Vale & West Chartered Accountants Blog

Category Archives:Lee Gardner

Small firms not ready for MTD

According to recent research by the Federation of Small Businesses (FSB), almost half of the UK’s smaller firms do not have the right software in place to deal with the new regulations surrounding Making Tax Digital (MTD). Read More

FRC calls for tougher rules surrounding ‘going concerns’

The Financial Reporting Council (FRC) has called for stricter standards when assessing whether an entity is defined as a ‘going concern’. Read More

Directors ordered to pay back thousands after “abusing” company’s accounts

A pair of company directors have been ordered to pay back some £182,000 after “abusing the company’s bank account”. Read More

Patisserie Holdings reveal “extensive” accounting irregularities

An audit of Patisserie Holdings’ accounts have revealed “extensive” accounting irregularities, a report has revealed. Read More

EU allows VAT-free status for e-books

European Union (EU) finance ministers have agreed to lower sales taxes on e-books and other digital publications and align them to reduced levies applied to paper versions of books and magazines. Read More

VAT repayments by Bacs

Last week, HM Revenue & Customs (HMRC) published VAT Notes 2018 Issue 3, a guidance note containing important VAT-related updates and information. Read More

High Court gives FRC permission to use new auditing powers for first time

The auditing regulator’s new powers have been tested for the first time after the High Court cleared the way for the production of back-dated financial documents for the purposes of an investigation. Read More

CIoT slams scrapping of compensation for delays to VAT refunds

The Chartered Institute of Taxation (CIoT) has said it supports the proposal by HM Revenue & Customs (HMRC) to scrap compensation for delays to VAT refunds “unfair”, saying it could harm the cash flow of affected businesses. Read More

Liquidated company in hot water after failing to provide adequate accounts

A financial audit has uncovered the true extent of a company’s bungled finances after it was placed into liquidation in 2017. Read More

New reporting code sees auditors place greater emphasis on risk assessment and scrutiny

The proposed revision of the UK Standard: Auditing Accounting Estimates and Related Disclosures framework will be of “particular significance for banks”, the Financial Reporting Council has revealed. Read More

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