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.

Tax / Coronavirus: essential updates for accountants, tax advisers and auditors

To assist accountants, tax advisers and auditors in dealing with the coronavirus crisis, all our related covid-19 coverage will be available here as soon as new announcements are made, plus expert analysis

Tax / Tax reform back on agenda in wake of Covid-19

Post-pandemic fallout could see government grasping for tax reforms, but questions remain over how to create a system that is fair, simple and certain, writes Philip Smith

Audit / Scrutiny suffers as AGMs and directors move behind closed doors

Shareholders have been effectively locked out of their annual opportunity to hold directors accountable for the previous year’s financial performance, analysis by Philip Smith

Accounting / Covid-19: how to manage financial year end work

Accountancy firms and their clients are having to adopt alternative working methods to deal with financial year end requirements, relying on virtual meetings and IT solutions to meet deadlines in light of covid-19. Philip Smith reports 

Tax / HMRC loses latest round of £1bn Zipvit VAT case at Supreme Court

With £1bn at stake in disputed VAT, the Zipvit VAT case over whether a mail order trader is entitled to make input VAT deductions, could have far reaching implications for online businesses now it is heading to the EU Court of Justice. Philip Smith reports

Insight / Quantuma acquires insolvency specialist Bell Advisory

The acquisition of Bell Advisory marks Top 75 firm’s second deal in a month as Quantuma continues on acquisition trail

Insight / Covid-19: confusion over private school fees and lockdown closures

Parents with children in private schools are increasingly concerned about whether fees are going to be cut as schools remain closed under the lockdown rules, which have been extended for a further three weeks until Thursday 7 May, reports Philip Smith 

Insight / Covid-19: what's the exit strategy?

As accountancy firms adapt to the new way of working under the lockdown, there is growing concern about the lack of a government exit strategy. Philip Smith talks to a selection of accountancy firms about remote working, staff wellbeing and crises of conscious over whether to take the furlough aid

Insight / EY snaps up boutique R&D tax specialist

Big Four firm EY has acquired Breakthrough Funding Ltd, a 20-strong research and development (R&D) tax specialist for the SME sector based in Kent

Insight / Covid-19: Bank of England to extend government overdraft

The Bank of England has agreed to provide the Treasury with an unlimited Ways & Means overdraft to temporarily extend the government’s overdraft facility to help with  cashflow caused by emergency funding requirements

Accounting / IASB consults on IFRS 9 amendments related to IBOR reforms

The International Accounting Standards Board (IASB) is planning to amend three key accounting standards - IFRS 9 Financial Instruments, IFRS 16 Leases and the not yet issued IFRS 17 Insurance Contracts - as a result of proposed interbank lending rate (IBOR) reforms

Accounting / Covid-19: insurers split over demand to delay dividend payments

Aviva, RSA, Direct Line and Hiscox have scrapped plans to pay dividends as the Bank of England’s Prudential Regulation Authority (PRA) puts pressure on insurers to protect policyholders, but some insurers have refused to halt payouts, reports Philip Smith

Audit / Corporate governance for private companies: Wates principles

A spate of corporate failures at large private companies has resulted in the creation of the mandatory Wates Principles to improve transparency on ownership and governance. Philip Smith assesses the impact on corporate reporting, intensified by the covid-19 pandemic

Insight / Betting group loses new finance chief before he starts

FTSE 250 betting and gaming group William Hill is hunting for a new finance chief after Adrian Marsh, group finance director of packaging group DS Smith, said he would now be staying at DS Smith’s rather than join William Hill due to covid-19 crisis

Insight / £3.5bn of dividends slashed off FTSE 100

A growing number of listed companies are taking an axe to their dividends for the latest financial year amid a dash to shore up balance sheets, reports Philip Smith