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

Insight / Accounting job vacancies rise by 15%

Job vacancies for accounting professionals rose by 15% across the UK in the third quarter of 2017 compared to the same time last year, with Brexit uncertainties driving demand for contractors, according to recruitment specialists Robert Walters UK

Insight / Insolvency Service steps up hunt for ‘rogue’ directors

The Insolvency Service is increasingly using ‘public interest’ disqualification orders to remove potentially rogue directors from their positions before they can do more harm, with a 600% increase in a year, according to analysis by Moore Stephens

Tax / Canada plans to introduce tax on cannabis

The Canadian government is consulting on proposals to tax cannabis products, saying its current approach to the drug is not working and it is committed to legalising, regulating and restricting access to cannabis to keep it out of the hands of children, and profits out of the hands of criminals

Tax / Warning of potential ‘catastrophic’ problems with HMRC’s customs system

HMRC has been told it must do more to ensure its new customs system, the Customs Declaration Service (CDS) is ready in time for Brexit, or face ‘catastrophic’ consequences, according to a report from the public accounts committee (PAC) which warns the department is facing an overload of development work in the run up to the UK quitting the EU

Insight / UK CFOs more uncertain about future than European counterparts

Optimism is growing among business leaders across Europe and the outlook for revenue growth, hiring and capital spending is improving, although in the UK uncertainty levels are markedly higher than elsewhere, according to Deloitte’s latest European CFO survey

Insight / Businesses report £262m in annual fraud losses

Businesses reported £262m in fraud losses last year according to data from ActionFraud, the UK’s national fraud and cyber-crime reporting centre, obtained under the freedom of information act by RSM, which is warning companies need to do more to protect themselves

Audit / FRC set to revise Corporate Governance Code

The Financial Reporting Council (FRC) plans to review the UK Corporate Governance Code to focus on the need for companies to consider how they benefit wider society, following calls from a government advisory group for more support in developing a culture of social impact investment

Insight / Film producer who hid £180k in bankruptcy spotlight faces further restrictions

Stephen Wilkinson, a bankrupt film producer from Sussex, will now be bound by bankruptcy restrictions for a further ten years after failing to disclose over £180,000 of income and the existence of three bank accounts, following an Insolvency Service investigation into the failure of a company in which he was involved

Tax / Small businesses face digital filing early if VAT threshold drops

Proposals put forward by the Office of Tax Simplification (OTS) suggesting a potential reduction in the VAT registration threshold could impose digital record keeping requirements on small businesses earlier than expected, as well as increasing costs and administrative burdens, the Association of Taxation Technicians (ATT) is warning

Insight / UK foots £190bn annual fraud bill

The annual cost of fraud in the UK is put at £190bn currently, down from an estimate of £193bn in 2016, mostly due to reduced levels of expenditure in key areas such as procurement, according to a research study compiled by Crowe Clark Whitehill, Experian and the Centre for Counter Fraud Studies at the University of Portsmouth

Insight / Charities challenged on board diversity

Charities are being urged to do more to ensure their boards reflect diversity, encouraging applications from women, young people and people from ethnic minority and socially diverse backgrounds, after a research study focused on trustees found men outnumber women two to one

Tax / HMRC smashes £108m fake eco-investment scam

Six men have been jailed for a total of 45 years for a £107.9m tax crime, which HMRC says is one of the UK’s biggest, based on a fake eco-investment scheme they sold as a tax break for wealthy investors

Insight / EY rated best accountancy firm for student leavers

Ten accountancy firms feature in a new ranking of the top 100 employers in the UK for school and college leavers, with EY leading the way in a table drawn up by RateMyApprenticeship

Accounting / IASB looking to expand sustainability reporting

The International Accounting Standards Board (IASB) is considering whether to expand its current practice statement on management commentary to include wider reference to environmental and societal issues in corporate reporting, after admitting it is currently ‘silent’ on sustainability

Insight / Scottish financial services firms target women returners

Seven top Scottish employers including RBS, Standard Life Aberdeen and Prudential, have signed up to a government-funded programme to help professional women get back into skilled financial services jobs after an extended career break