Accounting and Finance
Accounting, Audit and UK Tax selected topics, news and updates
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Pensioners in the UK end up paying around 30% of their income to HMRC according to a report by City AM Reports on 30th of May 2014
EU urges UK to raise taxes on expensive homes, build more houses and review the Help to Buy scheme
The number of Dawn Raids carried out by HMRC as a result of tax evasion has fallen by 6% over 2013.While the numbers of search warrants executed increased between 2010 and 2013, only 744 warrants were executed in 2013/14, a 6% decrease on the previous year
The findings of a 2013 survey, released in May 2014, indicate that audits by accounting firms around the world are deficit in a number of critical areas.
KPMG has increased its lead as the auditor of the most stock market clients according to 2014 statistics from Adviser Rankings in the UK
HMRC is heavily criticised for many careless errors that resulted in a huge rise in the number of complaints from the tax payers. The cost from these errors and organisation problems cost during 2012-2013 more than 354000 GBP
Ian Powell, the PWC chairman,during PWC's Public Trust awards, he admitted that international tax needs major changes. As Mr Powell said, the international tax laws and tax rates are based on past estimations and do not reflect the modern business reality.
The FRC has isued a revised auditing standard, which claims would make the job of the auditor easier, increasing communication with investors. These revisions to ISA 700 (UK and Ireland) require auditors' reports on companies which are applying the UK corporate governance code to explain more about their work. Board engangement will also be included in the changes. These changes will affect audits of financial statements for reporting periods on or after the 1st October 2012
The Big Four registered 7,7% increase in fee income in 2012 while smaller firms struggled with minimal growth of 0,6% according to the accountancy regulator
The IASB and its US equivalent FASB propose a new accounting standard to bring leases on - balance sheet for lesses and measurement and presentation of expenses and cash flows arising from a lease.Until now most of leases are not reported on balance sheets, being criticised for not providing a faithful representation of leasing transactions
LittleJohn will be the new member of PKF International after the merger of BDO-PKF in the UK
HMRC is searching the internet, including social media and other websites in which people share information, to find potential evidence of tax fraud!
A TAX compliance centre is to be opened by KPMG in Glasgow this summer, creating 150 jobs. The ‘tax centre of excellence" will be set up in Glasgow's international financial services district, and act as a tax compliance hub for the firm's 22 UK offices.
The accounting profession is rebounding from the recession, with new accountancy firm start-ups outstripping firm closures for the first time since 2008, according to research by Bloomsbury Professional There was a net gain of 850 accountancy firms last year, following a net loss of 360 firms in the preceding two years, the research found According to Bloomsbury, the number of start-ups was 14% higher last year, compared to the depths of the recession in 2009
REAL-TIME PAYE REPORTING will commence throughout the UK from Saturday 6 April in the biggest shake-up to the system since 1944. Through this development any changes in someone's circumstances - such as a pay rise, promotion or departure from job - will be reported as they happen
THE MERGER between BDO and PKF in the UK has been completed, creating a firm with nearly £400m in revenues.
The idea of a different application of IFRS for large companies and SME may be more costly and time consuming although in this factsheet, this differenciation looks sensible due to the size of companies and their different needs.
Internal Auditors must consider different aspects of a business