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

Insight / Warning on Brexit finance uncertainty

With the UK’s negotiations over leaving the EU still uncertain, less than one third of UK businesses (29%) have made Brexit plans, while under a half (43%) have held meetings to discuss the opportunities and risks, according to ICAEW research

Insight / FRP Advisory finds buyer for collapsed debt management firm

Anthony Collier and Ben Woolrych, partners at FRP Advisory, have been appointed joint administrators to Baines & Ernst Ltd, a Manchester-based debt management firm which got into financial difficulties, and have secured immediate transfer of the business to a new provider

Insight / Hip hop star faces rap over tax fraud

US rap star DMX – real name Earl Simmons – has been arrested on 14 counts of tax fraud and faces allegation he hid millions of dollars of income from the Internal Revenue Service (IRS) to avoid paying $1.7m (£1.3m) of tax liabilities

Tax / HMRC urged to change approach to complaints

HMRC needs to change its approach to customer complaints and view them as an opportunity to improve service, rather than as a challenge to operation efficiency, according to the latest annual report from the Adjudicator’s Office, which reveals the department paid out some £1.3m in redress last year

Accounting / Call for insurers to act on insurance standard

The Financial Stability Board (FSB) has put its weight behind the new insurance contracts standard, IFRS 17, and is calling for insurers to begin implementing the standard as soon as possible

Accounting / IASB challenged to make reporting more ‘relevant and enticing’

The International Accounting Standards Board (IASB) should be looking at making financial statements shorter, more relevant and more enticing to read, and with greater use of technology, according to feedback from the Financial Reporting Council (FRC) and the European Financial Reporting Advisory Group (EFRAG)

Tax / NAO critical of HMRC’s failure to reduce tax credit fraud

The National Audit Office (NAO) has criticised HMRC’s failure to reduce ‘material’ levels of error and fraud in tax credit payments, and has qualified its opinion of the department’s accounts on that basis, as it has done every year since tax credits were introduced in 2003/04

Tax / Finance Bill (No.2) 2017 documents released

The Treasury has confirmed the details for the second, post-election, 2017 Finance Bill, which includes provisions for new non dom rules and restrictions on the amount of interest deductible for corporation tax, and purposes, among other updates

Tax / HMRC collects over £4bn from APNs

More than £4bn has been collected through accelerated payment notices (APNs) under the ‘pay now, dispute later’ rules for people who have used a tax avoidance scheme, according to HMRC

Audit / FRC revises UK ISAs to reflect ethics code changes

The Financial Reporting Council (FRC) has issued a revision of ISA (UK) 250 Section A—Consideration of laws and regulations in an audit of financial statements, and conforming amendments to other ISAs (UK), in response to changes made to the International Code of Ethics issued by the International Ethics Standards Board for Accountants (IESBA)

Accounting / CIPFA/IFAC launch public sector financial accountability index

The International Federation of Accountants (IFAC) and CIPFA have launched a public sector financial accountability index to provide an overview of public sector financial reporting quality on a global basis

Insight / Tax fraud wine importers served with jail sentences

Two wine importers, who evaded £46.5m in VAT and excise duty by smuggling wine into the UK, have been sentenced for a total of 17-and-a-half years following an HMRC investigation

Accounting / EU sustainability expert group backs integrated reporting

An interim report from the EU high level expert group on sustainable finance has highlighted the need to prioritise the integration of environmental, social and governance (ESG) factors into financial decision making and backed a shift to integrated reporting

Insight / Blockchain surge driving recruitment demand

Half of financial services directors in the UK have already implemented blockchain and nearly a third plan to invest in this area in the future, driving up demand for finance professionals with technology skills, according to research from Robert Half Financial Services

Audit / KPMG takes over from Deloitte at Senior Group

KPMG is to take over from Deloitte as auditor to international manufacturing group Senior, after the aerospace and engineering specialist concluded a tender process