CCH Daily

Tax / Inheritance tax: residence nil rate band (RNRB) explained

The residence nil rate band (RNRB) is important to consider when estate planning and protecting property for direct descendants but there are some tricky tax considerations. Nimesh Shah, partner at Blick Rothenberg, explains how it works and potential pitfalls

Insight / Accountant jailed for £350k VAT fraud

A Somerset accountant has been jailed for two years and three months for failing to pay £358,283 in VAT to HMRC, instead keeping the money as cashflow for his business

Insight / Government consults on cyber security measures

The government is consulting on plans to implement the EU’s security of network and information systems (NIS) directive, which could see businesses facing fines of up £17m or 4% of global turnover for the failure to have effective cyber security measures in place to safeguard against IT hacking attacks and breaches

Insight / Data protection laws mean stiffer fines for business breaches

The government has signalled its intention to update and strengthen data protection laws through a data protection bill, ushering in large fines for businesses which fail to meet the new requirements

Insight / Plastics companies melt into administration

Chris Pole and Mark Orton, partners at KPMG have been appointed joint administrators to Gelpack Industrial Ltd and Gelpack Excelsior Ltd, leading manufacturers of plastic packaging for the industrial sector, which have collapsed putting some 200 jobs at risk

Insight / Brexit worries hit FTSE 350 confidence in economy

Confidence in the UK economy has hit a five-year low amid growing concerns over political risk and Brexit, according to a survey of FTSE 350 companies by ICSA: The Governance Institute, which also found that attempts to improve boardroom diversity are stalling

Insight / Fish and chip shop director takes away disqualification

Keith McGilvray, director of a fish and chips takeaway in Aberdeen, has been disqualified as a director for seven years for failing to ensure the company preserved and maintained proper accounting records

Tax / ‘Dolce Vita’ in Italy for ex-UK non dom

A high net worth individual (HNWI) who was formerly registered as non-domiciled in the UK has become the first person to be granted resident non-dom status in Italy, under the country’s new regime introduced at the start of the year

Technical Alerts

7 Aug 2017

Tax / Charity donations and income tax relief: how to claim

Making a donation to charity is one way to minimise tax bills. Stephen Relf CTA ACA, tax writer at Wolters Kluwer, sets out the income tax reliefs available for higher rate and additional rate taxpayers making Gift Aid donations, highlighting tax breaks and relevant advice to make the most of tax-free charitable donations

Audit / Acquisition forced early tender for Micro Focus

FTSE 100 company Micro Focus had to bring forward its audit tender process after an acquisition of a software business meant there was a potential conflict

Tax / Holiday lets taxation centre stage at Edinburgh Festival

As the Edinburgh Festival gets underway, the Scottish Green party is claiming £10.6m of tax receipts are being lost because of the way the property taxation regime operates in relation to the growing number of homes locally let out as holiday accommodation via online booking sites

Insight / Accountants look favourably on job hopping

Growing numbers of accountants are considering freelance and flexible working and are looking to change jobs more frequently, with job applications on the rise, according to data from online job board CV-Library

Insight / Administrators find light at end of tunnel for failed company

Damian Webb and Phillip Sykes, partners at RSM restructuring advisory have been appointed joint administrators of Cambridgeshire-based lighting firm Isotera Ltd, and have sold the business to agricultural technology specialist Greengage Lighting Ltd

Tax / Overseas businesses face eBay VAT charge changes

This month sees e-commerce giant eBay start charging 20% VAT on its fees to tens of thousands of businesses trading in the UK, in line with HMRC’s tougher stance against online traders who fail to register for VAT returns

Insight / Working capital failure ties ups £136bn

Companies are struggling to improve their working capital performance, and nearly half have experienced a deterioration over the past year, according to research from Grant Thornton which suggests that up to £136bn in cash is tied up on the balance sheets of companies, which could be unlocked for further growth

Insight / Disqualified director sentenced for managing two companies

A disqualified director has received an 18-month suspended prison sentence after pleading guilty to two counts of acting in the management of two companies following a hearing at Kingston Crown Court

Technical Alerts

4 Aug 2017

Insight / Finance Mole: all ready for Tough Mudder

A new head of legal causes unrest, and plans for an extreme endurance day raise the tension for Finance Mole, plus Making Tax Delayed, Philip Hammond has a tough ride as Chancellor and outgoing BT chairman Sir Mike Rake reassures angry shareholders

Tax / Gold bullion remuneration schemes ‘abnormal’, says GAAR Advisory Panel

Arrangements where workers are paid using gold bullion have been described as ‘abnormal’ by the GAAR Advisory Panel in its first publication since its formation in 2013

Insight / Called to account: August 2017

The latest scandals and penalties including an ex-HMRC employee sentenced over tax credits fraud, tax adviser jailed for £1.5m tax scam and £109m tax fraud fugitive ringleader deported to the UK

Insight / Tax avoidance marketing directors banned

A husband and wife who were directors of a company which marketed tax avoidance schemes have been disqualified for a combined nine years for moving assets out of the reach of creditors, including more than £130,000 owing to HMRC

Insight / People in the news: BDO, Smith Cooper, Companies House

This week’s news of professional moves in the sector includes three senior promotions at BDO, Smith Cooper gains a specialist advisory consultant, Companies House appoints a chief executive

Audit / US regulator sanctions Crowe Horwath HK

Crowe Horwath’s Hong Kong firm has been sanctioned and its registration revoked by the Public Company Accounting Oversight Board (PCAOB) for refusing to cooperate with the US regulator’s investigation of the firm's audits of a China-based issuer

Tax / HMRC challenged over childcare website failures

HMRC has come under fire over problems with its new childcare service website, amidst claims that IT glitches and other problems have prevented some parents from making claims

Insight / £400k hole in pocket for clothing fraudster

A Rochdale businessman, who pocketed nearly £1.25m from two VAT frauds, has been ordered to repay almost £400,000 or face another four years in jail following an investigation by HMRC

Audit / EY takes on Tate & Lyle audit from PwC

Food producer Tate & Lyle is to switch auditors to EY, ending a 28-year relationship with PwC, following a competitive tender process earlier this year

Technical Alerts