Philip Smith

Philip Smith

Philip Smith is contributing editor at Accountancy Daily and a freelance journalist specialising in accountancy and tax matters. He is a regular contributor to Accountancy, providing indepth analysis and research on FTSE audits and accounting practices. Before embarking on a freelance career he worked as a senior media relations manager for EY and KPMG.

Audit / FTSE 100 Auditors Survey 2019

Big Four firms now have total domination of the FTSE 100 audit market as mid-tier presence is squeezed out of the market. Philip Smith analyses the £700m plus audit market, highlighting the risk of substantial audit fee price rises after year-one audit wins and the impact of second-cycle audit tendering on competition

Insight / Called to account: October 2019

In this month’s scandals, convictions and penalties, an accountant is jailed for a £140,000 fraud at a family engineering business, two Glaswegian restaurateurs banned over VAT scam, father and son sentenced in horse-box tax fraud and a foreign exchange business given a record fine for anti-money laundering rules breach

Tax / Tax updates: October 2019

In this month’s tax updates, three BBC presenters lose IR35 case, Apple tax demand ‘defies reality’, Glencore wins £51m transfer pricing appeal, HMRC does not understand small business, 120,000 miss MTD deadline, double NIC Brexit warning, and NHS pension tax consultation

Audit / Audit updates: October 2019

In this month’s audit updates, date set for Autonomy audit complaint hearing, charity regulator criticises audits, Grant Thornton loses FTSE 250 audit, FRC chair fears reforms will not address concerns while EY boss admits zero contingency planning, and NAO consults on local code update

Audit / FRC boss warns reforms ‘may not address expectations’

Audit watchdog increases enforcement team by 25% during preparations for move to more powerful Audit, Reporting and Governance Authority as outgoing chairman warns reviews may not address all stakeholder expectations  

Insight / People in the news: ex-KPMG partners, EY, Saffrey Champness, Baldwins

Career news this week includes two ex-KPMG partners who have set up deal advisory firm and an EY director who has joined the Chancellor’s team

Tax / Calls to suspend loan charge following PM’s revelation of a ‘thorough review’

Amid heated exchanges during Prime Minister’s Questions, Boris Johnson confirms review as MPs demand all loan charge settlements must be suspended until the results are known

Insight / Haulage boss and accountant jailed over tax fraud

An accountant at a haulage company has been jailed for three years while his boss received a 30-month sentence after lying about VAT, National Insurance Contribution and PAYE payments

Tax / OECD slams slowing tax reform progress

The pace of tax reforms has slowed across most leading economies and bolder tax reforms will be needed to address future challenges, according to a new OECD report

Tax / Tribunals force rethink on Scottish land tax penalties rules

An Upper Tribunal for Scotland ruling has highlighted administrative issues over the issue of penalty notices for Land and Buildings Transaction Tax late payments, but Revenue Scotland vows to continue charging daily penalties

Insight / Supercar-loving father and son sentenced for £1.5m horse box VAT scam

Lavish lifestyle of Ferraris and Aston Martins revealed as duo who hid money in bathroom safe are sentenced after investigation into a £1.5m VAT fraud

Tax / Taxpayers struggling to pay want ‘simplicity, flexibility and accessibility’

Research reveals taxpayers who are facing difficulties with their tax bills have little or no awareness of help options, but believe HMRC should do more to promote available support and make more use of YouTube

Audit / EY global chief admits ‘zero contingency’ for audit break up

Revealing record worldwide revenues of $36.4bn, Carmine Di Sibio has hit back at proposals in the UK for operational splits between the Big Four’s audit and consultancy practices

Tax / Chancellor adds extra £2bn public spending for Brexit

Sajid Javid has announced today extra cash for preparations ahead of the UK departure from the EU but raises fears over increased government borrowing

Insight / Forex business in record £7.8m money laundering fine ‘ignored regulations’

A west London money transmitter has been landed with a £7.8m penalty after it ignored anti-money laundering regulations following an HMRC investigation
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