Insight / Micro businesses: preparing for auto enrolment pensions

By 2018 all employers will have to provide a workplace pension for their employees, otherwise known as automatic enrolment, including the latest tranche of stages in many of the UK's smallest business. Croner-i experts explain which workers are exempt from auto enrolment and the key dates for employers to consider

Tax / Former Chancellor Osborne joins BlackRock

Former Chancellor George Osborne is to join the world’s largest fund manager BlackRock as a part-time senior adviser

Insight / Barratt’s CFO leaves role after 14 months

The Board of Barratt Developments plc has announced that chief financial officer (CFO), Neil Cooper, has left the company with immediate effect just over a year after he joined

Insight / Brexit and elections hit European business confidence

Business confidence in the eurozone has hit its lowest level since 2012, amid concerns over Brexit and forthcoming European elections with Germany, France and the Netherlands all set to go to the polls this year

Accounting / MEPs reject incomplete anti money laundering blacklist

By a large majority, MEPs have voted to reject a European Commission proposal for a blacklist of states at risk of money laundering on the grounds it is not comprehensive enough

Insight / IVSC revises global standards for valuation

The International Valuation Standards Council (IVSC), the global standard setter for valuation practice and the valuation profession, has launched its latest set of valuation standards, which will effect financial services and real estate sectors

Professional Development / People in the news: MHA MacIntyre Hudson, RSM, Carey Olsen

The week's latest appointments including a director of corporate finance at MHA MacIntyre Hudson, RSM appoints a forensic partner and hires a head for RSM legal, Carey Olsen adds a senior associate to its British Virgin Island’s team

Insight / £168m support for carbon capture storage ‘not value for money’

Attempts by the Department for Business, Energy and Industrial Strategy (BEIS) to start the adoption of carbon capture storage (CCS) have been unsuccessful, and the £168m spent on support for companies to adopt the technology has not been value for money, according to the National Audit Office (NAO)

Insight / NLW increases pressure for wage hikes

Over a third of businesses say the introduction of the national living wage (NLW) is putting pressure on them to increase wages, according to research carried out by the Reward and Employee Benefits Association (REBA) in association with JLT Employee Benefits

Insight / Scottish schools face financial management issues warns CIPFA

Current proposals to reform the £5bn per year Scottish education system could expose schools to significant financial risks, because of a lack of the necessary skills and governance framework, according to CIPFA Scotland

Technical Alerts

19 Jan 2017

Tax / Trump inauguration: US tax reform tops agenda

Ahead of president elect Donald Trump’s inauguration tomorrow, his victory in the US presidential election has given people reason to start talking seriously about a real possibility of a long awaited comprehensive US tax reform, explains Jeff Whener, Jon Traub and Natalia Mityaeva at Deloitte

Accounting / FRS 102: accounting for asset impairment and goodwill - tips and advice

In part 15 of this exclusive New UK GAAP series, Helen Lloyd FCA reviews accounting for impairment of assets and goodwill, highlighting key differences between the new FRS 102 Section 27 Impairment of Assets and former FRS 11 Impairment of Fixed Assets and Goodwill

Insight / Manchester United heads world table of £5.5bn football club revenues

Manchester United heads the table of the 20 highest earning football clubs in the world, who between them generated a record €7.4bn (£5.5bn) of revenue in 2015/16, an increase of 12% on the previous year, according to research from Deloitte

Accounting / Internal accounting failure drives GM to $1m penalty

Automotive giant General Motors has agreed a $1m (£810,000) penalty with US regulator, the Securities and Exchange Commission (SEC), to settle charges that failures in its internal accounting controls meant the company did not properly assess the potential impact on its financial statements of a defective ignition switch found in some vehicles

Insight / Duff & Phelps under fire over £4m BHS insolvency fees

The work and pensions select committee has taken Duff & Phelps to task over their role as administrators to collapsed retailer BHS, after it emerged the firm’s final bill is likely to be £500,000 above its original estimate

Tax / NAO to look at online overseas retailer VAT evasion

The National Audit Office (NAO) is to carry out an investigation looking at the risk of VAT evasion by overseas online retailers, which HRMC has estimated costs the Exchequer around £1bn a year

Tax / Treasury chief Ellison pledges ‘steady, predictable tax regime’

Jane Ellison, financial secretary to the Treasury, has pledged to maintain ‘a steady, predictable tax regime’ and states that there is a need for practical changes to increase certainty, in response to a debate within the accounting profession over how tax policy is best developed

Tax / Grandparents missing out on childcare NI credit

Working-age people who give up their job to provide childcare for their grandchildren risk damaging their state pension entitlement because of failure to take up a little known benefit, designed to protect their National Insurance (NI) credits, according to analysis by insurer Royal London

Technical Alerts

18 Jan 2017

Accounting / Lease taxation under IFRS 16 – part 2

In part two of our series on lease taxation under IFRS 16 Leases, the new accounting standard set to come into use in 2019, CCH tax specialist writer Paul Davies considers the pros and cons of HMRC's initial proposals for different variations on accounts based regimes using a leasing or capital allowance approach

Insight / Pension fraud triples in a year

The number of pension scams has increased threefold over the past year and nearly one in three pension schemes has been affected by fraud, according to research by RSM which suggests problems have escalated since the introduction of new pension freedoms

Tax / HMRC adds voice recognition to digital security features

HMRC is to add voice recognition to its options for taxpayers to confirm their identity to access its services, with the addition designed to speed up the security process

Insight / Professional services sector leads 2017 growth charts

The professional services industry is anticipating strong growth in 2017, with more firms expecting to increase their turnover this year compared to any other sector, according to research by business data website Company Check

Accounting / EFRAG sets up academic panel

The European Financial Reporting Advisory Group (EFRAG), which advises the European Commission on IFRS issues, is seeking candidates for its new academic panel, as part of a move to increase its research activities

Insight / CIOT announces 2017-18 presidential team

The Chartered Institute of Taxation (CIOT) has confirmed its team of officers for 2017-18 with John Preston set to take over as the institute’s new president from the current postholder, Bill Dodwell, in May

Tax / Treasury finalises Lifetime ISA rules effective April 2017

The Treasury has announced the formal launch of two new government-backed savings vehicles, the Lifetime ISA (LISA) and the Help to Save scheme, and has clarified their interaction with the existing Help to Buy ISA

Audit / Audit exemption saves £4.6bn but adoption rates low

Changes to the small companies audit exemption introduced in 2012 have only been taken up by a third of eligible companies although for those early adopters savings are an estimated £4.6bn overall taking into account time and money spent on audit services and internal financial activity

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