Pat Sweet

Pat Sweet

Pat Sweet is online reporter at CCH Daily incorporating Accountancy Live and Accountancy, covering news stories as they happen each day. With a background in specialist business publications, Pat covers tax, audit and accounting, as well as management consultancy and IT, and is now focused primarilty on developments in the accounting and finance markets. Contact Pat Sweet

Insight / Kebab shop owner takes away jail sentence for £179k tax fraud

A Warrington fast food takeaway boss, who lied about his shop’s takings as part of a £179,000 tax fraud, has been jailed for 30 months, following an HMRC investigation

Tax / HMRC confirms end of traditional tax return

HMRC has provided more details of the new simple assessment system, designed to end the traditional tax return process, under which taxpayers who used to provide information under self assessment will no longer need to do so, as returns will now be pre-populated with existing data from other sources

Tax / Warning on potential rise in CGT avoidance

HMRC collected £124m last year from investigations into SMEs and wealthy individuals suspected of avoiding capital gains tax (CGT), according to analysis by law firm Collyer Bristow which says a clamp down on the use of entrepreneur’s relief could prompt a hike in the use of avoidance schemes

Tax / European Commission seeks action on digital economy taxation

The European Commission has set out its own path towards a new taxation policy for the digital economy which it wants all member states to endorse, saying the current framework does not fit with modern realities, and global progress on this issue is not adequate

Insight / Moore Stephens' revenue up by 15%

Revenue at Moore Stephens, the largest member of top ten accountancy network Moore Stephens UK, has increased by 15% in the last year to £121.4m in 2017, up from £105.5m in 2016

Tax / HMRC updates worldwide disclosure facility with 90-day extension

HMRC has updated its guidance on the worldwide disclosure facility (WDF) used to disclose a UK tax liability that relates wholly or in part to an offshore issue to allow an additional 90 days to make a disclosure

Insight / Ex-PwC auditor faces £27,000 fine over insider trading

A former PwC auditor has paid $36,000 (£26,773) to settle charges from the US Securities and Exchange Commission (SEC) that he tipped his relative with inside information about a client on the verge of a merger

Insight / Investigation into charity over unauthorised payments

The Charity Commission has opened a statutory inquiry into Fadak Media Broadcasts, over concerns about possible unauthorised payments

Insight / Changes to way Insolvency Service calculates holiday pay payments

The Employment Appeal Tribunal has made a decision which affects how the Insolvency Service’s redundancy payments service (RPS) calculates holiday pay payments

Audit / NAO publishes cyber security risk guidance for audit committees

The National Audit Office (NAO) has published cyber security and information risk guidance for audit committees, after identifying a high incidence of access-control weaknesses and other issues in the course of preparing its reports

Tax / HMRC puts post-Brexit border tax costs at £800m

HMRC chiefs have warned MPs that the department will need thousands more staff to handle customs and tax requirements once new trade arrangements are established post-Brexit, and are examining a ‘Singapore-style’ option

Insight / Deloitte reports 7% hike in global revenue to $38.8bn

Number one accounting network Deloitte has reported record revenues of $38.8bn (£28.8bn) for the fiscal year ended 31 May 2017, marking the eighth consecutive year of growth and a 7.1% revenue increase in local currency terms

Tax / HMRC consults on four extra-statutory concessions (ESCs)

HMRC has published its eighth technical consultation as part of its ongoing review of extra-statutory concessions (ESCs), which focuses on draft legislation designed to enact four specific ESCs

Insight / Jane Austen £10 polymer note in circulation

The Bank of England has printed just over one billion new polymer £10 notes, featuring an image of renowned novelist Jane Austen, ready for issue from today, 14 September, when the new note comes into circulation

Tax / R&D tax credit scheme changes see 22% hike in SME claims

SMEs are starting to make greater use of R&D tax credits, with the latest statistics showing a 22% increase in the number of claims in the past year, which HMRC says reflects changes made to the SME scheme from April 2012 onwards