IFRS Foundation and IOSCO agree protocol on IFRS for capital markets

THE IFRS FOUNDATION and the International Organisation of Securities Commissions (IOSCO) have announced a statement of protocols in order to “facilitate transparency within capital markets through the development and consistent application of IFRS standards”. The bodies set out three central aims to improve the application of IFRS in their statement of protocol. These included discussion […]

HMRC to ‘bear down’ on tax planning in updated vision

A CLAMPDOWN on tax planning, a transformation of its services for taxpayers and delivering a professional, efficient and engaged organisation are the three key objectives for HMRC in its updated single departmental plan. The government department has outlined its main visions and objectives for the period between 2015 and 2020, while in the middle of […]

EY to create 270 new jobs in Ireland expansion

BIG FOUR firm EY has announced the creation of 270 new jobs and the opening of two new offices in Dublin and Galway, adding to its 1,800-strong workforce in Ireland. Having grown its workforce over 27% in the past two years, EY will recruit 220 experienced hires across its business over the next 12 months, […]

Tax headache for UK firms as HMRC changed its bank details without telling them

MILLIONS of pounds in corporate taxes have not been paid to the government for months, as HMRC failed to notify some businesses that it had changed its bank account details, it has been alleged. The Daily Telegraph has reported that a number of large businesses have been handed late payment notices by HMRC despite these […]

Austin Reed collapses as administrator fails to find buyer

FASHION retailer Austin Reed is to close all of its stores by the end of June after administrators were unable to find a buyer for the entire business. Administrator AlixPartners said it would wind down the estate with all stores anticipated to close by the end of June, affecting around 1,000 staff in 120 locations. Peter […]

PKF Littlejohn expands tax team with VAT specialist appointment

PKF LITTLEJOHN, the London member firm of PKF International, has appointed veteran VAT specialist Nick McChesney as partner, bringing the number of tax partners and directors at the growing firm to seven. McChesney, chair of the ICAEW’s VAT and duties sub-committee, is an indirect tax expert with more than 26 years’ experience. Since leaving Big […]

Government deliberates secondary adjustment to transfer pricing rules

HMRC is consulting on whether a secondary adjustment rule should be introduced into the UK’s transfer pricing legislation, as the government department continues its clampdown against tax avoidance. The adjustment aims to counter multinationals that do not use the arm’s length principle, reversing any cash benefit that a multinational gains, while the UK will also impose […]