Business

Accounting / IFRS 15 rollout will stop mobile networks overcharging after contracts end

Telecoms giants Vodafone, EE and Three are continuing to charge customers extra for a handset after this cost has been covered in their fixed deal, research suggests, despite the looming prospect of IFRS 15 Revenue from Contracts with Customers

Insight / Unpaid tax bills see HMRC pull the plug on computer reseller

Misco UK Ltd, a computer reseller business has gone into administration after HMRC applied for a winding-up order over unpaid taxes, with the loss of around 300 jobs

Tax / Amazon wants tax breaks for second US HQ

Amazon’s announcement that it is looking for a US city in which to set up HQ2 and its requirement that the chosen location is ‘business friendly’ has sparked controversy over whether the contenders should offer tax breaks and other financial incentives

Insight / UK organisations lagging on cyber security preparations

Despite some well publicised and damaging cyber security incidents recently, nearly one in five UK organisations do not prepare for cyber attacks and only half conduct penetration tests to examine their defences, according to research by PwC

Insight / Warning on ‘endemic’ low pay in UK

There has been little progress in the number of people managing to escape from poorly paid jobs in the UK with women earning less than men, according to a report from the government’s Social Mobility Commission

Insight / Treasury Committee launches inquiry into women in finance

The Treasury Committee is to investigate women in finance, focusing on the Treasury’s women in finance charter and the progress made against it, in a bid to identify the barriers to women entering and progressing in the financial services industry

Insight / ACCA says more focus needed on ethics at work

Half of UK workers have encountered unethical situations at work and a similar proportion also do not think their employer is committed to ethical behaviour, according to a survey by ACCA calling for more focus on ethics released on 18 October, which is designated as global ethics day

Tax / Calls for UK to hike self employed NICs and cut pension triple lock

The OECD is recommending the UK considers increasing National Insurance contributions (NICs) for the self employed and reforming the ‘triple lock’ on state pensions as part of efforts to support the UK economy, which it says has weakened in the aftermath of the decision to leave the EU

Insight / FTSE 350 governance and reporting inconsistent

Although FTSE 350 compliance with the UK corporate governance code is at its highest level ever, investor engagement continues to decline, particularly for smaller companies, according to analysis by Grant Thornton

Accounting / FCA mines Rio Tinto for record £27m fine over disclosure failings

FTSE 100 mining giant Rio Tinto has been fined a record £27.4m by the Financial Conduct Authority (FCA) for breaching disclosure and transparency rules, and is also facing fraud charges brought by the Securities and Exchange Commission (SEC) in the US against both the company and its former CEO and CFO

Insight / Plans to lower turnover threshold for foreign takeover scrutiny to £1m

The government is to update the merger system to enable greater scrutiny of foreign investment with measures which it says are designed to better protect national security, and include substantially lowering the threshold for intervention

Insight / Middle market business upbeat on Brexit deal

Despite the apparent deadlock over Brexit negotiations, middle market businesses remain bullish about the prospects of the UK securing a good deal, with twice as many companies feeling positive rather than negative on the topic, according to a YouGov survey

Accounting / BEIS consults on streamlining energy and carbon reporting

The Department for Business, Energy and Industrial Strategy (BEIS) is consulting on proposals for streamlined energy and carbon reporting within the Companies Act 2006 business reporting framework, in a bid to reduce administrative burdens, raise awareness of energy efficiency, reduce bills, and save carbon

Insight / KPMG administrators to failed sugar beet supplier

Chris Pole and Mark Orton, partners at KPMG, have been appointed joint administrators to M&J Haulage Limited, a sugar beet handling company based in Lincolnshire which has ceased operating due to cashflow difficulties

Insight / Raising finance for business: tips and advice

Lots of businesses want to raise funds and often they will turn to their accountant for help in the first instance. Clive Hyman FCA of Hyman Capital Services provides a brief overview of the issues to consider from identifying finance sources, financial modelling and business valuations
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