Insight / Data breaches: preparing for EU General Data Protection Regulation

Changes to data protection laws will have wide-reaching impact on UK companies and subsidiaries, with tough penalties for non-compliance when the EU General Data Protection Regulation (GDPR) is introduced in 2018. Huw Beverley-Smith, a partner in the technology transactions group at Faegre Baker Daniels, considers the implications for accountants

Tax / Hallam: take VAT responsibility post-Brexit

There is a growing tendency for EU tax authorities to attempt to ‘responsibilise’ third parties for the failures of clients and partners to meet VAT obligations, Accordance chief executive Nicholas Hallam warns

Tax / Cohabiting pensioners missing out on tax benefits

Despite people over the pension age being the fastest growing group of cohabitees, many are missing out on such breaks, such as inheritance tax benefits, and state pension rights which are only available to married couples, according to research by Royal London

Tax / PCS conference slates HMRC’s office reorganisation plans

HMRC staff at the PCS annual conference have condemned the department’s plans to close local offices as ‘impractical’, and indicated they will continue to campaign for a review of the decision to move most employees to new regional hubs under HMRC’s Building our Future (BoF) strategy

Tax / Uber owes NY drivers millions after accounting error

Ride-hailing pioneer Uber has admitted it owes its New York drivers tens of millions of dollars following an accounting error in the way in which it calculated their commission, by using a figure which included state taxes rather than a pre-tax fare

Tax / Trump budget plan attacked over accounting maths

US President Donald Trump has published his first budget, which proposes a $3.6 trillion (£2.8 trillion) cut in government spending over the next decade to balance the budget by 2017, but it has come under fire over the calculations used

Tax / More single property landlords hit by buy-to-let changes

Following the introduction of new tax rules for buy-to-let landlords there has been a rise in the amount of single property landlords that will be pushed into the higher income tax bracket, according to the National Landlords Association (NLA)

Accounting / OECD consults on transfer pricing for intangibles

The OECD is consulting on outline guidance on the approach to pricing transfers of hard-to-value intangibles (HTVI) described in its transfer pricing guidelines, which is one of the requirements of its Base Erosion and Profit Shifting (BEPS) action plan

Tax / EU agrees double taxation dispute resolution system

The European Council has agreed on a new system for resolving double taxation disputes within the EU, in a bid to reduce the difficulty and the tax burden of doing business across borders

Insight / FRP Advisory called in to failing law firm

Tom MacLennan and Iain Fraser, partners with FRP Advisory, have been appointed joint administrators of Hamilton Burns WS Ltd, a Scottish-based immigration, criminal, matrimonial and civil practice law firm which has collapsed with half of its staff losing their jobs

23 May 2017

Tax / Pension planning: lifetime allowance and tax liability - part 1

In part one of our series on pensions, Kay Ingram, director of public policy at LEBC reviewsthe impact of reductions in the lifetime allowance and tax liability for high earners, plus a snapshot of the key tax breaks currently available

Tax / Wach: US tax could be on cusp of brave new world

Taxand managing director Tim Wach examines the scope of meaningful change in the corporate tax overhaul in the US and whether this will be achievable during Donald Trump’s term as president

Tax / Scottish overseas taxpayers at risk of inaccurate bills, ATT warns

Scottish people living outside the UK are at risk of paying the incorrect tax as a result of confusion over whether they should be treated as Scottish or UK taxpayers, the Association of Taxation Technicians (ATT) warns

Tax / Charitable donations cut inheritance tax bills by £880m

The amount of inheritance tax (IHT) saved by leaving money to charity has hit a record £880m, as donors look to reduce their tax bills and donate to good causes on their death

Insight / Pensions Regulator names companies flouting auto enrolment

The Pensions Regulator has released its first name and shame list of employers who have been taken to court for failing to pay fines for workplace pension non-compliance, including 13 companies which have been fined £220,000 to underline the importance of meeting automatic enrolment requirements

Audit / KPMG picks up Swiss energy audit at ABB

Swiss power transmission and automation technology specialist ABB is to appoint KPMG as its external auditor effective for the financial year 2018, ending a more than 16-year relationship with EY

Insight / 13% of accountancy firms have no website

The accounting sector’s presence on social media is lacking compared to other industries with only half of firms having a twitter profile and 13% admitting to not having a website, according to a report by Propero Partners

Tax / 31 May deadline for filing automatic exchange of information (AEOI) returns

The deadline for submitting automatic exchange of information (AEOI) returns for the year ended 31 December 2016 is 31 May 2017 for financial institutions, and that this is the first year for common reporting standards (CRS) filing

Tax / Push for manufacturers to claim R&D tax relief

The manufacturers’ representative organisation EEF has announced a partnership deal with R&D tax relief specialist Jumpstart, with the aim of providing expert advice for members to secure their full entitlement of R&D tax relief

Technical Alerts

22 May 2017

Tax / Temple: HMRC confusion over expenses advice

Changes to expenses rules mean that some contractors have received incorrect expenses advice from HMRC call centres. Crawford Temple, CEO of Prism, claims that rules for workers have become so complex, with the introduction of IR 35, that even HMRC is getting confused

Tax / Green Party pledges to abolish cap on employees' NICs

The wealthiest in society will pay significantly more tax under Green Party plans, the party reveals in its manifesto

Audit / PwC on the money with Close Brothers audit win

PwC is to take over from Deloitte as auditor of FTSE 250 UK merchant banking group Close Brothers following a formal tender process

Insight / Half of accountants expect promotion within two years

Accountants are becoming increasingly ambitious and are craving quicker career progression routes as well as wanting more recognition for their work, with over two thirds aspiring to reach senior positions such as CEO and CFO, according to Hays’ What Workers Want report 

Tax / CJEU says member states should stop tax ‘fishing’ requests

The Court of Justice of the European Union (CJEU) has handed down a ruling that the courts of one member state may review the legality of requests for tax information sent by another member state, but cannot conduct ‘fishing’ requests which are devoid of any foreseeable relevance to the tax investigation concerned

Insight / Higher pension deficit payments hit pay packets

Companies are suppressing wages by an average £200 a year in order to plug historic gaps in defined benefit (DB) pension schemes, even though some low earners are excluded from such schemes, according to a study by the Resolution Foundation

Insight / £3.3m repayment demand for convicted VAT fraudster

A convicted fraudster from Essex who created a fake trade in computer memory sticks has been ordered to repay £3.3m from his VAT scam or serve a longer sentence

Insight / Restructuring specialist Quantuma sees 21% turnover hike

Restructuring and insolvency practice Quantuma has reported turnover up by 21% in the year to 31 March 2017, and has announced an expansion of its regional offices

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