Regulatory

Tax avoidance schemes have been named for the first time by HMRC as users are warned they could face large tax bills. HMRC has today advised anyone involved in Absolute Outsourcing’s or Purple Pay Limited’s Equity Participation Scheme to withdraw from them as soon as possible to prevent

The Financial Reporting Council (FRC) has published its 3-Year Plan which sets out the FRC’s progress toward establishing the new Audit, Reporting and Governance Authority (ARGA). The FRC’s 3-Year Plan follows the government’s 2021 consultation ‘Restoring Trust in Audit and C

The Financial Conduct Authority (FCA) has published proposals for a compensation scheme for former members of the British Steel Pension Scheme (BSPS) who received unsuitable advice to transfer out of the fund. The FCA has found that almost half (46%) of the advice it reviewed relating to BSPS was un

Former Rangers player Neil Mccann has lost a £200,000 battle with HMRC over his work as a TV pundit. Mr Mccann began a career in commentary work when he retired from playing football.

The Competition and Markets Authority (CMA) has today published its recommendations for the future oversight and governance of Open Banking. The CMA’s recommendations will be taken into consideration in the design of a future entity to succeed the Open Banking Implementation Entity (OBIE). The

Scottish accountancy firms and financial regulatory bodies have responded to Chancellor Rishi Sunak's Spring Statement announced yesterday. The Chancellor cut fuel duty by 5p per litre, which came into force from 6pm last night and will last until March next year. He also announced that the income t

The number of reports to the Financial Conduct Authority (FCA) of alleged cryptocurrency scams has more than doubled in the last year. According to a Freedom of Information request, the FCA received 6,372 alerts about suspected crypto frauds in 2021, an increase from the 3,143 reported in 2020.

HMRC is warning Self Assessment customers to be on their guard following the Self Assessment deadline after more than 570,000 scams were reported to HMRC in the last year. At this time of year, Self Assessment customers are at increased risk of falling victim to scams, even if they don’t menti

Revenue Scotland should have powers to waive a second homes tax in exceptional circumstances and the time available for eligible house buyers to claim a tax rebate when they buy a new main home but their old one is still on the market should be doubled. They are among suggestions put forward by the

The Executive Counsel of the Financial Reporting Council (FRC) has imposed sanctions against KPMG and Mr Michael Neil Frankish in relation to their audits of Revolution Bars Group Plc for the financial years ended 30 June 2015 and the 53 weeks ended 2 July 2016. Mr Frankish performed the role of Aud

The Chartered Institute of Taxation (CIOT) has warned MPs that a lack of clarity around the purpose of legislation creating a register of overseas entities owning UK property could leave many people disappointed that it will not achieve what they expect it to. Legislation creating the register appea

Four Diageo subsidiaries have been formally removed from the Prompt Payment Code (PPC) after failing to honour their commitments. The voluntary code requires companies to pay 95% of invoices within 30 days to their small suppliers and pay 95% of all invoices within 60 days.

The Financial Conduct Authority (FCA) is taking action to tackle harm in the consumer investments market, as data published today shows it has stopped 1 in 4 firms from entering this market. The FCA is also urging consumers to be InvestSmart and ScamSmart, following an increase in the number of scam

The Financial Reporting Council (FRC) has issued a consultation on proposed changes to its statutory Guidance to the Recognised Supervisory Bodies (RSBs) on the recognition of Key Audit Partners for local audit. The changes have been proposed to address a recommendation made by Sir Tony Redmond in h

From today new restrictions will apply to claims management companies (CMCs) to prevent them from charging excessive fees to consumers owed compensation from financial services firms. Under new Financial Conduct Authority (FCA) rules in force from today, the maximum consumers can be charged will dep