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Closing the tax gap … it’s complicated!

A few weeks ago, I wrote about the tax gap and how it was unfortunate that the figures were published at the same time Theresa May said taxes would need to rise in order to provide extra health service funding. The tax gap, as it’s quaintly known, is the difference between the amount of tax collected […]

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National Audit Office focuses on HMRC

“HMRC is primarily in the business of bringing in tax revenue, and numbers are up for 2017-18 which is good news. Of course it needs to be vigilant on fraud and error, which is rising in Tax Credits, and on customer service. I welcome HMRC’s recognition of the need for prioritisation, to balance Brexit pressures and […]

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HMRC releases new update on making tax digital

Making Tax Digital edges ever closer. Late on Friday afternoon HMRC posted an MTD update including a list of 18 software suppliers, as it put it: “To support businesses and agents in the run up to the start of the mandatory MTD VAT service from April 2019.” The online information package includes: A new HMRC VAT […]

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Debunking myths about age … plus more on MTD

Today’s theme is age. Young people make the ‘best’ entrepreneurs, right? Just look at the likes of Mark Zuckerberg, Steve Jobs and Bill Gates. All of them were still in their 20s when the zillions started rolling in and they’d changed everyone’s lives beyond recognition. But not so fast… the Harvard Business Review has published […]

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How’s your MTD transition looking?

I found some good advice for accountants looking to make the transition to digital the other day. It’s from Damon Anderson, the affable director, partner at Xero. And it comes complete with a heavy nudge to get your act together (if you haven’t already)! Damon says: “MTD will put many practices under pressure when it […]

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Is blockchain technology now the new world order?

Unlike the answer to any question that was ever asked by the Daily Mail (it’s always No), the response to the query above may well be Yes. And that’s regardless of whether you’re in the accounting and finance sector or not. The fact that Hdac is shelling out zillions of pounds on (slightly baffling) football […]

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Business calls for MTD roll-out delays

An “alarmingly high” number of UK businesses don’t know a thing about Making Tax Digital, says the British Chambers of Commerce. Or they know very little… So it’s no real surprise that they would like to see HMRC further delay the programme’s roll-out. BCC research, carried out with US tax software group Avalara, shows: 24 per […]

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ICAEW displays a healthy degree of scepticism

There’s been lots of talk lately about “scepticism” and “auditing”. As in the post-corporate collapse… “the audit failed to demonstrate a necessary degree of professional scepticism”. This sort of comment makes for a tasty sound bite. And it’s clear that a good degree of scepticism is at the heart of a good auditor. But what […]

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US watchdog’s chief accountant speaks to ICAEW

Boosting audit quality is vital to global economic progress, according to Wesley Bricker, chief accountant at the US’s financial watchdog, the Securities and Exchange Commission. Wesley’s talk on “The intersection of financial reporting and innovation” at ICAEW in London last week was right on the mark … and the full text of his lecture can be found […]

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New ATT chief drives for higher standards

Welcome to World Cup week and a well-earned break from the Big Four. But we’re sticking with accounting matters here at Daily Insight. Sussex tax practitioner Tracy Easman has taken on the president role at the Association of Taxation Technicians (ATT). Her aim is to extend the association’s  high-standards ethos to across the tax field. […]

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