Search for

In this Issue

Editor's blog

Subscriptions

CA Magazine

Every article from your latest print edition of CA Magazine

May 2008

Download PDF

Editor's desk

The public likes to hear a simple message when it comes to tax and what the Government is doing with it. That's why a complex tax credit system is not popular with voters

In my view

Michael Urquhart's whisky firm is family run, giving him a special insight into the needs of a crucial and individual part of the Scottish business spectrum

President

The CA demographic is changing rapidly, but Glenn Allison is certain of one tradition that will remain – the enormous range of expertise of the community of ICAS members

Getting audits right

Society and the accountancy profession should agree on a new 'kitemark' for company standards, which would mean that the accounts were 'about right'

Bonuses take a back seat

Accountants and finance professionals seem to be doing well for pay increases, but not when it comes to an annual bonus

City gender gap fears

Only one in four auditors moving to in-house roles in the City is a woman, according to audit recruiter Longbridge Search & Selection

Magazine a contender for second award

CA Magazine has been shortlisted in the UK-wide Communications in Business awards, in the Redesign of the Year category

Feeling the crunch

British businesses are reacting to the effects of the credit crunch after months of uncertainty about the impact on companies outside the financial sector

Thought leadership 'often lightweight'

Many attempts at 'thought leadership' in accounting are 'lightweight' and insufficiently researched, according to Isobel Sharp, Deloitte technical partner and immediate past president of ICAS

Tax staff take gloomy view

If you thought filling out a tax return was demoralising, you should have some sympathy for HM Revenue & Customs employees

Profit warnings tally soars

The profit warning tally for UK plc reached 114 in the first quarter of 2006, the highest figure since 2001 and up 11 per cent on the same month last year

Construction tender 'scam' concerns

Lobby group the Forum of Private Business is calling for the process of bidding for public contracts to be made more accessible to small businesses, after an Office of Fair Trading report alleged many large construction companies have colluded over tender pricing

Form under fire

Millions of new look tax returns have been dropping on doormats

CAs win probate work

ICAS members have been granted permission to carry our probate work in England and Wales, a service previously monopolised by the legal profession

Letters

This month's letters: Simplification in an age of increasing globalisation, Trying to green company cars, Employers who force staff to use mobiles on the road

Office Auntie

Always look on the bright side...

All because the lady loves Milk Tray

You probably thought the MIlk Tray man's mind was on carnal matters, but now it can be revealed he wanted the lady's computer password

Prince's Trust aims to cash in on CAs

The Prince's Trust is targeting accountants with a plan to raise cash for its work with young potential entrepreneurs

Book of the month

Clients4Life by Mark Lloydbottom & David W. Cottle (ICAS, £21.99 plus £3p&p)

Good month, Bad month

John Paulson and Sir Fred Goodwin

They say, We say

Repeat after me...

Ryanair adverts ruled misleading

It may have seemed too good to be true – flights for 1p from Ryanair

Business travel briefing

A roundup of business travel news

Is Scottish golf getting a bit buggy?

It may be the home of golf, but factors such as cost, weather and old-fashioned attitudes are leading some to turn to warmer climes such as Dubai, South Africa and even China. Still, major investment is underway to create more top quality golf resorts in Scotland

Upping the skills

It can be tough for an accountant, scientist or engineer to break out from their specialisation and prove that they deserve a general managerial role. The MBA is one of the most widely understood ways of doing so

Law review: Willing to adapt

Resilience in the face of the credit crunch and optimism about new trading models that are on the way for law firms – Robert Outram and Victoria Masterson find the sector in good shape

All change

The phrase 'Tesco law' is not intended to be flattering, but the scope of law firm ownership is going to be widened – and Scotland might even beat England and Wales in the reform process

The cost of complaints

New discipline rules will mean Scottish law firms face a levy to pay for their regulator, the risk of higher penalties if they are found to be at fault, and a general need to raise their game

High court standards

A new accreditation programme allows Scottish lawyers to demonstrate their ability to add commercial value to legal services, before a judge or elsewhere

City Column: City just says No

The credit crunch applies to investors in company stocks as well as banks – though AIM is less badly hit than the main market

Parliamentary asset

One of the few CAs to have entered politics is Jim Mather – and he has gone right to the top, as Minister for Enterprise, Energy and Tourism at Holyrood

Hiving off pensions

As pension schemes become increasingly burdensome, Stephanie Hawthorne reports on a growing trend for expert firms to take them off companies' hands

The voice of experience

When Innes Chalmers decided he needed advice n his first job as a finance director, he found his idea more than paid off and he received a lot of help. This may have been because he had not one mentor, but three

Saving paper

Companies in many sectors are learning to combine advanced electronic techniques with old-fashioned filing cabinets to speed and improve business processes

HMRC toughens up its regime on transfer pricing

HMRC publication Approach to Transfer Pricing Enquiries for Large Businesses

Darling promise on 10p tax rate victims

The Chancellor has reacted to criticism of the abolition of the 10p tax rate with increased winter fuel benefits and extended tax credits

Workforce rewards that avoid excessive costs

In the current economic climate, controlling costs is at the top of the agenda for most employers who are searching for innovative ways to pay employees through more tax efficient shares, trusts and benefits, rather than salary increases

Taxing change for non doms

Until 5 April 2008 UK residents were either not domiciled or not ordinarily resident in the UK benefitted from the remittance basis of taxation in respect of offshore income and gains

Self-assessment tax filing dates change

New filing deadlines apply to the self-assessment tax regime from 2007-08

Easing the effort of end of year returns

WIth the end of the tax year now behind them, an employer's thoughts are firmly fixed on the completion of the statutory annual end of year returns

CGT changes 'reflect Government paranoia'

The Finance Bill provisions which give effect the the Chancellor's proposed capital gains tax relief for entrepreneurs reflect Government 'paranoia' about tax avoidance and could adversely affect thousands of business owners, according to ICAS

Does anyone understand?

Donald Drysdale looks at anomalies in the UK tax system and concludes that Alistair Darling may be getting his brain round some of them

Climate challenge

Carbon capture and storage - can it help the UK achieve its ambitious climate change targets?

Options treatment is clarified

The Accounting Standards Board has issued an amendment to Financial Reporting Standard (FRS) 20 (IFRS 2)

Financial instruments rethink

The ASB has issued an exposure draft (ED) of an amendment to Financial Reporting Standard (FRS) 25

ICAS 'concerns' over draft auditor liability limitation agreement

ICAS has expressed concerns about the clarity of guidance from the FRC on agreements to limit auditor liability

APB's Companies Act bulletins

The Auditing Practice Board has issued four bulletins

Charities consultation

The APB has published a consultation draft of a revision of Practice Note (PN) 11

Money laundering note

The APB has published an update to Practice Note 12 (Revised)

Tender subject

With new EU rules, companies are becoming keener to challenge the way public bodies choose suppliers

Transparency on the web

Auditors of public interest entities must put annual transparency reports on the internet. The POB has also updated confidentiality procedures for the AIU

Congress call by FEE and Nordic Federation

European accountancy umbrella group FEE and the Nordic Federation of Accountants are holding the fourth SME/SMP Congress from 3 to 5 September in Copenhagen

Rules on other auditors revised

The Auditing Practice Board has issued a revision of ISA (UK and Ireland) 600

Pension scheme guidance issued

The Pensions Regulator has published updated guidance to support trustees and employers dealing with events that may impact upon their pension scheme, and when applying for a clearance statement

Sickness sums may leave you needing a holiday

European Court decisions on rules for time off could be a nightmare when staff are ill

Update plan for Myners

The Government and the Pensions Regulator are asking for views on how the 'comply or explain' rules for investment decision-making could be improved

Pension dispute code goes to MPs

The Pensions Regulator's code of practice has laid before parliament in late March

IASB opens retirement benefits discussion

A discussion paper on IAS 19 Employee Benefits sets out the International Accounting Standards Board's preliminary views on how the accounting for some post-employment benefits, including pensions, could be improved

Testing AIM

One of the authors of a report on corporate governance in Alternative Investment Market companies summarises the research

Business leadership 'is key role for CAs'

Business leadership is a key role for CAs and using it to strengthen the professional community is a key role for ICAS

On-line answers

Recently a review was initiated by the Institute's Technical Policy Board into the operation of the various services provided to members by the Institute

Year of progress

ICAS enjoyed a successful 2007 on a number of fronts

Gold medal winner is named

Lara Louise Baker CA has been awarded the ICAS Gold Medal

CA Conference to look at the big questions

Are entrepreneurs born or made? What can science tell us about happiness?

Appreciation: Frank Kidd, former ICAS President

I first met Frank in 1984, when he was representing his client, the Scottish NFU

Careers advice on young members' wish-list

Call for internet technology to be used to keep in contact

Need to know: Assessment strategy

The Regulation and Compliance Division of ICAS brings you articles on the latest regulatory developments

John Halliday expulsion

In January 2008, ICAS announced that John Halliday, a sole practitioner in Renfrew, had had a condition imposed whereby his holding of a practising certificate for a period of three years be subject to him having an annual Quality Assurance review

Golf outing

The 16th annual golf outing will be on 13 June at Drumpellier Golf Club