Latest accounting news
Welcome to our accounting news section, here you'll find all the latest information and news affecting the accounting industry.
Flood helpline Tax assistance
Revenue & Customs have announced today that the public can call 0845 3000 157 in order to get help and guidance from tax professionals.
Read more about Flood helpline Tax assistance...
Holiday homes hit by Tax
A proposed plan to increase the tax burden for owners of holiday homes could have negative financial effects on small to medium sized businesses.
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Reaction to Queens speech
Business groups have given their reactions to the 2009 Queen's Speech, which included a total of 13 Bills and was the shortest such Speech since 1997.
Read more about the Queens speech...
Business rates to fall next year
Some one million firms will see their business rate bill fall next year as a result of the 2010 revaluation, the Government has revealed.
SME report decline in available finance
An increasing number of UK firms are still struggling to obtain credit from banks, according to a new report by the British Chambers of Commerce (BCC).
Tax cuts 'key to business growth'
The lobby group has put forward a plethora of proposed tax changes, which it claims will promote 'responsible growth' ahead of the UK’s anticipated recovery from the recession.
Accountant faces claims of setting up a tax scam
Date : 04-11-2009
A FINANICAL advisor has appeared in court accused with helping two 'celebrity accountants' to organise a multi-million pound tax scam involving some of their wealthiest clients. Vikash Kulkar, from Twickenham, appeared at Highbury Corner Magistrates' Court on Friday (30), alongside Roy and Shirley Faichney, of Barnhill, Eastcote, and David and Nicola Perrin, from Luton.
It is alleged Kulkar, 55, helped attract people to the scheme.
All five face prosecution by HM Revenue and Customs for 'cheating her Majesty and the public revenue'.
Faichney, managing director of Vantis' tax division, and Perrin, the deputy managing director are accused of 'devising and promoting' the scheme, from which they both allegedly made £4.5m which they kept in offshore bank accounts to evade tax.
Kulkar, along with the other men, listed 328 million shares in four companies in the Channel Island Stock Exchange and then sold them to investors at a value of £1 and claimed tax relief on them, the court heard.
The five are due to appear at Blackfriars Crown Court on January 18, where they are expected to deny the charges.
70% of region’s businesses plan to increase turnover
Date : 03-11-2009
ALMOST 70% of north west firms are planning to expand turnover in the next two years, reveals a survey by the Institute of Chartered Accountants in England and Wales.
Michael Sale, President of the Liverpool Society of Chartered Accountants, said: “As the economy begins to recover, businesses are starting to focus on their long-term competitiveness.
“The fact that the majority of companies are planning for growth is good news and reflects the resilience of UK plc.”
However, the effects of the downturn have been felt by most north west businesses with 82% reporting a negative impact, while 50% feel that the UK regulatory and taxation environment is still not as business-friendly as they would like.
Mr Sale added: “At a time when there is so much reliance on business to help stabilise and grow the economy these results should send serious alarm bells.”
Bad debt legal tool launched
Date : 03-11-2009
A software tool that allows finance departments to manage debt recovery through the court process has been launched by enterprise resource planning provider Agresso.
With bad debt becoming an increasing problem as a result of the recession, finance departments are finding themselves spending more time than before chasing late payers.
Legal Debt Recovery is aimed at helping private and public organisations claw back debt more efficiently, the Netherlands-based company said, by providing an integrated resource that works alongside Agresso’s own Accounts Receivable/ Debtors programme.
‘Debt recovery can be a nightmare for both public and private sector organisations due to the amount and complexity of cases,’ said Anwen Robinson, UK managing director for Agresso. ‘However, as a result of the recession it is becoming more crucial than ever to track cases and ensure that money is clawed back.’
By making efficiencies, legal teams will be freed up to concentrate on larger, more complex debt recovery cases, the company said.