Tax / Farming: herd basis of taxation - part 2

In part two of our exclusive series on farming taxation and accounting, Michael Parker CTA, head of tax at the National Farmers Union (NFU), considers the pros and cons of making a herd election

Insight / The Pensions Regulator to prosecute ex-BHS owner Dominic Chappell

The Pensions Regulator has confirmed it will prosecute former BHS owner Dominic Chappell over his role in the retailer’s collapse

Audit / EY extracts BHP Billiton audit from KPMG

Dual-listed FTSE 100 and Australian Securities Exchange (ASX) miner BHP Billiton has confirmed EY will take over its audit, bringing to an end KPMG’s 21-year incumbency

Tax / HMRC offers payment to parents for childcare website failures

HMRC has offered compensation to parents affected by the technical issues with tax free childcare when the service first launched in April, and is considering refunding costs caused by delays and mistakes due to the service not working as planned

Tax / Earners up to £200K worst hit by 45% tax rate, says IFS

An increase in the higher rate of income tax to 45% on incomes above £80,000, and a 50% rate on incomes above around £125,000, could raise up to £2bn in additional tax revenues, according to analysis by the Institute for Fiscal Studies (IFS)

Tax / HMRC launches user panel to improve digital services

HMRC is seeking individuals to sign up to its user panel to help improve its online services and content, while ensuring the website works correctly ahead of the digitisation of the tax system under the Making Tax Digital project

Insight / Government sets position on access to official documents post-Brexit

The government, in its latest position paper, has outlined the UK’s stance on ongoing confidentiality obligations and access to official documents when the UK leaves the EU

Audit / PwC serves up audit of FTSE 250 food producer Cranswick

PwC has been appointed auditor of FTSE 250 food producer Cranswick, after EY’s 45-year spell came to an end

Tax / HMRC signs office lease for Cardiff regional hub

HMRC has signed a 25-year lease for its Cardiff regional hub, which developers have claimed is the largest office deal ever signed in Wales, with the tax authority panning to move 4,000 staff into the offices by 2020

Technical Alerts

21 Aug 2017

Tax / Taxation for landlords: the cash basis

Plans to move landlords onto the cash basis have been put on hold due to the recent general election but are likely to make it into the second Finance Bill in autumn. Stephen Relf ACA CTA, tax writer at Wolters Kluwer, considers the implications of the cash basis for landlords 

Audit / Deloitte resigns as PayPoint auditor as KPMG appointed

Deloitte has resigned as auditor of payment services company PayPoint, bringing to an end its 16-year stint and making way for KPMG

Insight / Rathbone Brothers in £2bn merger talks with Smith & Williamson

Fund management firm Rathbone Brothers is in advanced talks with Smith & Williamson over a proposed £2bn merger

Tax / Economic trends: rising taxes on buy-to-let landlords

Martin Beck, senior economist at Oxford Economics warns about the risks of an increasingly unaffordable property market and threat of ever rising taxes on buy-to-let landlords, making it harder to expand home ownership

Tax / Apple’s €13bn Irish tax bill ‘unjustified’, claims finance minister

Irish finance minister Paschal Donohue has branded the European Commission’s decision that Dublin collect up to €13bn (£11bn) in back taxes from Apple as unjustified

Insight / Government policy paper on post-Brexit treatment of goods and services

The UK government has issued the latest Brexit paper, covering continuity in the availability of goods and services across the EU and the UK after March 2019, setting out its starting position for the next round of talks

Insight / Government to clamp down on pension scams

A ban on cold calling in relation to pensions, including texts and emails, along with tougher actions to prevent fraudulent pension schemes have been introduced by the government, as part of a crackdown on scammers who are targeting pension funds

Insight / Underwear trader pulled up for £50k VAT fraud

A call centre worker from Swansea who set up a men’s designer underwear company to cover up his £50,000 VAT fraud has been jailed for two years and three months

Insight / 21% of small business directors over retirement age

Over a fifth (21%) of small and medium-sized enterprise (SME) directors are now over the state pension age of 65 with 12% over the age of 70, according to analysis from Moore Stephens

Technical Alerts

18 Aug 2017

Insight / Underwood: cavalier HR approach at smaller accounting practices

Accounting practices with fees of on average £500,000 through to £2m are encountering difficulties in managing, developing, recruiting and retaining employees and also in providing a good working environment for their employees. Keith Underwood, managing director of Foulger Underwood, looks at the reasons for an HR vacuum at smaller firms 

Tax / Diageo facing challenge over diverted profits tax

Drinks giant Diageo has revealed it is challenging a £107m assessment from HMRC under the diverted profits tax (DPT) regime, which came into effect in April 2015 and is intended to counter aggressive tax avoidance by multinational companies in the UK

Tax / HMRC’s Liverpool regional hub choice controversial

HMRC has announced its choice of location for its new regional hub in Liverpool, but is facing opposition from MPs and campaigners who say the planned alterations to the local landmark building will impact its appearance and remove a public amenity

Tax / Newham Council ramps up search for BTL tax evaders

The mayor of Newham Council in London is calling on the government to tackle tax evasion among landlords after a survey revealed almost half are not registered for self assessment and may be making inaccurate tax declarations or failing to declare rental income

Insight / Grant Thornton quadruples school leaver hires

In the week the UK’s sixth formers got their A level results, Grant Thornton UK has announced it is hiring almost four times as many A-level school leavers as it was in 2011

Insight / People in the news: Mitchell Charlesworth, Milsted Langdon, Crowther

In this week’s moves and appointments roundup, Mitchell Charlesworth welcomes two individuals to the team and promotes three staff to audit managers, Milsted Langdon celebrates its trainees exam success, Crowther Accountants appoints a chairman

Insight / Accountant changes tack for marine painting exhibition

ICAEW-qualified accountant Gerry Defries, who has run a practice in London for 40 years, is setting sail for a new venture in the art world and has been selected from over 1,300 submissions to appear alongside paintings by some of Britain’s leading marine artists