Pat Sweet

Pat Sweet

Pat Sweet is online reporter at CCH Daily and Accountancy, covering news stories as they happen each day. With a background in specialist publications, Pat has written about the management consultancy and IT sectors, and is now focused on developments in the accounting and finance markets. Contact Pat Sweet

Tax / HMRC u-turn on Welsh language tax office

HMRC has reversed its decision to axe its only office team offering tax services for customers in Welsh, and has announced that the staff are to relocate to Porthmadog

Tax / HMRC wins £29m tax avoidance case

HMRC has won an Upper Tribunal appeal against a tax avoidance scheme which sought to claim £122m was spent on research into brain disorders, when only £7m of it reached a genuine research company

Audit / PwC barred in Ukraine over bank audit

The National Bank of Ukraine has put out a statement saying it has removed PwC from the register of accounting firms authorised to audit banks, because of ‘misrepresented financial information’ in the audit of CB Privatbank, the largest commercial bank in the country, resulting in a $5.5bn (£4.2bn) ‘black hole’ in the balance sheet

Insight / Treasury introduces anti-money laundering supervision body

The Treasury has announced the launch of the new Office for Professional Body Anti-Money Laundering Supervision (OPBAS), designed to tackle potential weaknesses in the supervisory system that criminals and terrorists may be trying to exploit, and is also consulting on further developments to the anti-money laundering (AML) supervisory regime

Tax / HMRC failing to match promise on tax fairness

HMRC is struggling to convince individuals, agents and small businesses that it applies penalties and sanctions equally although it has become more approachable and faster at responding to queries in the past year, according to a survey of performance against the key elements of the department’s Your Charter of customer rights

Insight / HS2 hits buffers over unauthorised redundancy payouts

The National Audit Office (NAO) has qualified the accounts of High Speed Two (HS2) Ltd, the company set up by the Department for Transport (DfT) to develop, build and operate a high speed rail network, on the grounds it paid out £1.76m in unauthorised redundancy payments and lacked sufficient controls

Insight / Commission backs portable pan-European pension product

The European Commission is backing a new class of pan-European personal pension product (PEPP) in a bid to make it easier for workers who have had jobs in different member states to save for retirement

Insight / Buyer found for weekly newspaper titles in administration

Chris Newell, a partner at corporate recovery and business advisory firm Quantuma, has been appointed administrator to Capital Media Newspapers Ltd, a London and Dorset weekly newspapers group, and has successfully sold some of the titles, saving the majority of the jobs in the business

Insight / Haulage director delivered to jail over £160k tax fraud

A company director from Worcestershire, who claimed he failed to pay tax on account of HMRC losing his business records, has been jailed for a £160,000 tax fraud following an HMRC investigation

Tax / Making Tax Digital IT project flagged as a major risk

The delivery of HMRC’s flagship Making Tax Digital for business and its office relocation plans have been flagged up as displaying major risks in the latest annual report on the government major projects portfolio (GMPP) from the Infrastructure and Projects Authority (IPA)

Accounting / Call for FRC to increase staffing and scope

The Financial Reporting Council (FRC) needs to consider additional staffing, and a wider selection model in order to improve its enforcement activities, according to a peer review by the European Securities and Markets Authority (ESMA) into how national competent authorities (NCAs) supervise financial information according to the guidelines

Insight / FRC enforcement costs under budget by £2.8m

The Financial Reporting Council (FRC) reported a £2.5m surplus last year, partly as a result of efficiency sayings, but also because total expenditure was slightly down at £29.3m, due to lower than expected spending on enforcement costs and delays in recruiting staff

Tax / Charity warns of £400m NMW backpay shock

Mencap is warning that the social care sector faces a major financial crisis, after HMRC asked for back payments of up to £400m to cover missing national minimum wage (NMW) for ‘sleep in’ staff, following an employment tribunal ruling

Tax / Update to BEPS guidance on country-by-country reporting

The OECD’s base erosion and profit shifting (BEPS) project has released additional guidance on the implementation of country-by-country reporting (CBCR), with the aim of providing further clarification to tax administrations and multinational companies

Insight / Accountant fined £75k over pensions advice failures

Belfast accountant David Watters has been fined £75,000 by the Financial Conduct Authority (FCA) for failing to exercise due skill, care and diligence in his role as compliance oversight officer, firstly at FGS McClure Watters (FGS) and then Lanyon Astor Buller Ltd (LAB)