CCH Daily

Tax / Brookes: government must replace Class 4 NICs revenue

David Brookes casts his eye over the Budget and predicts future tax measures to tackle disparities over employment taxes and digital real estate operations

Tax / Herring: NICs U-turn symptom of lack of clear employment tax policy

The government needs to outline its broader policy on national insurance lest politics stymies development of a fairer tax regime, says Institute of Directors head of taxation Stephen Herring

Accounting / Small business accounts: financial instruments - part 4

Anne Cowley ACA considers potential pitfalls when reporting and accounting for director’s loans, fixed asset invements and derivatives under new UK GAAP, with tips and advice for smaller businesses considering adopting FRS 105

Tax / Collins: national insurance ripe for reform

With the future over the decision to raise the rate of NICs for the self employed, Gary Collins, tax partner at Mazars, shares his post Budget thoughts on the future of national insurance in the UK tax regime and asks whether a radical overhaul of the system would ever be possible 

Tax / Hammond U-turns on Budget plan to increase NICs for self employed

Chancellor, Philip Hammond has abandoned plans to increase self employed Class 4 National Insurance Contributions (NICs), announced as part of the spring budget last week, after he received criticism for breaking a 2015 manifesto pledge

Insight / Blick Rothenberg appoints CEO after incorporation

London-based firm Blick Rothenberg has appointed Nilesh Shah as its CEO following the firm’s conversion to a limited company in the CogitalGroup deal

Tax / Making Tax Digital VAT reporting starts April 2019

All sole traders, the self employed and landlords will have to start quarterly reporting VAT through the Making Tax Digital from April 2019, including VAT, HMRC has confirmed

Tax / Trump’s leaked 2005 tax return reveals £31m bill

President Donald Trump’s partial tax return, which was leaked to a US television network on 14 March, shows he paid $38m (£31m) in tax on more than $150m (£123m) of income in 2005

Insight / Gin, cycle helmets and jigsaws added to CPI basket

Gin, cycle helmets and non-dairy milk have been added to the basket of goods and services used to calculate the consumer price index (CPI) in the annual review by the Office for National Statistics (ONS), with old style mobile phones and apple cider removed

Insight / Restaurant owner takes away disqualification for poor accounting

The director of a Chinese restaurant in Manchester has been disqualified for five years for failing to ensure the company kept proper books and financial records, following an Insolvency Service investigation

Insight / Warning on cyber threat from financial ‘trojans’

The annual assessment of the biggest cyber threats to UK businesses has been released, the first to be produced jointly by the National Crime Agency (NCA) and the newly formed National Cyber Security Centre (NCSC), which has dealt with 188 high-level attacks in the UK in its first three months

Insight / Female GSK CEO to get 25% pay cut

Emma Walmsley, the new CEO at GlaxoSmithKline (GSK), and one of just seven female FTSE 100 leaders, is to be paid 25% less than the man she replaced at the helm of the pharmaceutical giant, it has been announced

Insight / Landlord fined £200k over tax fraud

A businessman, who ran several property companies whilst also employed under PAYE but failed to declare his income or that he was a company director to HMRC, has been sentenced and fined £200,000 for evading £281,000 in taxes

14 Mar 2017

Tax / Enablers of tax avoidance: penalties regime

HMRC is turning up the heat on users and enablers of tax avoidance, but what does it mean for advisers? Gary Ashford CTA, partner, non lawyer at Harbottle & Lewis LLP, considers the impact of the proposed penalty regime and the clampdown on abusive tax arrangements defeated at tax tribunals

Insight / Footballer’s Sierra Leone charity facing potential ‘red card’

Concerns have been raised about alleged financial irregularities at a charity set up by former Premier League footballer Craig Bellamy to help children and young people in Sierra Leone, which closed without warning last year, leaving some without support

Insight / Moore Stephens to review conversion costs at London’s Olympic Stadium

Moore Stephens has been appointed as the forensic accountant to the Mayor of London’s review of the former Olympic stadium, which has seen the costs of its conversion from an athletics venue into a multi-use arena almost triple from the original estimate

Audit / Companies House launches email alerts service

Individuals can now receive an email alert informing them when a company files with Companies House as part of its new follow service, which shows people what has been filed by a company as soon as it has been approved 

Insight / PwC builds alliance with Scottish hi-tech incubator

PwC has announced an alliance and investment with CodeBase, to help accelerate its growth as Europe’s largest incubator, as part of the firm’s commitment to supporting startup technology companies in Scotland

Tax / London mayor warns of post-Brexit ‘race to bottom’ on tax

As the deadline for triggering Article 50 approaches, Sadiq Khan, the mayor of London, has criticised the threat from government ministers to turn the UK into a ‘low-tax, low-regulation, tax-haven economy’ if they are unable to reach a deal with the EU within two years

Audit / FRC consults on revisions to ISA (UK) 250

The Financial Reporting Council (FRC) has launched a consultation on proposed revisions to ISA (UK) 250, Section A – Consideration of Laws and Regulations in an Audit of Financial Statements, and conforming amendments to other UK standards, which are intended to bring it into line with agreed international ethics standards

Tax / HMRC opens credit card transaction disclosure programme

HMRC has published guidance on its disclosure programme for businesses which take payments via credit or debit card transactions, but which may have failed to declare all the tax due on their income

Insight / Jail sentence for security boss’ £419k tax fraud

The director of an Aberdeen security company, which provided security staff for Donald Trump’s Scottish golf club among other customers, has been sentenced to four years in prison after he was convicted of a £419,000 VAT fraud and removing criminal property from Scotland

13 Mar 2017

Tax / Parker: farmers call for rethink on Making Tax Digital

The farming community will be hard hit by the arbitrary mandation of quarterly reporting under HMRC's plans for Making Tax Digital due to roll out from April 2018. Michael Parker CTA, head of tax at the National Farmers Union (NFU) is critical of the inflexibility of the system and high compliance costs for farmers

Tax / Budget 2017: implementation dates effective April 2017 onwards

Our essential snapshot of the key measures announced in Budget 2017, Finance Bill 2017 and NICs Bill, including NICs hike for self employed, dividend tax-free allowance slashed to £2k, overseas pensions transfers (QROPS) face potential 25% tax surcharge and Making Tax Digital rollout delayed for smallest companies and landlords sub-VAT threshold

Tax / Scots lose £2k in tax threshold cut for higher rate taxpayers

Higher rate Scottish taxpayers will face a £2,000 differential in the threshold from the rest of the UK now that the Scottish parliament has confirmed the rates and bands for Scottish income tax in 2017-18, confirming the loss

Tax / Spring Budget 2017 briefing: key measures at a glance

In our roundup of the Spring Budget 2017 essentials, we review the key tax measures announced in a slimline event, from the unexpected hike in national insurance rates for the self employed to a cut in the tax-free dividend allowance, potential tax liability for pensions transferred overseas, corporation tax cuts and VAT roaming charges for long haul travellers for the first time

Tax / Crest Nicholson fails to build case over £1.29m SDLT claim

A First Tier Tribunal (FTT) has ruled against a stamp duty land tax (SDLT) avoidance scheme used by FTSE 250 housebuilder Crest Nicholson, requiring the company to pay £1.29m in tax deemed to be due

Insight / Litigation financing: what you need to know

Undertaking legal challenges can be costly and time consuming for firms, while being the subject of one is no easier. James Delaney, director at litigation specialists TheJudge explores the mechanics of litigation financing

Tax / Sturgeon calls for second Scottish independence referendum

First Minister, Nicola Sturgeon, has confirmed plans to ask for parliamentary approval to hold a second Scottish referendum, expecting to hold a vote in 2018/19

Insight / Non-EU workers face additional charges from April

From 6 April 2017, non-EU workers applying under a Tier 2 work permit will face a number of changes such as the introduction of a £1,000 immigration skills charge (ISC) and a £5,000 increase in the minimum salary threshold for experienced workers 

Accounting / IFRS taxonomy 2017 published

The IFRS Foundation has published the IFRS Taxonomy 2017, which reflects the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) at 1 January 2017, including standards published but not yet effective 

Accounting / Fake accounting sees US marijuana company profits go to pot

The US Securities and Exchange Commission (SEC) has issued a £12m fine on a California-based company which sold vending machines to dispense marijuana, for falsely touting ‘record’ revenue numbers to investors while some of its earnings came from sham transactions with a secret affiliate

Audit / PwC faces further probe over Connaught audit

The Financial Reporting Council (FRC) is to resume its hearing of a formal complaint against PwC and retired partner Stephen Harrison later this week, concerning their conduct in relation to the audit of the financial statements of Connaught plc and its subsidiaries, for the year ended 31 August 2009

Insight / Call for new ‘superfunds’ to solve DB pension failures

The Pensions and Lifetime Savings Association (PLSA), the UK pensions trade body, is calling for legislation to create new  ‘superfunds’ to consolidate defined benefit (DB) pension schemes, to reduce the risk of scheme members missing out on benefits if their employer goes bust