Accountancy Age articles from June 2008

Accountancy Age archives from June 2008

social pariah?
June 5, 2008... Byline: Sarah Perrin social pariah? Is the time approaching when tax practitioners, making small talk with strangers at parties, might be too embarrassed to reveal what they do for a living? The image of the tax profession has...

Achieving your aims?
June 5, 2008... Byline: Bruce McLaren Achieving your aims? You are the FD of a successful business. You have been delivering in line with forecasts and everything looks positive for the future. There is only one problem; the share price of your...

Look behind you.
June 5, 2008... Byline: David Ingall Look behind you An old established firm makes the headlines, but for all the wrong reasons. The headlines indicate 'financial irregularities' - whatever they might be - but when you see the growth rates for the...

Clean up on aisle one.
June 5, 2008... Byline: Melanie Stern Clean up on aisle one It has been four years since Richard Pennycook was interviewed by Accountancy Age's sister publication, Financial Director. The last time, he mused over how much he enjoyed 'the calmer, real...

People and moves...
June 5, 2008... Byline: Rachael Singh People and moves... Job to die for: FD of Cains Beer This week we cheer Paul Morgan for taking up the newly appointed position of finance director of Cains Beer. Morgan joins from Stanley Casinos, where he...

Keep it simple.
June 5, 2008... Byline: ABI Keep it simple As an industry that pays the third highest amount of corporation tax of any business sector, insurers have a great interest in the level of corporate taxation. In 1997, the UK had the sixth most...

Half full or half empty?(financial market)
June 5, 2008... Byline: Staff Half full or half empty? QThe first half of the year was characterised by tough trading conditions and rising costs. What are you doing to mitigate rising prices? AWe do have some protection in the form of our...

be safe...
June 5, 2008... Byline: Kevin Reed be safe... Experian reveals that 6,000 victims of ID theft sought its help last year. Typical victims are between the ages of 26 and 45. Those earning more than [pounds sterling]50,000 per year, and directors and...

SMEi?1/2s tax relief may be premature.
June 5, 2008... Byline: Barbara Buchanan SME's tax relief may be premature TAX Barbara Buchanan Small businesses breathed a sigh of relief when they heard that the taxman was busy making life easier for them. But, as ever, there may be a...

ONLINE.(Jet Star Retail)
June 5, 2008... Byline: Alex Hawkes ONLINE This week's top stories on accountancyage.com/sector Money-laundering list An international 'white list' of financial centres with top-quality anti-money laundering controls, drawn up by EU...

Jackson of all trades.
June 5, 2008... Byline: Rachael Singh Jackson of all trades It may be a case of 'don't stop till you get enough'. Michael Jackson, a businessman who has probably had his fair share of cheesy references to his name, could be about to take on the...

POB officials embark on an i?1/2exotici?1/2 firm-finding mission.(United Kingdom Public Oversight Board)
June 5, 2008... Byline: Barbara Buchanan POB officials embark on an 'exotic' firm-finding mission TECHNOLOGY Barbara Buchanan Officials at the UK's Public Oversight Board are busy packing their buckets and spades for travels to exotic...

Kip i?1/2ni?1/2 tuck i?1/2 Jamaican style.(Paul Morton)(Brief article)
June 5, 2008... Byline: Gavin Hinks Kip 'n' tuck A- Jamaican style Back in the mists of time, Paul Morton, Reed Elsevier's group head of tax, was a fresh-faced young internal auditor, despatched to foreign shores for the purposes of kicking some...

Speedy tax resolution unlikely for Vodafone.
June 5, 2008... Byline: Alex Hawkes Speedy tax resolution unlikely for Vodafone By Alex Hawkes Vodafone's battle with the taxman over its Mannesmann tax arrangements looks set to drag on. In a note to its preliminary numbers, the mobile...

Personality of the Year.
June 5, 2008... Byline: Accountancy Age Personality of the Year Personality of the Year is the Accountancy Age Award that you A- the readers A- vote for. It's the prize where the profession identifies the accountant who has made the greatest...

Adding insult to injury.(marital separation and bankruptcy)(Brief article)
June 5, 2008... Byline: Taking Stock Adding insult to injury Are you recently separated? Are you lonely? No one to talk to on those long winter nights (we know it's June, but run with it)? Well, TS has some more depressing news. You're even more...

Image unconscious In this weeki?1/2s issue of Accountancy Age we raise the prospect that the tax profession has lost its attraction for graduates because of its association, mostly unfairly, with dodgy tax practices. This is because, our feature explains, gra.
June 5, 2008... Byline: Accountancy Age Image unconscious In this week's issue of Accountancy Age we raise the prospect that the tax profession has lost its attraction for graduates because of its association, mostly unfairly, with dodgy tax...

ACCA promotes from within as Brand scoops the top job.(Helen Brand)
June 5, 2008... Byline: Alex Hawkes ACCA promotes from within as Brand scoops the top job Alex Hawkes Helen Brand has been appointed ACCA chief executive. Brand is currently managing director for strategy and development. She will start on 1...

Funds needed to tackle middle class debt.
June 5, 2008... Byline: Rachael Singh Funds needed to tackle middle class debt Rachael Singh Insolvency experts say new figures are a good indication of what could happen to the rate of middle class bankruptcies in the future as they...

IASB response to credit crunch blasted.(International Accounting Standards Board)(Brief article)
June 5, 2008... Byline: Penny Sukhraj IASB response to credit crunch blasted Penny Sukhraj A leading European MEP has criticised international standard setter IASB for responding too slowly to the global credit crunch. 'I would have wished...

PwC reshuffles management team pack.
June 5, 2008... Byline: Alex Hawkes PwC reshuffles management team pack Alex Hawkes Ian Powell, the incoming senior partner at PricewaterhouseCoopers, has unveiled his management team. Barry Marshall becomes head of tax, replacing Richard...

Fears grow of interference from watchdog.(International Accounting Standards Board)(Brief article)
June 5, 2008... Byline: Penny Sukhraj Fears grow of interference from watchdog Penny Sukhraj Plans to create a new oversight body to monitor the creation of accounting standards are running into criticism, as fears grow that the new body...

Doubts cast on big NHS turnaround.(National Health Service)(Brief article)
June 5, 2008... Byline: Alex Hawkes Doubts cast on big NHS turnaround Our parliamentary correspondent The triumphant NHS turnaround, from a gross deficit of [pounds sterling]547m to a [pounds sterling]515m surplus in a year, has been challenged...

E&Y partners vote for radical restructuring.
June 5, 2008... Byline: Gavin Hinks E&Y partners vote for radical restructuring Gavin Hinks Ernst & Young enters a new era this week after partners in 86 countries approved a restructuring, with a single executive team covering the whole of...

Banks face risk of legal claims after launch of price fixing probe.
June 5, 2008... Byline: Barbara Buchanan Banks face risk of legal claims after launch of price fixing probe Barbara Buchanan Firms could be queuing up to file damage claims if the Office of Fair Trading finds banks guilty of price fixing over...

ICAEW urges safeguards against abuse.(Institute of Chartered Accountants in England and Wales)(Brief article)
June 5, 2008... Byline: rachael singh ICAEW urges safeguards against abuse Rachael Singh New ICAEW president David Furst is to push the government to safeguard taxpayers from sweeping new HMRC powers. A partner at Horwath Clark Whitehill and...

HMRC takes knife to big business service.
June 5, 2008... Byline: Barbara Buchanan HMRC takes knife to big business service Barbara Buchanan HM Revenue & Customs is revamping its Large Business Service, removing from the group those companies that it does not regard as the largest in the...

Moving forward: the art of tact.
June 5, 2008... Byline: Lynne Williams moving forward: the art of tact Assertiveness is an attribute. It is the ability to stand up for your views and not only influence others but also the outcome of certain situations. A lack of...

Cause and FX.
June 5, 2008... cause and FX Any business that makes international payments needs to be aware of currency fluctuations. Unfortunately, it is all too common for the profitability of an overseas deal to be negatively affected by unexpected movements in the...

JDS and Equitable.
June 5, 2008... Byline: Taking Stock What has happened to the Joint Disciplinary Scheme case about Ernst & Young and Equitable Life? Neither side can say anything about it given the secrecy rules of the scheme, but to recap: the case was heard last year...

Brand awareness.(Association of Chartered Certified Accountants)(Brief article)
June 5, 2008... Byline: Taking Stock Eagle-eyed readers will have noted last week that AA said one of the candidates for the next chief executive of ACCA was Helen Brand, the current managing director for development and strategy. At about 11 O'clock,...

Snooping, doggy dog.(John Snyder's professional misconduct)(Brief article)
June 5, 2008... Byline: Taking Stock Snooping, doggy dog You'll remember TS's shock at finding out that people who work for HM Revenue & Customs aren't allowed to access everyone's tax records. TS would consider becoming a taxman only if that is what...

Begbies hopeful of Silverjet buyer by end of week.(Begbies Traynor)(Brief article)
June 5, 2008... Byline: Rachael Singh Begbies hopeful of Silverjet buyer by end of week Begbies Traynor partners Nigel Atkinson and Mark Fry have been named joint administrators for business class airline Silverjet and hope to find a buyer this week,...

Web sight: tax regimes compared.(Brief article)
June 5, 2008... Byline: Kevin Reed Web Sight: tax regimes compared The UK's tax regime is less fair and transparent than that of other leading nations, according to an ACCA survey at accaglobal.com. Its Perspectives on Fair Tax report found that ACCA...

Extraordinary talent.(Company overview)
June 5, 2008... Extraordinary talent Close Invoice Finance is pleased to sponsor the Accountancy Age Personality of the Year Award. Voted for by the readers, it recognises the extraordinary talent on offer in the accountancy field and inspires us all to...

CORPORATE FINANCE shines, but clouds are gathering.
June 12, 2008... Byline: David Jetuah CORPORATE FINANCE shines, but clouds are gathering Accountancy firms posted double-digit growth yet again in their combined corporate finance revenues, growing at a rate of 13%, according to our Top 50 analysis....

ten years on.(accounting firms)
June 12, 2008... Byline: Gavin Hinks ten years on The business of accountancy is dull, some might argue, but when has the profession ever really been without a notable event? If you take a decade as the horizon, some startling changes emerge....

CSR: a hard nut to crack.
June 12, 2008... Byline: Rachael Singh CSR: a hard nut to crack Over half of the firms in this year's survey have failed to implement company policy on reducing their corporate carbon footprint. Not only are these firms lagging behind the government's...

AUDITi?1/2s slow progress.(audits)
June 12, 2008... Byline: Penny Sukhraj AUDIT's slow progress Perhaps the most striking feature of the service lines in this year's Top 50 is the subdued growth in audit. Audit has grown by only 4.8% according to this year's survey, compared with...

time to knuckle down.(financial markets)
June 12, 2008... Byline: Kevin Reed time to knuckle down The top line from this year's Accountancy Age survey of the largest accounting firms is that the growth rate of the Top 50 has slowed significantly. After double-digit growth in the 2006 and 2007...

the engine room.(growth of accounting firms)
June 12, 2008... Byline: Michelle Perry the engine room The unsung heroes of accountancy, the firms that support the UK's entrepreneurs and owner-managed businesses, are prospering. The firms that just missed out on making this year's Top 50 A-...

ups and downs.(Brief article)
June 12, 2008... Byline: Kevin Reed ups and downs The top 20 firms occupy the same places in this year's survey as last year, but there has been plenty of jockeying for position among the smaller players. Target has hit the revenue growth...

People and moves...(Brief article)
June 12, 2008... Byline: rachael singh People and moves... Job to die for: fd of centiq Our gong this week goes to Andrew Smith, who takes on the role of finance director for IT consultancy Centiq. CIMA-qualified Smith was previously FD at NTL and...

the fdi?1/2s fd: what credit crisis? Corporate CFOs looking for financing would be forgiven for raising an eyebrow at the recent performance of the equity markets. Stocks around the world have rebounded from their lows in March: the FTSE-100 is up 10%; the.
June 12, 2008... Byline: Margaret Ewing the fd's fd: what credit crisis? Corporate CFOs looking for financing would be forgiven for raising an eyebrow at the recent performance of the equity markets. Stocks around the world have rebounded from...

Top 30 firms create IT directors forum.(information technology)
June 12, 2008... Byline: Rachael Singh Top 30 firms create IT directors forum Rachael Singh IT directors from the top 30 accountancy firms have banded together to form the Accounting IT Directors Forum to improve information sharing. ...

Double standards at HMRC for over and underpayments.
June 12, 2008... Byline: barbara Buchanaa Double standards at HMRC for over and underpayments Barbara Buchanan Just as the government is rekindling the idea of a taxpayers' charter, it is also poised to reduce the time limit for reclaiming tax...

Fraud to rise as crunch bites.
June 12, 2008... Byline: Julian Jones Fraud to rise as crunch bites The credit crunch has had an adverse effect on many people's lives; for some, however, it has been the impetus for criminal activity. The effect of the current downturn on the...

Future perfect?(accounting firms)
June 12, 2008... Byline: Phil Shohet Future perfect? Looking at this year's Top 50, it might be tempting to think: 'Wella[bar] not much change there then, it's all very much the same as last year.' But trends cannot be mapped looking at short...

Legal threat looms on qualified accounts.
June 12, 2008... Byline: Barbara Buchanan Legal threat looms on qualified accounts Barbara Buchanan Directors who help prepare qualified accounts and then fail to co-operate if they have to be corrected could find themselves in court. The...

The yeas and nays of the monitoring group.
June 12, 2008... Byline: Penny Sukhraj The yeas and nays of the monitoring group A dramatic shift of power lies ahead for the international accounting standard setter, which will in future be overseen by a monitoring group. The group will act as a...

Big business heads for departure gates as discontent with tax regime swells.(Reprint)
June 12, 2008... Big business heads for departure gates as discontent with tax regime swells The decision by Shire and United Business Media in April to move their tax domicile from Britain to Ireland has proved a tipping point. Rather than just...

panther brings teeth.(David Smith)
June 12, 2008... Byline: Penny Sukhraj panther brings teeth The FSA has been accused of being a toothless watchdog following its appalling handling of the Northern Rock collapse. Now in a bid to get itself back on course, the regulator has made...

rock job needs a star.(Northern Rock PLC)(Brief article)
June 12, 2008... Byline: Michelle Perry rock job needs a star ICAEW chief executive Michael Izza finds himself with the unenviable task of leading the panel that will select a firm to put a value on Northern Rock so that compensation can be calculated...

Contractor bid to overturn IR35 ruling.
June 12, 2008... Byline: michelle perry Contractor bid to overturn IR35 ruling Michelle Perry An IT contractor has appealed against a tax judgment that would see him paying almost [pounds sterling]100,000 extra in taxes, and which could have...

Tycoon soon to face High Court tax scrutiny.
June 12, 2008... Byline: Michelle Perry and Alex Hawkes Tycoon soon to face High Court tax scrutiny Michelle Perry and Alex Hawkes A private equity tycoon's tax affairs could be discussed in court later this month, in one of the most hotly awaited...

Levitt: regulators at fault during the credit crunch.(Arthur Levitt)
June 12, 2008... Byline: Penny Sukhraj Levitt: regulators at fault during the credit crunch Penny Sukhraj Arthur Levitt has blamed standard setters and regulators for being 'inapt' during the credit crunch. In an interview with Dutch magazine...

on the money with Gavin Hinks.(Arthur Levitt)
June 12, 2008... Byline: Gavin Hinks on the money with Gavin Hinks When Arthur Levitt, the former head of the Securities and Exchange Commission, was commissioned by the US Treasury to have a look at audit choice in the US, it was...

absolute transparency is the only way forward When it comes to disclosure of key information, the Top 50 firms are not always the most assiduous of corporate bodies. Take, for instance, the fact that only a quarter of the firms in this yeari?1/2s list of the.(Brief article)
June 12, 2008... Byline: Accountancy Age absolute transparency is the only way forward When it comes to disclosure of key information, the Top 50 firms are not always the most assiduous of corporate bodies. Take, for instance, the fact that only a...

Setting the green software agenda.
June 12, 2008... Byline: Rachael Singh Setting the green software agenda Rachael Singh The European Commission has called on members of BASDA to take part in its consultation on how the technology industry can help tackle the effects of climate...

Firms branded hypocrites over missing profit figures.
June 12, 2008... Byline: Barbara Buchanan Firms branded hypocrites over missing profit figures Barbara Buchanan Accountancy firms have been accused of operating double standards when it comes to revealing their own profitability. Only 12...

target hits the spot One young firm has bucked the trend of slowing revenues by posting 49.5% growth in this yeari?1/2s Accountancy Age Top 50, writes Kevin Reed. Target Chartered Accountants grew its revenues to i?1/215.1m for the year ending March 2008. The To.(Financial report)
June 12, 2008... Byline: Kevin Reed target hits the spot One young firm has bucked the trend of slowing revenues by posting 49.5% growth in this year's Accountancy Age Top 50, writes Kevin Reed. Target Chartered Accountants grew its revenues to...

Court takes Stock of battle over tax fees.
June 12, 2008... Byline: Sarah Perrin Court takes Stock of battle over tax fees Barbara Buchanan Millionaire record producer Mike Stock, who produced Kylie Minogue's 'I should be so lucky', is facing a legal battle in a long-running dispute over...

FRC appeals to US watchdog over auditor liability deals.
June 12, 2008... Byline: Penny Sukhraj FRC appeals to US watchdog over auditor liability deals Penny Sukhraj The Financial Reporting Council has revealed that it is playing a leading role in persuading the US financial watchdog to accept limited...

Rock role generating more interest.(Brief article)
June 12, 2008... Byline: David Jetuah Rock role generating more interest David Jetuah Candidates are queuing up in a bid to value Northern Rock, in one of the most keenly watched selection processes of recent years. A Whitehall source said...

CCCTB opposition softens British opposition to the EU project for a common consolidated corporate tax base (CCCTB) may be softening. Lobbyists in Brussels believe the UK government may be more attracted by the idea in a bid to address the issue of large c.
June 12, 2008... Byline: Accountancy Age CCCTB opposition softens British opposition to the EU project for a common consolidated corporate tax base (CCCTB) may be softening. Lobbyists in Brussels believe the UK government may be more attracted by the...

Growth halves as Top 50 come down to earth.(accounting firms)(Brief article)
June 12, 2008... Byline: Penny Sukhraj Growth halves as Top 50 come down to earth Penny Sukhraj Growth rates of the Top 50 firms have halved after two years of double-digit revenue rises. The Top 50 firms posted an average 5.7% growth rate for...

Short splash landing.(Centrica PLC)(Brief article)
June 12, 2008... Byline: TS Short splash landing TS can finally report back on the outcome of the Red Bull Flugtag, which saw CODA-sponsored accountants from Centrica 'fly' its so-called Risk Calculator. We say fly, apparently it travelled the...

ICAEW lunch.(Institute of Chartered Accountants in England and Wales)(Brief article)
June 12, 2008... Byline: TS The ICAEW president's lunch went smoothly, with new president David Furst dishing out some stick to the taxman over its new 'powers'. But for TS the biggest story was that of a battered council member. Alan Livesey's smart...

Irish tax.(tax policy)(Brief article)
June 12, 2008... Byline: TS TS marvels at the sensitivity of the Irish tax authorities. Far be it from them to allow a little thing like death to stand in the way of recouping outstanding taxes. It seems the fiscal fee collectors managed to gather...

Taking women to account.
June 12, 2008... Byline: TS Taking women to account It's Top 50 fever this week and we've been busy scouring back issues to see what happened in previous years. Although there are some interesting facts and figures (see page 19), the TS of...

Time to dodge the argument.(corporate taxes)(Brief article)
June 12, 2008... Byline: TS Time to dodge the argument A spat is developing in the world of tax. As if the debate on UK corporate tax rates was not already highly-charged enough, Richard Murphy, the tax campaigner, and Bill Dodwell, of Deloitte, look...

almighty powers that be.
June 19, 2008... Byline: KPMG almighty powers that be The government's announcement that it will be consulting on extending the Pension Regulator's anti-avoidance powers is already causing considerable difficulty for UK business. The situations in...

Share the burden.
June 19, 2008... Byline: LCP It seems that every company with a final salary pension scheme is looking at the merits of buyouts. Recent months have seen big deals for Goldman Sachs, Legal & General, Nor-wich Union and Paternoster, and the first FTSE-100...

Steer the right course.
June 19, 2008... Byline: Clive Pugh Steer the right course Trustees of defined benefit pension schemes must keep a firm grip on the tiller of first principles, however calm or turbulent the water is. Before trustees choose from the array of complex...

Olympian task for contracts.
June 19, 2008... Byline: Clive Lewis Olympian task for contracts For many years, smaller practices and their SME clients have wanted a slice of the action when it came to government contracts A- both locally and centrally. The Department for...

join the clubcard.
June 19, 2008... Byline: Barbara Buchanan join the clubcard Football clubs' affairs off the pitch almost have as much drama as players' on-field antics. The stakes are high and a club's fortune can turn on a sixpence A- and Everton FC is a prime...

People and moves...
June 19, 2008... Byline: Rachael Singh People and moves... Job to die for: CFO of mapeley Nicholas Friedlos wins admiration this week for taking on the role of CFO at commercial landlord Mapeley. Friedlos, a former PricewaterhouseCoopers partner,...

to meet...(Brief article)
June 19, 2008... Byline: Kevin Reed to meet... Meetings. Great, eh? They're generally mandatory, and universally bemoaned. TalentDrain has launched an online calculator to gauge the true cost of a meeting. 'Every minute spent ineffectively costs money...

Youi?1/2ve got to Be in it to win it.(climate change bill)(Brief article)
June 19, 2008... Byline: Rachael Singh You've got to Be in it to win it We're in a downturn, so some service lines, such as corporate finance, are suffering. So you would think the firms would jump at the chance of opening up potentially lucrative new...

setting the pace.
June 19, 2008... Byline: David Jetuah setting the pace After a hard day at the coalface of the finance function or in the hallowed halls of a City practice, it's a fair bet that you'll want to watch your favourite TV channel. Chances are the...

on the money with Gavin Hinks.(International Accounting Standards Board)(Brief article)
June 19, 2008... Byline: Gavin Hinks on the money with Gavin Hinks It was a sorry week for the International Accounting Standards Board last week. Where once the attacks came at the standards themselves, last week they turned...

CFOs struggle with growing job demands.
June 19, 2008... Byline: David Jetuah CFOs struggle with growing job demands David Jetuah Chief financial officers have admitted to an information shortfall of the wider issues their businesses face and are struggling to meet the growing demands...

Common tax base seductive, if it wasni?1/2t a i?1/2Trojan horsei?1/2.
June 19, 2008... Byline: Barabara Buchanan Common tax base seductive, if it wasn't a 'Trojan horse' tax Barbara Buchanan The Treasury has been looking for ways of persuading corporates that things aren't so bad they need to set up...

Leaving the back door open.
June 19, 2008... Byline: Securecom Leaving the back door open Leaving behind some papers on a train. It has happened to lots of us. My colleague once left her mortgage application A- complete with bank details A- on a train. But, unlike some civil...