From 6 April 2016, the annual Rent a Room limit increased from £4,250 to £7,500 for the 2016/17 tax year. The Rent a Room scheme allows owner occupiers and tenants to receive tax-free rental income if they provide furnished accommodation in their main home. Automatic exemption from rental income occurs if the gross receipts are… Read more…
According to the latest figures around 3,000 suspected cases of serious tax evasion were referred by HM Revenue & Customs (HMRC) for specialist investigation for the second year running last year. This is an eight per cent increase in the number of cases handed over to the Revenue’s dedicated evasion referral team by its local… Read more…
ACCOUNTANCY AGE reveal for the 2016 British Accountancy Awards, Another 10 judges will join the existing panel of judges in due course. The judges list: James Abbott, president, UK200 Group Sue Almond, head of audit and assurance, Grant Thornton Richard Anning, head of IT Faculty, ICAEW Paul Aplin, partner, AC Mole & Sons & vice-president,… Read more…
Salhan Accountants win Independent Firm of The Year – Midlands. Click below to see the full list: http://www.accountancyage.com/aa/news/2436419/british-accountancy-awards-2015-the-winners
Trustees of the IFRS Foundation, responsible for the governance and oversight of the IASB, have outlined a series of changes, as follows: The board will be cut from 16 to 13 members The geographic distribution of members will be altered by combining the North American and South American allocations into a single ‘Americas’ category. The… Read more…
THE TREASURY has begun searching for a new permanent tax director for the Office of Tax Simplification, after current director John Whiting decided to finish after six-and-a-half years. On 13 June, the Treasury confirmed Whiting is to step down from the role which he has served in since the OTS’ formation in 2010. The Treasury… Read more…
HMRC chief executive Jon Thompson claimed that the government department has made a “significant recovery” in its levels of customer service during a PAC grilling, just weeks after an NAO report found that its services “collapsed” in recent years. There will be a discussion on tax avoidance at Financial Director’s CFO Agenda on 28 June… Read more…
MGI Worldwide, the Top 20 international accounting network, states that mid-tier accountancy firms are steering away from audit work. They have found: Decrease in audit work taken on – 45% (2015) 50% (2014) 52 % in 2013. Due to lower profit margins, slower growth rates and higher legal risks Management consultancy or tax advisory more… Read more…
Osborne and Labour former chancellor Alistair Darling are to warn that the Treasury would be forced to unveil an emergency Budget, consisting of: £15bn of tax rises £15bn of spending cuts in the case of a vote for Brexit Osborne is expected to outline tax rises comprising of; 2% increase in the basic rate of… Read more…
Administrators fail to find buyers resulting in the fashion chain having to close of all their stores by the end of June. The close would affect around 1,000 staff in 120 locations. After the 116-year old in the business, the retailer collapsed days after BHS entered administration. Despite several proposals being put forward, they were unable… Read more…
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