NEWS - ACCOUNTANCY & FINANCE
Up to half a million small and micro employers will need to take action to meet new workplace pensions regulations this year.
Any that do not comply with new rules governing auto enrolment pension provision for all employees will risk a fine, warns a new campaign from The Pensions Regulator.Read more >>
The Association of Tax Technicians (ATT) has issued a warning about the impact of changes to the tax rules governing travel expenses, saying that those that work from home could be hardest hit.
Tax News reported that the ATT said the new proposals would deny homeworkers the opportunity to choose their home as their main base of operations if they also have a base elsewhere, for instance at their employer's head office.Read more >>
HM Revenue and Customs (HMRC) has written to individuals it believes to be Scottish residents for the purposes of the new taxation system that is due to be applied in the UK north of the border.
The Scottish rate of income tax is the biggest change to hit the taxation of individuals in the UK for many years, and now HMRC is sending letters to individual taxpayers who are on their database as holding an address in Scotland.Read more >>
New figures have revealed that a record number of taxpayers submitted their self-assessment tax returns while the rest of the world was celebrating New Year's Eve.
The latest figures from HM Revenue and Customs (HMRC) show that 24,546 people submitted their returns online on NYE, representing a 2.8% rise on last year.Read more >>
A third of companies in the UK are changing the way they reward higher earners due to changes in pension taxation, according to new research from PwC.
New restrictions on the amount UK taxpayers can pay into their pension tax free over a year will take effect from April 2016, significantly altering annual and lifetime allowances for higher earners.Read more >>
Her Majesty’s Revenue and Customs (HMRC) Chief Executive Linda Homer has been named on the Queen’s New Year’s honours list.
Homer has been granted one of the highest accolades in the annual list - Dame Commander of the Order of the Bath (DCB).Read more >>
HM Revenue and Customs (HMRC) is running a trial of 'maps' to help people work their way around the complicated world of British laws and regulations.
Mainly aimed at government officials, HMRC described the initiative as a British tax law version of “The Hitchhiker’s Guide to the Galaxy”. It runs up to 6,102 pages, or four times the complete works of Shakespeare.Read more >>
Two international training and development programmes are being run by HM Revenue & Customs (HMRC) after the success of previous similar initiatives.
The new programmes are aimed at senior managers and tax auditors already working in the accountancy sector.Read more >>
A petition has been launched to scrap plans to transform the tax system. The new system will see self-employed individuals and small businesses having to update their tax accounts digitally four times a year instead of filing just one return.
The changes were outlined by the HMRC and MP David Gauke last week in an online report, titled “Making Tax Digital”, and described an outline of how the “bold vision” of the transformation of the tax system will be achieved by 2020.Read more >>
A drop in profits has seen KPMG fall to fourth place in the 'Big 4' grouping of the accountancy sector's most famous firms.
Its UK profit falling 7% for its last financial year means that the company is now behind rivals EY when it comes to revenues, making KPMG the smallest operator out of its peer group.Read more >>
In the wake of the US central bank increasing interest rates for the first time since 2006, stock markets around the world have rallied and welcomed the news.
The FTSE 100 index in the UK rose by 1.5%, and the main share indexes in Germany and France increased even more, with Frankfurt's Dax going up by more than 3%, while the Cac 40 in Paris saw a 2.4% boost.Read more >>
Accountants in the UK are likely to share a bonus pot of up to £4 billion this year, according to research from recruiter Marks Sattin.
This would be double the figure that was paid out a year ago. In addition, 81% of the accountants who took part in the poll said they expected to get a bonus - an increase from 55% last year.Read more >>
The Institute of Chartered Accountants in England and Wales (ICAEW) has issued a warning to anyone thinking of selling their retirement income stream under the new changes to the laws governing the annuity market.
The government's newly-unveiled secondary annuity market might end up only being of benefit to a handful of people and could leave many more out of pocket, according to the accountants group.Read more >>
The Financial Reporting Council (FRC) has written a letter to audit committee chairs in larger listed companies to highlight areas they want directors to focus on in annual reports.
The move, which comes ahead of the reporting season, puts an emphasis on corporate governance and reporting risks that a company may be exposed to as part of a process of disclosure.Read more >>
HM Revenue & Customs (HMRC) has officially launched the new system of personal tax accounts that will lead to the end for annual tax returns.
The new accounts will offer greater flexibility to taxpayers and be similar to online banking, says the authority.Read more >>
Unsolicited email attachments in the form of unpaid invoices could pose a danger to finance departments, cybersecurity analyst Graham Cluley has warned.
The threat is part of a malware campaign being waged by hackers and online criminals who are targeting businesses computer accounting systems.Read more >>
The draft legislation announced in clauses of the Finance Bill 2016 confirms that new rules will operate in regard to the wear and tear allowance for let property.
Clause 40 of the Bill and its accompanying schedule shows that the allowance will be replaced by a deduction for the replacement of furniture for both corporate landlords and for individual landlords who let residential property that is not a qualifying furnished holiday letting business.Read more >>
The nine member Bank of England panel that decides the interest rate have voted to leave it unchanged at 0.5%.
The members of the Monetary Policy Committee (MPC) voted 8-1 to keep things as they were and also predicted that inflation in the UK would remain below 1% until the second half of 2016.Read more >>
The introduction of the new Scottish land and property tax regime has been handled well by The Scottish tax authority, says Audit Scotland.
According to a report, which considered how Revenue Scotland performed in delivering the Land and Buildings Transaction Tax (LBTT) and the Scottish Landfill Tax, Revenue Scotland had successfully managed the process and dealt with all the problems that occurred.Read more >>
According to research from Kent Reliance, there has been a surge in the number of people incorporating a new company, with the main reason being the changes to the tax treatment of buy to let landlords.
The third 'Buy To Let Britain' report from the lender claims that changes in the Budget earlier in the year had already caused more landlords to incorporate. It cites an immediate increase in applications from limited companies following the July Budget.Read more >>
BDO, the global accountancy and advisory services network with a firm of more than 8,500 employees in China, has seen its revenues in the country grow by 28% in the year to 30 September.
The company also reported growth across the rest of Asia Pacific, especially in India where revenue was up 50% over the year.
Read more >>
The Financial Reporting Council (FRC) has said that UK listed companies should be clearer about their tax reporting to ensure that it is done as transparently as possible.
They recommended that the link between accounting profit and tax paid should be a part of a company’s annual reporting process. This should be presented in a way that helps others understand how the relationship between the two could change.Read more >>
The new rates of income tax for those living in Scotland will apply from 6 April 2016, and their introduction will cause headaches for businesses, say financial advisors.
Corporate clients need to adapt their payroll procedures to deal with the changes, and many are still unsure of exactly what is in store.Read more >>
The Audit Firm Governance Code, which oversees transparency and quality, is undergoing a consultation by the Financial Reporting Council (FRC).
This new consultation reflects feedback from investors and other respondents who took part in the first consultation review earlier in the year.Read more >>
Agents who still use faxed copies of SA302 tax calculations from HM Revenue and Customs (HMRC) as evidence of a client’s income for mortgage purposes will soon need another method.
The Council of Mortgage Lenders has been working with HMRC to define what documentation is acceptable as evidence for mortgage and loan applicants to prove their income. This will mean an end for copies sent by fax.Read more >>