Insight

Audit / Regulator slams Oxfam over governance failings

The Charity Commission has published a highly critical report on Oxfam GB, stating that aspects of the charity’s past record on safeguarding amount to mismanagement through governance failures, and saying there was a culture of ‘tolerating poor behaviour’

Insight / Xeinadin launch brings together 120 accountancy firms

In a bid to compete with mid-tier accounting firms, 100-plus smaller multi-disciplinary accounting practices have consolidated into a single entity known as Xeinadin Group and will share services and technology, while retaining their independent identities

Insight / GDPR rules prompt spike in data breach notifications

Notifications of data breaches to the Information Commissioner’s Office (ICO) have rocketed in the first year of new reporting rules following the introduction of the General Data Protection Regulation (GDPR)

Insight / Begbies Traynor acquires Stoke insolvency firm

Top 20 firm Begbies Traynor has acquired a firm of Stoke on Trent insolvency practitioners, Dunion & Co, for an undisclosed amount

Insight / Leonard Curtis opens offshore office in Guernsey

Restructuring specialist Leonard Curtis Business Solutions Group has opened its first offshore office in the Channel Island of Guernsey to provide specialist insolvency services and asset protection

Insight / Seven-year ban for boss over charity collapse

The boss of a leading alcohol and drug addiction charity has been given a seven-year director disqualification for causing it to collapse by entering into financial contracts that set unachievable targets

Insight / Fraudsters in Ponzi-style housing investment jailed

Two student housing investors have been jailed after establishing a ‘Ponzi’-type scheme to pay-off financiers of their previously failed companies by defrauding clients

Tax / Common reporting standard raises tax collection rates

International efforts to increase automatic exchange of information on financial accounts has resulted in deposits held by companies or individuals in international financial centres falling by a third in the past decade, analysis by the OECD shows 

Tax / BBC to scrap free TV licences for over 75s

Over three million pensioners will lose their free TV licences from next year when the BBC takes over the funding liability and limits the benefit to those receiving pension credits

Insight / Regulator investigates £800k charity transfer

The Charity Commission has opened a statutory inquiry into Devon Charitable Trust, a Harrow-based charity, over concerns about the transfer of thousands of pounds of funds to a trustee’s bank account and the handling of donations

Insight / RDP Newmans expands SE base with Harrow merger

Two Harrow accountancy firms, RDP Newmans and S J Associates Ltd, have merged in a deal designed to expand their business across the south east

Insight / Senior business and accounting execs in birthday honours list

The deputy chair of KPMG and a senior PwC partner are among those from the world of finance and accounting named in the Queen’s birthday honours list

Insight / Deloitte racks up largest share of government’s Brexit consultancy spend

Government departments have spent at least £97m on Brexit consultancy work in the last 12 months, with almost a quarter (22%) of the business going to Big Four firm Deloitte, while PwC and EY have also picked up substantial consulting contracts

Accounting / Charity accounting needs radical overhaul, says Morgan review

Charity reporting and accounting needs to be overhauled to provide more transparency and accountability on financials and to simplify the reporting process for the smallest charities, says Charity SORP review panel, chaired by professor Gareth Morgan

Tax / Nunn: absence of Making Tax Digital nudges and prompts

Relying on software exclusively for Making Tax Digital for VAT is fraught with potential problems, with any errors in calculation likely to create problems for taxpayers who do not know the complexities of tax law. Yvette Nunn, director of Berkeley Associates recommends a spreadsheet backup to avoid penalties down the line
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