CCH Daily

Tax / Making Tax Digital should be ‘put into cold storage’, say MPs

In the latest twist in the Making Tax Digital saga, the influential Treasury Committee is reviewing calls for the move to quarterly reporting to be parked until HMRC can provide more clarity on software and IT availability issues folowing the latest hearing on the plans, reports Sara White

Tax / May announces snap election on June 8

Prime minister Teresa May has announced a snap general election will be held on 8 June, saying she has only ‘recently and reluctantly’ decided this is needed to ensure parliamentary unity on Brexit negotiations, in a move likely to impact the passage of the Finance Bill through Parliament

Tax / HMRC collects £943m as large businesses hit by APNs

HMRC has collected £943m from large businesses via accelerated payment notices (APNs) over the last year, according to law firm Pinsent Masons, which says the collection is likely to relate to use of a range of suspected avoidance schemes and arrangements, including those making use of employee benefit trusts (EBTs) to reduce tax paid

Tax / Trump tax reform hits setback

President Donald Trump’s plans for ambitious changes to US tax rules, including slashing the rate of corporation tax and introducing a one-off repatriation tax for multinationals with profits held offshore, are now likely to take longer to implement than previously expected

Insight / Warning about NLW impact on business financial distress

Levels of ‘significant’ financial distress are up 26% across key sectors of the UK supply chain, following increased cost pressures from rising inflation in both fuel and food prices, according to research from Begbies Traynor which also highlights further pressure to come from the latest National Living Wage (NLW) increase

Audit / Internal auditors critical to cyber security response

The Chartered Institute of Internal Auditors (CIIA) says a spate of recent high-profile data breaches and the introduction of new regulations mean internal audit has a critical role in providing advice and assurance around cyber security

Accounting / Integrated reporting hampered by silos

The adoption of integrated reporting (IR) can be challenging but it generates organisational, reputational and commercial benefits, according to research by ACCA into a range of IR adopters

Tax / HMRC clamps down on online trader tax defaulters

HMRC is imposing increasingly harsh penalties on small scale online retailers using internet marketplaces and who underpay their tax, according to research by Moore Stephens

Tax / Brexit and EU rules: Posting of Workers Directive – part 2

In part two of our EU Directives series, Stefan Petrovski, accountant at Paris-based accounting firm Primexis, considers changes to the rules on secondment and posting of workers to other EU member states for provision of services by companies under the Posting of Workers Directive

13 Apr 2017

Tax / Levine: US may shift to territorial tax regime

The US tax system could be on the cusp of a major shake up with adoption of a territorial corporate regime which could hit importers heavily, explains Scott Levine, partner in the tax practice at global law firm Jones Day

Tax / OECD sets out plans for first OECD Act on VAT

The OECD has set out plans to issue an official VAT and general sales tax act, incorporated into OECD guidance to help harmonise global compliance and collection to improve levels of VAT and general sales tax collection, and reduce evasion

Insight / Payday lender enters administration

Paul Boyle and David Clements of Harrisons Business Recovery and Insolvency Ltd have been appointed joint administrators of CFO Lending Ltd, a payday lender which has hit cashflow difficulties after it was required to provide over £34m of redress to more than 97,000 customers for unfair practices following an investigation by the Financial Conduct Authority (FCA)

Insight / Maternity rights: what you need to know - part 1

The first in a series on parental rights during employment, focusing on maternity leave and pay, examines the rights and responsibilities of both employer and employee while considering the timing of maternity leave and implications of statutory maternity pay

Accounting / Companies Act: share capital and restructuring pitfalls - part 3

In part three of our series on share capital and the Companies Act 2006, Anne Cowley ACA gives a snapshot of some of the key opportunities and potential pitfalls for companies considering changing their corporate structure

Tax / US companies in line for $327bn offshore tax windfall

President Trump’s plans for a new one-off repatriation tax to encourage multinationals to bring offshore profits back to the US stands to give the 50 biggest US companies a windfall of between $312bn (£249bn) and $327bn (£260bn), according to research by Oxfam

Tax / APN claim for interim relief refused

A High Court judge has found in favour of HMRC in a preliminary ruling about whether applicants could seek interim relief from paying accelerated payment notices (APNs) or partner payment notices (PPNs), in a decision which the tax authority says will potentially safeguard more than £756m

Insight / Horse trainer tripped over £280k tax fraud

A fake North Yorkshire horse trader who attempted to avoid an investigation into a £280,000 tax fraud by lying about having cancer has been jailed following an HMRC investigation

Insight / Grant Thornton to open shared working office

Grant Thornton is creating the first collaborative working space in the south, based at the University of Southampton Science Park, to encourage collaboration and communication amongst employees and clients, with the space set to open in June

Insight / Brexit casts shadow over UK business confidence

Globally business optimism is at its highest level on record, increasing by 23% in the past year, but over the same period the UK has seen a marked drop in optimism because of Brexit uncertainty, according to research from Grant Thornton

Insight / CABA reports 20% increase in calls for help

CABA, the charity supporting chartered accountants, helped over 15,000 people last year, a 20% increase on the previous twelve months, according to its 2016 impact report published in its 130th year of operation

12 Apr 2017

Tax / Corporate interest restriction rules: compliance tips and advice

Ben Moseley, partner and Helen Chadwick, director at Deloitte LLP, analyses the impact of the corporate interest restriction rules effective 1 April 2017 providing insight into the complexities for multinational companies and compliance requirements

Tax / Pulitzer prize for Panama Papers investigation

The team behind the Panama Papers investigation, which revealed thousands of examples of international tax avoidance via offshore entities, has been awarded journalism’s top honour, the Pulitzer prize for explanatory reporting, a year after the findings were first published

Audit / KPMG US removes head of audit for ‘improper’ warnings

The head of the audit practice at KPMG’s US firm, along with four other partners and one employee, have been asked to leave after it was discovered they had received improper advanced warning of regulatory inspections by the Public Company Accounting Oversight Board (PCAOB)

Insight / Ex-HMRC chief Lin Homer appointed to ICAS Council

Dame Lin Homer, who left her position as head of HMRC a year ago, is to join the ICAS council as a public interest member for a four-year term, the Scottish institute has announced

Audit / Revised guidance for charity auditors on material significance

The three UK charity regulators have issued new joint guidance setting out what auditors and independent examiners must report, including a revised list of matters of material significance

Tax / Treasury committee ramps up scrutiny of tax policy

Tax policy faces greater scrutiny from the Treasury Select Committee as it plans four additional evidence sessions focusing on tax measures such as Making Tax Digital and the tax treatment of the self-employed

Insight / Tax fraud marks end of road for haulier

A road haulage company director, has been disqualified for eight years after failing to maintain adequate company records and withholding some £175,000 due to HMRC

Insight / Boards fail to account of stakeholder views, finds ICSA

While 73% of businesses believe their boards consider the views of their stakeholders, 11% disagree claiming that stakeholder views are only taken into account on a small range of decisions, mainly those that are high profile, according to a poll from ICSA: the Government Institute
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