Insight

Insight / Charity Commission looks into children’s disability charity

The Charity Commission has opened a statutory inquiry into Dream It Believe It Achieve It, over concerns about its financial controls, including the charity’s relationship with connected companies.

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

Accounting / Charities must comply with financial sanctions requirements

Charities need to ensure they comply fully with the latest financial sanctions rules, warns the Office of Financial Sanctions Implementation (OFSI)

Insight / Call for watchdog to assess public spending plans

Failures in financial planning mean the government is being forced into poor and reactionary spending decisions, instead of getting ahead of problems before they become crises, spending over £10bn in five years just to keep troubled services going, according to research by CIPFA and the Institute for Government

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

Insight / People in the news: RSM, IVSC, Quantuma, Leon & Co

In this week’s moves and appointments roundup, RSM appoints a tax director in its Manchester office and the firm’s legal arm makes it onto the Legal 500 list, the International Valuation Standards Council (IVSC) appoints a trustee member

Insight / Roofer’s £102k tax fraud falls through

Richard Cakebread, a self-employed roofer, has been jailed for 20 months for evading £88,000 in VAT and stealing a further £14,000 by failing to pay income tax, following an investigation by HMRC

Insight / Tips and advice: preparing your accounting practice for sale

When accounting firms look to sell their business, it is essential to profile and prepare the business ready for a sale, from the critical financial data to softer information about management structure, client base and staffing splits, advises Keith Underwood, managing director of merger experts Foulger Underwood

Insight / DWP takes over pension dashboard project from Treasury

Development on the pension dashboard will continue with the Department for Work and Pensions (DWP) announcing that it has taken over the responsibility from the Treasury after economic secretary Simon Kirby, who was involved in the project, lost his seat in the June election

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 / Sham company director fakes death to avoid 14-year disqualification

In move described by the Insolvency Service as ‘bizarre’ a man who ran a sham TV company, which he claimed had a turnover of £4.7bn, got a friend to claim he had died, in order to avoid disqualification for dishonest attempts to obtain credit made through a limited company

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
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