Insight / How can accountancy and finance professionals boost their earnings?

Over half of accountants and finance professionals say they are dissatisfied with their salaries, but achieving a reasonable pay rise requires effort and determination, from improving skillsets to identifying opportunities at current employers, or even taking the plunge and looking for a new job. Karen Young, director of Hays Accountancy & Finance gives tips and advice on how to secure a pay rise

Tax / Channel Islands treated as international for airline passenger duty

The rate of airline passenger duty (APD) on flights to the UK from the Isle of Man and Channel Islands has to be treated as international flights, HMRC has confirmed

Insight / People in the news: KPMG, Deloitte, Grant Thornton

In this week’s moves and appointments roundup, KPMG’s current head of Brexit swaps roles to head up the firm’s financial crime practice, Deloitte appoints a senior partner in its European cyber security practice, and a director joins Grant Thornton’s financial services tax practice

Accounting / Date for Financial Reporting Lab Conference: Reporting Now

The Financial Reporting Lab has announced dates for its 2018 annual conference, Reporting Now, to be held on 21 June

Tax / Computer equipment company tops tax defaulter list owing £4.3m

HMRC’s updated list of major tax defaulters is topped by a metal dealer who owes £4.3m on £6.5m unpaid tax, followed by a haulier owing £593k, with online retailers and restaurants also featuring

Insight / 23% of accountants put jobs at risk through social media activity

Despite a third (30.8%) of recruiters admitting to ‘stalking’ potential candidates on social media before considering them for a job, 23% of accountants do not set their accounts to private putting potential job opportunities at risk, according to research from CV Library

Insight / Number of Brits expecting to retire in their 70s doubles

The number of UK employees who expect to work past the age of 70 has nearly doubled in seven years, with younger members of staff most likely to anticipate working well into their seventh decade, according to research from Willis Towers Watson’s defined contribution pension scheme master trust LifeSight

Tax / Lansio rhaglen gan CThEM i addysgu plant ynghylch treth yn y Gymraeg

A free education programme offering a simple introduction to tax for primary school children is now available for Welsh speaking students from HMRC

Technical Alerts

22 Mar 2018

Accounting / IFRS 16 Leases: top tips and advice for transition - part 2

In part two of this series on IFRS 16 Leases, Danielle Stewart, partner and head of financial reporting at RSM, outlines key practical tips for businesses as they prepare for the introduction of this fundamental change to the rules for lease accounting

Tax / Donaldson: post-Brexit VAT regime will create trade friction

Iain Donaldson, partner at Hill Dickinson, considers the barriers to frictionless trade under a post-Brexit VAT regime facing hard or soft borders

Tax / Two thirds of UK businesses lack post-Brexit VAT strategy

Businesses are failing to prepare for the impact exit from the EU will have on their tax affairs, according to research by BDO which found that 65% of UK companies lack a formal VAT strategy, leaving many looking for professional help in determining the best approach going forward

Insight / FCA consults on approach to supervision and enforcement

The Financial Conduct Authority (FCA) is consulting on a new approach to supervision, which the regulator says aims to be more forward-looking and pre-emptive, and enhancements to its approach to enforcement, to ensure it carries out investigations in a consistent and open-minded way

Insight / Money-launderer to repay £1m or face seven more years in jail

A Buckinghamshire man, who laundered money from the development of an online banking service used by criminals, must pay back £1,018,085 within three months, or spend another seven years in prison and still owe the money

Tax / EU plans for 3% digital tax

The European Commission has announced plans to introduce a 3% tax on digital businesses, likely to hit around 150 companies and bring in some €5bn (£4.4bn) a year, as an interim step in its efforts to ensure a fair share of revenues from the current ‘black hole’ of online activities

Tax / HMRC updates VAT guidance on exemption for cost sharing groups

HMRC has published a briefing note and VAT information sheet on the changes to the VAT exemption for cost sharing groups, after recent European court cases ruling on several issues

Accounting / ‘Significant weaknesses’ lead to £1m Scottish council fraud

A £1m fraud perpetrated at Dundee city council was the result of failures in fundamental controls within the council’s financial systems and could have been limited if it had addressed ‘significant weaknesses’ in its invoicing system, an investigation by Scotland’s Accounts Commission has found

Accounting / EFRAG publishes review of work on financial reporting

EFRAG has published its annual review covering its work to develop and promote European views in the field of financial reporting, highlighting the impact of its final endorsement advice on IFRS 16 Leases

Technical Alerts

21 Mar 2018

Accounting / Companies Act 2006 Part 19: auditor’s report

This article, the nineteenth in our series on the Companies Act 2006, will focus on the auditor’s report, including what information it must include, the rights of the auditor and what is considered an offence

Tax / Footballer Xabi Alonso facing €4m fine for tax fraud

Prosecutors in Spain have accused former Spanish international player, Xabi Alonso, of defrauding the Spanish state of €2m (£1.7m) between 2010 and 2012, and are seeking a five-year jail sentence and €4m fine

Tax / ‘Panama Papers’ law firm Mossack Fonseca shuts

Mossack Fonseca, the offshore law firm whose 11.5 million leaked files were at the heart of the Panama Papers tax avoidance investigation, is to close

Insight / HMRC to start move to post-Brexit customs declaration service

HMRC has announced it is to begin a phased launch of its new post-Brexit customs declaration service (CDS) in August 2018, with the aim of all declarations taking place on CDS from early 2019

Tax / Adjustments to UK tax reliefs for Scottish tax regime

With just over two weeks to go until Scotland’s devolved tax rates come into effect, HMRC has published a notice of how five UK tax reliefs will continue to work as they were intended when Scottish rate of income tax (SRIT) and bands change in April 2018

Tax / SDLT tax avoidance scheme ad branded ‘misleading’

The Advertising Standards Authority (ASA) has upheld HMRC’s complaint about advertising of a tax avoidance scheme by promoter CDP Tax & Wealth Ltd, which trades as Fiducia Wealth and Tax, ruling its adverts contain misleading claims, and must be withdrawn

Audit / Consultation on insolvency and corporate governance

The Department for Business, Energy and Industrial Strategy (BEIS) and the Insolvency Service have launched a consultation on improvements to corporate governance within companies which are in or are approaching insolvency, including a potential new definition of ‘distributable profits’

Audit / EU auditors slam performance of public private partnerships

The European Court of Auditors (ECA) says EU public private partnerships (PPPs) used to fund infrastructure developments suffer from widespread shortcomings and limited benefits, after an audit of European-wide projects, including in Ireland, identified €1.5bn (£1.1bn) of inefficient and ineffective spending

Technical Alerts