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NEWS - ACCOUNTANCY & FINANCE

Survey shows North/South split for CFO optimism in Europe

November 17 ,2015 | by Hari Sri

Survey shows North/South split for CFO optimism in Europe

A biannual survey that collates results of other surveys run by its member firms across 15 European countries has found a North/South split when it comes to how optimistic European CFOs are about the future.

Deloitte's latest European CFO Survey takes into account the views of 1,298 CFOs and reveals a distinct geographic line that divides those who have a positive outlook and those who think things are less likely to go well.

 

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FTSE 250 analysis reveals director bonuses

November 16 ,2015 | by Claire Payne

FTSE 250 analysis reveals director bonuses

Executive pay has recently come under scrutiny from different angles, including shareholders, investors and regulators. This has led to some significant changes taking place amongst FTSE 250 companies.

The alignment between investor goals and the short-term interests of senior executives has been the focus of Deloitte's latest analysis of the FTSE 250.

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Institute of Directors supports HMRC restructuring plans

November 13 ,2015 | by Claire Payne

Institute of Directors supports HMRC restructuring plans

The Institute of Directors has supported wide-ranging plans announced by HM Revenue and Customs (HMRC) to restructure its operations.

HMRC aims to produce a better service for taxpayers and cut down on costs at the same time, winning the backing of the influential group.

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OECD upgrades tax transparency rating for Seychelles

November 13 ,2015 | by Thiago Kiwi

OECD upgrades tax transparency rating for Seychelles

The Organisation for Economic Co-operation and Development (OECD) has recently released a report noting improved adherence with international standards from Seychelles in regards to sharing information with other tax authorities.

The OECD Global Forum on Transparency and Exchange of Information for Tax Purposes included the new overall rating of "Largely Compliant" in a report that looked at the jurisdiction alongside Cyprus and Luxembourg. The three had previously been rated non-compliant and were praised for making positive changes to their legal frameworks or practices.

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ICAEW issues one hundredth alternative business structure licence

November 12 ,2015 | by Thiago Kiwi

ICAEW issues one hundredth alternative business structure licence

The Institute of Chartered Accountants in England and Wales (ICAEW) has reached the milestone of issuing its 100th alternative business structures (ABS) licence.

The award went to Tiffin Green Limited and was reached after only a year of being granted powers to regulate firms who want to conduct probate and form an ABS.

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Standard & Poor's keeps AA+ credit rating for Guernsey

November 11 ,2015 | by Erin O’Neill

Standard & Poor's keeps AA+ credit rating for Guernsey

Guernsey in the Channel Islands has had its credit rating fixed at AA+ by Standard & Poor's, the American financial services company.

The rating is the highest level that jurisdictions without their own currency are able to achieve under the ratings system in place at the moment.

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ICAEW to get new local audit regulatory powers

November 10 ,2015 | by Hari Sri

ICAEW to get new local audit regulatory powers

Recognised Supervisory Body status has been granted to The Institute of Chartered Accountants in England and Wales (ICAEW) by the Financial Reporting Council (FRC).

This means the UK accountancy sector body now has new powers that will allow it to regulate firms who are looking to undertake local audits for clients, including councils and health bodies.

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£400m in tax could come from personal service company crackdown

November 07 ,2015 | by Thiago Kiwi

£400m in tax could come from personal service company crackdown

Ministers are discussing whether to close a tax loophole that could be costing the Treasury up to £400m and is currently being exploited by as many as 100,000 people.

The rules surrounding how personal service companies are used could be tightened in the run up to Chancellor Osborne’s autumn statement on 25 November.

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VAT loophole worth £355m reviewed by EU

November 05 ,2015 | by Claire Payne

VAT loophole worth £355m reviewed by EU

The European Commission (EC) is looking into the possibility of withdrawing the Low Value Consignment Stock Relief (LVCR) scheme.

Talks with member states have begun with a view to ending the scheme, which exempts non-EU sellers of goods to EU consumers from VAT and is estimated to be worth about €500m (£355m) each year.

 

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HMRC receives £5.5bn from 43% capital gains jump

November 04 ,2015 | by Erin O’Neill

HMRC receives £5.5bn from 43% capital gains jump

A succession of increases in the Capital Gains Tax (CGT) rate, combined with the removal of CGT reliefs, has seen bills rise by 43% this year to £5.5bn - up from £3.4bn in the previous year.

An increase in turnover from investments, including shares and buy-to-let property, has also had an impact in the windfall for the Treasury.

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HMRC issues guidance document explaining changes to Gift Aid

November 04 ,2015 | by Helen Gould

HMRC issues guidance document explaining changes to Gift Aid

HM Revenue and Customs (HMRC) has issued new guidance to charities regarding the changes to Gift Aid.

The new rules surrounding the tax break, which can be an important source of income for a wide range of charities, are laid out in a new guidance document published by HMRC aimed at helping charities adopt the measures.

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New HMRC repayment policy could delay tax refunds

November 03 ,2015 | by Thiago Kiwi

New HMRC repayment policy could delay tax refunds

Taxpayers might have to wait months for refunds if they pay their dues to HM Revenue and Customs (HMRC) using debit or credit cards under new procedures.

Accountants Blick Rothenberg LLP warn the changes could cause chaos, and repayments might go astray.

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UK PAYE and self-assessment tax gap has increased to £8.5bn, reveals study

October 29 ,2015 | by Erin O’Neill

UK PAYE and self-assessment tax gap has increased to £8.5bn, reveals study

HM Revenue and Customs (HMRC) PAYE and self-assessment tax gaps have increased over the past 12 months, according to a new study.

Pinsent Masons' analysis also forecasts an increase in the number of investigations into high net worth individuals (HNWs). HMRC has already upped probes into suspected payroll fraud.

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UK requires new approach for business to deal with tax non-compliance issues, says CIOT

October 28 ,2015 | by Thiago Kiwi

UK requires new approach for business to deal with tax non-compliance issues, says CIOT

The Chartered Institute of Taxation (CIOT) says that the UK's new IR35 income tax and National Insurance contributions legislation requires a new approach for businesses dealing with non-compliance issues.

The income tax and NICs legislation will affect anyone working through an intermediary for an organisation, such as a Personal Service Company (PSC).

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Accountancy firms lose confidence about future growth prospects, reveals report

October 28 ,2015 | by Hari Sri

Accountancy firms lose confidence about future growth prospects, reveals report

The UK's accountancy sector is seeing confidence plunge as more firms become more pessimistic about their future prospects compared to what their outlook was a year ago.

The main concerns revolve around issues such as retaining clients and managing costs.

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HMRC Charter committee looks for independent members

October 27 ,2015 | by Hari Sri

HMRC Charter committee looks for independent members

HM Revenue and Customs (HMRC) are looking for independent members to give an oversight of tax authority by joining the new Charter committee.

The body will be a subcommittee of HMRC's board charged with overseeing how the tax authority adheres to its Charter commitments, which set out taxpayers’ rights in the UK economy. The move is aimed at strengthening governance.

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Europe's top court gives bitcoin VAT exemption

October 27 ,2015 | by Erin O’Neill

Europe's top court gives bitcoin VAT exemption

Taxpayers that exchange national currencies for bitcoins, the virtual currency, will not have to pay value-added tax says The European Court of Justice.

The long-awaited ruling has clarified the tax treatment of those who use virtual currencies in the European Union.

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Business must be open about tax affairs, says CBI

October 27 ,2015 | by Thiago Kiwi

Business must be open about tax affairs, says CBI

Businesses must make more effort to show that their tax affairs are legal and above board to the public, says The Confederation of British Industry (CBI).

According to a new CBI survey, 23% of customers over the last year have actively avoided a company because of doubts regarding its tax affairs and whether or not it was paying its fair share.

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Accountancy giant Grant Thornton reports £521m UK fee income

October 23 ,2015 | by Thiago Kiwi

Accountancy giant Grant Thornton reports £521m UK fee income

The financial year ending 30 June 2015 saw UK accountancy firm Grant Thornton report a 1.6% year-on-year increase, achieving a £521m total.

This means profit before tax for the company hit £82m, with a figure of £398,000 distributable profit per partner - a rise of 3.4%.

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Shake up at ICAEW with new independent regulatory board

October 22 ,2015 | by Hari Sri

Shake up at ICAEW with new independent regulatory board

The Institute of Chartered Accountants in England and Wales (ICAEW) is shaking up its regulatory arrangements to highlight issues surrounding oversight and governance.

The ICAEW aims to ensure a fully independent approach by setting up a new regulatory board that will feature menders who are not accounting professionals.

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Capital requirements might be doubled for investment firms

October 21 ,2015 | by Hari Sri

Capital requirements might be doubled for investment firms

According to new research from KPMG, nearly half of all investment firms could be forced to double their capital requirements.

The new study looked at responses and mandatory Internal Capital Adequacy Assessment Process (ICAAP) documents from 32 firms, finding that insurance mitigation and diversification are often used to reduce capital requirements.

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New research says advisers want to work with accountants

October 20 ,2015 | by Erin O’Neill

New research says advisers want to work with accountants

Closer collaboration with accountants is the way forward for advisers, says new research from Prudential.

The pension provider found that more than two-thirds of the advisers who took part thought that working more closely with accountants would help their business, both in terms of individual directors and big companies.

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FTSE 100 remuneration arrangements face less opposition

October 19 ,2015 | by Erin O’Neill

FTSE 100 remuneration arrangements face less opposition

New research by Deloitte shows that this year, fewer FTSE 100 companies have changed their remuneration arrangements than the year before.

The study found that only 17% of FTSE 100 companies have changed their arrangements in substantial terms. Last year, thirty-five companies implemented new incentive arrangements, but this year only 11 followed suit.

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Reporting guidance concerns raised by accounting regulator

October 18 ,2015 | by Hari Sri

Reporting guidance concerns raised by accounting regulator

The Financial Reporting Council (FRC) is consulting on draft guidance regarding on going concerns about the quality of information that investors receive about businesses.

The new consultation will focus on the assessment and reporting of accounting, solvency, and liquidity risks over the longer term.

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Tax receipts from inheritance rise by 15%

October 16 ,2015 | by Thiago Kiwi

Tax receipts from inheritance rise by 15%

According to new analysis by Prudential of the latest HMRC data, there was a 15% increase in inheritance tax paid in the 2012 to 2013 tax year.

Almost 18,000 estates faced an average bill of more than £170,000, and the total paid was £3.05bn - as opposed to £2.65bn in the previous tax year.

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