Tax / Hallam: government anti-VAT fraud proposals have teeth

As the government seeks to curb online VAT fraud after additional measures were announced in the Budget, Nicholas Hallam considers what impact the policy might have

Accounting / IFRS 9 Financial Instruments: tips and advice for implementation

In the last weeks of the year, any companies reporting under IFRS but not operating in the financial services sector per se, need to consider the implications of IFRS 9 Financial Instruments. Steve Hubbard, director, DPP accounting & reporting at KPMG LLP examines some of the critical issues to consider

Tax / Case: late non-resident CGT filing appeal allowed in Saunders

A taxpayer's appeal against the issuing of late filing penalties by HMRC, after she failed to file a non-resident Capital Gain Tax (CGT) return on time, was allowed by a First Tier Tribunal (FTT) after it found that there was a reasonable excuse

Tax / European finance ministers challenge US tax reforms

Chancellor Philip Hammond and four other European finance ministers have sent a warning to the US administration over its planned overhaul of the US tax system, saying the reforms risk breaching the country's double taxation treaties and could be at odds with World Trade Organisation (WTO) rules

Tax / Scrap merchant owing £9.6m heads tax defaulters’ list

Scrap dealer Premier Metals (Leeds) Ltd tops this quarter’s list of deliberate defaulters published by HMRC, paying a £4.7m fine for failure to pay £9.6m of tax owed for the period April to September 2013

Insight / Plans for national economic crime centre to tackle fraud

There is to be a new national economic crime centre to tackle high level fraud and money laundering as part of a package of government measures to ramp up its approach to tackling fraud, bribery, corruption and money laundering

Audit / FRC urges auditors to clarify materiality judgments

Auditors need to be more specific with audit committees and in their public reports about the materiality judgments they have made and the impact on the scope, nature and extent of their audit work, according to the Financial Reporting Council’s (FRC’s) latest thematic review

Accounting / Financial reporting lab seeks input for reporting on performance project

The Financial Reporting Council’s (FRC’s) financial reporting lab is seeking investors, analysts and listed and quoted companies of all sizes to participate in a project on the use and disclosure of performance metrics

Tax / HMRC issues VAT refund interest guidance post Littlewoods ruling

HMRC has published guidance underlining the ruling that statutory interest in case of refunds for overpaid VAT is all that is required, not compound interest, following the Supreme Court judgment in the case brought by Littlewoods Retail Ltd

11 Dec 2017

Insight / Economic trends: long-term wage stagnation

The downgrade to the growth forecast will hit productivity and keep average earnings at pre-2008 levels, worse than could have been predicted even back in 2010, warns Thomas Pope, research economist at the Institute for Fiscal Studies

Tax / GAAR Advisory Panel shuts down 'contrived' trust interest scheme

Tax arrangements using distributions and benefits through trust interests to extract cash tax free are ‘not a reasonable course of action’, according to the GAAR Advisory Panel

Tax / 40% of taxpayers need help with Making Tax Digital preparations

The majority of small businesses and landlords anticipate consulting an accountant for support in meeting the requirements of digital reporting under Making Tax Digital with nearly half of taxpayers (40%) calling for extra guidance, HMRC research has shown

Tax / Case: Information Notice ‘reasonably required’

A taxpayer's appeal has been dismissed by a First Tier Tribunal (FTT) after it found that a information notice issued by HMRC, after conducting a check on the taxpayer's tax affairs, was 'reasonably required'

Insight / Gang jailed for £2.4m VAT fraud

Six individuals, including a former HMRC employee and two unqualified accountants, have been jailed for more than 24 years after stealing £2.4m in VAT payments, following a three-year investigation

Tax / Tax cheer for Christmas events

With staff Christmas parties in full swing, companies need to ensure they keep the taxman happy as well as employees, by staying within the rules for festive events and gifts, particularly where offices and staff are spread around several locations, explains MacIntyre Hudson

Audit / PwC takes delivery of Domino's Pizza audit

Domino's Pizza has confirmed its intention to appoint PwC as its auditor for the period from 29 December 2019, replacing EY after 20 years in post

Tax / Guidance on sharing HMRC VAT registration data

HMRC has published guidance for credit reference agencies wanting to apply for VAT registration data for use in making financial assessments, as part of a move to improve access to credit and finance for small businesses and startups

Tax / Plans for ‘conditionality’ measures to tackle £3.5bn hidden economy

HMRC is consulting on proposals to introduce ‘conditionality’ measures to tackle the hidden economy, which would make compliance with certain tax obligations a condition of holding some licences, and introduce checks on applicants’ tax-registration status as part of licensing processes

Insight / MPs call for pension scheme cold calls ban and better guidance

The work and pensions committee is calling for government action to ban pension cold calls and make people either take or expressly opt out of guidance before they can access their pension pot, saying pension freedoms have increased the risk of scams because savers are not taking advise from professional advisers

Technical Alerts

8 Dec 2017

Insight / Called to account: December 2017

In this month's roundup of cases and disqualifications, HMRC smashes £108m fake eco-investment scam,  a director fakes his death to avoid 14-year disqualification and a fake spy gets caught up in a £1.6m VAT fraud

Insight / Millennial interviews: the senior manager

This week CCH Daily has a chat with Iona Stretton, senior manager in EY’s tax practice, on the challenges she faces when getting individuals to understand the implications of new technologies and her fear of seeing age old, thriving businesses collapse due to them not staying up to date with technological changes

Insight / SMEs hit by late payment problems

SMEs in the UK experience more problems with late payments than their counterparts in other countries, with 18% of all invoices paid late, and 9% written off as bad debt, according to a global survey by software provider Sage

Insight / Finance Mole: last dog days

As his last day approaches, the de-mob Finance Mole is offered feedback by his CEO, much to his chagrin plus trouble in paradise surrounding tax planning, tax-free childcare turns into a nightmare for HMRC

Audit / Scottish Police Authority criticised for poor use of public money

Scotland’s auditor general has branded a series of governance failings and the poor use of public money at the Scottish Police Authority (SPA) as ‘unacceptable’ and says ensuring the body operates more effectively and transparently must be an immediate priority for its new leadership team

Insight / UK and EU agree first stage of Brexit negotiation

Following 24 hours of negotiations, the UK government has forged an agreement with EU officials negotiating the UK’s departure on the three key issues of the Ireland border, citizen’s rights and the financial settlement, paving the way for talks to move on to the next stage

Insight / People in the news: KPMG, Thomas Westcott, Irwin Mitchell

In this week’s moves and appointments roundup, KPMG promotes 42 partners and 132 directors across its UK offices, Thomas Westcott hires a head for its corporate finance service, two corporate partners join Manchester-based Irwin Mitchell

Insight / Change to insolvency forms effective 8 December

Companies House is highlighting that new forms need to be used for insolvencies from today, as the Insolvency (Miscellaneous Amendments) Regulations 2017 came into force on 8 December 2017

Insight / Warning over money laundering risk from ‘negligent’ accountants

‘Negligent’ or ‘unwitting’ accountants risk finding themselves involved in money laundering as accountancy services remain attractive to criminals, according to the Treasury’s second national risk assessment (NRA) of money laundering and terrorist financing activities in the UK

Insight / High street retailers top ‘name and shame’ wage underpayments list

A record 16,000 workers, including employees of Primark and Sports Direct, are in line for a £1.7m payback as 260 employers are named and shamed for underpaying minimum wage rates

Tax / Maas: Chancellor made little impact in Budget

Philip Hammond's policy announcements in the Budget 2017 will ultimately have little impact, says CBW tax partner Robert Maas

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