CCH Daily

Tax / Pension planning: lifetime allowance and final salary pensions - part 3

In part three of our series on pensions and the lifetime allowance, Kay Ingram, director of public policy at LEBC, finds the complex nature of the annual allowance recovery charge makes it a stealth tax for some final salary scheme members

Tax / Corporation tax online service will reflect loss relief rules by end autumn 2017

HMRC has confirmed that new rules on carried forward losses will not be reflected in the Corporation Tax online service and CT600 return form until the end of autumn 2017 as the measures were dropped from the truncated Finance Act 2017 enacted before the June general election

Tax / Rees-Mogg and Morgan frontrunners for Treasury Committee post

Ahead of the committee chair elections tomorrow, Conservative MPs Jacob Rees-Mogg and Nicky Morgan have been named as the frontrunners for the coveted Treasury Committee role, with Meg Hillier remaining head of the Public Accounts Committee (PAC)

Tax / Tips and advice: using the personal allowance in 2016–17

On 6 April 2017, the government introduced a tax-free personal savings allowance (PSA) for savings income and changed the tax-free dividend calcuations with the dividend tax allowance (DTA). This means that preparing year-end self assessments has become more complicated, says Stan Dencher FCA CTA, specialist tax writer at Wolters Kluwer

Insight / Taylor Review recommends additional protections for gig economy workers

The opportunities offered by the gig economy should be protected, while ensuring fairness for those who work in it, according to the Taylor Review into working practices

Accounting / PRA warning on banks’ accounting risks

The Bank of England (BoE) has voiced concerns about banks and other lenders adopting what it views as high risk accounting practices which could potentially lead to a further financial crisis

Tax / OECD publishes updated transfer pricing guidelines

The OECD has released the 2017 edition of its transfer pricing guidelines, which have been updated to reflect the work carried out as part of its Base Erosion and Profit Shifting (BEPS) project to ensure that multinationals’ taxable profits are not artificially shifted out of some jurisdictions, and that their tax base reflects the economic activity undertaken in a particular country

Insight / Administration flushes out deal for poker players

Thousands of poker players look set to be on a roll, after administrators from RSM sold the assets of collapsed online gaming website to another operator, opening the way for punters to recoup the losses they incurred when the business failed

Insight / Half of ACA students leave accountancy after a year

Almost half of ACA students are looking to move jobs a year after qualifying and most plan to leave the accounting sector to work in business, according to research by CABA which says employers need to look at ways of encouraging newly trained accountants to stay with them

Insight / Online seller sentenced for £323k VAT fraud

An online seller who hid auction sales worth more than £2.6m from HMRC has been given a suspended prison sentence for a £323,000 VAT fraud

Insight / Begbies Traynor reports static results

Revenues and profits have remained largely flat at Begbies Traynor, the business recovery financial advisory and property services consultancy, which has announced its final results for the year ended 30 April 2017 and signalled its intention to grow its property-related business

Tax / OTS call to digitise paper stamp duty

The Office of Tax Simplification (OTS) is calling for the government to reform and digitise the current regime for paper stamp duty on some share transactions, describing the current approach as ‘outdated and cumbersome’

10 Jul 2017

Audit / Evans: more transparency needed on FRC fines

Helen Evans, barrister at 4 New Square Chambers, examines the recent acceleration of fines imposed by the FRC Disciplinary Tribunal, and what it means for the future

Audit / Higgins: FRC dropping Tesco probe not a sign of weakness

The Financial Reporting Council (FRC) may have called off its investigation into PwC’s audit of Tesco accounts, but as the regulator's investigation into the audit of BT illustrates, it should not be seen as a let-up of the its focus on the larger accountancy firms, says Jenny Higgins, senior associate at law firm Kingsley Napley 

Tax / Rise in number of foreign government requests for HMRC tax evasion assistance

HMRC received 2015 requests for help with investigations into taxpayers from foreign governments in 2016, up 24 % on the 1619 requests received in 2015, as authorities step up efforts to stop tax evasion, according to research from Pinsent Masons

Insight / Pound coin hits one billion milestone

The one billionth new £1 coin passed through the Royal Mint’s production line today, as the UK gets ready to bid farewell to the old round pound in favour of a 12-sided replacement designed to deter counterfeiters

Insight / KPMG latest signatory to Women in Finance charter

KPMG is amongst a cohort of financial services firms to sign up to the Treasury’s Women in Finance Charter, leaving Deloitte as the only one of the Big Four not to have made a public commitment to four industry actions in order to increase female representation

Tax / Property business tops tax defaulter list owing £4.5m

The updated list of major tax defaulters has been published by HMRC with a property development and hotel business topping the list owing £4.5m in penalties, while less serious offenders include a range of cafés, takeaways and restaurants among others

Insight / HMRC investigation nets £490k VAT fraud

A Scottish businessman who faked paperwork for his fisheries supply business in a £490,000 VAT fraud has been jailed for 32 months following an HMRC investigation

Insight / UK business optimism below global average

At a time when business optimism globally is hitting record highs, the outlook in the UK is noticeably more subdued and out of step with improving expectations across the EU, according to research by Grant Thornton

Tax / Messi tax fraud sentence reduced to fine

Barcelona football star Lionel Messi has had his 21-month prison sentence for tax fraud scrapped and replaced with a €252,000 (£222,000) fine by the Spanish courts

7 Jul 2017

Insight / Finance Mole: staying onside with the boss

Finance Mole keeps quiet when the CFO tries to replace his Executive Assistant and his recruitment plan falls flat, Making Tax Difficult suffers a blow, a transatlantic tax-tiff

Tax / Department for Transport to assess Uber employment conditions

The government is to create a working party under an independent chair within the Department for Transport to inquire into the pay and working conditions at Uber, in response to a request from Labour MP Frank Field, who is leading a campaign to investigate employment arrangements in the ‘gig economy’

Insight / Second-hand car dealer disqualified over £95k customer loss

The director of a used-car dealership in Kilmarnock has been disqualified for seven years for breaching consumer protection legislation, causing a loss to customers of some £95,000

Insight / Accountant jailed for £82k VAT fraud

A trained accountant has been jailed for 22-months, after handing himself in to HMRC, for fraudulently claiming more than £82,000 VAT refunds to fund his gambling addiction

Insight / Charity Commission investigation over late accounts

The Charity Commission has opened a statutory inquiry into Chesed Leyisruel Trust, after it failed to file its accounting information for the financial year ending 31 March 2016 by the deadline despite frequent reminders and having previously been involved in a class inquiry over late filings

Insight / PwC to support mental health and social mobility charities

The Samaritans and UK Youth have been named as PwC’s new charity partners, in line with the firm’s commitment to supporting mental health and promoting social mobility

Insight / People in the news: PwC, Smith & Williamson, Mazars

Career news this week includes a raft of partner promotions at PwC and Smith & Williamson, Mazars appoints a non-executive director, Johnston Carmichael appoints a head for its entrepreneurial taxes team

Insight / Data theft fraudsters jailed for attempted £10m tax credits scam

An HMRC investigation into an organised crime group who used the stolen identities of public sector employees in a complex plot to attempt to claim £10.2m in tax credits has resulted in jail terms and suspended sentences for four of the six people involved, with two still on the run

Insight / ABI reports £1.3bn in fraudulent insurance claims

The Association of British Insurers (ABI) reports that industry action to stamp out organised insurance fraud, such as ‘crash for cash’ staged motor accidents, has contributed to a slight fall in the number and cost of fraudulent insurance claims detected in 2016, which totalled £1.3bn over the year