Audit / Dixon: FRC had no chance of success over HBOS KPMG audit probe

The FRC’s decision not to pursue further action against KPMG over its audit of HBOS is no sign of dysfunctional regulation, says Ross Dixon, partner at law firm Hickman & Rose

Insight / Ex-rock band accountant faces music over missing £2m

The former accountant for the 1970s ‘prog rock’ band Deep Purple has been banned from being a director for 11 years for misappropriating company funds of at least £2m

Accounting / International reporting: IFRS 17 Insurance Contracts unpicked

Jeroen Van Doorsselaere, VP of risk and finance at Wolters Kluwer, unravels IFRS 17 Insurance Contracts, announced in May earlier this year, explaining what changes have been made to the previous insurance standard IFRS 4 which will be replaced by IFRS 17 when it is implemented in 2021

Tax / Dodwell: BEPS measures set to raise multinational tax take

As the OECD plublishes its review of tax policy across member states, Bill Dodwell, partner and head of tax policy at Deloitte, examines the impact of the OECD Base Erosion and Profit Shifting (BEPS) plan on multinationals

Insight / Companies must consider human rights under Criminal Finances Act

As the Criminal Finances Act becomes law this month, law firm Hodge Jones & Allen warns that companies will have to consider corporate human rights violations in their compliance procedures to avoid prosecution and financial fines

Tax / HMRC clarifies gift aid small donations scheme guidance

HMRC has issued updated guidance on the gift aid small donations scheme (GASDS) enabling a charity or community amateur sports club (CASC) to claim top-up payments on small donations up to £20, with revisions to the section covering community buildings

Tax / Scotland’s devolved tax receipts pass £1bn mark

Revenue Scotland has collected more than £1bn from land and buildings transaction tax (LBTT) and Scottish landfill tax (SLfT) since the devolved taxes came into operation two years ago, latest figures show, but has not hit the government’s own targets for this year

Tax / Second self-assessment tax payments raise additional £510m

Latest HMRC figures show the receipts for income tax, National Insurance Contributions (NICs) and capital gains tax rose by 3.5% between April and August this year, driven by a £510m increase in self assessment receipts in the second tranche of payments, according to analysis by Blick Rothenberg

Insight / Deloitte hit by cyber security incident

Deloitte has confirmed it was the victim of a cyber attack which saw hackers gain access to the Big Four firm’s email system over a lengthy period of time, with the ability to view sensitive client data

Tax / ‘No decision’ on free software as Iris set to release first MTD-compliant package

Accoutancy software provider Iris has yet to decide whether it will provide free Making Tax Digital software as it is set to release the first programme which will allow users to make quarterly submissions by participating in HMRC’s pilot scheme, reports Calum Fuller

Technical Alerts

25 Sep 2017

Tax / HMRC confirms end of traditional tax return

HMRC has provided more details of the new simple assessment system, designed to end the traditional tax return process, under which taxpayers who used to provide information under self assessment will no longer need to do so, as returns will now be pre-populated with existing data from other sources

Audit / The regulator's lot: examining the role of audit regulation

Regulators are unloved and frequently criticised, but play a key and underappreciated role in audit and the economy, finds Katharine Bagshaw FCA 

Tax / Offshore penalties: how to avoid falling foul of strict tax rules

Severe penalties await those who fail to correct offshore tax non-compliance as the government firms up the rules for proposed ‘requirement to correct’ (RTC) and associated penalties applying to ‘failure to correct’ (FTC). Meg Wilson considers the implications for tax advisers and clients

Insight / Auto enrolment pensions will not provide adequate retirement income, warns ABI

The number of employees signed up to auto enrolment pensions has hit 7.5m but the low level of contributions by employees and employers is still too small to provide adequate future pension cover

Accounting / IASB announces members of transition group for IFRS 17

The International Accounting Standards Board (IASB) has announced the 18 members of its transition resource group to support the implementation of IFRS17 Insurance Contracts, with five out of the 18 members based in the UK

Tax / Half of non doms consider leaving UK

Tax changes and Brexit are forcing non-doms to consider quitting the UK for good, putting billions of pounds of tax revenue at risk, according to research from Moore Stephens

Insight / Kebab shop owner takes away jail sentence for £179k tax fraud

A Warrington fast food takeaway boss, who lied about his shop’s takings as part of a £179,000 tax fraud, has been jailed for 30 months, following an HMRC investigation

Tax / Warning on potential rise in CGT avoidance

HMRC collected £124m last year from investigations into SMEs and wealthy individuals suspected of avoiding capital gains tax (CGT), according to analysis by law firm Collyer Bristow which says a clamp down on the use of entrepreneur’s relief could prompt a hike in the use of avoidance schemes

Tax / European Commission seeks action on digital economy taxation

The European Commission has set out its own path towards a new taxation policy for the digital economy which it wants all member states to endorse, saying the current framework does not fit with modern realities, and global progress on this issue is not adequate

Technical Alerts

22 Sep 2017

Insight / Apprenticeships: advice for accountancy firms

Accountancy firms should take advantage of apprentices as a cost-effective alternative to hiring entry-level staff. Rachel Taylor, employer engagement manager with apprenticeship provider Step Forward provides tips and advice for accountancy firms when taking on apprentices

Insight / May proposes two-year ‘transition phase’ for Brexit

Theresa May has called for a two-year transition period after the UK leaves the EU in March 2019 in a speech in Florence, Italy

Insight / Lord Chancellor rejects ICAEW’s bid to regulate reserved legal services

The Lord Chancellor, David Lidington, has rejected the ICAEW’s application to become an approved regulator and licensing authority for the six remaining reserved legal services, which came as a surprise as the accounting institute was backed by the Legal Services Board (LSB)

Insight / CMA to investigate investment consultancy market after FCA referral

The investment consultancy market faces a Competition & Markets Authority (CMA) investigation following a referral from the Financial Conduct Authority (FCA) over its treatment of older customers

Insight / Guidance updated as serious incidents in charities go unreported

The Charity Commission has issued clearer guidance on reporting serious incidents as charities are currently failing to report many instances as soon as they occur, with the regulator warning this can put charities at risk of further harm

Tax / Solicitors face scrutiny over tax planning advice

Solicitors providing tax planning services could face greater scrutiny from the Solicitors Regulatory Authority (SRA) and HMRC as government begins to clamp down on aggressive tax avoidance schemes

Insight / Accountants invited to take part in national golf tournament

Accountants across the UK are being invited to do some number crunching of a different kind by taking up the challenge to play in a new golf tournament especially for the profession

Insight / People in the news: RSM, BDO, Mazars

Career news this week includes a partner appointment at RSM in the firm’s restructuring advisory practice, BDO promotes two partners, an accounting and outsourcing partner joins Mazars’ Birmingham office

Insight / Treasury urges individuals to donate round pounds to Children in Need

BBC Children in Need has partnered with the Treasury and The Royal Mint on a campaign to encourage people to donate the millions of remaining round £1 coins to the charity, with only four weeks to go until the old pound coin goes out of circulation

Insight / Director floored with four-year disqualification

A director of a flooring factory outlet store in Glasgow has been handed a four-year disqualification for failing to file VAT returns and make payments of some £200,000 to HMRC

Technical Alerts