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Author: Robertleach

Scottish enterprise

In September 2018, the Scottish government announced plans for a Scottish National Investment Bank to promote business, particularly regarding exports, environment and infrastructure. It also announced another £7 billion spending on infrastructure. [18.09]
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EFRAG is concerned about IFRS 17

The European Financial Reporting Advisory Group (EFRAG) has written to the International Accounting Standards Board (IASB) to express concern about International Financial Reporting Standard IFRS 17 on insurance contracts, it was reported in September 2018. The concerns relate to acquisition costs incurred in expectation of contract renewals, and to the impact of contractual service margin (CSM...
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Pensions dashboard

The government is to proceed with the pensions dashboard, it was announced on 5 September 2018. The dashboard will bring together all information about an individual's pensions. The plan was first announced by former Chancellor George Osborne in 2016, who promised it would be ready by 2019. Responsibility then passed to from the Treasury to the Department of Work and Pensions (DWP). Early in...
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Unethical pressure on public accountants

A survey found that 57% of public sector accountants had been pressured to act unethically. The survey by professional body CIPFA  published in September 2018 found that only 8% admitted to an unethical act. The commonest pressures were to: support over-optimistic budgets dodge policies and standing orders downplay risks. [18.09]
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Second biggest investment fraud

In September 2018, the second biggest investment fraud case has led to five people being sentenced to 17½ years imprisonment. They were charged with fraud, conspiracy to defraud, money laundering and perverting the course of justice. The investigation by the Financial Conduct Authority was called Operation Tidworth. The conspirators took £2.8 million of investors' money in a boiler room exer...
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Employment references

ACAS has revised its guidance on employment references. It stresses that they must be true, fair and accurate. With a few exceptions, there is no legal obligation on any employer to provide a reference. References are covered by data protection regulations, so a job applicant can request a copy provided by a previous employer. In extreme cases, an applicant may be able to bring an action ...
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Food for university

A university was able to zero-rate the food element of a catering contract that involved a third party. This is yet another case showing the problems of VAT when three or more parties are involved. The university usually bought all its food supplies from a wholesaler. This includes food for meals for staff, students and guests.  The University used a private caterer for much of its catering act...
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VAT on charity refunds

HMRC has revised leaflet 126 on VAT refunds for charities and local authorities. Generally charities must pay VAT and cannot claim back input tax. There are some exceptions for local authorities, schools and some medical charities. The revised guidance can be downloaded from here. [18.09]
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VAT cash accounting updated

HMRC has updated VAT notice 731 on cash accounting. This scheme allows a business to account for VAT on the basis of cash received and paid, rather than on invoices issued and received. It may be used by businesses with a turnover of up to £1.35 million. The guidance clarifies that a business leaving the scheme must account for supplies for which it has yet to be paid and where it has not ac...
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