Accountancy Age articles from April 2006

Accountancy Age archives from April 2006

Good news on good friday.(payments on Good Friday to fall under 2007/08 tax year)(Mars UK Ltd. and William Grant and Sons Ltd. won the stock depreciation case)(Brief article)
April 5, 2006... Byline: Alex Hawkes ONLINE This week's top stories on accountancyage.com/sector Good news on Good Friday HM Revenue & Customs has cleared up the confusion over the operation of PAYE and national insurance contributions...

Now you see him . . .
April 5, 2006... Byline: Alex Hawkes Now you see him . . . Chris Lucas, Barclays' former auditor when he was at PwC, took over at the weekend as the bank's CFO. But the bank is in the midst of merger talks with ABN Amro, the Dutch bank. So how long...

myth of the salesman.(salesmanship in financial services)
April 6, 2006... Byline: Pete Belsey, Huthwaite myth of the salesman Few occupations are more misunderstood than that of the salesman. Take any accountancy practice; at most there is likely to be only a small proportion of staff with a sales-related...

grey matter.(forecasts of financial and insurance products)
April 6, 2006... Byline: Ziv Navoth grey matter In 1798 a young English demographer by the name of Thomas Robert Malthus published an influential paper in which he warned of an impending catastrophe -- the world's population would soon outstrip...

concrete plans.(shareholder relations )
April 6, 2006... Byline: Nicholas Neveling concrete plans 'Corporate governance has changed the way we communicate with our shareholders,' says Peter Johnson, the finance director of Taylor Woodrow, as he flicks through a heavy-looking copy of the...

Hundred Group turns up the heat.
April 6, 2006... Byline: Paul Grant Hundred Group turns up the heat When the body that sets international standards and its counterparts across the Atlantic agreed on a work project that could remove the need for non-US companies to reconcile their...

Inheriting a problem.
April 6, 2006... Byline: Ian Miles Inheriting a problem The 'alignment' of the inheritance tax treatment of trusts could have ramifications for millions. There would appear to be circumstances in which the spouse exemption might not be available...

Government to press on with plans for R&D tax credits.
April 6, 2006... Byline: Alex Hawkes Government to press on with plans for R&D tax credits Alex Hawkes The government is to press ahead with plans to create special units for assessing R&D tax credit claims. The chancellor was notably...

Investors pick new audit fight.
April 6, 2006... Byline: Paul Grant Investors pick new audit fight Audit Paul Grant About six months ago, representatives from some of the largest UK investment bodies were fighting tooth and nail to ensure that the true and fair view audit,...

Healthcare equity deals set to hit [pounds sterling]15bn.
April 6, 2006... Byline: Nicholas Neveling Healthcare equity deals set to hit [pounds sterling]15bn Corporate Finance Nicholas Neveling A visit to a private doctor's rooms for a consultation has always been a costly exercise, and finally...

Freeholds spurned to quench capital thirst.
April 6, 2006... Byline: Nicholas Neveling Freeholds spurned to quench capital thirst Nicholas Neveling Once perceived as a desperate attempt to rescue a drowning business, sale and leaseback of commercial property has re-emerged as a popular way...

HMRC's budget cuts raise fears on service.(Her Majesty's Revenue and Customs)
April 6, 2006... Byline: Alex Hawkes HMRC's budget cuts raise fears on service Tax Alex Hawkes As tax advisers settle down to absorb and deal with the impact of the Budget, their counterparts at HM Revenue & Customs have an altogether...

Watchdog attack hits Severn Trent.(United Kingdom. Office of Water Services)
April 6, 2006... Byline: Nicholas Neveling Watchdog attack hits Severn Trent Nicholas Neveling Severn Trent, the FTSE 100 utility group, has revealed that it will take a [pounds sterling]10.6m hit to its profits after water regulator Ofwat...

Investors win latest audit battle.(Brief article)
April 6, 2006... Byline: Paul Grant Investors win latest audit battle Paul Grant Investors are confident they have won their battle to ensure amendments to the company law reform bill, that could have dramatically reduced the scope of auditor...

Convergence is 'too rules-driven'.
April 6, 2006... Byline: Paul Grant Convergence is 'too rules-driven' Paul Grant Global convergence of accounting standards cannot be achieved through a rules-driven approach, despite standard development appearing to move that way, a new study...

Jail threat for advisers who refuse to co-operate.(Serious Organised Crime and Police Act 2005)(Brief article)
April 6, 2006... Byline: Alex Hawkes Jail threat for advisers who refuse to co-operate Alex Hawkes Tax advisers could be jailed for refusing to answer questions about serious fraud cases, under new powers that took effect on Saturday. The...

City rejects call to tip-off regulators.
April 6, 2006... Byline: Paul Grant City rejects call to tip-off regulators Paul Grant Calls for the City to tip off regulators over potentially dodgy accounts have been rebuffed by shareholders who fear it could damage their credibility and...

Suspensions signal more rules for AIM.(London Stock Exchange PLC tightens regulations )(Brief article)
April 6, 2006... Byline: Nicholas Neveling Suspensions signal more rules for AIM Nicholas Neveling The London Stock Exchange will continue to tighten up the regulation of its junior market AIM, after suspending 38 cash shells this week for failing...

Lobbying on SA urgent.(accounting services)(Brief article)
April 6, 2006... Byline: Kevin Reed Lobbying on SA urgent The UK's largest accounting bodies are taking an urgent approach in persuading the government that shifting self assessment deadlines is not in the public's interest, writes Kevin Reed. ...

Offshore billions could return.(franked investment income case)(Brief article)
April 6, 2006... Byline: Alex Hawkes Offshore billions could return Alex Hawkes Companies will today be advised about whether they can bring tens of billions of pounds stored offshore into the UK free of tax, as part of a European Court of Justice...

Bidders still keen on Tenon despite losses.
April 6, 2006... Byline: Nicholas Neveling Bidders still keen on Tenon despite losses Nicholas Neveling AIM-listed accounting firm Tenon confirmed there were still buyers lining up to challenge the management buy-out led by chief executive Andy...

Engine room.(United Kingdom-budget)
April 6, 2006... Byline: insider business club Engine room Q What should companies be doing in the wake of the Budget? Alastair Kendrick: The gun has gone on manufacturers to start coming up with a car that meets the requirement of the new 10% tax...

Job to die for . . .(employees of financial services)(Brief article)
April 6, 2006... Byline: Rachael Singh People and moves... Job to die for: Group FD, VT group Chris Rickhard who joins VT Group, the shipbuilding and defence contractor, as group finance director has landed the best job by some distance. Last...

Split decision.
April 6, 2006... Byline: Kevin Reed split decision What's happened GUS group finance director David Tyler will step down from his role when the company demerges over the next six to 12 months. The move by the FTSE 100 giant, which operates...

View from the board: Customer satisfaction.
April 6, 2006... Byline: Akio Miyabayashi view from the board: customer sAtisfaction It happened in a restaurant in Osaka, Japan. Out with business friends from Switzerland, seven of us were sitting around the counter sipping aperitifs and...

On the money.
April 6, 2006... Byline: Anthony Hilton on the money with Anthony Hilton The shareholder watchdog within the Association of British insurers issued one of its alerts a few days ago to remind companies that it does not like it when...

Chancellor makes a selfish assessment.(accountants)(Brief article)
April 6, 2006... Byline: Gavin Hinks AccountancyAge Chancellor has made a selfish assessment What do accountants and Essex strawberry pickers have in common? Well, accountants could, in some circumstances, become seasonal workers, as reliant on a...

The not so simple life.(Real Estate Investment Trusts)
April 6, 2006... Byline: Peter O'Sullivan, Tenon The not so simple life When pensions' 'simplification' was in embryo, financial advisers like myself feared a bleak, jobless period in the not too distant future. A-Day is here and all of that dread...

JGJ's brush with make-up.
April 6, 2006... Byline: Alex Hawkes JGJ's brush with make-up TS was loitering with intent in KPMG's Salisbury Square lobby the other day when we happened to bump into none other than JGJ. That's John Griffith-Jones for those not in the know about the...

Total tax.(Group methodology)(Brief article)
April 6, 2006... Byline: Alex Hawkes There have been some unkind suggestions emerging that the Hundred Group has been a little less than transparent over the launch of its report into the Total Tax Contribution Framework. Despite saying it would have a...

Digita HMRC.(HM Revenue and Customs)(Brief article)
April 6, 2006... Byline: Kevin Reed Last week's Digita annual conference in Stratford-upon-Avon had the potential to go off like a Big Four senior partner punch-up, after HM Revenue & Customs' Julian Hatt was lined up to talk about online services just...

Let's get ready to rumble.(Hollywood blockbusters)(Brief article)
April 6, 2006... Byline: Nicholas Neveling Let's get ready to rumble TS has always enjoyed the spectacle that ensues when the Big Four get competitive, but it has never really reached the levels that would inspire Hollywood blockbusters. But that is...

Brown's out of touch with women.( Treasury select committee )(Brief article)
April 6, 2006... Byline: Paul Grant Brown's out of touch with women It was with some excitement that TS stumbled into a Treasury select committee meeting last week, with chancellor Gordon Brown facing a grilling over his Budget. After all, we hadn't...

Big Four refuses to accept restrictive French code.(cabinet minister Pascal Clement)(Brief article)
April 6, 2006... Byline: richard tromans Big Four refuse to accept restrictive french code The Big Four in France may be forced to appeal to the European Court of Justice in a bid for potentially damaging legislation restricting audit services to be...

BDO probes claim of unfair dismissal.
April 6, 2006... Byline: Kevin Reed BDO probes claim of unfair dismissal Kevin Reed An internal investigation is taking place at top ten accounting firm BDO Stoy Hayward following a claim of unfair dismissal made by a former employee. BDO has...

No way to behave.(behavioural impact)(Brief article)
April 6, 2006... Byline: Alex Hawkes No way to behave The Treasury's claim that it did not consult on the trusts issue because it would have 'had a behavioural impact' is deeply misleading. Firstly, the government announced in the...

Company reports.
April 6, 2006... Byline: Nicholas Neveling COMPANY REPORTS FTSE 250 Tullow Oil, the [pounds sterling]2.2bn company by market cap, has lashed out at government's plans to raise the tax on North Sea oil. Reporting a 98% increase in 2005...

Sector online.
April 6, 2006... ONLINE This week's top stories on accountancyage.com/sector NAO praises government The government has made more good progress in 2004/05 in implementing resource accounting, the National Audit Office said in its annual...

Recognising the brightest and best.(celebrated at a gala dinner in London)(Brief article)
April 6, 2006... Byline: Gavin Hinks Recognising the brightest and best Accountancy Age this week launches its 2006 awards to find the brightest and best individuals and organisations in the profession. Among others, we'll be looking to identify...

E&Y brings Home Office to book.
April 6, 2006... Byline: Kevin Reed E&Y to bring Home Office to book Accountancy Age staff Ernst & Young has been drafted in to conduct an 'urgent review' of the Home Office's financial control systems, after the department was criticised for...

Sanctuary sacks audit firm.
April 6, 2006... Byline: Alex Hawkes Sanctuary sacks audit firm Alex Hawkes Sanctuary Group has decided to sack Baker Tilly, the firm which last year qualified the music group's accounts. The group has had high-profile accounting issues...

Online.
April 6, 2006... FTSE 100 PENSION DEFICITS HAVE HALVED Pension deficits of FTSE 100 companies have halved ahead of A-day -- today's overhaul of the pension regime. Soaring share prices and the easing of pressure on bond markets, following proposals to lend...

Football agents.
April 6, 2006... Byline: Kevin Reed The treatment of big money football transfers has caught the eye of HM Revenue & Customs. Top clubs have been contacted by the taxman (hmrc.gov.uk) over clubs paying players' football agents then clawing back the VAT --...

VAT reclaim is just the ticket for theatres.
April 6, 2006... Byline: Kevin Reed VAT reclaim just the ticket for theatres Kevin Reed Theatres will now be able to reclaim a proportion of VAT on the cost of hosting productions following a High Court judgment. Mr Justice Hart ruled in...

Gordon Bennett!(Gordon Brown)(Brief article)
April 7, 2006... Byline: damian wild Gordon Bennett! For most of us, it's always been a challenge trying to work out what's going through Gordon Brown's mind. But these days you have to wonder whether Gordon himself knows. By my reckoning, in...

Stable companions.
April 13, 2006... Byline: Michelle Perry Stable companions Accountants' workloads have been growing exponentially in recent years, thanks to a rash of new regulation and changes to auditing and accounting rules. Firms have been fighting over...

Risks and opportunities.
April 13, 2006... Byline: Paul Grant Risks and opportunities OLd age questions It's hard to open a newspaper at the moment without a big splash on pensions featuring inside. Last week saw A-day, the introduction of the new pensions' regime for the...

Individual achievement: Accountant of the Year.
April 13, 2006... Byline: Gavin Hinks Individual achievement: Accountant of the Year When last year's winner caught the attention of our judges it was because he had managed to halt 20 years of accounting stagnation within the finance department of one...

New crime agency is armed to the teeth.(Serious Organised Crime Agency )
April 13, 2006... Byline: Alex Hawkes New crime agency is armed to the teeth The government made a big show of the launch of the Serious Organised Crime Agency last week. The move, said the government, would mean a new crime-busting FBI- style agency to...

Scandal stoppers.
April 13, 2006... Byline: Bill Knight Scandal stoppers The Financial Reporting Review Panel is calling on the investment community to share responsibility for improving accounting in the UK by helping the panel. The panel aims to review about 300...

In search of an end to work, work, work Once again our readers have given us an insight into their pay and working conditions in our salary survey, an event that never fails to produce some interesting observations. This time it was on pensions. With A-da.
April 13, 2006... Byline: Gavin Hinks In search of an end to work, work, work Once again our readers have given us an insight into their pay and working conditions in our salary survey, an event that never fails to produce some interesting...

Unfair attitude of UK taxman slammed by advocate general.
April 13, 2006... Byline: David Callaghan Unfair attitude of UK taxman slammed by advocate general Tax David Callaghan The fall-out from the European advocate general's comment last week that the UK's approach to the taxation of EU subsidiaries...

Cash shell windfall fails to materialise.(Brief article)
April 13, 2006... Byline: Nicholas Neveling Cash shell windfall fails to materialise corporate finance Nicholas Neveling Just like a young child who has been looking forward to Christmas for months, only to be disappointed on the day he unwraps...

Sarbanes-Oxley effect now wearing off for auditors.
April 13, 2006... Byline: Paul Grant Sarbanes-Oxley effect now wearing off for auditors audit Paul Grant When the Sarbanes-Oxley Act first reared its head in the wake of a rash of corporate scandals in the US, including Enron and...

Takeover Panel refuses to block foreign buyers.
April 13, 2006... Byline: Nicholas Neveling Takeover Panel refuses to block foreign buyers Nicholas Neveling Finance directors and other executives under siege from foreign bidders have been warned that they should not expect the Takeover Panel to...

ACCA set to challenge ICAEW for global top spot.(Association of Chartered Certified Accountan)(Institute of Chartered Accountants in England and Wales)(Brief article)
April 13, 2006... Byline: Paul Grant ACCA set to challenge ICAEW for global top spot Paul Grant The position of premier UK accounting body may still be held by the ICAEW for the time being, but figures released by accounting's watchdog could soon...

Auditors sucked into iSoft chaos.
April 13, 2006... Byline: Nicholas Neveling Auditors sucked into iSoft chaos Nicholas Neveling Deloitte could be dragged into the controversy clouding FTSE 250 IT company iSoft, after analysts expressed concern over accoun- ting...

SME standard could ruin convergence.
April 13, 2006... Byline: Paul Grant SME standard could ruin convergence Paul Grant The inappropriate development of accounting standards for smaller unlisted companies could cripple the drive towards global convergence, accountants have warned....

Trust complaints are 'misconceived'.
April 13, 2006... Byline: Alex Hawkes Trust complaints are 'misconceived' Alex Hawkes The profession and the taxman are due for new clashes on the trust clampdown, as government sources told Accountancy Age that some of the row had been a...

Shake-up likely to follow DTI audit probe.
April 13, 2006... Byline: Paul Grant Shake-up likely to follow DTI audit probe Paul Grant Intervention into the Big Four's dominance of the audit market looks almost certain following the publication of a report confirming that normal market...

Recovery positions.(Tony Supperstone and Mark Palios)(Interview)
April 13, 2006... Byline: damian wild Recovery positions Q Should we expect an increasing number of companies to fail in the year ahead? Tony Supperstone: Generally speaking, the economy is bumping along. We're certainly not going to see the...

A year of uncertainty.
April 13, 2006... Byline: Dave Jones A year of uncertainty Finance professionals are certain only that they face a year of uncertainty, according to the survey of more than 1200 professionals. It reflects the fears created by the modest growth prospects...

Select it.
April 13, 2006... select it... Picking a broadband service can be tricky and getting it wrong can be disastrous. There are scare stories about appalling customer service and unforeseen download limits. reviewcentre.com start it... Starting...

Job to die for.(Public notice)
April 13, 2006... Byline: Rachael Singh People and moves... Job to die for: group financial controller Georgina Verity has been appointed group financial controller of asset-based lender to SMEs, Davenham plc. Verity spent seven years with KPMG...

Turbulent times.(ITV PLC)
April 13, 2006... Byline: David Callaghan turbulent times What has happened Television companies are facing the fiercest competition they have ever encountered, and the challenges for the terrestrial or traditional broadcasters are growing...

View from the board: hedge fund survival.
April 13, 2006... Byline: Mark Freebairn view from the board: hedge fund survival In the US, hedge funds have been big news for a while now. Several famous examples of hedge funds pouncing on major companies have made headlines here, too....

Recognising excellence.(Public notice)
April 13, 2006... Byline: BBP RECOGNISING EXCELLENCE BPP Professional Education is proud to sponsor the award for Accountant of the Year for the second consecutive year. The Accountancy Age Awards are now firmly established as a benchmark the...

Revealing facts.
April 13, 2006... Byline: Michelle Perry ACCOUNTANTS HAVE SAID A RESOUNDING 'NO' TO PLANS FOR RAISING THE RETIREMENT AGE TO 68, ACCORDING TO THE LATEST ACCOUNTANCY AGE/ROBERT HALF SALARY AND BENEFITS SURVEY, In WHICH THREE QUARTERS OF THOSE POLLED SAid...

Forget Carter, think smarter.(Her Majesty's Revenue and Customs)
April 13, 2006... Byline: Jerry Rihill Forget Carter, think smarter The shortening of tax return deadlines proposed in the Carter report, and apparently already accepted by HM Revenue & Customs, has generated a great deal of negative comment and...

More upheaval in e-payments.(bankers automated clearing services)
April 13, 2006... Byline: Kevin Reed More upheaval in e-payments TECHNOLOGY Kevin Reed The vast majority of UK businesses breathed a sigh of relief at the turn of the year when they found their recently upgraded BACS systems worked well. ...

Sector online.
April 13, 2006... Byline: Gavin Hinks ONLINE This week's top stories on accountancyage.com/sector fsa to remove audit rules The Financial Services Authority has issued proposals that would remove the statutory audit requirements for thousands...

Pros and cons of a go ape policy.(Brief article)
April 13, 2006... Byline: Kevin Reed pros & cons of a 'go-ape policy' The softly, softy, approach, it seems, will be the strategy the accounting profession takes as it tries to block proposed new self assessment filing deadlines. The problem is...

Company reports.(British Petroleum Company PLC)(Michael Page Group PLC)(Market share report)(Brief article)
April 13, 2006... Byline: Nicholas Neveling COMPANY REPORTS FTSE 100 BP, the largest company by market cap on the London Stock Exchange, said last week that its expected tax rate for the first quarter of 2006 would be 35%. The group said its rate...

Career opportunities.
April 13, 2006... Byline: Nicholas Neveling career opportunities More than 500 newly qualified accountants poured into the Queen Elizabeth II conference centre last weekend for the Accountancy Age Careers Fair, writes Nicholas Neveling, and most were on...

Publicity.(Brief article)
April 13, 2006... Byline: Alex Hawkes An intriguing comment appeared in The Times last week on the continuing row over the government's crackdown on trusts. A source, described as 'close to the chancellor' said: 'The suggestion that these proposals will...

Salary survey.
April 13, 2006... Byline: Paul Grant Having studied the figures from the latest salary survey (turn to page 17), TS can only conclude that our readers are a bunch of pessimists. Eighties clothing may once again be the fashion for those strolling down...

Divorce is just the job.
April 13, 2006... Byline: Paul Grant Divorce is just the job TS has heard from some quarters that divorce can be the making of you. And without wishing to trivialise the sanctity of marriage, TS has sometimes considered getting married just so we can...

Palios is up for the cup.
April 13, 2006... Byline: Paul Grant Palios is up for the cup When TS heard that former Football Association bigwig Mark Palios was to appear on our latest Insider Business Club webcast, we couldn't help but pop down to the recording studio to...

Is that a chainsaw in your bag.(Christopher Forster)(Association of Chartered Certified Accountants)(Brief article)
April 13, 2006... Byline: Gavin Hinks Is that a chainsaw in your bag . . . Business flights can be a tedious affair, as TS is all too aware given the air miles we rack up jet-setting around the world to various accountancy shindigs. Checking in, first...

PwC in frame for tv float.
April 13, 2006... Byline: Nicholas Neveling pwc in the frame for independent tv float All3Media, the maker of hit television shows Shameless (pictured) and Hollyoaks, has lined up PricewaterhouseCoopers as the reporting accountants for what...

Deloitte clocks up [pounds sterling]4.5m on Rover.
April 13, 2006... Byline: Alex Hawkes Deloitte clocks up [pounds sterling]4.5m from Rover Alex Hawkes MG Rover provided Deloitte with fees of [pounds sterling]4.5m for work in the company's final year, the long-delayed publication of its accounts...

Anti-merger body now out to get Carter.(Institute of Chartered Accountants in England and Wales)(Chartered Institute of Public Finance and Accountancy)(Brief article)
April 13, 2006... Byline: Alex Hawkes Anti-merger body now out to get Carter Alex Hawkes Campaigners who helped scupper the ICAEW's merger with CIPFA are to reactivate their lobby group in a new struggle against the changes to tax filing deadlines....

FRRP doesn't want to be 'last to know'.(Financial Reporting Review Panel )(Brief article)
April 13, 2006... Byline: Paul Grant FRRP doesn't want to be 'last to know' Paul Grant A plea of 'don't let us be the last to know' about an accounting scandal has been made by the Financial Reporting Review Panel following the rejection of its...

Online news.
April 13, 2006... Byline: Gavin Hinks Jowell faces grilling over BBC accounts Culture secretary Tessa Jowell faces a cross-examination in the Lords over her refusal to give the National Audit Office full access to the BBC's accounts as part of the...