A third of annual reports were classed as sub-standard in the FRC’s recent review. Danielle Stewart OBE, head of financial reporting and Colin Burns, corporate audit manager at RMS, consider reasons for the failure to deliver content to meet the needs of investors and offer advice on crafting more effective reports
The Financial Reporting Council (FRC) has launched an investigation into financial statements put out by retailer Sports Direct, which the audit watchdog says may have failed to disclosed a related party transaction
Companies have been told to make improvements to the reporting of alternative performance measures (APMs), after a thematic review by the Financial Reporting Council (FRC) found better explanations were needed
Ahead of a green paper from the government on corporate governance tomorrow, Mark Freebairn, head of Odgers Berndtson’s finance practice, has said that changes are needed to help companies be more proactive in tackling pay issues
Notts County has had an unwelcome early Christmas present, with news the High Court is due to hear a winding up order against the League Two football club from HMRC on December 19
There are reports that Boeing is about to be hit with a claim for up to $9bn (£7.23bn) in the latest stage of a long-running battle over claims of illegal tax breaks, with indications that the World Trade Organisation (WTO) is set to find in favour of the EU which brought the latest complaint that the US aerospace manufacturer has broken state aid rules
Two brothers and their sister have been disqualified for a combined period of 28 years for misconduct as directors of a family-run hotel chain which collapsed owing £8m
The directors of Manchester-based Rice Flame Bar & Grill Ltd, whose customers included footballers allegedly spending thousands of pounds a night, have been disqualified for periods of up to 12 years for failing to pay tax on some £700,000 of hidden sales
A long career in business or practice can act as a deterrent to anyone considering a switch of careers. Simon Wright, operations director of CareersinAudit.com says accountants need to be more gung ho and consider the career opportunities
Chancellor Philip Hammond missed the opportunity to make the tax code more equipped for the digital age with a root and branch review, says Grant Thornton head of tax Jonathan Riley
Chancellor Philip Hammond’s real bombshell was that the twice a year Budget/Autumn Statement cycle is to be broken, but not scrapped, says ACCA head of taxation Chas Roy-Chowdhury
Our essential snapshot of the key measures announced in Autumn Statement 2016, including salary sacrifice, disguised remuneration, NIC for self employed, reduction in MPAA limit and flat rate VAT scheme
A report from the think tank the Big Innovation Centre (BIC), which includes input from a PwC partner, has poured cold water on prime minister Theresa May’s proposal for shareholders to have a binding vote on executive remuneration and has also challenged the idea that companies should be required to publish pay ratio data
Opinion is divided as to the impact on company car provision following the Chancellor’s announcement in the Autumn Statement of a radical overhaul of the current salary sacrifice arrangements, with suggestions that there is likely to be a rush of purchases pushed through before the April 2017 start date for the new tax regime
Cameroon footballer Samuel Eto’o, the most decorated African player of all time, is facing a potential 10-year prison sentence and a £12m fine for alleged tax crimes which occurred during this time with the Spanish club Barcelona
Most young finance professionals expect a promotion or a jump to a new job within the next two years, even though they are happy with their current role, according to a survey from ACCA which suggests career mobility is a growing trend
All the latest career moves from partner appointment at MHA MacIntyre Hudson to hires at Moore Thompson and Mitchells, group finance director for BCA Marketplace and CFOO hire at law firm Ashurt
Providers of pension annuities will have to be more transparent and informl customers that they need to consider alternatives before making a final decision on annuity purchases under new FCA rules set to come in from September 2017
Bill Dodwell, head of tax policy at Deloitte and president of the CIOT considers the key tax measures announced in the Budget and the impact on businesses from interest deductibility to lower corporation tax, a curb on salary sacrific and increased national insurance costs for employers
The abolition of the Autumn Statement and shift of the Budget to the third quarter of the year will reduce churn in the tax code, says the Institute of Directors' head of taxation Stephen Herring
In part eight of our exclusive new UK GAAP series, Helen Lloyd FCA reviews FRS 102 and tax focusing on Section 29 Income Tax, covering the accounting for current and deferred tax using language and principles which will be familiar to UK GAAP preparers, but with modifications to the detail
The Autumn Statement included details of an additional £79.4m in funding over the lifetime of this Parliament for the Department for International Trade (DIT) to build capacity to support the UK’s exit from the EU and negotiations for the best possible global trading arrangements for the UK.
Part of the rationale behind the decision to drop the Autumn Statement was acceptance by the government that continual changes to the tax code are damaging for business, so it has now streamlined the Budget process and committed to an improved consultation process
The Autumn Statement contained measures to incentivise take-up of ultra low emission vehicles (ULEVs), by reforming the appropriate percentage banding structure used in establishing the taxable benefit for ULEV company cars and funding more development work.
Chancellor Philip Hammond has said the government is to go ahead with plans to reform the off-payroll working rules in the public sector from April 2017 by moving responsibility for operating them, and paying the correct tax, to the body paying the worker’s company, in a bid to tackle high level of non-compliance with the current regulations
The government will legislate to provide HMRC and taxpayers earlier certainty on individual matters in large, high risk and complex tax enquiries, it was confirmed in the Autumn Statement
Chancellor Philip Hammond has announced the government intends to extend measures to tackle use of disguised remuneration schemes by employers and employees, brought in following Budget 2016, to cover the self-employed
The last Autumn Statement signalled a fairly light approach to significant tax changes which will be a welcome respite for tax advisers and businesses. Here our team of expert Wolters Kluwer tax writers run through the tax implications of key measures
Individuals and business have been hit by a further rise in the insurance premium tax (IPT) to 12% from 2017, effectively doubling the rate in two years
The government has confirmed in the Autumn Statement it is to press ahead with the introduction of restrictions to interest deductibility for corporates
The Chancellor has announced the Treasury is consulting on a new regulatory and tax framework for the insurance linked securities (ILS) business to increase UK competitiveness in the global reinsurance business
From 6 April 2017, the cap on the investment limit for investors in social enterprises will rise to £1.5m for organisation up to seven years old using social investment tax relief (SITR)
The Scottish government is set to deliver its draft Budget on 15 December, providing the first chance to see whether the devolved government will take advantage of its fully devolved income tax setting powers for individual taxpayers
The Autumn Statement included a number of changes to the national insurance contributions (NICs) regime, as Chancellor Philip Hammond acknowledged the work of the Office of Tax Simplification (OTS) to encourage greater alignment between NICs and income tax
The VAT flat rate scheme (FRS) for limited cost businesses is set to increase to 16.5% from the current rate of 14.5%, effective from 1 April 2017 based on defined criteria for a limited cost trader
Following the Autumn Statement, the Office of Tax Simplification (OTS) is to carry out a review into the VAT system, looking at options to make VAT accounting simpler for SMEs, the flat rate scheme and the registration threshold
