Practice & Industry

Tax / HMRC targets ultra-rich £700bn assets

HMRC has set up a specialist team to probe the tax affairs of ultra-high net worth individuals, as it extends efforts to crackdown on possible tax avoidance by some of the UK’s wealthiest families

Insight / FTSE shareholder dissent over exec pay rises

Rising shareholder dissent hit a quarter of the FTSE all share companies last year, with high levels of executive pay and director re-election topping the list of concerns

Insight / Johnson to reduce business council network

A number of business leaders could lose their government advisory roles as Downing Street plans to downsize committee numbers on the business council network

Tax / Entrepreneurs’ relief should support start-up not sell-up

Entrepreneurs’ relief should be reshaped to inspire budding entrepreneurs rather than acting as a way to top up pension pots, argues Phil Hall, head of public affairs, AAT

Insight / Women FDs fail to break glass ceiling at FTSE 100

A third of all board positions in FTSE 100 are now held by women, but female representation in senior executive roles is lagging with only 15% of finance directors at top UK companies being women

Insight / Succession planning: how to plan for order, not chaos

Succession planning is vital in any finance team where the future viability of a business can rest on a poor decision. Matt Weston, managing director of Robert Half UK, sets out the key steps

Tax / EU blacklists Cayman Islands as tax haven

The Cayman Islands has been put on an EU blacklist of tax havens, the first UK overseas territory to be named and shamed for failing to crack down on tax abuse

Insight / Administration rolls up Axminster Carpets

The Devon-based firm has fallen into insolvency for the second time in seven years with the loss of around 80 jobs

Audit / FRC to scrutinise climate change reporting

The Financial Reporting Council (FRC) is to conduct a major review of how companies and auditors assess and report on the impact of climate change

Insight / Makers of Guinness fined $5m over US disclosure failures

Diageo, the UK-based alcohol producer whose brands include Guinness, Baileys, Smirnoff and Johnny Walker, has been fined $5m (£3.88m) by the Securities and Exchange Commission (SEC)

Insight / US and China slowest to pay invoices

Nearly half of UK companies are paid late with worst offenders US and China paying past the average 45-day payment terms

Tax / Financial support for flood-hit areas released

The government has made thousands of pounds available to areas affected by storms Dennis and Ciara with over 100 flood warnings still in place

Insight / Points-based immigration system to prioritise most skilled

The government is to bring in a points-based immigration system from the start of next year, which will give priority to highly-skilled workers but will not offer a general low-skilled or temporary work route, raising concerns about the potential impact on the labour pool

Audit / EXCLUSIVE Interview with Sir Jon Thompson, CEO, Financial Reporting Council

Five months into his job as head of the Financial Reporting Council (FRC), Sir Jon Thompson sets out his vision for the future of the audit regulator, the challenges of reforming the market from joint audits to splitting up the Big Four and the timetable for the new Audit, Reporting and Governance Authority (ARGA). Sara White reports

Insight / BDO picks up Wincanton audit from KPMG

Listed logistics management specialist Wincanton has ended a 20-year relationship with KPMG and appointed BDO as its external auditor following the conclusion of a formal competitive tender process