James Bunney

James Bunney, Accountancy magazine and Accountancy Daily, 2018-19

Tax / MTD pilot extended to all eligible businesses

The pilot programme for Making Tax Digital (MTD) for VAT has been extended by HMRC to all businesses that meet the requirements, giving those affected time to test their systems and train staff ahead of the April deadline

Tax / HMRC targets multinationals with profit shifting disclosure

The launch of the disclosure facility represents a 'last chance saloon' for companies to close cross-border arrangements and pay what they owe as HMRC steps up its campaign against tax avoidance by multinationals

Tax / MPs reject sweeping Treasury Brexit powers

The government’s no-deal Brexit preparations suffered a blow as a clause in Finance Bill 2018-19 (FB 2018-19) giving the Treasury broad powers in the event of a no-deal Brexit was narrowly defeated by rebels and opposition members

Insight / Shaw Gibbs merges with Pearson Bucholz

The top 100 accountancy firm has announced a decision to merge with Eynsham-based Xero Partner practice Pearson Bucholz with a view to pooling resources and improving its range of technology-based solutions

Tax / Doubts grow over IRS refunds during shutdown

Despite assurances from the US government, there is growing concern that billions of dollars in tax refunds from the Internal Revenue Service (IRS) will be delayed until the shutdown ends, potentially causing hardship for thousands of US taxpayers

Tax / Tribunal confusion over BlackRock VAT for financial services case

A dispute between investment management firm BlackRock and HMRC over VAT on financial services has seen the case referred to the European Court of Justice (CJEU) after the Upper Tribunal failed to reach a verdict, reports James Bunney

Insight / 53% increase in retail CVAs in 2018

Research by Deloitte shows that the number of retailers that went into administration in 2018 rose by 6% to 125, but the number of company voluntary arrangements (CVA) spiked as retailers and businesses struggled with online competition

Audit / Audit updates: January 2019

In this month’s round-up of audit news, the Competition and Markets Authority releases its initial findings into the lack of competition in the listed audit market with the Big Four under fire, while the Kingman review questions to competency of the audit regulator, while Patisserie Valerie drops Grant Thornton in auditor switch to RSM

Accounting / Accounting updates: January 2019

In this month’s roundup of accounting and reporting developments, IFRS 16 Leases effective date hits balance sheet, SEC fines Hertz Global $16m over accounting misstatement, crackdown on abuse of Scottish partnerships for money laundering

Tax / Upper Tribunal rejects QC tax penalty appeal

The Upper Tribunal has dismissed an appeal against HMRC by a QC over penalty notices, with implications for self-employed workers facing cash flow difficulties and outstanding tax liabilities

Tax / Millennials pick up income tax burden from elderly

Research by Moore Stephens shows that the tax burden on the older generation has fallen by 4% in the past year, with millennials paying an extra £5bn compared to the same period in the previous year

Audit / KPMG refuses to retender for Aston Martin audit

The luxury car company has begun the search for a new auditor after KPMG declined to reapply for its audit tender, less than three months after the company made its debut on the London Stock Exchange

Tax / US government shutdown freezes IRS services

Taxpayers face delays and the Internal Revenue Service (IRS) has suspended all non-essential work as the US government shutdown over a political funding dispute overlaps with the beginning of the tax filing season

Tax / HMRC issues updated DPT guidance

HMRC has issued updated guidance on diverted profits tax (DPT) to reflect changes to the length of the review period, and provides further information about failure to notify penalties, the first time that the document has been updated since 2015

Audit / PwC faces £14m lawsuit over Providence collapse

Investors in Guernsey-based company Providence Investment Fund (PIF), which collapsed in 2016, are to sue the audit firm for £14m for what they term ‘negligence, breach of duty and breach of contract as its auditors’