Accountancy Age articles from January 2007

Accountancy Age archives from January 2007

Arise Sir Mike, as Rake tops honours list.(Mike Rake of KPMG L.L.P. (London, England) honored )(Brief article)
January 4, 2007... Byline: Penny Sukhraj Arise Sir Mike, as Rake tops honours list Penny Sukhraj KPMG's global chairman Mike Rake has been knighted for 'services to the accountancy profession.' Rake, 58, was given the honour in the New...

UK software groups face takeover.
January 4, 2007... Byline: Nicholas Neveling UK software groups face takeover Nicholas Neveling Software companies Iris, Coda and Access Accounting could find themselves under new ownership in 2007 as aggressive consolidator Infor continues to make...

Tax filing strike fear for 31 January.
January 4, 2007... Byline: Kevin Reed Tax filing strike fear for 31 January Kevin Reed Tax advisers face a nervy self assessment filing deadline as a national public sector workers' strike is set to take place on 31 January. The Public and...

Insolvencies to hit 150,000.
January 4, 2007... Byline: Kevin Reed Insolvencies to hit 150,000 Kevin Reed The number of individuals declared insolvent will continue to soar in 2007, with as many as 150,000 expected to enter some form of debt proceeding over the next 12 months....

Brown 'holding out' for private sector tax boss.(Gordon Brown delays appointment of new chairman to Her Majesty's Revenue and Customs)
January 4, 2007... Byline: Alex Hawkes Brown 'holding out' for private sector tax boss Alex Hawkes Chancellor Gordon Brown may be delaying a decision on the appointment of a new chairman for HM Revenue & Customs to hold out for a private sector...

Never mind the turkey, here's my tax return.
January 4, 2007... Byline: Kevin Reed Never mind the turkey, here's my tax return Kevin Reed Scrooge-like taxpayers spent Christmas day filing their tax returns, Accountancy Age has learnt, with 84 people deciding to spend 25 December filing....

Avoidance schemes are rife among capital gains taxpayers.
January 4, 2007... Byline: Kevin Reed Avoidance schemes are rife among capital gains taxpayers Tax Kevin Reed The use of capital gains tax avoidance schemes is surprisingly widespread, according to a new survey by HM Revenue & Customs. The...

Questions & Answers.
January 8, 2007... Byline: Richard Mannion Q I own a small logistics and transportation business employing 18 full-time staff. I've heard that HM Revenue & Customs has changed its online filing rules and only some employers will now be entitled to a...

Charity tax probes create late filing chaos.
January 8, 2007... Byline: Alex Hawkes Charity tax probes create late filing chaos Alex Hawkes Four companies under investigation by HM Revenue & Customs have been suspended from the Channel Islands Stock Exchange after filing their accounts late....

gray matter.(European Union's Brian Gray)
January 8, 2007... Byline: Alex Hawkes gray matter For 12 years, the European Union has failed to get an entirely clean bill of health on its accounts. Early next week, it will find out whether it has extended that run. The news will bring...

Constructive criticism on the Mayflower case.(Mayflower Corporation PLC)(Brief article)
January 9, 2007... Byline: TS Throughout the Mayflower case, TS has been keen to offer constructive criticism. Once more, the opportunity has arisen, courtesy of the learned members of the five-member tribunal who heard the case. For starters the panel...

Final top 50.
January 10, 2007... Byline: Alex Hawkes 1 george osborne, shadow chancellor Since Alistair Darling's pre-Budget report, which stole shamelessly from Tory tax proposals, Osborne has become the de facto chancellor. As Labour's support in business circles dips,...

Job to die for: FD for Hanson.(finance director)(Pavi Binning joins Hanson Amalgamated Industries)(Judith Fish joins Hongkong and Shanghai Banking Corporation Ltd.)(Phil Smith joins Begbies Traynor)(Brief article)
January 11, 2007... Byline: rachael singh People and moves... Job to die for: finance director for hanson Pavi Binning joins the previous winners for our job of the week for his appointment as finance director of Hanson, the international building...

The mother of all tax rows.(Brief article)
January 11, 2007... Byline: Alex Hawkes the mother of all tax rows Thinking about the year ahead, there is one tax row that could dominate the agenda this year; and that's the one over the likely restriction of interest relief. The fact that UK...

Highlighting the problem.
January 11, 2007... Byline: john adams Highlighting the problem In recent weeks environmental issues have sprung back on to the political and accounting agendas. Last November the much-heralded Stern Report on climate change effectively accused our...

IFAC revamps code of ethics.
January 11, 2007... Byline: Penny Sukhraj IFAC revamps code of ethics AUDIT Penny Sukhraj With ethics becoming something of a buzzword in the profession at present, as institutes and others seek to establish and teach ethical principles and...

Mars attacks.('Butt Ugly Martians')
January 11, 2007... Byline: Alex Hawkes MARS attacks Two senior KPMG parters are involved in what is set to be a bitter court battle over the demise of a media company owning the rights to cartoon characters the 'Butt Ugly Martians'. Mick McLoughlin,...

Nominate, irritate, appreciate.('Women in the City')(Brief article)
January 11, 2007... Byline: michelle perry nominate The news that women continue to be held back by a glass ceiling may have galvanised some of you. A new 'Women in the City' award programme is asking women to nominate others who deserved to be honoured...

Baffled advisers ponder huge rise in complaints to HMRC.(Her Majesty's Revenue and Customs)
January 11, 2007... Byline: Nicholas Neveling Baffled advisers ponder huge rise in complaints to HMRC tax Nicholas Neveling The amount of energy that taxpayers invest in criticising HM Revenue & Customs for its 'aggressive' approach to...

Haunting words.
January 11, 2007... Byline: gavin hinks on the money with Gavin Hinks Here are some words that must haunt Martin Weigold, the CFO of Partygaming. 'If you read some of the public filings and examine what the senators involved in...

Anything they can doa[euro][bar].(Institute of Chartered Accountants in England and Wales )(Brief article)
January 11, 2007... Byline: TS Anything they can doa[bar] So the new ICAEW logo has finally been unveiled, albeit through a botched PR job. Destined for a Monday launch, the institute mag Accountancy went out from last Thursday with the new logo on...

Taxman must warm to the needs of business. It is intriguing that one of the first predictions published in Accountancy Age was that the chilly relations between business and HM Revenue and Customs would go through something of a thaw this year after reaching an all time low.(Brief article)
January 11, 2007... Byline: Gavin Hinks Taxman must warm to the needs of business It is intriguing that one of the first predictions published in Accountancy Age was that the chilly relations between business and HM Revenue & Customs would go through...

CIPFA needs to edit its christmas card list.(Chartered Institute of Public Finance and Accountancy)(Andrew Ecelson)(Brief article)
January 11, 2007... Byline: TS You may remember that Andrew Ecelson was expelled from CIPFA last June, over his role as CFO at North East Lincolnshire Council. A CIPFA disciplinary committee found that he had failed to discharge his responsibilities in...

Didier did his maths homeworks.(Didier Drogba)(Brief article)
January 11, 2007... Byline: TS Didier did his maths homework We all know that despite countless moronic post-match interviews footballers are able to add up. Especially when it comes to negotiating a weekly wage that would make even the wealthiest...

New insolvency qualification to deliver IVA specialists.(Individual Voluntary Arrangements)
January 11, 2007... Byline: Kevin Reed New insolvency qualification to deliver IVA specialists Kevin Reed A new insolvency qualification is being prepared that will distinguish professionals undertaking IVAs from those doing other types of insolvency...

Taking the Michael.(Michael Rake)(Brief article)
January 11, 2007... Byline: TS Taking the Michael TS has been busy pondering one of the biggest accounting issues over the past couple of weeks. Nope, TS hasn't been looking into changes proposed to Sarbox audit requirements, or worrying about all...

KPMG faces tribunal over Independent Insurance.(KPMG L.L.P. (London, England))(Brief article)
January 11, 2007... Byline: Penny Sukhraj KPMG faces tribunal over Independent Penny Sukhraj KPMG is set to face a tribunal over its auditing of Independent Insurance, the collapsed insurance group, after the Joint Disciplinary Scheme formally laid...

Loan notes defeat is 'a nice victory'.(Brief article)
January 11, 2007... Byline: Nicholas Neveling Loan notes defeat is 'a nice victory' Nicholas Neveling Rich individuals could avoid huge sums in tax when selling their companies for loan notes rather than cash following a High Court case that ruled in...

PwC cleared as FRC transparency questioned.(Financial Reporting Council)(PricewaterhouseCoopers L.L.P. (London, England))(Brief article)
January 11, 2007... Byline: Penny Sukhraj PwC cleared as FRC transparency questioned Penny Sukhraj The Accountancy Investigation and Disciplinary Board lost its first case this week and was facing questions over its transparency, after...

A year to switch to new logo.(Institute of Chartered Accountants in England and Wales)(Brief article)
January 11, 2007... Byline: Kevin Reed A year to switch to new logo Kevin Reed ICAEW members are preparing themselves to switch over their marketing material to include the institute's new logo, its first redesign in 50 years. The institute has...

Moore Stephens facing [pounds sterling]89m claim.
January 11, 2007... Byline: Kevin Reed Moore Stephens facing [pounds sterling]89m claim Moore Stephens is embroiled in a $173.6m ([pounds sterling]89m) lawsuit with one of its former clients. The cost of the claim against the firm is being handled through...

Deloitte lands Ewing as FD adviser.(Margaret Ewing joins Deloitte and Touche Consulting Group)(Brief article)
January 11, 2007... Byline: Penny Sukhraj Deloitte lands Ewing as FD adviser Penny Sukhraj Margaret Ewing is to rejoin Deloitte as a special adviser to finance directors. The firm has successfully wooed former partner and ex-BAA finance...

Monaco millionaires.
January 11, 2007... Byline: Kevin Reed The infamous Monaco Millionaires, thought to be in some peril over their tax affairs following the Gaines-Cooper decision, have been handed a lifeline by HMRC (accountancyage.com/2171952), which decided it still...

Vantis paid [pounds sterling]200k by charity tax company.
January 11, 2007... Byline: Alex Hawkes Vantis paid [pounds sterling]200k by charity tax company Alex Hawkes A tax division of Vantis, the UK-listed accountancy firm, received [pounds sterling]200,000 from a company involved in an investigation into...

Flint takes [pounds sterling]800k hit on HSBC shares.
January 11, 2007... Byline: David Jetuah Flint takes [pounds sterling]800k hit on HSBC shares David Jetuah HSBC's FD Douglas Flint will miss out on more than [pounds sterling]800,000 after board members were stripped of bonus shares as the company's...

An honest assessment.
January 11, 2007... Byline: mark goyder The business of the future: an Honest assessment Last year we saw so many business scandals, it began to dull the brain. What does this tell us? Well, first of all, that we are all subject to temptation....

Scramble to boost pension schemes ahead of PPF levy.
January 11, 2007... Byline: David Jetuah Scramble to boost pension schemes ahead of PPF levy David Jetuah Corporates are preparing to bolster their pension schemes before a key decision is taken by the Pension Protection Fund later this year. ...

TFL on track for internal interim.(Transport for London)(Jay Walder)(Brief article)
January 11, 2007... Byline: David Jetuah TFL on track for internal interim David Jetuah The plum role at the helm of Transport for London's finance function could be carried out by internal candidates on an interim basis as the company gears up for...

Tailby sets his sights on renegade tax boutiques.(Chris Tailby)
January 11, 2007... Byline: Nicholas Neveling Tailby sets his sights on renegade tax boutiques Nicholas Neveling The director of the anti-avoidance group at HM Revenue & Customs has hit out at aggressive tax avoidance advisers who have told tax...

E&Y gears up to fight hedge fund lawsuit.
January 11, 2007... Byline: David Jetuah E&Y gears up to fight hedge fund lawsuit David Jetuah and Sarah Limbrick Ernst & Young is facing a lawsuit from a hedge fund, which is claiming huge damages for negligence and breach of contract. ...

Cipfa fans flames of 'bean counter' row.(Chartered Institute of Public Finance and Accountancy)(Brief article)
January 11, 2007... Byline: David Jetuah CIPFA fans flames of 'bean counter' Row CIPFA chief executive Steve Freer has waded into a row over an award given to the Strathclyde Fire and Rescue service's top accountant, hailing her 'distinguished career...

Off-balance data under scrutiny.
January 17, 2007... Byline: Penny Sukhraj Off-balance data under scrutiny audit Penny Sukhraj With the effects of the credit freeze hitting hard this month, it shouldn't come as a surprise that businesses will do whatever they can to shift any...

an unlikely story.(non-domiciled residents)(Brief article)
January 17, 2007... Byline: Kevin Reed an unlikely story There has been far too much hot air about the changes to the non-dom rules A- and I'm afraid to report that more high pressure has wafted past the newsdesk over the last few days. ...

job to die for: department of health director.
January 18, 2007... Byline: rachael singh People and moves... Job to die for: department of health director Our gong for job of the week has been awarded to former Department of Health director of counter fraud services Jim Gee. He joins KPMG...

Should you stay or should you go?
January 18, 2007... Byline: mark freebairn view from the board: should you stay or should you go? Some would say that you should jump ship as soon as your company announces its plans to merge. But there is an alternative view. Last year was...

Vocal weight.
January 18, 2007... Byline: nicholas neveling Vocal weight 'The Royal Opera House exists to produce extraordinary opera and ballet. That's how the Covent Garden-based company describes its essence in its 2006 annual review. But it is only thanks to sound...

HMRC's 'beefing up' of its disclosure changes faces mass opposition.(Her Majesty's Revenue and Customs)
January 18, 2007... Byline: Nicholas Neveling HMRC's 'beefing up' of its disclosure changes faces mass opposition corporate tax Nicholas Neveling Tax advisers have never cared much for the disclosure regime, the HM Revenue & Customs tool that...

Take control of your future.
January 18, 2007... Byline: steve freer Take control of your future Careers are tricky things. Just when you think you're close to getting where you want to go, something inevitably comes along to shift the goal posts or make you think differently....

One resolution worth sticking to.
January 18, 2007... Byline: jarrad haggerty One resolution worth sticking to It is the time of year to make resolutions and, in the case of financial directors, this should include examination of their fraud-prevention measures. The rapidly changing...

Companies go to extreme lengths to escape US laws.
January 18, 2007... Byline: Penny Sukhraj Companies go to extreme lengths to escape US laws Audit Penny Sukhraj What is the difference between doing business in the UK and doing business in the US? That was, ostensibly, the question...

Worth a punt.(remote gaming businesses)
January 18, 2007... Byline: BDO Worth a punt In its 2005 pre-Budget report the Treasury said the 2006 Budget would announce rates of tax for remote gaming businesses that become UK licensed. Not only did the 2006 Budget pass by with no mention of...

Taxing times.
January 18, 2007... Byline: Alex hawkes Taxing times Paul Jackson, chief executive of Vantis, the AIM-listed accountancy firm, will have had few challenges as thorny as the one he is now facing. His firm, which has grown hugely in the last few years on...

Brand it, debrand it, rebrand it.(Institute of Chartered Accountants in England and Wales )(Brief article)
January 18, 2007... Byline: michelle perry brand it Out with the old and in with the new. The ICAEW has proved that again the relevance of the saying, when the institute unveiled its new logo this month. The purpose of the overhaul is to give the...

Estimated [pounds sterling]80m 'wasted' on IFRS 3 as [pounds sterling]21bn M&A vacuum uncovered.(International Financial Reporting Standards)
January 18, 2007... Byline: David Jetuah Estimated [pounds sterling]80m 'wasted' on IFRS 3 as [pounds sterling]21bn M&A vacuum uncovered David Jetuah Almost [pounds sterling]21bn of M&A activity recorded under IFRS by FTSE 100 companies was put down...

Former Siemens CFO a suspect in bribery case.
January 18, 2007... Byline: David Jetuah COMPANY REPORTS Former Siemens CFO a suspect in bribery case An investigation into a massive bribery scandal at German engineering giant Siemens has resulted in its former CFO being named as a suspect by...

Green light.(finance directors)
January 18, 2007... Byline: damian wild Green light John Pryor, director of ACFO and group car fleet and travel manager, The Arcadia Group Fleet managers are taking on a wider role, which includes all aspects of travel, and therefore are looking at...

Scrutinising perform.
January 18, 2007... Scrutinising performance The compliance burden is an issue that has mainly been explored from the perspective of finance directors of listed companies. But increased scrutiny hasn't been limited to the private sector. FDs working for...

Catching up with the young guns.(Brief article)
January 18, 2007... Byline: Kevin Reed Catching up with the young guns Ten of the brightest young accountants in the country will be revisited by Accountancy Age next week to catch up on their careers. Accountancy Age interviewed ten starlets to...

Distin the tax dodger.
January 18, 2007... Byline: TS Sylvain Distin, the Manchester City footballer rumoured to be eyeing a move away from the club, recently enlightened The Sunday Times about why he loves playing in England. So what were his reasons, you may ask? The fans, the...

Sarah's five minutes of fame.(Sarah Kemp of The Royal Opera House)(Brief article)
January 18, 2007... Byline: TS Sarah's five minutes of fame When you work at The Royal Opera House, surrounded by ballerinas and famous sopranos, it is hard to get noticed - especially if you are locked up in the finance department all day. But every...

Oh no he didn't.(PricewaterhouseCoopers L.L.P. (London, England))(Brief article)
January 18, 2007... Byline: TS Oh no he didn'ta[bar] More traditional than the Queen's speech or someone pictured in the Trafalgar Square fountains during a heatwave, the PricewaterhouseCoopers panto is upon us once more. This year the big show is...

Vantis sure can talk the talk.(Brief article)
January 18, 2007... Byline: TS Vantis sure can talk the talk Whatever else you could say about Vantis, Paul Jackson, its chief executive, is certainly a charmer. Facing journalists at Vantis' interims after the problems with the firm's offshore tax...

IVA business goes insolvent.(Individual Voluntary Arrangements)(Brief article)
January 18, 2007... Byline: TS Accountancy Age has filled plenty of column inches discussing the pros and cons of the growing band of IVA specialists and their dealings with debt-ridden individuals, but we never thought we'd see the day when TS writes about...

Call to highlight risks in company reports.
January 18, 2007... Byline: Penny Sukhraj Call to highlight risks in company reports Penny Sukhraj Companies are failing to highlight the subjects of most concern to them in their annual reporting. Corporates should highlight major issues, rather...

Airing the mayflower report's dirty laundry We await details from the judgement on the Mayflower case. Both PwC and David Donnelly have been cleared of all complaints concerning their conduct at Mayflower, but the Accountancy Investigation and Discpline B.(Mayflower Corporation PLC)(Brief article)
January 18, 2007... Byline: Gavin Hinks Airing the mayflower report's dirty laundry We await details from the judgement on the Mayflower case. Both PwC and David Donnelly have been cleared of all complaints concerning their conduct at Mayflower, but the...

On the money.(public sector management techniques)(Brief article)
January 18, 2007... Byline: damian wild on the money with Damian Wild All public sector management techniques would be improved by becoming more like their private sector equivalents. That, in appearance at least, is the guiding...

BDO uses personal touch to win more FTSE audits.(FTSE International Ltd.)(Brief article)
January 18, 2007... Byline: Nicholas Neveling BDO uses personal touch to win more FTSE audits Nicholas Neveling BDO Stoy Hayward has launched a bold campaign to win more top tier audits by writing letters to 100 FTSE 350 finance directors. ...

Charities pressured to conform.
January 18, 2007... Byline: Nicholas Neveling Charities pressured to conform Nicholas Neveling The finance director of one of the country's best known arts organisations has warned that the regulatory burden for charities compares to that for...

Insolvency specialists anxious as corporate failures dwindle.
January 18, 2007... Byline: Kevin Reed Insolvency specialists anxious as corporate failures dwindle Kevin Reed Experts are arguing that the UK is becoming immune from large corporate insolvencies, given the liquidity in UK markets. The decline of...

Smith & Williamson lines up autumn stock market launch.
January 18, 2007... Byline: Kevin Reed Smith & Williamson lines up autumn stock market launch Kevin Reed Smith & Williamson is set to decide in the summer on a potential autumn listing, Accountancy Age understands, with experts suggesting several...

Vantis slates taxman's 'American' charity assault.
January 18, 2007... Byline: Penny Sukhraj Vantis slates taxman's 'American' charity assault Alex Hawkes Vantis hit back at the taxman's investigation into charity tax schemes this week, implying the firm was being unjustifiably singled out as part of...

Taxman ups revenue.(Brief article)
January 18, 2007... Byline: Nicholas Neveling Taxman ups revenues from enquiries Nicholas Neveling Tax authorities have squeezed an extra 35% in revenues out of self-assessment tax return enquiries, according to figures in HM Revenue & Customs'...

Begbies sets [pounds sterling]100m turnover goal.(Begbies Traynor)(Financial report)(Brief article)
January 18, 2007... Byline: David Jetuah Begbies sets [pounds sterling]100m turnover goal David Jetuah Begbies Traynor is gunning for an ambitious [pounds sterling]100m revenue target after recording a 58% rise in half--year turnover. The corporate...

film advisers face court over investor losses.
January 18, 2007... Byline: Kevin Reed Film advisers face court over investor losses Kevin Reed Film investors are suing their tax advisers for negligence after they failed to receive millions of pounds in rebates promised to them. A number of...

Tories demand Mayflower judgment.
January 18, 2007... Byline: Penny Sukhraj Tories demand Mayflower judgment Penny Sukhraj Baroness Noakes, the Tory shadow Treasury minister, has launched a withering attack on the Accountancy Investigation and Discipline Board over its failure to...

Attack on foreign rules could damage UK profile.(Brief article)
January 18, 2007... Byline: Alex Hawkes attack on Foreign rules could damage UK profile New rules requiring close scrutiny of the auditors of foreign companies listed in the UK could damage the UK's attractiveness as a place to list, the chief...

Directors escape sanction as receiver runs out of funds.(Brief article)
January 18, 2007... Byline: Kevin Reed Directors escape sanction as receiver runs out of funds Kevin Reed A lack of funds will see director disqualifications halted until the next financial year in April, DTI insiders have claimed. The Official...

BP CFO may avoid mandatory retirement noose.
January 18, 2007... Byline: David Jetuah BP CFO may avoid mandatory retirement noose Byron Grote's reign as CFO at the oil giant was in the balance, as rumours of a boardroom reshuffle hung in the air after chief executive Lord Browne, 58, announced he...

Ferox to sue E&Y over early filing of accounts.
January 18, 2007... Byline: David Jetuah Ferox to sue E&Y over early filing of accounts David Jetuah Ernst & Young is being sued on the grounds that it filed a client's accounts too early, in what may be an unprecedented case for auditors. ...

Put yourself first.
January 18, 2007... Byline: Christopher Jenkins put yourself first Sacrificing personal finances for the good of the business will never pay off, warns Christopher Jenkins If you've ever been on an aeroplane, you will have heard this announcement:...

AT YOUR SERVICE.
January 18, 2007... Byline: Lesley Meall AT YOUR SERVICE The traditional approach to selling software and services can be more of a burden than a boon. That's why one firm is working with a software giant to give clients what they want, writes Lesley...

Time to face fats.
January 18, 2007... Byline: Gold time to face fats Everyone knows that eating healthily is important, but an occasional reminder won't go amiss. Rachel Gold urges partners to go easy on the doughnuts Accountancy partners are not averse to the finer...

Adding value.
January 18, 2007... Byline: Lesley Meall Adding value Most of the money accounting firms generate from the sale of software and systems has less to do with the actual product, or their mark up on it, than it has with the associated value-added services...

Healthy advice.(Brief article)
January 18, 2007... Byline: Rachel Gold HEalthy advice What to avoid l Many breakfast cereals are loaded with sugar. Choose varieties that are high fibre, low salt and low sugar. Avoid white toast, butter and full-fat milk. Danish pastries and...