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Financial Reporting Council issues critical report on audit quality of ‘Big 4’ firms

The accountancy regulator has issued a critical report on the quality of audits conducted by the ‘Big 4’ accountancy firms. The FRS found audit quality had declined across the 2016/17 period. The fall in quality is attributed due to a number of factors, including a failure to challenge management and show appropriate scepticism across their audits, poorer results for audits of banks.

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HMRC publish Fraud & Error Statistics for Tax Credits

HMRC have published statistics relating to the level of fraud and error in the Tax Credit system for 2016/17. Figures suggest that 4.9% of total entitlement is lost to fraud and error in favour of the claimants – estimated to equate to £1.32 bn. This is reduced from around 9% of the total in 2007/2008.

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HMRC Consultation on self-funded training costs closes

HMRC is considering relaxing rules regarding the tax relief on self-funded training. The current tax rules are very restrictive as to when tax relief is available for self-funded training. For the employed tax relief is only generally available where the training is a contractual requirement. For the self employed tax relief is available for enhancing additional skills but not developing new ones.

The early stage plan is for new legislation to be introduced to broaden and equalise the tax relief available for self-funded training costs.

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HMRC Consultation on CGT payments on account for residential property closes

The current system is that capital gains tax (CGT) is payable on residential property in line with normal income tax payment dates. This can mean that any CGT due is paid up to 21 months from the date of the transaction. From 2020 #HMRC propose to collect a payment on account of the CGT within 30 days of the transaction.

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HMRC estimate ‘Tax Gap’ to be £33 billion for 2016/17

  • ‘Tax Gap’ is the difference between what HMRC thinks the total tax collected should be and what is actually collected

  • Up from £32bn in 2015/16

  • The expected tax collection is calculated based on estimated levels of economic activity

  • Tax Gap due to criminal activity, tax evasion and errors.

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World Cup 2018 and Employee Productivity

Watching the #WorldCup at work can boost productivity and morale. Have you organised a screening for monday’s England match?

Learn more about the Burgess Hodgson community:

www.burgesshodgson.co.uk/about-us/community/

#ENG
#BHFC
#BurgessHodgsonheretohelp
#FIFA

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Sick leave and the World Cup 2018

While we all want to relish in the excitement of an England match, it’s still important to maintain productivity at work! Read more from #ACAS to find out how to deal with #WorldCup sickness leave. Click here to find out more from ACAS

#BurgessHodgsonheretohelp #FIFA

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HMRC confirms reinstatement of EMI scheme

  • The EMI scheme was effectively withdrawn from April 2018 as EU State Aid approval had expired.
  • On 15 May 2018 the State Aid approval was reinstated by the EU.
  • The EMI scheme now continues as it was pre 5 April 2018
  • EMI schemes are tax-advantaged HMRC approved share option schemes
  • Very useful for growth companies looking at long term incentive plans for employees.

READ MORE FROM HMRC HERE

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GDPR and your Payroll

You will be aware that the new data protection obligations became effective from 25 May 2018.

As a payroll service provider, we handle daily confidential personal information for you and your employees.

As part of the secure exchange of private data between us, we are pleased to announce that we have launched a new client portal, ‘MyePayWindow’, which is available to all clients using epayslips. This means the days of emailing or posting payslips, P60’s, payroll reports and payroll spreadsheets have gone and the new, secure, GDPR compliant ‘MyePayWindow’ portal will allow for this information to be shared between both parties at the touch of a button. The portal also allows for employees to reset epayslip PIN numbers automatically. You will also be able to provide payroll data through the portal.

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Another success story – Burgess Hodgson assist in substantial investment deal

Engenie, a London-based company specialising in electric vehicle (EV) rapid charging, has received a substantial capital investment from Investec, which will allow the business to reach its network target of 1,500 rapid chargers across the UK.

Engenie’s innovative and market-leading technology can charge a car in less than 30 minutes, which will fall to 10 minutes with the introduction of ultra-rapid chargers. Current rapid chargers are up to 16 times faster than standard points, helping to make EVs more practical for UK drivers.

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