Recent News

KPMG Might Halt Non-Audit Work on FTSE 350

KPMG is set to become the first of the so-called Big Four to cease all non-audit work for FTSE 350 clients in the wake of Carillion.

Pm Sets Up Big Business Brexit Advisory Councils

Theresa May opens doors to big business with new Brexit advisory councils.

HMRC Chases GE for $1bn tax shortfall

General Election has filed documents with the Securities and Exchange Committee (SEC) revealing that HMRC is investigating it for an alleged $1bn (£770m) shortfall in tax paid between 2004 and 2015.

Disputed Tax from Big Business Hits £27.8bn

Figures released today show that the amount of underpaid tax in dispute with the UK’s 2,000 largest businesses increased to £27.8bn in 2017/18, a 12% increase on the previous year, as HMRC steps up its investigative activity.

HMRC Could Reform Trusts That Reduce IHT

Trusts allowing families to pay less inheritance tax could be reformed by HMRC

Summary of Budget 2018: Key Points at a Glance

Philip Hammond has delivered his third Budget as chancellor. Here are the key points of his 72-minute speech.

HMRC Spends More Than £10,000 Over Five Years on Flowers

The taxman has spent more than £10,000 on flowers to apologise to taxpayers for mistakes made over the past five years.

HMRC Clamp Down on Footballers in Tax Abuse Probe

Almost 200 footballers are under investigation for alleged tax abuses linked to image rights payments.

KPMG fined £3m for ethics breaches in Ted Baker audit

The Financial Reporting Council (FRC) has fined KPMG £3m and issued a severe reprimand for ethics breaches during its audit of Ted Baker, a British luxury clothing retail company.

Trump campaign manager Manafort found guilty of tax evasion

Donald Trump’s former campaign manager Paul Manafort has been convicted on five counts of tax evasion. Manafort was also convicted on two counts of bank fraud and one count of hiding a foreign bank account.

UK companies dividend payouts drop in record breaking year for the rest of Europe

The UK lagged behind Europe as global dividends surged almost 13 per cent to $497.4bn in the second quarter. It was a record breaking year for payments around the world except in the United Kingdom where dividend distribution fell 1.4 per cent to $32.1bn.

Accountant’s date error sees client let off APN penalty

A taxpayer who contested a penalty issued by HMRC for late payment of an accelerated payment notice (APN) has won his case after a tribunal found his accountant was at fault for failing to notice the correct date by which action was required, despite reminders from his client

Plans for vaping ‘sin tax’ under challenge

Suggestions that the government is planning a new ‘sin tax’ on vaping, in order to raise an additional £40m in tax revenue to help fund its commitment to a £20bn boost in NHS funding, have been strongly opposed by the UK Vaping Industry Association (UKVIA) on the grounds the move risks damaging public health

HMRC accounts qualified for 14th year in a row

In one of Whitehall’s least surprising announcements, the tax department’s report and accounts for 2017-18 carry a qualified opinion from the National Audit Office.

£20bn fund for NHS will raise taxes

The Office for Budget Responsibility (OBR) is warning that the Prime Minister’s recent pledge to increase spending on the NHS is likely to put significant pressure on public finances, placing public sector net debt on an ‘unsustainable upward trajectory’, unless the government introduces future tax rises or spending cuts