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Latest News & Blogs

A selection of the latest accounting news and blog posts.

Accountancy watchdog waters down Andrew Tyrie plans for join audits The accountancy regulator has drawn up plans to reform the auditing of listed companies, but they appear to dilute recommendations made by the competition watchdog in its review of the scandal-hit audit industry.The Financial Reporting Council has told ministers it wants a system of “managed s.

Notice of Security - do not ignore! There has been a flurry of appeals in relation to a 'Notice of Security.' You can of course ask to HMRC to review their decision. You can then appeal to the First Tier Tribunal. At either stage you can challenge the decision in principle, or the quantum of the security, or both.

Why audit firm leaders need to practice what they preach Firm leaders can improve audit quality by modeling the behavior they say they value, according to a new study performed with the backing of the AICPA Assurance Research Advisory Group.

Do you recognise your own accounts? One of my big interests in life is making accounting data comprehensible to those who need to use it, other than those of us who prepare the accounts. I am often reminded that accountants don't always pay much attention to this. Recently, I was discussing the accounts presented by the auditors to the directors of a company for approval.

Poor accounting practice in charities to be referred to professional body Charity Commission and Association of Chartered Certified Accountants sign information sharing agreement.

Americans' financial satisfaction at all-time high Americans' financial satisfaction hit an all-time high in the fourth quarter of 2019, according to the AICPA's Q4 2019 Personal Financial Satisfaction Index. Gaining ground from the previous quarter and up significantly from its record lows a decade ago, the index was lifted to new heights by factors that included a surging stock market.

The Brexit effect: What does it mean for your career? The UK has faced its fair share of uncertainty in recent years. The financial crisis of 2008 and, more recently, the ongoing saga that is Brexit has caused a headache not just for politicians, but everyone in the general populous.

Sajid Javid gets to grips with the tax system The jury is still out as to whether the Chancellor of the Exchequer has got to grips with any part of the UK tax system. He has now been in office for over six months and still fights shy of making any substantive statements about tax policy.

Why 2020 could be a nightmare year for traditional firms Disruptors such as fintech, Open Banking, blockchain and AI sees the financial services industry colliding with the accountancy sector, and many accountancy practices / firms will need to adapt quickly and grow in these areas in order to compete, or risk losing ground to these newcomers.

How firms are delivering value with audit data analytics We're actually finding in many cases, we're saving the client more time than we're saving ourselves." Clients who see the benefits of applying audit analytics to some transactions often choose to incorporate additional areas into the process, Wilkins said.

Beat Blue Monday: 3 steps for career motivation Many people find themselves reflecting on their careers as we enter the new year, and the gloomy associations of Blue Monday on 20th January might have left some of you lacking in motivation.

Watson Buckle accountancy firm thanked for Bradford Hospitals' Charity neonatal fundraising "Our Neonatal Unit provides a first-class service, treating and caring for babies around the region. However, it's the aftercare shown to parents and siblings, and the fact staff go over and above to help families, which makes the unit extra special.

News Corp Upper Tier decision There is already lots of material on this important Upper Tier decision. The News Corp group includes The Times, The Times on Sunday, The Sun, and The Sun on Sunday. Doubtless many other appeals are dependent on the outcome of this appeal. The FTT decision was written with the expectation that the decision would be appealed.

I save £250 a year by swapping an accountant for a free app PROFESSIONAL dog walker Lina Januseviciute claims she has £250 in the last year by using a free accountancy app. The 31-year-old from Daventry, Midlands started her business The Walking Dogs last year after quitting her job working for a landscaping firm.

A new strategy to beat the tax return blues Everybody seems to be writing about the tax return season this year but nobody else has so far come up with anything like this radical new plan to take away the stress and heartache of what is almost every practitioner's nightmare.

Feeling down? It might be time to stop If you're feeling downtrodden, your solution might be to keep going, plough on through because it will be alright but, often it's not. It can be a roller coaster of emotional struggle and pain. The danger is when you look around you, it appears everyone is doing the same.

Preparing for change - recruiting contractors in 2020 With a variety of recommendations from the Taylor Review set to be enacted in the new tax year, recruitment professionals must take the time to understand these legislation changes and the potential disruption they could cause, as well as take the necessary steps to ensure compliance.

VAT: HMRC must do better The FTT case of Dorset Trimming Co Ltd produced a win for HMRC on a technical issue concerning VAT registration. However, a very worrying aspect of this case was that HMRC failed to properly prepare for the hearing. It instead relied on the accountant of a small two-man company from Weymouth to produce the necessary papers for the case to proceed.

Three charities to benefit from local accountancy firm's fundraisers Nottingham-based accountants Page Kirk LLP have made a generous charitable donation following fundraising efforts by staff. The team in Gregory Boulevard spent 2019 organising a host of events to support no fewer than three good causes.

UK Tax Investigations: Everything You Need to Know UK tax investigations are complex and stressful, but do they have to be? Finance experts arm you with all the info you need for a smooth tax investigation.

The best accountancy apps for freelancers including QuickBooks, Bokio and Sage AS the self-assessment deadline nears, Britain's five million freelancers will be wondering whether they need to pay an accountant as well as a taxman. Many accountancy apps promise to do much of the hard work for you for half the price - but can they really replace a flesh and blood accountant?

HMRC slammed by Norfolk business following tax blunder Debit and Credit Accountancy, a family run business based in Wroxham, spotted the taxman's blunder when a client was slapped with the £100 fine. The penalty notice related to late tax returns - which Debit and Credit are paid to organise on behalf of their customers - for the year ending April 2019.

You can't just keep appealing! An education provider, Metropolitan International Schools Ltd, has sought permission to apply for a Judicial Review in relation to a decision by HMRC. I understand that the School has made numerous appeals and applications over several years. You can find the substantive FTT decision at UKFTT 517.

This is your chance to nominate finalists for the Insider Scottish Accountancy and Financial Technology Awards Those who go above and beyond in achieving that will be celebrated in this year's Insider Scottish Accountancy and Financial Technology Awards. The awards will this year include three categories to reflect the increasing importance of innovation and new technology on the profession and sector.

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