Pat Sweet

Pat Sweet

Pat Sweet is online reporter at CCH Daily incorporating Accountancy Live and Accountancy, published by Croner-i, covering news stories as they happen each day. With a background in specialist business publications, Pat covers tax, audit and accounting, as well as management consultancy and IT, and is now focused primarily on developments in the accounting and finance markets. Contact Pat Sweet

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)

Audit / European Court of Auditors to audit EU fraud

The European Court of Auditors is to conduct an audit on how the European Commission manages the risk of fraud in EU spending, in response to concerns that not enough is being done to tackle the issues

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

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

Tax / HMRC urged to act on online VAT fraud by overseas sellers

HMRC has been too slow to address the problems of online VAT fraud by overseas sellers and its estimates of the tax loss are ‘out of date and flawed’ according to a report from the public accounts committee (PAC), which says the current uncertainty over the terms of the UK’s withdrawal from the EU risks making the problems worse

Tax / OECD reports action taken to amend preferential tax regimes

Governments have dismantled, or are in the process of amending, nearly 100 preferential tax regimes as a result of the introduction of the base erosion and profit shifting (BEPS) standards to improve the international tax framework, according to a progress report from the OECD

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
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