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Tax helpline set up for bereaved

Mon, 21 May 2012 10:18:52 GMT

A HELPLINE has been established to offer PAYE and self-assessment assistance to people who have suffered bereavement. The call centre will be based in Cardiff and forms part of a range of improvements HM Revenue & Customs aims to make in the near future. Family members or personal representatives who phone HMRC about tax and bereavement will also be able to speak to a dedicated team of advisors. Additionally,...

2020 Tax Commission calls for single income tax

Mon, 21 May 2012 09:46:41 GMT

Calum Fuller Hedge Funds Review

THERE SHOULD BE A SINGLE INCOME TAX to create "conditions for stronger economic growth and more jobs", according to the Taxpayers' Alliance's 2020 Tax Commission. In a report published today, the Commission recommends six steps through which it says such a tax can be achieved. These are: - Taxes should be cut to 33% of national income; - Marginal taxes should not exceed 30%, and the personal allowance should...

Portsmouth administrators line up Balram Chainrai for sale

Mon, 21 May 2012 09:44:00 GMT

Rachael Singh Hedge Funds Review

ADMINISTRATORS TO PORTSMOUTH FC, PKF revealed that a former owner and one of the largest creditors to the club, Balaram Chainrai is considered the preferred bidder. The Championship club entered administration for the second time in two years on 17 February, with PKF partners Trevor Birch, Ian Gould and Bryan Jackson appointed. Chainrai's proposed bid through his company Portpin will see the club exit administration in the next six weeks. ...

McBrides named as UKTI advisor for inbound business

Mon, 21 May 2012 09:02:47 GMT

Richard Crump Hedge Funds Review

KENT-BASED accounting firm McBrides has been selected by the government's UK Trade & Investment body (UKTI) as an advisor for inbound business to the UK. Any business which approaches the UKTI with a view to setting up or expanding within the UK will be referred to a panel of accountants, of which McBrides is now one. Nick Paterno, managing partner at McBrides, said: "This is a real coup for us and...

ICAEW: Regulation won’t instil trust in auditors

Mon, 21 May 2012 07:44:03 GMT

Rachael Singh Hedge Funds Review

REGULATORS cannot bring back public trust in auditors, according to the ICAEW's audit and assurance faculty chairman. Charles Bowman, also a senior partner at PwC, made the comments at a recent audit and assurance conference set up by the auditing special interest group. Bowman said it was up to the profession, not the regulators, to inject trust into audits. "Auditors can't make businesses trustworthy, just like regulators can't make...

Potential Spanish tax liability for Sportingbet

Mon, 21 May 2012 07:35:33 GMT

Kevin Reed Hedge Funds Review

SPORTINGBET is in discussions with Spain's Ministry of Finance over a "potential outstanding tax liability" covering its operations in the region. The period under discussion is between January 2009 and May 2011. A further announcement would be made in due course, Sportingbet stated to the stock exchange. Its share price was down 3.25p, to 25p, in this morning's trading. For more companies and markets information visit the...

Mercer & Hole steps in at footwear retailer Masai

Fri, 18 May 2012 09:26:17 GMT

Calum Fuller Hedge Funds Review

MERCER & HOLE administrators have been called to footwear retailer Masai Barefoot Technology (MBT). Chris Laughton and Peter Godfrey-Evans, partners at Mercer & Hole, have been appointed joint administrators to MBT after its parent company filed for bankruptcy in Switzerland. Masai has ten stores and various concessions throughout the UK and generates approximately £8m annually. Laughton and Godfrey-Evans will be working with the business's management and staff to sell...

Hurst posts double-digit revenue growth

Fri, 18 May 2012 09:24:32 GMT

Kevin Reed Hedge Funds Review

REVENUES HAVE GROWN 12% at North-west accountancy firm Hurst. The firm's April 2012 year-end revenues climbed to £4.4m. It opened a London office last year, and added 53 clients. It was also a finalist in Accountancy Age's British Accountancy Awards 2011. "Growing turnover by half a million in what is still a challenging market is a major achievement," said Hurst managing partner Tim Potter. "There are lots of opportunities...

Don’t be so defensive, FRC chief tells audit profession

Fri, 18 May 2012 09:16:57 GMT

Richard Crump Hedge Funds Review

THE AUDIT PROFESSION has been overly defensive to criticisms levelled at it for its role in the financial crisis, according to the chief executive of the FRC. The audit market is currently facing a series of inquiries by lawmakers in the UK and Europe investigating the structure of the market, the relationship between auditors and financial service regulators, and the way going concern and liquidity issues are assessed. Speaking at the...

Cost climb eats into CIMA profits

Thu, 17 May 2012 16:02:33 GMT

Kevin Reed Hedge Funds Review

PROFITS AT CIMA FELL to half a million pounds in 2011, from £1.1m a year earlier. The management accounting institute posted £47.1m income for the year-ending 31 December 2011, from £43.4m a year earlier, which included a leap in member subs and exam income of £3.6m to £41.6m. However, costs ate into the increased revenues. Brand and business development expenditure climbed to £15.6m, from £14m. Member and student service costs were...

Plumber convicted of tax evasion

Thu, 17 May 2012 10:44:19 GMT

Calum Fuller Hedge Funds Review

A HAMPSHIRE PLUMBER has been found guilty of tax evasion totalling some £112,000 over a 14-year period. Peter Mack, 59, of Ringwood set up a freelance plumbing business in 1997, but never registered his earning with HM Revenue & Customs. Enquiries made by HMRC found Mack had evaded approximately £88,000 in income tax and VAT plus interest, pushing the total up to £112,000. He was arrested at his home...

HMRC employee held in phone-hacking probe

Thu, 17 May 2012 09:19:08 GMT

Calum Fuller Hedge Funds Review

AN EMPLOYEE of the taxman has been arrested by detectives investigating corrupt payments made to public officials. The operation was initiated by information supplied News Corporation's management standards committee (MSC) which was set up in the wake of the phone hacking scandal that led to the closure of the News of the World last July, reports Press Association. A 50-year-old man was held on suspicion of misconduct in a public office...

GAAR prompts RSM Tenon to drop specialist tax unit

Thu, 17 May 2012 09:16:00 GMT

Rachael Singh Hedge Funds Review

RSM TENON will drop certain tax services due to the government's clampdown on tax avoidance. In the interim management statement for 1 January to 16 May the struggling listed accountancy firm announced that it will cull service lines in its specialist tax division due to chancellor George Osborne's recently introduced general anti-avoidance rules (GAAR). "Following the announcement of a general anti-avoidance rule in the recent UK government budget, we have decided...

Administrators to close 350 Clintons stores

Thu, 17 May 2012 08:57:08 GMT

Kevin Reed Hedge Funds Review

ADMINISTRATORS HAVE SHUT just under half of Clinton Cards stores due to it being "burdened with an untenable real estate". Joint administrators from Zolfo Cooper have shut 350 stores from the 784 nationwide, and emply 2,800 staff. The closure programme begins on the week commencing 21 May and will continue into June. Locations of closed stores and number job losses will be confirmed shortly. Peter Saville, joint administrator and...

No Greece tax comparison, says new CIoT president

Thu, 17 May 2012 08:54:18 GMT

Calum Fuller Hedge Funds Review

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 as he succeeds Anthony Thomas, Patrick Stevens said the tax system in Britain is far from broken and allowing the impression to take hold that it was dangerous. Drawing a contrast between the British and Greek...

R3: Regulator failing to address pre-pack concerns

Wed, 16 May 2012 10:14:00 GMT

Rachael Singh Hedge Funds Review

THE INSOLVENCY REGULATOR is failing to address concerns about pre-pack administrations, said insolvency trade body R3. According to a report published by the government's Insolvency Service just 4% of reports relating to pre-packs (SIP 16s) were referred to practitioner licensing bodies. However, president of R3 Lee Manning warns that the regulator is more focussed on "technicalities" of compliance from reports, than seriously addressing concerns raised by creditors on the need for...

Tyrie wants HMRC to have greater policy input

Wed, 16 May 2012 09:52:00 GMT

Calum Fuller Hedge Funds Review

THE TAXMAN should have greater input in the formulation of tax policy, according to Treasury Select Committee chairman Andrew Tyrie MP. Speaking at the CIoT's Tax Advisers' Address in Westminster, Tyrie said he felt it was necessary to "beef up HMRC's policy-making role", adding "HMRC is blamed far too easily". HMRC's current role is solely to implement policy drawn up by the Treasury and has recently come under fire for mistakes...

Corporate restructuring surge threatens covenants

Wed, 16 May 2012 09:18:00 GMT

Rachel Dalton Hedge Funds Review

A SURGE in corporate restructuring caused by the recession has put employer covenants at risk, Punter Southall Transaction Services has warned. More corporates are expected to default over 2012 and businesses such as Premier Foods, TUI Travel, JJB, Logica and Punch Tavern have already restructured in the difficult climate, the consultancy said. However, restructuring companies involves altering the legal status of various businesses within firms and can affect the ability of...

Warning surge in corporate restructuring threatens covenants

Wed, 16 May 2012 09:18:00 GMT

Rachel Dalton Hedge Funds Review

Fines against IPs increased nearly fivefold in 2011

Wed, 16 May 2012 09:17:52 GMT

Rachael Singh Hedge Funds Review

FINES AGAINST INSOLVENCY PRACTITIONERS have increased by more than four times in the last year according to government statistics. In the latest report from the Insolvency Service consent agreements and fines against insolvency practitioners increased to 19 in 2011 from four in 2010. However, all other parts of regulation in the profession remained constant. There were six licences revoked in 2011 (the same in 2010); the ICAEW issued two...

Fines against IPs increase fivefold in 2011

Wed, 16 May 2012 09:17:00 GMT

Rachael Singh Hedge Funds Review

FINES AGAINST INSOLVENCY PRACTITIONERS have increased by more than four times in the last year according to government statistics. In the latest report from the Insolvency Service, consent agreements and fines against insolvency practitioners increased to 19 in 2011 from four in 2010. There are seven regulators known as recognised professional bodies in the UK: ICAEW, IPA, ACCA, the Insolvency Service, ICAS, the Law Society and the Law Society of Scotland....

Deloitte appointed auditors at Pinewood Shepperton

Wed, 16 May 2012 08:50:23 GMT

Kevin Reed Hedge Funds Review

ERNST & YOUNG has stepped down as auditor of Pinewood Shepperton, following the film studio's acquisition. Deloitte, auditors of the film studio's new owner Peel Group, have replaced its fellow Big Four firm in the role. Finance director Patrick Garner stepped down from the studio last month after 11 years. Current financial controller Chris Naisby takes up the role. With the group in private hands, its share listing is...

“Get the basics right” ICAEW tells EU

Wed, 16 May 2012 08:47:00 GMT

Richard Crump Hedge Funds Review

EUROPEAN UNION countries have been told to get their public sector accounting in order by the ICAEW. According to the ICAEW, many EU member states have not got the capacity or capability to implement international reporting standards. The continued use of cash-based accounts is one of the greatest weaknesses of public sector finances, ICAEW says in its submission to Eurostat's consultation on whether International Public Sector Accounting Standards (IPSAS) are suitable...

Harris take CFO role at insurer Torus

Wed, 16 May 2012 08:24:45 GMT

Kevin Reed Hedge Funds Review

TIM HARRIS is the new group CFO specialty insurance provider Torus. Harris has more than 20 years' experience in financial and capital management, and joins after holding several senior roles at Aviva including deputy group CFO. Prior to joining Aviva, he was a partner in the global capital markets practice at PwC. Harris said: "From my early conversations with [chief executive Clive Tobin] and Torus management, it's been clear the company's...

21 IPs reported for pre-pack non-compliance in 2011

Tue, 15 May 2012 10:58:00 GMT

Rachael Singh Hedge Funds Review

MORE THAN 20 insolvency practitioners (IPs) were reported to their professional body because of non-compliance in pre-packs, a government shows. Following a review of compliance reports in pre-packs (SIP 16) the Insolvency Service reported 21 insolvency practitioners, which related to 29 companies, to their regulators. There are seven regulators known as recognised professional bodies (RPBs) in the UK: ICAEW, IPA, ACCA, the Insolvency Service, ICAS, the Law Society and the Law...