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June 2008

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Editor's desk

Has PFI reached the end of the road?

In my view: Auntie Prudence and the accountant

The public – and the bona fide qualified practitioners – are unprotected as anyone can call themselves an accountant.

President

Keep it simple, but consult

Darling 'listening' to CBI's concerns over taxation

Chancellor Alistair Darling has admitted 'getting business tax right is not easy' and has made a pledge to consult UK businesses on any significant changes to taxes

Pensions proposals under fire

Proposals for a radical shake-up in pensions accounting came under fire from a senior CA and pension trustee at a public meeting hosted by ICAS last month in Edinburgh

Top 100 firms spend £28bn on red tape

The world's top 100 financial institutions have increased their expenditure on regulation and compliance by more than 30 per cent in the past three years, according to an investigation by Deloitte

Government seeks end to 10p tax row

Chancellor Alistair Darling last month attempted to borrow his way out of the government's 10p tax nightmare, as he announced a £2.7 billion cash handout to poorer and middle-income households in the form of a temporary hike in personal allowances

Further consultation on bank reform bill

The collapse of Northern Rock bank last September was the major factor in the Government's announcement in the draft Queen's Speech that it will consult further on the Banking Reform Bill

Audit Scotland in benefits crackdown

Almost £10m worth of fraud and errors, from pension claims to disabled badge permits, have been identified following a national detection exercise by Audit Scotland working together with other public bodies

Careless ethics can be costly

Behave ethically - or you risk being destroyed

Management under growing threat of redundancies

More UK bosses are being made redundant than at any time in the past seven years, according to a new report, although those not losing their jobs are seeing pay rises

FRC releases discussion paper on audit choice

The 'audit choice' debate has moved on a step with the publication of the Financial Reporting Council's discussion paper on competition and choice in the audit world

Office Auntie

Find the kind way to block bad ideas

Baker Tilly man is festival's local hero

Baker Tilly partner Mike Davidson will have a busy time this month, with the Edinburgh Film Festival running from 18 June, having cut loose from the International Festival

You had to be there...

The story of someone else's wonderful dream rarely does it for the audience. There must be something similar about virtual realities

Apprentices out of their depth

TV's The Apprentice, where wannabes vie for a job with grumpy tycoon Sir Alan Sugar, shows that contestants' confidence is often in inverse proportion to their talents

PWC on the run

Running companies – PricewaterhouseCoopers knows a bit about that

They say, We say

"What business wants from the system of corporate taxation in Britain is clarity, certainty and competitiveness

Book of the month

Accelerate with impact, by Colin Thompson

Good month, Bad month

Justin King, chief executive, J Sainsbury and Willie Walsh, chief executive, British Airways

Travel

Baggage insurance

Eastern promises

It may not be the easiest place for Brits to do business, but it can be very rewarding, and there are plenty of people and organisations happy to give advice and back-up

Orient express

A small band of China-based CAs have grabbed front-row seats for the most exciting economic show on the planet. Andrew Beach caught up with some of them, and found out what their life is like

Managing well...

It is easily said that software can be crucial to a company's success but how to find the right suite to control and nurture your company?

Scientific answer

It is on several sites, it is a charitable organisation as well as a commercial entity, it has a wide and varying range of activities – the National Museum of Science and Technology needed a highly adaptable application

Round table: Public-private problems

Time and cost constraints, EU changes, an SNP election pledge – the system previously known as the private finance initiative leaves stakeholders at a CA Magazine round table with a long wish-list

City Column: Questionable issue

After the huge Royal Bank of Scotland rights call, Angus McCrone wonders whether it called the bid for ABN Amro wrong or just ran out of luck

Interview: Bankers' banker

The sort of back office custodial services that banks offer to people, Brown Brothers Harriman offers to banks. Geoff Cook is its Luxembourg chief

Let's toast the family business

Some of the world's biggest brands are still in the hands of brothers, sisters, cousins and aunts

Where next for nomads?

Nominated advisers (NOMADs) are finding their services in less demand with a downturn in IPOs on the Alternative Investment Market

Cash down the drain

It costs every man, woman and child in Scotland £330 a year. Richard Goslan looks at the huge problem of fraud and the battle to get all those involved to take the crime seriously

The warrior within

The ideas of the Swiss psychologist Carl Jung have been developed into a technique for fighting dissatisfaction at work and battling to ensure that your life reflects the real you

Don't bank on anonymity

There are a lot of people in cyberspace talking about debt – and desperately seeking a way out of their problems. But who are they getting their advice from?

Expenses deals under threat

Local agreements between employers and HMRC over the tax status of their employees' expenses are at risk, following a drive for 'consistency' by the tax authorities

Home work rate rises

When an employee works from home under what are termed 'homeworking arrangements', a contribution to the costs may be made by the employer

Maximum redundancy pay goes up

The current maximum for statutory redundancy pay has gone up from £320 to £330 per week from 1 February 2008

Cupcake decision a bit rich?

In the recent Marks and Spencer VAT case, the ECJ accepted that a chocolate teacake was a cake, not a biscuit, and could be zero-rated

June changes to property options to tax

As of 1 June, changes have been introduced to the VAT 'options to tax' rules

Small pool allowances update

The Finance Act 2008 introduced an annual investment allowance (AIA) of £50,000

Rent charge may annul benefit

Owners of certain business assets, if they charge rent on them to their own company, could be denied entrepreneur's relief when they dispose of their assets

It's VAT time of year again

This is the time of year that annual partial VAT exemption, business, non-business calculations and capital goods scheme adjustments are required to be made

Technical round-up

Incentive shares alert

Tax comment: Book of exodus

You can place bets on which household name company will be next to quit UK shores for lower taxes and a more stable system

Tax could blight gardens

Hearth tax was introduced in 1662, but taxpayers resented the aggressive tactics of Revenue officers who would burst into houses to count the fireplaces

Penalty training starts

HMRC, not known for preparing its staff well in advance of changes in tax law, has started training them on the penalties which will apply across most taxes from 1 April 2009

Defend your data

Carelessness with personal data can mean a loss of reputation and money, for directors as well as the company

Your opinion

The Financial Reporting Council is continuing its work on the future of audit, seeking views on audit firm ownership and dealing with networks

Audit change guidance

The accountancy watchdog the Professional Oversight Board (POB) has issued a note setting out guidance to the requirements under the Companies Act 2006 to notify 'the appropriate audit authority' when an auditor ceases to hold office

Keeping up good work

The Financial Reporting Council plans to continue focusing on its key themes after stakeholders expressed confidence in its work in 2007/08

Standards handbook from APB

The Auditing Practice Board has published Standards and Guidance 2008 covering standards in issue at 31 March

Updated bulletin from APB

An update of the Auditing Practice Board's Illustrative Auditor's Reports on Public Sector Financial Statements in the UK has been issued for periods ending on or after 31 March 2008

Pension schemes updates easier

Pension schemes can now share information with the regulator and make changes to their scheme details whenever they need to

IFAC 'progressing on convergence'

The International Federation of Accountants' annual report highlights progress in achieving international convergence, its expanding role in supporting the profession in developing nations, and its initiatives to enhance the quality of work provided by professional accountants in the public and private sectors

European trends under scrutiny

The most extensive study to date on the legal structure, governance arrangements and operational characteristics of 30 leading accountancy organisations and practices operating trans-nationally in Europe has been published by the European accountancy umbrella group FEE

Taxation and the environment: More hot air?

Why is it that the more people talk about environmental taxation, the less they seem to do about it?

Fresh start on FRS 17?

ICAS recently hosted a forum on proposals sparked by hostility to the financial reporting standard which covers accounting for pension liabilities

Smoke and mirrors

David Davison is not convinced about the way sharp stock market fluctuations are reflected in FRS 17 on home companies account for pension liabilities

The great income tax divide?

Proposals for a local income tax in Scotland could impose a fiscal border along the line of Hadrian's Wal

Fair trade

Lynn Beaumont looks at changes to consumer protection law as EU rules are implemented in the UK

Confusion on couples

The Government lost its case on income shifting, so it will sooner or later change the law. But Bruce Wilson points out that this will merely confuse taxpayers and add to the inconsistencies on how spouses are treated

Lords committee asks ICAS for views on tax changes

ICAS has been asked for a report on the back of consultation before two big tax changes were announced

Good practice guidance

Company directors face increasingly complex regulations, guidelines and 'best practice'

Winners named in open seat elections to ICAS Council

Following the open seat elections, the two winning candidates were Jann Brown and Rod Ashley

Eric G Fenwick

Mr Eric G Fenwick CA has admitted liability to disciplinary action in respect of the following:

Tweedie looks ahead

Sir David Tweedie, chairman of the International Accounting Standards Board, will be tackling some of the fundamental issues for accountancy at the CA Conference in September

Textbooks under the microscope

ICAS is publishing a report, An Analysis of the Role of the Textbook in the Construction of Accounting Knowledge by John Ferguson, David Collison, David Power and Lorna Stevenson at the University of Dundee

Why compliance is critical

Leigh Payne reports on why compliance is critical

Practice Web Tower (link opens in new window)