Latest Business News for the UK Accountancy Profession

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Accountancy Age

  • No Greece tax comparison, says new CIoT president

    No Greece tax comparison, says new CIoT president

    Accountancy Age THE INCOMING PRESIDENT of the Chartered Institute of Taxation has expressed concerns over tax comparisons between Greece and the UK in both the media and public arena. Speaking at CIoT's annual general meeting in Westminster…
    Published - 4 days ago, 17 May 12, 8:54am
  • Tax: Don't go back in the future

    Tax: Don't go back in the future

    Accountancy Age IT HAS BEEN a rather uncertain time for taxpayers in recent months, with changes and new rules seemingly introduced without warning. The crackdown on tax planning structures used by Barclays earlier this year saw tax legislat…
    Published - 5 days ago, 16 May 12, 3:12pm
  • Did Panorama uncover the whole tax truth?

    Did Panorama uncover the whole tax truth?

    Accountancy Age TO WATCH PANORAMA on Monday would suggest to most that big business (one pharmaceutical in particular) wasn't paying its fair share of tax. That Luxembourg is a country of featureless office blocks where fictitious businessme…
    Published - 6 days ago, 15 May 12, 10:09am
  • Major UK businesses in secret Luxembourg tax deals

    Major UK businesses in secret Luxembourg tax deals

    Accountancy Age SECRET TAX DEALS were struck between large UK-based companies and Luxembourg in order to minimise tax liabilities, according to the BBC's Panorama programme. Documents obtained by the programme show plans were made to shift p…
    Published - 10 days ago, 11 May 12, 10:07am
  • French face billions in tax payout after ECJ ruling

    French face billions in tax payout after ECJ ruling

    Accountancy Age THE EUROPEAN COURT OF JUSTICE has ruled that the French rules exempting domestic investment funds from withholding tax breach EU law. EU and US-based institutional investors argued that such rules contravene EU law and amount…
    Published - 10 days ago, 11 May 12, 8:55am
  • HMRC IR35 guidelines draw criticism

    HMRC IR35 guidelines draw criticism

    Accountancy Age THE SERIES OF TESTS and scenarios released by HM Revenue & Customs "fails to take into account key elements of advice" provided by small business representatives invited by the Treasury forum to discuss the issue. HMRC "had m…
    Published - 11 days ago, 10 May 12, 10:42am
  • HMRC sets out IR35 stall with new tests

    HMRC sets out IR35 stall with new tests

    Accountancy Age A SERIES OF TESTS to gauge the status of workers has been released by HM Revenue & Customs. The IR35 legislation is designed to prevent people who use intermediary companies to sell their services from being better off than i…
    Published - 11 days ago, 10 May 12, 9:37am
  • ICAS queries Scotland’s tax devolution in paper

    ICAS queries Scotland’s tax devolution in paper

    Accountancy Age THE CRITERIA for paying tax in Scotland once tax powers are devolved from Westminster to Holyrood has been questioned in a paper entitled Scotland's Future: What tax system would Scotland want? published by ICAS. The Scotland…
    Published - 12 days ago, 9 May 12, 9:34am
  • ECJ ruling could set withholding tax precedent

    ECJ ruling could set withholding tax precedent

    Accountancy Age A WITHHOLDING TAX RULING is to be handed down from the European Court of Justice (ECJ) and could lead to investment funds making similar claims against countries across Europe. The ruling concerns the French withholding tax r…
    Published - 13 days ago, 8 May 12, 3:32pm
  • DLA Piper in Royal Mail VAT case against HMRC

    DLA Piper in Royal Mail VAT case against HMRC

    Accountancy Age DLA PIPER has succeeded in its application to bring a lead case against HM Revenue & Customs (HMRC) for value added tax (VAT) levied on Royal Mail's services. If successful, businesses could recover £220m paid in credit for…
    Published - 13 days ago, 8 May 12, 1:33pm
  • Study shows tax evasion crackdown has largely failed

    Study shows tax evasion crackdown has largely failed

    Accountancy Age THE FLOW OF FUNDS to low-tax jurisdictions has barely changed since 2007, despite significant global efforts to tackle the problem. Deposit data from the Bank of International Settlements (BIS) demonstrates that $2.7trn (£1.…
    Published - 13 days ago, 8 May 12, 1:30pm
  • Facebook could escape $14bn in US tax

    Facebook could escape $14bn in US tax

    Accountancy Age SOCIAL NETWORKING SITE Facebook has acknowledged it could avoid paying $14bn (£8.7bn) is US corporation tax after it floated on the stock market last week, reports The Telegraph. The world's biggest social network will utili…
    Published - 13 days ago, 8 May 12, 9:33am
  • ECJ in phone card VAT ruling

    ECJ in phone card VAT ruling

    Accountancy Age THE EUROPEAN COURT OF JUSTICE has made a key ruling on when value added tax (VAT) is chargeable on telephone cards and vouchers. The case was between mobile phone network Lebara and HMRC, with the ECJ finding that VAT should…
    Published - 17 days ago, 4 May 12, 3:21pm
  • Colin: Pubs ailing under tax burden

    Colin: Pubs ailing under tax burden

    Accountancy Age
    Published - 17 days ago, 4 May 12, 10:52am

Financial Director

  • Tax planning is back on FDs' agendas
    financial_director MANY FINANCE directors, myself included, rarely put the topic of taxation at the top of their list. However, with George Osborne’s “unashamedly pro-business” Budget, the Barclays disallowed tax scheme debacle, and th…
    Published - 25 days ago, 26 Apr 12, 10:10am
  • Tax planning is back on FDs' agendas
    financial_director MANY FINANCE directors, myself included, rarely put the topic of taxation at the top of their list. However, with George Osborne’s “unashamedly pro-business” Budget, the Barclays disallowed tax scheme debacle, and th…
    Published - 25 days ago, 26 Apr 12, 10:10am
  • The VAT trap
    financial_director THERE IS A SHIFT occurring. It has been happening slowly and for some time. It is, of course, the use of indirect taxation and, specifically, value added tax (VAT) and goods and services tax (GST) as a way of bumping up th…
    Published - 26 days ago, 25 Apr 12, 3:30pm
  • A Budget for business
    financial_director ON THE face of it multi-national businesses got everything the could have hoped for when chancellor George Osborne delivered his Budget statement to the House of Commons on 21 March. For some the Budget was driven more by…
    Published - 55 days ago, 26 Mar 12, 4:42pm
  • Tobin tax to be in place by year end
    financial_director A EUROPEAN financial transaction tax is set to be in place by the end of the year despite British opposition, French minister for European affairs Jean Leonetti said on Wednesday in a television interview. In a clear indic…
    Published - 5 Jan 12, 11:07am
  • PwC: VAT hike added 1% to level of prices in 2011
    financial_director ONE YEAR on from the government's decision to increase VAT to 20%, PWC has said that the rise added around 1% to the level of prices in 2011 which compounded the tough squeeze on consumers from rising energy and food price…
    Published - 4 Jan 12, 10:15am
  • UK's link to offshore financial centres is positive
    financial_director AS THE WORLD has sought to understand the cause of the global financial crisis, international financial centres have naturally found themselves under fire. Taking much of the flak have been the smaller centres, whose offsh…
    Published - 16 Nov 11, 10:54am
  • Missing the point on tax
    financial_director IT IS TIME to challenge the view that multinationals wish to desert the UK's shores and hoard significant profits in brass plate operations overseas. Multinationals are just that – multinational. Decisions around where b…
    Published - 4 Oct 11, 2:16pm
  • A threat to competitiveness
    financial_director THE CALL from the German chancellor Angela Merkel and French president Nicolas Sarkozy to revive proposals for a European Financial Transactions Tax (FTT) is misguided, not only because it is unlikely to work, but because…
    Published - 25 Aug 11, 11:15am
  • Financial challenges for exporters
    financial_director GLOBALISATION has brought overseas expansion within the grasp of more and more businesses and how best to take advantage of the opportunities is moving up the boardroom agenda. This change in direction will undoubtedly be…
    Published - 16 Aug 11, 9:50am
  • Tobin tax leaves a bad taste
    financial_director IN ITS BUDGET proposal for the period 2014-2020, the European Commission (EC) has included a levy on financial transactions, more commonly known as a Tobin tax. The text, which was presented by the president José Manuel B…
    Published - 27 Jul 11, 9:36am
  • The boardroom tax gap
    financial_director UNTIL RECENTLY many tax directors did not register highly on the radar of their boards. In fact, the tax function was somewhat far removed from the business, often reporting into a financial controller rather than directly…
    Published - 12 Jul 11, 9:04am
  • WPP redomiciling: Where is the quid pro quo?
    financial_director The companies that left the UK for more tax-friendly climes seem to have been seduced by the Budget. Relaxed controlled foreign companies legislation and a lowering of the corporation tax rate saw WPP, UBM and Shire hint t…
    Published - 1 Apr 11, 2:05pm
  • The Budget 2011 – a plan for growth, or a hope for growth?
    financial_director "This is... a Budget that encourages enterprise; that supports exports, manufacturing and investment." So said chancellor George Osborne in yesterday's speech. Whether it transpires to be the "Budget for growth" he hopes f…
    Published - 24 Mar 11, 3:13pm

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BBC - Business

  • newYahoo sells half Alibaba stake
    US internet company Yahoo says it has reached a deal to sell part of its stake in Chinese e-commerce company Alibaba Group.
    Published - 36 mins ago, 21 May 12, 3:08am
  • newVIDEO: Zac Posen targets Asia for growth
    Fashion guru Zac Posen, who has created gowns for stars like Gywneth Paltrow and Oprah Winfrey, has designs on Asia.
    Published - 2 hours ago, 21 May 12, 1:16am
  • newChina clears Google Motorola bid
    Chinese regulators approve Google's $12.5bn purchase of US phone maker Motorola Mobility, the final hurdle for the deal to go through.
    Published - 3 hours ago, 21 May 12, 1:07am
  • newSingle 30% income tax rate urged
    A single 30% rate of income tax is needed in order to boost growth in the UK, according to a report by a campaign group and business leaders.
    Published - 3 hours ago, 21 May 12, 12:47am
  • newVIDEO: Apple and Samsung patent row talks
    Samsung and Apple will hold negotiations in the US on Monday, aimed at resolving a lengthy dispute over patents, a row which led to more than 50 lawsuits in 10 countries.
    Published - 3 hours ago, 21 May 12, 12:34am
  • newA fifth 'have no pension savings'
    A growing number of people are failing to save anything for their retirement - leaving them in a "precarious" position, a pensions provider says.
    Published - 3 hours ago, 21 May 12, 12:24am
  • newHSBC machines hit by IT failure
    UK customers of HSBC report problems using cash machines, making card payments and online transactions, but the bank says the problem is fixed.
    Published - 7 hours ago, 20 May 12, 9:10pm
  • newBleak times for Calcutta business
    Political change in Calcutta isn't working for either
    Published - 11 hours ago, 20 May 12, 4:38pm
  • newJubilee: Your rights to a day off
    Your rights to a day off to mark the Diamond Jubilee
    Published - 11 hours ago, 20 May 12, 4:37pm
  • newWhat next if Greece quits the euro?
    What happens if Greece quits the euro?
    Published - 11 hours ago, 20 May 12, 4:34pm

FT.com - UK Business

  • newEurope’s not so happy referendum history
    Recent experiences suggest that when voters are asked a question about the continent, the answer is often No, a rebuke to the elite
    Published - 11 hours ago, 20 May 12, 4:46pm
  • newWhen fortune favours the brave
    Britain’s Battlers are companies, often unsung, that are finding ways to prosper in the most difficult business climate for a generation
    Published - 11 hours ago, 20 May 12, 4:22pm
  • newShopping habits change with the weather
    Cool temperatures and economic uncertainty have caused headaches for retailers who are watching forecasts and hope they will not have to cut prices
    Published - 13 hours ago, 20 May 12, 2:24pm
  • newUK moves on cross-border insolvency
    Two cases to be heard by Supremre Court will decide extent to which the English courts can assist foreign courts and liquidators in global bankruptcy cases
    Published - 14 hours ago, 20 May 12, 1:44pm
  • UK fears sound of a Greek exit
    The impact of a eurozone member leaving the bloc would certainly hit Britain’s economy and affect banks largely through indirect exposure to Europe
    Published - 2 days ago, 18 May 12, 10:01pm
  • Peppa Pig brings home theme park bacon
    A big capital outlay is needed to keep attracting visitors at attractions around the UK in the face of dwindling consumer spending
    Published - 2 days ago, 18 May 12, 9:43pm
  • Law firms weigh up merger
    Field Fisher Waterhouse and Lawrence Graham said they were considering a tie-up that would put the new entity among the top 25 law firms in the UK
    Published - 2 days ago, 18 May 12, 7:21pm
  • Chinese ‘firewater’ comes to UK
    Potent white spirit customarily used to toast business deals will arrive next month, despite westeners having yet to acquire a taste for it
    Published - 2 days ago, 18 May 12, 5:53pm
  • Lawyers welcome US-style plea bargain plans
    Deferred prosecution agreements offer chance to overhaul interaction between prosecutors, defendants and judges in England and Wales
    Published - 3 days ago, 17 May 12, 9:39pm
  • Northern Rock rescue to cost taxpayers £2bn
    Outlook worse than earlier analysis which predicted the government would break even on its investment in the mortgages lender, audit office says
    Published - 3 days ago, 17 May 12, 7:29pm

Reuters - UK Business

  • newFacebook faces crucial week after modest debut
    NEW YORK (Reuters) - Newly issued shares in Facebook Inc may have a hard time in the coming week if lead underwriter Morgan Stanley stops supporting the stock and managers lower down in the IPO book who were hoping for an early surge decide to get ou…
    Published - 36 mins ago, 21 May 12, 3:09am
  • newWanda to buy AMC Entertainment for $2.6 billion
    BEIJING (Reuters) - Wanda Group, one of China's largest theatre owners, has agreed to buy AMC Entertainment in a deal valued at 1.6 billion pounds ($2.6 billion), creating the world's biggest cinema operator, the companies said.Related StoriesZuckerb…
    Published - 43 mins ago, 21 May 12, 3:02am
  • newChina ponders new investment channel for foreign pension funds - paper
    SHANGHAI (Reuters) - China's stock regulator said it may give pension funds from Hong Kong, Taiwan and Singapore an additional channel for investing in China's capital markets other than the established Qualified Foreign Institutional Investors (QFII…
    Published - 1 hour ago, 21 May 12, 2:17am
  • newAustralia's Qantas to cut 500 heavy maintenance roles
    MELBOURNE (Reuters) - Australia's top airline Qantas Airways said it will consolidate its three heavy maintenance facilities and stop doing heavy maintenance at Tullamarine in Melbourne, resulting in 500 job losses.Related StoriesZuckerberg weds long…
    Published - 1 hour ago, 21 May 12, 2:15am
  • newGlobal markets regain ground but still edgy over Greece
    TOKYO (Reuters) - Markets recovered some ground on Monday after heavy losses last week, but investors remained wary about the euro zone despite world leaders calling for Greece to stay in the monetary union and for Europe to balance austerity with gr…
    Published - 2 hours ago, 21 May 12, 1:21am
  • newChina buyers defer volumes of raw materials - FT
    LONDON (Reuters) - Chinese consumers of thermal coal and iron ore are asking traders to defer cargos and defaulting on their contracts, the Financial Times reported on Monday.Related StoriesGlobal markets regain ground but still edgy over GreeceFaceb…
    Published - 3 hours ago, 21 May 12, 12:24am
  • newZuckerberg weds longtime girlfriend, no word on prenup
    SAN FRANCISCO (Reuters) - Details of Facebook chief Mark Zuckerberg's surprise wedding trickled out on Sunday, but mysteries remained, not least whether there was a prenuptial agreement in place that could affect Zuckerberg's large stake in the compa…
    Published - 4 hours ago, 21 May 12, 12:12am
  • newGlobal markets on edge over Greece despite G8 pledge
    TOKYO (Reuters) - Markets remained cautious on Monday despite world leaders calling for Greece to stay in the euro zone and for Europe to balance austerity with growth, with investors unwilling to take risks before Greek elections next month.Related…
    Published - 4 hours ago, 20 May 12, 11:55pm
  • newZuckerberg weds longtime girlfriend, no word on prenup
    SAN FRANCISCO (Reuters) - Details of Facebook chief Mark Zuckerberg's surprise wedding trickled out on Sunday, but mysteries remained, not least whether there was a prenuptial agreement in place that could affect Zuckerberg's large stake in the compa…
    Published - 4 hours ago, 20 May 12, 11:50pm
  • newG8 growth talk leaves wary markets awaiting action
    (Reuters) - A pledge by leaders of industrialized nations to help the troubled world economy is unlikely to herald quick new action by Europe on its debt crisis, meaning more uncertainty for nervous financial markets.Related StoriesGlobal markets reg…
    Published - 4 hours ago, 20 May 12, 11:48pm

The Telegraph - Finance

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