Julia Penny, a London member of ICAEW Council and regular contributor to London Accountant, has been announced as new ICAEW Vice President for 2020-21.
Tax and financial reporting
News from the London Accountant magazine, the official publication of the London and Croydon Societies of Chartered Accountants.
In its response to the Department for Business, Energy and Industrial Strategy’s (BEIS) initial consultation on the Competition and Markets Authority’s recommendations for reforming the audit market, ICAEW says the proposal to introduce mandatory joint audit for most FTSE 350 companies has not been universally welcomed.
When a client sought clarity on the tax position of owning two homes, one in London, one in the West Country, the Tax Discussion Group focused on whether the interest from re-mortgaging one property to buy the other would be either a tax reducer or deductible from rental income.
In the wake of parliamentary pressure, the government has appointed former NAO boss to head review into controversial Loan Charge, which threatened large tax bills for those using disguised remuneration schemes.
Jamie Tomlin, chair of the LSCA Technical Committee, argues that change for auditors should become second nature, the “new way of doing things”, but time is needed to avoid negative outcomes.
The number of businesses that have signed up to MTD for VAT passed the 1m milestone by 7 August, ICAEW Tax Faculty reports, but 120,000 missed the deadline, amid claims of direct debit failures and incorrect VAT return obligation periods.
Popular with cyclists and employers in the capital, hire agreement changes will allow tax breaks for cycle to work schemes over £1,000 without the need to be FCA registered.
Update proposals include guidance for service auditors, as well as more practical examples on control objectives and reporting, to ensure they can be used by a broader range of accountancy firms.
A London Tax Discussion Group recently considered the separation of a Muslim couple, who entered a Sharia marriage, that raises important questions over tax exemptions for married couples.
As figures show Londoners pay the most inheritance tax in the country, the latest proposals from the Office of Tax Simplification should make interesting, even controversial reading.