and mismanagement at the Sheffield-based charity

Insight / Global fraud costs balloon to £3.89 trillion

Fraud is costing businesses and individuals in the UK £130bn each year, while the cost to the global economy is put at £3.89 trillion, with losses rising by 56% in the past decade

Insight / Haines Watts’ acquisition policy sees 13% rise in revenues

Top twenty firm Haines Watts has reported turnover of £96m for the year, up from £84m, recording a 13% hike in revenues  from both organic growth and an active acquisition strategy

Insight / Pension scheme negligence lands insurance boss seven-year ban

An insurance boss who caused his company to be negligent in its responsibilities while administering a pension scheme has been banned for seven years, after concerns were raised about some £13m of members’ funds
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