Recent News

KPMG fined £3m for ethics breaches in Ted Baker audit

The Financial Reporting Council (FRC) has fined KPMG £3m and issued a severe reprimand for ethics breaches during its audit of Ted Baker, a British luxury clothing retail company.

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Trump campaign manager Manafort found guilty of tax evasion

Donald Trump’s former campaign manager Paul Manafort has been convicted on five counts of tax evasion. Manafort was also convicted on two counts of bank fraud and one count of hiding a foreign bank account.

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UK companies dividend payouts drop in record breaking year for the rest of Europe

The UK lagged behind Europe as global dividends surged almost 13 per cent to $497.4bn in the second quarter. It was a record breaking year for payments around the world except in the United Kingdom where dividend distribution fell 1.4 per cent to $32.1bn.

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Accountant’s date error sees client let off APN penalty

A taxpayer who contested a penalty issued by HMRC for late payment of an accelerated payment notice (APN) has won his case after a tribunal found his accountant was at fault for failing to notice the correct date by which action was required, despite reminders from his client

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Plans for vaping ‘sin tax’ under challenge

Suggestions that the government is planning a new ‘sin tax’ on vaping, in order to raise an additional £40m in tax revenue to help fund its commitment to a £20bn boost in NHS funding, have been strongly opposed by the UK Vaping Industry Association (UKVIA) on the grounds the move risks damaging public health

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HMRC accounts qualified for 14th year in a row

In one of Whitehall’s least surprising announcements, the tax department’s report and accounts for 2017-18 carry a qualified opinion from the National Audit Office.

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£20bn fund for NHS will raise taxes

The Office for Budget Responsibility (OBR) is warning that the Prime Minister’s recent pledge to increase spending on the NHS is likely to put significant pressure on public finances, placing public sector net debt on an ‘unsustainable upward trajectory’, unless the government introduces future tax rises or spending cuts

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