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

Tax / One in five businesses borderline for VAT actively avoid registration

One in five businesses which are operating just below the VAT registration limit admit to taking deliberate action to remain under the threshold, even if it means turning down work, according to research commissioned by HMRC

Tax / US tax reform passes through House in milestone vote

The US House of Representatives has passed a bill opening the way to a major reform to the US tax code, including slashing the corporate tax rate, in a milestone vote which means the focus for President Donald Trump’s promised tax overhaul now moves to the Senate

Tax / Car tax evasion triples since paper disc abolished

The abolition of the paper car tax disc has resulted in a tripling of the number of drivers evading car tax and now represents a loss to the Treasury of around £107m a year, according to statistics from the Department for Transport (DfT) and the DVLA

Insight / ICAEW highlights ‘personal finance director’ opportunities

ICAEW is launching an initiative next month in a bid to encourage chartered accountants to play a wider role as ‘personal finance director’, by providing lifetime wealth planning to help SME owners/managers and their families better manage their personal financial and investment affairs

Accounting / FRC to review impact of IFRS 9 and IFRS 15

The Financial Reporting Council (FRC) has announced the topics and areas it will focus on over the next year, which include AIM quoted company reports, the impact of new IFRS standards for revenue and financial instruments, and the effect of Brexit on companies’ disclosures

Insight / Insolvency Service cooks up ban for failed kitchen fitting director

The director of a Liverpool kitchen fitting company has been disqualified for seven years after failing to keep adequate accounting records or pay some £138,000 in tax, following an investigation by the Insolvency Service

Insight / 92% of European businesses not ready for GDPR

With just over six months to go until the EU’s general data protection regulation (GDPR) becomes law, just 8% of businesses across Europe report they are prepared for the new measures, which include provision for fines of face fines of up to €20m for failure to comply, according to research from RSM

Tax / HMRC loses further tour operator VAT case at FTT

HMRC has lost its appeal at First Tier Tribunal (FTT) over its claim that an online ‘bedbank’ supplier of hotel rooms via a bookings website should have been paying VAT on its services, after arguing that in this particular instance foreign law applied

Tax / HMRC’s tax-free childcare scheme delayed

The full rollout of tax-free childcare has been delayed to March 2018 with the scheme opening to parents whose youngest child is under six from next week, as part of a phased approach to rolling out the online service, which has experienced teething problems

Tax / Deliveroo wins case confirming riders are self-employed

In the latest challenge to the employment status of ‘gig economy’ workers, Deliveroo riders have been ruled self-employed by labour law body the Central Arbitration Committee (CAC), in a move which runs counter to other recent rulings

Insight / Companies failing to disclose worker information in annual reports

Despite growing public and government interest in companies’ recruitment, training and employment practices, meaningful information about employees in annual reports is still missing, according to new research from the Pensions and Lifetime Savings Association (PLSA)

Tax / MPs push for better Finance Bill scrutiny

MPs are challenging the Treasury to adopt a more strategic approach to tax policy making, calling for greater consultation over Finance Bills, clearer information about consultations and improvements to costing and impact assessments

Insight / Accountant banned for hiding commission on tax avoidance schemes

An accountant from Stevenage has been excluded from ICAEW membership, fined £8,000 and ordered to pay costs of £47,000 after a disciplinary tribunal found he had concealed from clients the commission received from recommending tax avoidance schemes and had ‘blatantly disregarded his duties’

Tax / £100,000 tax exemption for sporting testimonials

HMRC has published updated guidance on the tax treatment of income from sporting testimonials, which confirms there will be a new ‘one-off’ exemption of £100,000 designed to ensure that employed sportspeople on modest incomes are protected from the recent changes to the rules

Tax / HSBC to pay €300m to settle tax evasion charges

HSBC has agreed to pay €300m (£266m) to the French authorities to settle a long-running investigation into tax evasion by French citizens via its private bank in Switzerland, details of which were first leaked by one of the bank’s former IT employees