Insight / Brexit: should accountants look overseas for work?

Eight months have passed since Brexit was announced, yet with all the uncertainty still prevailing, how is this affecting the job market for accountants? Simon Wright, operations director at CareersinAudit.com gives his view on whether accountants should stay in the UK or set their sights on new accountancy hotspots elsewhere

Tax / US on course for significant tax reform

The Trump administration is planning ‘very significant’ tax reform in the next few months, which could include a so-called ‘border adjustment’ tax on imports, according to an initial outline of plans from Steven Mnuchin, the new US Treasury secretary

Accounting / Swiss firm loses £80m in South Korean embezzlement

Swiss engineering conglomerate ABB has reported a $100m (£80m) hole in its accounts as the result of an in-house fraud in its South Korean subsidiary, which was master-minded by the local treasurer who is now missing

Tax / HMRC advisory fuel rates for company car users from 1 March

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 March 2017 reflecting the constant trend in forecourt fuel prices

Insight / Tradesmen sentenced as £300k tax fraud falls through

Nine tradesmen have received suspended sentences and a three-year jail term for attempting to steal £300,000 as part of an organised tax fraud, through submitting false claims to HMRC for tax repayments

Tax / Small Business Commissioner complaints process outlined

The Department for Business, Energy and Industrial Strategy (BEIS) has published the outcome of its consultation on the complaints process for the proposed new small business commissioner (SBC), and is now consulting on draft regulations covering how the postholder will resolve small business complaints about payment related issues with larger businesses

Professional Development / People in the news: PKF Cooper Parry, IFRS Foundation, Milsted Langdon

This week's news of professional moves in the sector includes key appointments to PKF Cooper Parry’s executive team, IFRS Foundation reappoints board members, Milsted Langdon appoints a tax director

Tax / Satisfaction with HMRC digital service levels drops

Latest data from HMRC suggests that it is struggling to keep up with demand for its new digital services, as satisfaction levels have fallen, although it has significantly improved its phone and post handling capabilities

Insight / Five weeks until the pound is no longer round

There are only five weeks left until the new 12-sided pound enters circulation on 28 March, with the old rounded coins having to be returned before 15 October 2017

Insight / Gender pay gap 'will not close until 2041'

Opportunities for women in the workplace have rapidly improved in the UK since 2000, but it will take until 2041 for the gender pay gap to close, according to research from PwC

Insight / Accounting ranked fifth most boring job

Two thirds (66%) of accountants are bored at work with the accounting profession ranking fifth out of a roundup of the most boring jobs, according to Emolument, a salary benchmarking site

Insight / Kato Consulting co-founder Andrew Jenner dies

Accountancy practice consultant Andrew Jenner, best known as co-founder of Kato Consulting, has died

Technical Alerts

23 Feb 2017

Accounting / FRS 102: related parties and close family members - tips and advice

In part 20 of our New UK GAAP series, Helen Lloyd FCA assesses the accounting reporting for related parties looking at disclosure requirements about close family members, associates and joint ventures, an area which is dealt with fairly vaguely in FRS 102 section 33

Tax / HMRC: software vendors will not be ready for Making Tax Digital

Making Tax Digital programme director Theresa Middleton has warned members of the House of Lords Economic Affairs Committee that some software vendors will not be ready to take part in the Making Tax Digital pilot scheme set to commence in April 2017. Calum Fuller reports

Tax / Rangers EBT ‘big tax’ case to kick off in Supreme Court

The high-profile dispute between Rangers football club and HMRC over the use of employee benefit trusts (EBT) to make payments to staff and players reaches the Supreme Court next month, in a bid to resolve the issues of whether such payments amount to earnings, which would be taxable as income, or loans

Insight / Investigation into animal charity’s financial controls

The Charity Commission has opened a statutory inquiry into Capricorn Animal Rescue and Sanctuary amid concerns over inadequate financial controls and a failure to account for assets at the charity, which has also attracted criticism from animal welfare groups

Tax / Government to help savers with Lifetime ISA

Government has introduced a tax-advantaged savings account, the Lifetime ISA, to support savers throughout their lives until the age of 50, which will in turn replace the problematic Help to Buy ISA from 6 April 2017

Tax / Child trust fund limit raised to £4,128 from April

The limit on the contributions to Child Trust Funds will increase by 1% to £4,128 from April 2017 and the requirement to use a lifestyling investment strategy for the child by the age of 15 will be removed

Insight / Two thirds of UK manufacturers plan to stay put post-Brexit

Two thirds of FTSE 100 and FTSE 250 UK manufacturing executives have no plans to move following the referendum vote to leave the EU, while nearly half are not worried about any potential Brexit uncertainty, according to a survey by KPMG

Tax / EU financial transactions tax plans face further delay

The group of ten EU countries which have agreed to go ahead with a financial transactions tax had an inconclusive meeting in Brussels this week, with differences of opinion emerging over the treatment of pension funds and growing calls for further exemptions to be built into the so-called ‘Robin Hood’ tax

Tax / EU compromises on hybrid mismatch rules with non-EU countries

The European Council has reached a compromise on rules aimed at closing down hybrid mismatches with the tax systems of third countries to reduce risk of double taxation

Technical Alerts

22 Feb 2017

Accounting / Marshall: time for transparency on judgments and estimates

Investors want financial statements to clearly explain the judgments and estimates made, but companies often obscure the detail. Andrew Marshall FCA, senior technical partner at KPMG, considers whether the latest FRC thematic review will improve the situation

Accounting / International reporting: 2017 will be the year of truths for IFRS

This year marks the implementation of two new accounting standards, IFRS 16 Leases and IFRS 9 Financial Instruments. Jeroen Van Doorsselaere, vice president of risk and finance at Wolters Kluwer Financial Services comments on a year of truth for IFRS reporters

Tax / HMRC updates VAT guidance for racehorse owners

HMRC has updated its guidance on the VAT registration scheme for racehorse owners who run a business for the first time since 2002, including new advice on how to register and a change in contact details, and a reminder of the VAT status of any winner’s trophies

Tax / Potential challenge to Uber over £20m VAT claim

Tax barrister Jolyon Maugham has indicated he is planning a legal challenge to rideshare company Uber, which he claims could owe some £20m annually in unpaid VAT on fares

Tax / Scotland passes historic tax vote

There has been a historic vote in the Scottish Parliament where, for the first time in its history, MSPs have passed measures setting all income tax rates and bands, confirming that higher rate Scottish taxpayers will be paying more tax than their counterparts elsewhere in the UK

Insight / Women lose out on pension auto-enrolment

Women are being unfairly disadvantaged over pensions, because they are more likely to have multiple low-paid jobs and cannot meet auto-enrolment requirements, according to research by Citizens Advice, which is advocating a change to the rules

Insight / Fugitive tax fraudster extradited to UK

A runaway tax fraudster is starting a six year jail sentence, after being extradited back to the UK by HMRC for failing to repay £1.5m

Tax / Skilled workers not gig economy fuelling self employment

Analysis from the Resolution Foundation challenges the view that the recent increase in self-employment is down to the rise of the gig economy offering short-term, low paid work, arguing the majority of the growth has been high-skilled, higher-paying sectors, putting the tax take at risk

Accounting / FRC sanctions ex-RSA Ireland CFO for inaccurate financial statements

CIMA member Rory O’Connor, the former chief financial officer at RSA Insurance Ireland (RSAII), has been excluded for three years and fined, along with two of the insurer’s former actuaries, following the conclusion of the Financial Reporting Council’s (FRC) investigation into financial irregularities at the company

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