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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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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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MP presses FRC on PWC audit of BHS

More Big Four woes. MP Frank Field, chair of the work and pensions committee, wants an update from the Financial Reporting Council over its mainly unpublished but stinging report on PWC’s 2014 audit of Taveta. That’s the one that included auditors signing off Philip Green’s BHS as a “going concern” days before its sale for […]

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Measures to bring the Big Four to order

The latest shenanigans involving the Big Four audit firms have prompted a former, longstanding member of the US Public Company Accounting Oversight Board to join the debate over what should/can be done about these groups’ increasingly unpleasant grip on the market. Rarely a day goes by when there isn’t a headline about an alleged blunder […]

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Legalise cannabis and collect more tax, says IEA

Statisticians at the Institute of Economic Affairs reckon the UK could collect more than £1 billion a year in tax revenue if cannabis were legalised. A report by the right-wing think-tank says about 255 tonnes of  weed is sold to three million black-market users at about £2.6 billion a year. The institute, much favoured as an information source by Margaret […]

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HMRC to crack down on VAT fraud by online traders?

HMRC has been told to strengthen its efforts to tackle VAT fraud by online traders. The Public Accounts Committee  says “too many” are not paying their “fair share” and that this is hitting UK business. PAC members have highlighted the issue of overseas competitors not charging VAT when selling in the UK through online trading platforms. […]

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HMRC steps into privacy problems with voice ID scheme

HMRC’s voice recognition password technology has proved popular – with 5.1 million taxpayers joining up to access their details on the phone. The only problem is that it appears HMRC did not ask for explicit consent to set up the biometric IDs. A probe following a freedom of information request by Big Brother Watch reveals that millions […]

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More uncomfortable audit truths for the Big Four

PwC chairman Kevin Ellis’s “uncomfortable” email lambasting senior auditor Steve Denison over his “inadequate” work on failed UK store BHS was leaked to the media last week. And, quite rightly, it is causing a stir. The FRC had at this stage already imposed a £350k fine and 15-year professional ban on Denison. The note to […]

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Who’s going to win the Accounting Excellence Awards?

Hundreds of hopefuls have been whittled down to a shortlist of outstanding contenders for the accounting and finance Oscars – the Accounting Excellence Awards 2018. Joining the tried, tested and trusted categories from the previous seven years are a couple of newcomers for Year 8, the Specialist Team of the Year and the Finance Team of […]

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