Insight

Tax / Tyrie calls for probe into real cost of Making Tax Digital

Andrew Tyrie MP, chairman of the Treasury Committee, has called for further analysis of the projected costs to small businesses of complying with quarterly reporting under Making Tax Digital as the Federation of Small Businesses (FSB) and HMRC’s estimations of the administrative burden differ immensely 

Tax / Leyton Orient winding-up order pushed back until June

Struggling League Two football club Leyton Orient has been granted a stay of execution to pay off its debt or sell by 12 June or be wound up

Insight / Banned accountant jailed for £5m fraud on friend

An accountant from Cambridgeshire, who has already been excluded from ICAEW over accounting failures as a company director, has now been given an eight-year prison sentence for stealing more than £5m from three companies owned by a personal friend of 25 years' standing

Insight / KPMG finds buyer to fit Jones Bootmaker

KPMG has found a buyer for Jones Bootmaker, the footwear retailer with over 100 branches across the UK, selling the company to private equity firm Endless, in a move which saves the company from going into administration

Insight / Charity trustee disqualified for immigration visa fraud

The Charity Commission has disqualified a trustee, barring him from becoming involved with charities again, after an inquiry found he had used the Khalsa Missionary Society as a conduit for immigration fraud

Tax / Warning to SMEs over hike in winding up applications

Last year saw a 12% hike in HMRC applications to wind up businesses in order to recover unpaid tax, up to 3,906 in 2016 from 3,485 in 2015, according to analysis by Funding Options, which says SMEs are at particular risk

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

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

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 / 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

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

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 / 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
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