Tax / Trump inauguration: US tax reform tops agenda

Ahead of president elect Donald Trump’s inauguration tomorrow, his victory in the US presidential election has given people reason to start talking seriously about a real possibility of a long awaited comprehensive US tax reform, explains Jeff Whener, Jon Traub and Natalia Mityaeva at Deloitte

Accounting / FRS 102: accounting for asset impairment and goodwill - tips and advice

In part 15 of this exclusive New UK GAAP series, Helen Lloyd FCA reviews accounting for impairment of assets and goodwill, highlighting key differences between the new FRS 102 Section 27 Impairment of Assets and former FRS 11 Impairment of Fixed Assets and Goodwill

Insight / Manchester United heads world table of £5.5bn football club revenues

Manchester United heads the table of the 20 highest earning football clubs in the world, who between them generated a record €7.4bn (£5.5bn) of revenue in 2015/16, an increase of 12% on the previous year, according to research from Deloitte

Accounting / Internal accounting failure drives GM to $1m penalty

Automotive giant General Motors has agreed a $1m (£810,000) penalty with US regulator, the Securities and Exchange Commission (SEC), to settle charges that failures in its internal accounting controls meant the company did not properly assess the potential impact on its financial statements of a defective ignition switch found in some vehicles

Insight / Duff & Phelps under fire over BHS insolvency fees

The work and pensions select committee has taken Duff and Phelps to task over their role as administrators to collapsed retailer BHS, after it emerged the firm’s final bill is likely to be £500,000 above its original estimate

Tax / NAO to look at online overseas retailer VAT evasion

The National Audit Office (NAO) is to carry out an investigation looking at the risk of VAT evasion by overseas online retailers, which HRMC has estimated costs the Exchequer around £1bn a year

Tax / Treasury chief Ellison pledges ‘steady, predictable tax regime’

Jane Ellison, financial secretary to the Treasury, has pledged to maintain ‘a steady, predictable tax regime’ and states that there is a need for practical changes to increase certainty, in response to a debate within the accounting profession over how tax policy is best developed

Tax / Grandparents missing out on childcare NI credit

Working-age people who give up their job to provide childcare for their grandchildren risk damaging their state pension entitlement because of failure to take up a little known benefit, designed to protect their National Insurance (NI) credits, according to analysis by insurer Royal London

Technical Alerts

18 Jan 2017

Accounting / Lease taxation under IFRS 16 – part 2

In part two of our series on lease taxation under IFRS 16 Leases, the new accounting standard set to come into use in 2019, CCH tax specialist writer Paul Davies considers the pros and cons of HMRC's initial proposals for different variations on accounts based regimes using a leasing or capital allowance approach

Insight / Pension fraud triples in a year

The number of pension scams has increased threefold over the past year and nearly one in three pension schemes has been affected by fraud, according to research by RSM which suggests problems have escalated since the introduction of new pension freedoms

Tax / HMRC adds voice recognition to digital security features

HMRC is to add voice recognition to its options for taxpayers to confirm their identity to access its services, with the addition designed to speed up the security process

Insight / Professional services sector leads 2017 growth charts

The professional services industry is anticipating strong growth in 2017, with more firms expecting to increase their turnover this year compared to any other sector, according to research by business data website Company Check

Accounting / EFRAG sets up academic panel

The European Financial Reporting Advisory Group (EFRAG), which advises the European Commission on IFRS issues, is seeking candidates for its new academic panel, as part of a move to increase its research activities

Insight / CIOT announces 2017-18 presidential team

The Chartered Institute of Taxation (CIOT) has confirmed its team of officers for 2017-18 with John Preston set to take over as the institute’s new president from the current postholder, Bill Dodwell, in May

Tax / Treasury finalises Lifetime ISA rules effective April 2017

The Treasury has announced the formal launch of two new government-backed savings vehicles, the Lifetime ISA (LISA) and the Help to Save scheme, and has clarified their interaction with the existing Help to Buy ISA

Audit / Audit exemption saves £4.6bn but adoption rates low

Changes to the small companies audit exemption introduced in 2012 have only been taken up by a third of eligible companies although for those early adopters savings are an estimated £4.6bn overall taking into account time and money spent on audit services and internal financial activity

Technical Alerts

17 Jan 2017

Tax / BREAKING: May's 12-point plan for leaving the European Union

Prime Minister, Theresa May, has today outlined a 12-point plan to prepare the UK to leave the European Union, stating that the UK cannot stay in the single market, and has confirmed that parliament will have a vote on the final Brexit deal when it has been agreed

Tax / Buy-to-let taxation: quarterly reporting for landlords - part 2

In part two of our exclusive series on buy-to-let taxation, Cathy Corns, corporate tax partner at Mercer & Hole outlines HMRC's quarterly tax reporting requirement for landlords as part of Making Tax Digital, which is set to come into force from April 2018

Tax / BEIS launches review of Scottish limited partnerships

The Department of Business, Energy & Industrial Strategy (BEIS) is to undertake an official review of limited partnerships in the UK, focusing particularly on alleged 'criminal' exploitation of Scottish limited partnerships (SLPs)

Insight / Wilkins Kennedy seeks permission to appeal $11.6m Harlequin ruling

Wilkins Kennedy has confirmed it has applied for permission to appeal a High Court order to pay hotel and property developer Harlequin $11.6m (£9.2m) in damages

Insight / Rolls-Royce to pay £671m over bribery charges

FTSE 100 engineering group Rolls-Royce is to pay £671m to settle a string of bribery charges, including a £497m deferred prosecution agreement (DPA) with the Serious Fraud Office (SFO), which is due to be approved in court today

Tax / NAO slams HMRC deal with Concentrix

HMRC’s contract with Concentrix to provide additional capacity for checking tax credit awards delivered just £193m of savings compared to the original estimate of £1bn, according to a National Audit Office (NAO) investigation, while a third of the outsourcer’s decisions to stop payments were subsequently overturned after review

Insight / Bank switching to be easier after CMA accepts proposals

The Competition and Markets Authority (CMA) has accepted proposals from Bacs Payment Schemes Ltd (Bacs) committing it to delivering easier bank switching within a year

Tax / Register of people with significant control will not affect Crown territories

The government has quashed calls to look at extending the requirement to publish a public register of people with significant control to companies incorporated in the Crown dependencies and overseas territories, as part of a bid to increase tax transparency, saying new rules on the automatic exchange of information are sufficient to address the issues

Audit / KPMG picks up Saga audit

FTSE 250 company Saga, which provides holidays, insurance services and financial products for the over 50s market, has chosen KPMG to replace EY as its auditor

Tax / Tax changes see one in four buy-to-let landlords sell up

The changes to mortgage interest relief (MIR) have led a quarter of buy-to-let landlords to put in place plans to sell up, while 20% are setting up limited companies in response, according to research by the Residential Landlords Association (RLA)

Insight / UK CEOs more optimistic on company growth

UK CEOs are more upbeat about the growth prospects for their own companies than 12 months ago, and more positive than their European peers, according to research from PwC published at the World Economic Forum in Davos

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