If the UK’s tax system is to grasp the opportunities of digitalisation and simplification, it needs to consider moving the start of the tax year. ICAEW Insights spoke to Dr Brian Keegan from Chartered Accountants Ireland about how the Irish navigated the change in 2002.
Latest ICAEW Insights and accountancy news
The UK Accounting Standards Endorsement Board, the new body responsible for the adoption of international accounting standards for use by UK companies, took a step closer to being formally established this week after it successfully passed through the Scrutiny Committee of the House of Commons.
Out of necessity, insolvency practitioners are focused on compliance and best practice. But their interactions with people who have built businesses are often deeply personal – this is why empathy is vital when advising those involved in a business in distress.
The new penalty regime for the late payment of income tax and VAT is “overly complex” and needs to be simplified, according to the Tax Faculty’s response to the Finance Bill. It’s also recommending the deferral of changes to the construction industry scheme.