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NEWS - ACCOUNTANCY & FINANCE

HMRC nets more than £50 million with landlord campaign

October 16 ,2015 | by Erin O’Neill

HMRC nets more than £50 million with landlord campaign

HM Revenue and Customs (HMRC) has brought in more than £50 million through a campaign aimed at residential landlords.

According to HMRC, The Let Property Campaign, which launched in September 2013, has become one of the most successful voluntary disclosure opportunities the tax authority runs.

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Campaign group proposes VAT MOSS interim threshold

October 15 ,2015 | by Thiago Kiwi

Campaign group proposes VAT MOSS interim threshold

With the third VAT MOSS return looming for businesses on 20th October, a campaign group has issued a stark warning about potential effects on the European digital single market.

EU VAT Action has highlighted how the time involved in implementing new regulations will cause problems and has asked for an ‘interim’ threshold to help SMEs in the transition period.

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Chartered Institute of Taxation wants offshore offence changes

October 15 ,2015 | by Hari Sri

Chartered Institute of Taxation wants offshore offence changes

The Chartered Institute of Taxation (CIOT) has come out in favour of changes to the ‘strict liability’ offence for offshore evasion by urging more safeguards to be put in place.

The accountancy body has warned that taxpayers risk being sent to jail without any proof that they actually intended to cheat the taxman.

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OECD lists the top 10 toughest countries on tax evasion

October 14 ,2015 | by Hari Sri

OECD lists the top 10 toughest countries on tax evasion

With more moves to streamline international efforts to combat tax evasion by multinationals, a new tax information exchange agreement now includes 51 countries.

The Organisation for Economic Cooperation and Development (OECD) is behind the new measures to automatically exchange tax information between nations and manage the differences on how tax issues are dealt with.

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G20 finance ministers endorse OECD's profit shifting plan

October 13 ,2015 | by Hari Sri

G20 finance ministers endorse OECD's profit shifting plan

G20 finance ministers meeting in Peru have approved the OECD’s final package of Base Erosion and Profit Shifting (BEPS) 2015 measures.

The comprehensive set of reforms, aimed at changing international tax rules, won strong support for its proposed solutions to close loopholes that allow corporate profits to ‘disappear’ for tax reasons.

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Revised corporate tax base proposal gets new EU consultation

October 12 ,2015 | by Thiago Kiwi

Revised corporate tax base proposal gets new EU consultation

A new public consultation project has been launched by The European Commission to test the waters for a re-launch of the Common Consolidated Corporate Tax Base (CCCTB) proposal.

In another move aimed at tackling aggressive tax planning by large companies and high net worth individuals, the Commission wants to find out how the new tool would be accepted and implemented.

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Finance Bill amendment protects vulnerable taxpayers, says pressure group

October 11 ,2015 | by Erin O’Neill

Finance Bill amendment protects vulnerable taxpayers, says pressure group

The controversial measures that will allow HMRC to recover debts direct from taxpayers’ bank and building society accounts have been amended to protect vulnerable taxpayers.

The Low Incomes Tax Reform Group (LITRG) has welcomed the announcement of an amendment to the Finance Bill dealing with ‘enforcement by deduction from accounts’.

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Digital filing of accounts for charities comes under spotlight

October 10 ,2015 | by Hari Sri

Digital filing of accounts for charities comes under spotlight

New proposals aimed at making charity data more accessible by offering digital filing of accounts is being debated by the Charity Commission and the Financial Reporting Council (FRC).

At the moment, 70 per cent of companies file digital accounts with Companies House, and now the Commission wants to make it possible for charities to be able to do so as well.

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Versatility key for SMP success, ACCA study shows

October 09 ,2015 | by Thiago Kiwi

Versatility key for SMP success, ACCA study shows

Small and medium-sized practices (SMPs) must diversify in order to be successful, according to a new study from The Association of Chartered Certified Accountants (ACCA).

The global body for professional accountants has issued a report called 'The Global SMP business model: understanding a changing profession' that concludes competition for survival is harder than ever before.

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Records on property values could be kept for a generation

October 09 ,2015 | by Helen Gould

Records on property values could be kept for a generation

New UK taxation rules concerning allowances on the value of property to be passed on to descendants could mean that records need to be kept over the span of a generation.

The revised residence nil-rate band that affects the calculation of the level of inheritance tax relief available to families is expected to mean records will need to be kept for far longer periods than ever before.

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Revenue of £23.37bn puts PwC at top of global accountancy rankings

October 07 ,2015 | by Thiago Kiwi

Revenue of £23.37bn puts PwC at top of global accountancy rankings

Accountancy sector firm PwC saw its network report £23.37bn total global gross revenues for the fiscal year ending on 30 June 2015.

The latest figures, a 10 percent increase on the previous 12 months, means the firm leaps ahead of Big 4 rival Deloitte to snatch the top place amongst the fierce competitors.

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Ernst & Young surpasses £2bn revenue barrier

October 03 ,2015 | by Hari Sri

Ernst & Young surpasses £2bn revenue barrier

Ernst & Young has seen an 8 percent growth in fee income for the twelve months up to 3 July 2015, an increase on the previous figure of £1.9bn.

Distributable profits grew by 6 percent, increasing up to £437m from £412m. However, the average distributable profit per partner actually fell from £727,000 to £7000,000.

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End of permanent non-dom status coming soon, says Treasury

October 02 ,2015 | by Thiago Kiwi

End of permanent non-dom status coming soon, says Treasury

The permanency of non-domicile status will be abolished following the pledge by Chancellor George Osborne in his Budget speech, according to the latest Treasury consultation document.

The report on non-domicile taxation confirms a ‘deemed domicile rule' will soon be brought in.

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Britain consults on EU company accounting reforms

October 01 ,2015 | by Hari Sri

Britain consults on EU company accounting reforms

A public consultation has begun in the UK regarding sweeping new European Union reforms of company accounting, which are due to come into effect in June 2016.

The EU rules will see the Financial Reporting Council (FRC) take responsibility for the supervision of 50 accounting firms and include requirements for companies to replace their auditor at least every 20 years.

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Bookkeepers to benefit from UK digital tax accounts

September 30 ,2015 | by Hari Sri

Bookkeepers to benefit from UK digital tax accounts

The UK tax system has been undergoing some important changes, and the introduction of digital tax accounts is set to become one of the most significant.

Now a CEO of a highly respected accountancy body thinks that HRMC's latest moves could eventually have big benefits for bookkeepers.

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Global volatility slowing financial services growth, shows research

September 29 ,2015 | by Thiago Kiwi

Global volatility slowing financial services growth, shows research

The latest CBI/PwC Financial Services Survey has found that financial services firms experienced slowed growth in business volumes during the three months leading to September.

The rise in overall business volumes was at the slowest pace in two years, coming on the back of almost two years of strong expansion. However, overall optimism about business was stable due to over two and half years of continuous improvement.

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Accountancy profession and natural capital go together, says report

September 29 ,2015 | by Thiago Kiwi

Accountancy profession and natural capital go together, says report

The issue of Natural Capital Accounting (NCA) is a concept that should be promoted among businesses, investors, governments and wider society, according to three leading professional, campaigning and business organisations.

In their latest joint paper, The Association of Chartered Certified Accountants (ACCA), Flora & Fauna International (FFI) and the Big 4 firm KPMG highlight the importance of NCA across a wide range of operations.

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IASB consults on IFRS 9 interim measures

September 28 ,2015 | by Hari Sri

IASB consults on IFRS 9 interim measures

The International Accounting Standards Board (IASB) is going to consult on measures that need to temporarily be put into place to cover issues in the insurance industry surrounding the introduction of IFRS 9 Financial Instruments.

The new insurance contracts standard will involve significant changes, and the independent standard-setting body of the IFRS Foundation will provide a transparent process in the run up to its application in regard to the new financial instruments standard.

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Moral courage to drive value needed in boardroom, says accountants group

September 27 ,2015 | by Hari Sri

Moral courage to drive value needed in boardroom, says accountants group

Corporate boardrooms must use "moral courage" to drive forward value, according to a global group of accountants.

The group, Chartered Accountants Worldwide, believes that the prevalence of social media and the overall culture of the digital age mean that there is now a direct link between value creation and ethics.

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Tax avoidance crackdown nets £1bn for HMRC

September 24 ,2015 | by Hari Sri

Tax avoidance crackdown nets £1bn for HMRC

The continued efforts by HMRC to clamp down on tax avoidance have seen definite results, according to a new announcement from Treasury Secretary David Gauke.

Under new rules introduced last year regarding accelerated payments, some avoidance scheme users have been hit by having to pay disputed tax up front.

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New EU accounting standard a challenge for banking industry, says ECB chief

September 23 ,2015 | by Thiago Kiwi

New EU accounting standard a challenge for banking industry, says ECB chief

Daniele Nouy, the European Central Bank's supervisory chief, has said that the introduction of a new accounting standard for financial instruments will present a challenge for the banking industry.

The chair of the Supervisory Board of the European Central Bank said modelling for expected losses will be particularly affected.

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US tax law firm Burt, Staples & Maner LLP merges with E&Y

September 21 ,2015 | by Thiago Kiwi

US tax law firm Burt, Staples & Maner LLP merges with E&Y

Ernst & Young (E&Y) has merged with tax law firm Burt, Staples & Maner LLP in a move that sees the Big 4 firm expanding its international tax practice.

The law firm, based in Washington, DC, specialises in information reporting and withholding (IRW) and will be working closely with E&Y's worldwide network on international corporate tax reporting issues.

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New financial reporting standard will lead to fundamental change, says IASB chief

September 18 ,2015 | by Hari Sri

New financial reporting standard will lead to fundamental change, says IASB chief

The chairman of the International Accounting Standards Board, Hans Hoogervorst, has said the new IFRS 9 standard will give investors better insight on loan loss risks.

The IASB is the independent standard-setting body of the IFRS Foundation, which works with investors, analysts, regulators and others in the global accountancy sector.

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Ernst & Young registers best growth for seven years

September 17 ,2015 | by Hari Sri

Ernst & Young registers best growth for seven years

Ernst & Young (E&Y) has released figures that reveal the best growth for the company since 2008.

With a strong performance across the width of its business and on a global scale, the UK's Big 4 accountancy giant saw revenues grow by 11.6% to a total of £18.6bn.

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New CFO event attracts high profile names

September 15 ,2015 | by Erin O’Neill

New CFO event attracts high profile names

A new conference aimed at CFOs brought together some of Britain’s top financial and business personalities at the Royal Society of Arts.

The first CFO Agenda saw a panel of top players in the UK economy analyse issues facing the financial sector and beyond.

The event was aimed at chief financial officers, finance directors, and their finance teams, with the panel of guest speakers including eminent economists.

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