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HMRC TARGETS NON-PAYERS OF HIGH INCOME CHILD

HMRC targets non-payers of high income child benefit charge with letters to accountants saying mistakes on tax returns submitted by £50k plus earners – #HMRC has been cross-referencing child benefit claims

ECONOMIC UNCERTAINTY CREATES

Economic uncertainty creates financial reporting risks, warns FRC as flags issues with impairment and cash flow reporting – 10% of companies reviewed in annual review needed to restate accounts

HMRC CLARIFIES TAX ON HOME CHARGING

HMRC clarifies tax on home charging of purely electric company cars – costs of charging now treated as a tax-free benefit and guidance has been updated

KPMG FINED £21.4M FOR …

KPMG fined £21.4m for ‘exceptional’ and ‘seriously deficient’ audit work related to collapsed outsourcer Carillion – would have been £30m if KPMG had not co-operated with FRC – biggest fine ever given and designed as a ‘serious deterrent’

BUSINESS INSOLVENCIES RISE…?

Business insolvencies rise 17% on last year – worst hit sectors construction, manufacturing and retail industries, reflecting impact of higher interest rates and a sharp drop in residential house building

HMRC BULKS UP COMPLIANCE DIVISION

HMRC bulks up compliance division – In the past year alone, HMRC has increased the number of its compliance staff by over 3,000 as it looks to reverse a sharp decline in tax revenue, according to Price Bailey

EX-MP LOSES APPEAL AGAINST PRISON SENTENCE

Ex-MP loses appeal against prison sentence – A former MP who was jailed after trying to claim £52,000 of parliamentary expenses through a fictitious autism charity has lost a Court of Appeal bid to challenge his sentence

DUAL RECOGNITION FOR UK AND NEW…

Dual recognition for UK and New Zealand auditors – ‘ensures a more efficient pathway for senior auditors to work in both countries, boosting access to a wider pool of auditors, while upholding high professional standards

COLLAPSED HIGH STREET RETAILER

Collapsed high street retailer Wilko had outstanding tax bill of £25.75m when it went into administration in August – HMRC named as a secondary preferential creditor

LORDS INQUIRY TO EXAMINE IMPACT

Lords inquiry to examine impact of proposals for increased prison terms for tax fraud, merged R&D tax relief scheme and wider HMRC data collection powers – three-week window to respond to Lords Finance Bill Sub-Committee