Category: Uncategorized

CPD learning module: ISA 600 Revised – new requirements – find out about key changes to ISA 600 auditing standard including risk-based approach, use of component auditors and group statements

Interest rate rises to 5.25% – The Bank of England has hiked interest rates by 0.25% to 5.25% in a bid to tame inflation, which currently stands at 7.4%

HMRC loses £3.6m company car tax appeal – The Upper Tribunal has allowed a joint appeal by two major construction companies for national insurance contributions (NICs) relief totalling £3.6m for the treatment of company car allowances

Charities paid £1.6bn in Gift Aid on donations from basic rate taxpayers in 2022-23, up 19% from £1.34bn. Hike in HMRC investigation activity in 2022 meant some distortion to figs as large number of claims on hold for extra risk assessment

Electric vehicle VAT cuts would not be passed on – Despite the high profile campaigns to scrap VAT on sunscreen and public electric vehicle charging, the changes would be an expensive waste of money and would not benefit consumers

Charity trustee spent £180k on home renovations and antique clocks, rather than supporting local community – claimed renovations funded by loans from charity

GDP falls 0.1% in May – The economy contracted by 0.1% in May, and saw no growth overall in the last three months, although accountancy services revenue was up 2%

Business mileage rate frozen at 45p since 2011 – calculations by RAC Foundation suggest people who drive own cars for work should be entitled to about 63p per mile tax free if figure had been reviewed in line with rising motoring costs

Companies House to tighten up verification activity – expects to increase amount of fines issued in 2024-25 from £12m this year to £19m with introduction of better company vetting

Over four million UK adults have used AI at work – More than four million people in the UK have used generative artificial intelligence (AI) at work, despite the risks in accuracy and many not informing their employers