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 / Restaurateur served up nine-year ban after hiding VAT from HMRC

A restaurateur behind Glasgow’s Cyan Restaurant has been disqualified for nine years after failing to pay a £195,000 VAT bill.

Accounting / HLB network signs up financial data analytics software firm

Mid-tier international accounting network HLB agrees strategic partnership with Inflo, a supplier of accounting data analytics, to provide improved and consistent service for clients around the world

Insight / Nine million middle aged employees ignorant over pension plans

Survey reveals shocking lack of understanding among mid-lifers over how much they need to retire in comfort or even how much they currently have saved in their pension plans

Insight / FRC appoints ex-EY risk partner as audit quality committee chair

Anne Whitaker becomes new chair of Financial Reporting Council’s audit quality review committee and joins conduct committee after David Cannon steps down

Tax / £16m ‘Brexit boost’ to fund thousands more customs agents

Government sets aside more funding to help businesses train staff to handle customs regulations after the UK leaves the EU, but business urged to apply early before funds run out

Audit / Grant Thornton loses FTSE 250 Pantheon audit

Private equity investment trust parts ways with mid-tier audit firm after three decades following appointment of EY as new auditor from 2020

Insight / Millions missing out on Help to Save scheme

Although more than 132,000 people have signed up to the state-backed savings account, government admits around 3.5m could benefit from the Help to Save scheme

Tax / HMRC probes pull in nearly £2bn from wealthy

Data from leaked documents as well as global information sharing agreements have helped boost the UK’s public coffers by £1.9bn following investigations into the tax affairs of wealthy individuals, according to law firm Pinsent Masons  

Audit / NAO consults on final stage of local audit code update

The National Audit Office (NAO) is seeking public feedback on proposed updates to its Code of Audit Practice, calling for greater focus on value for money in public bodies

Tax / Norman coin haul ‘early form of tax fraud’

A millennium-old hoard of Norman cash reveals the earliest form of tax evasion, as detectorists dig up thousands of coins buried in a field during a time of political upheaval, unpopular leaders and conflict with Europe

Insight / Big Four win London mayor’s Good Work Standard award

The accounting giants are among the first organisations to achieve a new benchmark for high employment standards, highlighting fair pay, wellbeing and diversity, despite concerns raised over bullying

Audit / Audit updates: July 2019

In this month’s audit updates, fines for PwC over Redcentric, KPMG refuses to retender $2.2m Cineworld audit, ICAEW finds one in four audits sub-standard, Gama Aviation ditches Grant Thornton and the Financial Reporting Council gets a new head of audit inspections on loan from the Bank of England

Tax / Higher rate tax relief for charity donations hits £520m

Wealthy donors gave the largest share to charity as they gain the most from tax relief with the latest HMRC figures showing that charity tax relief jumped to £3.8bn

Audit / AJ Bell drops KPMG auditors for BDO

FTSE 250 investment manager AJ Bell appoints BDO as its new auditor for 2020, replacing KPMG after 10 years

Insight / MHA Moore and Smalley reports 7% revenue growth to £17.7m

Digital services and cross-border tax help drive fee growth at North West firm as it plans further expansion in bid to break in to top 40 firms
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