Insight / Adopting flexible working: useful tips

How can employers stuck in nine to five thinking free themselves up for flexible working? Jude Tavanyar, leadership consultant, explores the key issues for any organisation looking to move towards a flexible working approach

Insight / Cheques enter 21st century with one-day clearing

A new electronic image scanning system for cheques will reduce the current maximum of six working days to clear cheques down to one day using an industry-wide, image-based cheque clearing system

Accounting / PwC agrees settlement in $2bn MF Global legal case

PwC’s US firm has come to a settlement with former audit client MF Global Holdings, ending a high profile trial in New York over claims the firm was allegedly negligent in its accounting advice to the derivatives broker, which went bankrupt in 2011 after suffering huge financial losses on European government debt

Professional Development / People in the news: RSM, Smith & Williamson, FCA

This week's news of professional moves in the sector include a capital allowance specialist joins RSM, Smith & Williamson gains a partner in its restructuring team, FCA gains a non-executive director and appoints a new chair to its smaller business practitioner panel

Insight / Ipswich charity had poor financial management

A Charity Commission inquiry into the Ipswich Kurdish Islamic Cultural Centre has concluded that there was misconduct and mismanagement in the charity’s administration, with multiple failings by the trustees including poor financial management

Insight / Crest Nicholson shareholders question foundations of bonus plans

Housebuilder Crest Nicholson is to push ahead with its original plans for executive bonuses, despite a shareholder revolt against the company’s pay policy at its annual general meeting this week

Tax / Scottish government needs ‘more work’ on financial management

The Scottish government needs to do more work if it is to be successful in managing public finances, according to an assessment by Audit Scotland which says it must build a clearer picture of how much financial devolution will cost and how staffing challenges will be addressed

Tax / US grassroots coalition calls for end to FATCA

A coalition of 23 US taxpayer protection and grassroots organisations is campaigning for the repeal of the Foreign Account Tax Compliance Act (FATCA), labelling the regulations 'unacceptable and un-American’ on the grounds they fail to tackle tax avoidance by US citizens based overseas while making it harder for them to live and work abroad

Insight / Over half of accountants unhappy with their pay

Pressure has increased on firms to boost employee salaries as the 1.4% salary rise in accountancy falls below the UK average and 60% of finance employees plan to leave their job this year with the main reasons being lack of opportunity (30%) and pay (27%)

Insight / Accountants viewed as boring but well-paid

Stereotypes of accountants being boring but wealthy have not changed over the years as 44% of people consider accountancy to be the most boring career while over a quarter (27%) believe that it is the best paid profession

Insight / PwC appointed administrators to footwear retail chain

Tony Barrell, deals director, and Mike Jervis, partner, of PwC have been appointed as joint administrators of Brantano Retail Ltd, after the value shoe retailer collapsed for a second time, putting some 1,000 jobs at risk

Technical Alerts

23 Mar 2017

Tax / Rural broadband: how to improve access as Making Tax Digital looms

The postcode lottery for business-ready telecoms for rural enterprises remains a problem, only exacerbated by HMRC's rushed plans to roll out Making Tax Digital from 2018 onwards. Dave Millett, managing director of telecoms brokerage Equinox, asks what can be done

Accounting / Companies Act: share capital and company structure - part 1

The majority of UK companies incorporated under the Companies Act 2006 (CA 2006) are limited by share capital. Unsurprisingly, the requirements for issuing and maintaining share capital are numerous and complex. Having an awareness of this area of company law is one thing, but being familiar with it is a stage further, and that familiarity can help to identify opportunities to reassess, streamline and simplify a company’s capital structure, says Anne Cowley ACA

Tax / Burke: HMRC deal with footballers over tax and image rights up for renewal

More footballers could soon find image rights claims kicked into touch as HMRC launches a clampdown which could have implications for other groups, warns Brian Burke, director of business restructuring firm Quantuma

Insight / Retirement age heading to 68 years

The state pension age is likely to rise to 68 years of age by 2037 as early indications from the Cridland report show that the long-term affordability of the state-funded pension will be put under increasing pressure due to greater life expectancy, reports Sara White

Accounting / FRC proposes simplifications to FRS 102 to cut costs

The Financial Reporting Council (FRC) is consulting on proposals to make some significant changes to FRS 102 to clarify loan definitions and alter the market definition of some directors loans 

Tax / US corporate tax regime could shift to territorial basis

The US corporate tax regime could be set for a major shift to a territorial basis, rather than its current worldwide basis, under plans to overhaul its system 

Insight / London firm CBW in Guernsey partnership

Carter Backer Winter (CBW), based in the City of London, has entered into partnership with local accountancy firm Chandler Backer & Co, to form CBW Guernsey in a new joint venture to provide islanders with a range of services, including tax and transaction services

Tax / Charities removed from scope of 45% tax on restitution interest

HMRC has published draft legislation in relation to changes to the existing rules which apply a special corporation tax at 45% to any restitution interest payable by HMRC following a claim for a mistake, which are designed to benefit charitable and life insurance companies

Insight / MPs challenge Chancellor over cyber security risks

Andrew Tyrie, the chair of the Treasury committee, has challenged the Chancellor about arrangements to ensure cybersecurity in the financial services sector, which he describes as ‘opaque’ and ‘a headless framework’, warning these are potentially inadequate in tackling the risks facing the banking system

Insight / EU’s financial regulator up for review

The European Commission has launched a consultation on the role of the European Supervisory Authorities (ESA) to review its effectiveness and long-term stability ahead of Brexit, with possible reform to give it more power in regulating financial markets across the EU

Technical Alerts

22 Mar 2017

Tax / Publishing tax strategies - what you need to know

Large businesses are now required to publish their tax strategy online, with smaller businesses looking to follow suit. FD Recruit outlines the new ruling coming into effect this year, who is affected and why smaller businesses might voluntarily join in

Insight / AAT beats ICAEW to sign women in finance charter

AAT has beaten the ICAEW to become the first accountancy body to sign up to the government’s women in finance charter, as the Treasury announces almost half of UK financial services staff are now covered by the pledge for signatory firms to work together to help build greater gender balance

Tax / HSBC chief loses closure notice bid over non-dom status

The tax status of Stuart Gulliver, HSBC group chief executive, has been put in the spotlight again following a procedural ruling at First Tier Tribunal (FTT), which found that HMRC is not bound by an earlier decision regarding his non-UK domicile status when considering his more recent tax returns

Audit / PCAOB cracks down on ex-PwC Brazil partner over audit failure

A former partner at PwC’s Brazilian firm has been fined $10,000 (£8,021) and given a two-year ban by the Public Company Accounting Oversight Board (PCAOB) for audit failures in relation to the accounts for US consumer goods and bakery supplier Sara Lee

Accounting / IFRS 9 transition arrangements fraught with difficulty, warns EBA

The European Banking Authority (EBA) has issued an opinion on the transitional arrangements and credit risk adjustments to mitigate the effect of the accounting standard IFRS 9 Financial Instruments on prudential ratios, warning that it could mean banks recognise lower loan-loss provisions or impairments than they do at present

Tax / Tax-free childcare rollout from 28 April

The government’s tax-free childcare scheme will begin for parents of the youngest children on 28 April with general rollout for parents with children under 12 throughout 2017, as government launches a Childcare Choices website allowing parents to pre-register to join the scheme

Insight / Finance staff pick Dublin as post-Brexit location

Dublin’s financial services sector stands to gain from a post-Brexit boost when it comes to bankers choosing the location they would most like to live, once they are displaced from London, according to a survey by online removals platform Movinga

Insight / FTSE 100 CEOs earn 386 times national living wage

FTSE CEOs earn 386 times the pay of a worker earning the national living wage (NLW), according to research by the Equality Trust, which is calling for support from the public to put pressure on the government to introduce mandatory pay gap reporting

Tax / Landfill tax to be extended to illegal waste sites

HMRC is consulting on whether to extend the scope of the landfill tax to include material disposed of at illegal waste sites, as announced at Budget 2017, in a bid to tackle criminal activity

Technical Alerts

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