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 / Shadow Chancellor wants tax rises for £70k plus earners

John McDonnell, Labour shadow Chancellor, has given an early indication that the party’s manifesto for the forthcoming election is likely to include higher tax rates for those earning over £70,000 and a cap on executive pay

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 / 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

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)

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 / 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

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
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