Tax / US tax reform: impact of territorial tax changes - part 1

In part one of a three-part series on US taxation, PwC US national professional services partner Donald Doran explains the impact of the swingeing changes to the country's tax system for companies with stateside interests

Accounting / Demystifying changes to charities' annual returns

BDO partner Fiona Condron looks at the changes planned for charities and their annual return and highlights the issues to be aware of

Tax / Scottish tax changes set to hit middle earners

More than two thirds of Scottish income taxpayers will pay less tax next year on their current income, although top earners will face higher tax bills and an intermediate rate will increase tax rates by 1% for those earning over £24,000 as the Scottish parliament plans to vote through a series of progressive tax measures

Accounting / Consultation on changes to Charity SORP post-FRS 102

The Charity Commission and the Office of the Scottish Charity Regulator have issued a joint consultation on amendments to the Charities Statement Of Recommended Practice (SORP) following changes to UK-Irish accounting standards

Tax / Small businesses spend three working weeks on tax compliance

The average UK small business spends £5,000 and three working weeks every year on tax compliance, according to research from the Federation of Small Businesses (FSB), which is calling for the system to be simplified

Accounting / William Hill fined £6.2m for ‘systemic’ money laundering failures

William Hill Group (WHG) has been fined £6.2m after a Gambling Commission investigation identified ‘systemic’ failure to prevent money laundering activity and breaches of social responsibility regulations at the betting firm

Tax / Panama Paper investigations to net £100m in unpaid tax

HMRC’s investigations into the content of the leaked Panama Papers are expected to generate additional tax of £100m from recalcitrant tax avoiders

Tax / Tax returns: tips and advice on year-end tax issues

With the current tax year ending on 5 April 2018, now is the time to get your tax affairs in order. Julia Rosenbloom, private client tax partner at Smith & Williamson, outlines 10 important tax planning points to consider

Tax / HMRC consults on corporate intangible fixed assets regime

HMRC and the Treasury are consulting on potential changes to the corporate intangibles regime and reforms to the administration and tax compliance in the light of changing attitudes to intellectual property (IP) and the government's aim to reduce aggressive tax avoidance

Insight / Business unravels for 120-year old Scottish knitwear supplier

An historic Scottish textiles factory which was the preferred supplier of bespoke cricket sweaters to the MCC has gone into provisional liquidation with the loss of over 40 jobs, citing rising import costs as much of its material was sourced from the EU

Insight / Flying tax fraudster grounded

A serial fraudster, who carried out a £280,000 VAT and benefits fraud to pay for flying lessons, has been jailed for four-and-a-half years following an investigation by HMRC and the Department for Work and Pensions (DWP)

Technical Alerts

19 Feb 2018

Insight / Winton: balancing the needs of defined benefit pension stakeholders

Defined benefit pension schemes are at risk as funds are ransacked by companies, covenants are breached and trustees appear to have few powers. Anne-Marie Winton, partner at ARC Pensions Law LLP, considers the issue in light of the Carillion collapse

Audit / KPMG audit partner faces MPs grilling over Carillion

KPMG’s head of audit as well as the audit partner for Carillion are scheduled to face MPs this week in the latest evidence session, with the inquiry releasing letters indicating that prior to the outsourcer’s collapse, a major shareholder was considering suing over losses incurred due to ‘unreliable’ financial information

Tax / Nunn: reforming NICs is tough

At the core of the government’s response to the Taylor Review of 2017 on working practices in the gig economy is the need to deliver a flexible and productive labour market, but this flexibility will come at a tax cost, says Yvette Nunn, director of Berkeley Associates

Tax / Company car uptake grows by 10k

The introduction of low tax electric cars has resulted in 960,000 individuals being provided with company cars in 2015/16, up 10,000 (1.05%) on the previous year, according to research from UHY Hacker Young

Tax / BVI revamps limited partnership regime

The British Virgin Islands (BVI) has launched a new limited partnership regime in a bid to increase the jurisdiction’s attractions for investment funds, particularly private equity funds and joint ventures

Insight / Burton named managing partner for Saffery Champness

Top 20 firm Saffery Champness has appointed Matthew Burton as managing partner taking over from Rob Elliott who is stepping down after three terms in the role

Audit / Research shows Big Four ‘too cosy’ with ex-audit CFOs

When a CFO or other top executive of a company being audited was formerly employed by the accounting firm conducting the audit there is a risk from the ‘familiarity threat’ which can undermine audit independence and ‘breed coziness’, according to a report from the American Accounting Association which says the ‘revolving door’ might need to be closed

Tax / Quarter of tax appeals filed online

A quarter of tax appeals are now being made online according to figures from HM Courts and Tribunals Service (HMCTS), which says its newly introduced service offers a quicker, more streamlined system as part of its planned £1bn investment in digitisation

Insight / Begbies Traynor ‘push the envelope’ to save 129 printing jobs

Nick Reed and Bob Maxwell, partners with Begbies Traynor in Leeds, have been appointed as joint administrators of Great Northern Envelope Company (GNE), and has sold the company to a rival in a pre-pack deal which preserves 129 jobs

Insight / Accountant jailed for £1.7m Bermuda theft

An accountant from South Wales who stole more than £1.7m while working for the government of Bermuda and laundered the money through property purchases in the UK has been jailed for seven years and four months

Technical Alerts

16 Feb 2018

Insight / Government response to the Taylor review: what you need to know

A Good Work plan was released last week by the government, accepting almost all of Taylor’s recommendations outlined in his report into working practices with a raft of consultations being released. Croner-i Human Resources outlines the key recommendations for worker rights, pay, sick pay, employment status and agency workers

Insight / People in the news: Mazars, Armstrong Watson, Bishop Fleming

In this week’s moves and appointments roundup, Mazars appoints a managing partner in Scotland, a partner specialising in healthcare joins Armstrong Watson, Bishop Fleming gains a director of finance

Insight / Accountants and firms count on friends at work

The majority of accountants view work colleagues as friends and rely on them for personal and professional support, according to research from CV-Library which suggests there are also benefits to employers from a friendly workplace

Tax / Push to encourage take up of shared parental leave

The government has launched a new ‘Share the joy’ campaign promoting shared parental leave rights for parents, after discovering take up of the scheme could be as low as 2%

Audit / Auditors call for greater accountability in EU finances

The European Court of Auditors (ECA) is calling for an increased emphasis on value added in the EU budget, along with more flexibility and transparency, and greater accountability

Insight / VAT fraud rings up 12-year disqualification for phone supplier

A director of an Oxford wholesale mobile phone company has been banned from running a business for 12 years for his part in a ‘carousel’ VAT fraud scheme

Tax / OTS details scope of IHT review

The Office of Tax Simplification (OTS) has published more details about its review of inheritance tax (IHT) which will look at ways of simplifying IHT from both a tax technical and an administrative standpoint

Insight / Baldwins in nationwide forensic accounting push

Baldwins accountancy group, a member of CogitalGroup, has launched a nationwide forensic accounting service, targeting cities with a concentration of legal services, with the aim of becoming one of the largest regional providers of forensic accounting services in the UK

Insight / Grunberg & Co launches dedicated China business desk

London firm Grunberg & Co has launched a dedicated China business desk to provide Chinese companies with a bridge through which they can interact and access business advice, in response to deepening trade ties between the two countries

Technical Alerts