Audit / Big data: internal audit and data analytics

Liz Sandwith, chief professional practices advisor at the Chartered Institute of Internal Auditors (CIIA), asks whether it is time for internal auditors to start implementing big data strategies to mitigate risk, albeit  always retaining a human element of judgment

Tax / SNP reiterates calls for action on Scottish limited partnerships in manifesto

The Scottish National Party (SNP) has made the abolition of Scottish limited partnerships a key plank of its armoury against tax evasion in its 2017 election manifesto

Insight / Smith & Williamson shareholder considering sale

A key shareholder in top 10 firm Smith & Williamson is considering selling its stake in a deal which could be worth up to £450m

Tax / Ingenious to appeal latest tribunal decision

A judge clarifying a tax dispute between partnerships set up by Ingenious Media and HMRC has said the decision reached by the first tier tribunal was done so with 'misgivings and reluctance'

Insight / Treasury chiefs lowest paid in Whitehall

Bosses at HM Treasury are the lowest paid in Whitehall, which HMRC staff are among the lowest paid on average, research from the Institute for Government has found

Tax / Chinese football regulator introduces 100% tax on foreign player signings

The Chinese Football Association (CFA) has announced a 100% tax on the signings of foreign players to curb transfer fees, which could stop players such as Diego Costa and Wayne Rooney from joining the Chinese Super League this summer

Tax / OECD releases Action 6 peer review on tax treaty shopping

From 2019, signatories to the OECD Base Erosion and Profit Shifting (BEPS) framework will have to provide details of all current tax treaties and any potential abuse of double tax treaties on an annual basis

Insight / Commission advises on giving to genuine charities during Ramadan

The Charity Commission has launched its safer giving campaign to help British Muslims ensure that they are giving to genuine registered charities this Ramadan, providing a list of steps individuals can take to check before they give

Insight / Pension savings gap to reach £25 trillion by 2050

The world’s six largest pension savings systems are expected to reach a $224 trillion (£174 trillion) gap by 2050 due to longer lifespans and reduced levels of savings, according to the World Economic Forum

Audit / Woolf: institutionally gullible

Accounting provisions for loan losses lie at the heart of collapses of financial institutions in recent years, argues Emile Woolf FCA

26 May 2017

Tax / Kroijer: don't over-invest in property to build pension pot

Looking for low risk, high returns alternatives to tradtional pensions savings is one of the big worries these days but is property such a safe bet anymore? Investment expert Lars Kroijer considers the options for investors, warning that over-reliance on property assets is not always the best policy or a sure fire profit income

Tax / Manifestos fail to ‘offer honest set of choices’, says IFS

Neither the Conservatives’ nor Labour’s manifestos address the long-term challenges faced by the public sector, according to assessment by the Institute for Fiscal Studies

Insight / £170m to play for in football league promotion match

Bank Holiday Monday promises to be pay day for either Huddersfield Town or Reading, as the two football clubs battle it out in the play-off for promotion to the Premier League, with analysis from Deloitte suggesting the winner will score an additional £170m in revenue, rising to more than £290m if they survive their first season

Tax / HMRC disputes own calculations

HMRC has won a £3.1m case at a First Tier Tribunal (FTT) where part of the argument centred on whether or not the tax authority could challenge calculations derived from third party software developed to meet its own technical specifications, which may have implications for Making Tax Digital implementations

Tax / HMRC inheritance tax calculator reflects nil-rate band

HMRC has updated the inheritance tax (IHT) calculator to include details on the nil-rate band for inheritance tax, which came into effect in April and gives married couples and civil partners a higher IHT allowance, set to reach £1m by 2020

Insight / Employee retention boosted by rewards

Nearly all (94%) of small and medium sized enterprises (SMEs) reward their employees with half stating that the main reason for doing so is to keep motivation levels high, which in turn has led to a third of businesses experiencing higher retention rates, according to research from American Express

Professional Development / People in the news: Gibson Booth, Newby Castleman, Johnston Carmichael

In the latest accountancy jobs moves, Gibson Booth makes two appointments to its tax and accountancy departments, Newby Castleman promotes two staff members, seven promotions are made in the team at Johnston Carmichael

Tax / Political parties’ tax plans fail to meet business priorities

The two main political parties are failing to address the majority of businesses’ top targets for tax reform, with both the Conservative and Labour manifestos meeting less than half of their key priorities, according to research by Moore Stephens

Tax / Messi’s ‘red card’ for tax fraud confirmed

Spain's Supreme Court has confirmed a 21-month jail term for Barcelona striker and Argentinian football international Lionel Messi, for charges of tax fraud, but the player is unlikely to be sent off the pitch to serve time in prison

Accounting / IASB seeks feedback on IFRS 13 fair value measurement

The International Accounting Standards Board (IASB) is seeking stakeholders’ views about their experience with IFRS 13, the accounting standard that explains how to measure the ‘fair value’ of assets and liabilities, to address problems identified with disclosure requirements

Technical Alerts

25 May 2017

Tax / Gold bullion disguised remuneration still marketed despite HMRC clampdown

A year on from a concerted clampdown by HMRC, disguised remuneration schemes involving gold bullion are still being marketed to clients

Tax / Tax issues when disposing of a UK rental property

With the buy-to-let market still holding up despite a raft of potential tricky tax changes, many people will dispose of a rental property in their lifetime. Lynsey Lord, tax manager at Mercer & Hoe, explores some of the factors which can affect the tax position on such a sale

Insight / KPMG's incoming chief Bill Michael plans to shake up leadership team

Bill Michael, who takes over from Simon Collins as KPMG’s chair from 1 October has shaken up the firm’s top team, bringing seven new members on to the executive committee, with tax, consulting and technology represented for the first time

Insight / FRP Advisory prescribes administration for RedX Pharma

FRP Advisory has been called in as administrators to both RedX Pharma plc and its subsidiary RedX Oncology Ltd, after Liverpool City Council called in a £2m loan to the AIM-list company

Audit / KPMG hangs up on telco operator Lycamobile

KPMG has resigned as the auditor of Lycamobile UK Ltd, citing problems in obtaining ‘sufficient, appropriate audit evidence’ and concerns about whether there are adequate accounting records at the mobile network operator, which is involved in a £26m VAT dispute with HMRC

Tax / UK rejects Europe-wide corporation tax

Only 16% of UK businesses support the idea of an EU-wide corporate tax rate, and just 6% of those in Ireland, compared to the majority of European businesses which are in favour of a common approach, according to research by Grant Thornton

Tax / UKIP promises no tax rises

Speaking at the launch of the UKIP manifesto, deputy chairman Suzanne Evans has said it is the only party going into the forthcoming election to pledge not to raise taxes, with plans to introduce a £13,500 threshold for paying income tax by the end of the next parliament

Insight / CIPFA signs up to deliver apprenticeships

CIPFA is to begin delivering accountancy and finance apprenticeships from autumn this year, after being accepted onto the Education and Skills Funding Agency’s (ESFA) register of apprenticeship training providers

Technical Alerts