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Daily News

Below please find daily updates pertaining to the latest in financial, business, and tax news:

HMRC News

Detailed guide: Money laundering supervision for money service businesses

Mon, Jun 26, 2017

Updated: Updated to include guidance for bill payment service providers and telecommunication, digital and IT payment service providers.If you’re already supervised by the Financial Conduct Authority (FCA), you don’t also need to register with HMRC. You must not run a money service business until you’ve registered. The term money service business has a special meaning under the Money Launderi...

Guidance: UK Trade Tariff: customs procedure codes

Mon, Jun 26, 2017

Updated: Updates to Imports: home use with simultaneous entry for free circulation for Inward Processing.The customs procedure codes identify the customs and/or excise regimes which goods are being entered into and removed from (where this applies). ...

Collection: Tax avoidance schemes currently in the spotlight

Mon, Jun 26, 2017

Updated: Spotlight 38 has been added to show HMRC's stance on VAT supply splitting.This guidance includes some of the schemes that HMRC has: identified as having the features of tax avoidance started investigating If you use an avoidance scheme, HMRC will: open an enquiry into your tax affairs seek full payment of any tax due, plus interest charge penalties where appropriate T...

Guidance: Money laundering supervision: fit and proper test and approval

Mon, Jun 26, 2017

This guide explains the fit and proper test, the approval process and who it applies to. It tells you how to apply and what happens if anyone fails the test or isn’t approved. It also explains what to do when there are changes to the personnel of your business. ...

Guidance: VAT: supply splitting tax avoidance schemes (Spotlight 38)

Mon, Jun 26, 2017

‘Spotlights’ warn you about certain tax avoidance schemes which you should be aware of. This is just one of the schemes being widely offered to help those using them to avoid tax. ...

Guidance: HMRC exchange rates for 2017: monthly

Mon, Jun 26, 2017

Updated: The July 2017 monthly exchange rates have been added to the page.You should use these exchanges rates if you have to convert any foreign currency to sterling for customs and VAT purposes. Please note that the European Community rate includes the following countries: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malt...

Guidance: Money laundering supervision: guidance for money service businesses

Mon, Jun 26, 2017

Updated: This guidance has been updated to reflect legislation changes effective from 26 June 2017.Background information and detailed guidance to enable money service businesses meet their obligations including customer due diligence and record keeping. ...

Guidance: Money laundering supervision: guidance for trust or company service providers

Mon, Jun 26, 2017

Updated: This guidance has been updated to reflect legislation changes effective from 26 June 2017.Background information and detailed guidance to enable trust or company service providers meet their obligations including customer due dilligence and record keeping. ...

Detailed guide: Money laundering supervision: appeals and penalties

Mon, Jun 26, 2017

Updated: This guidance has been updated to reflect legislation changes effective from 26 June 2017 including a link to further guidance on enforcement measures.Overview HM Revenue and Customs (HMRC) may impose measures including a financial penalty if you don’t comply with the Money Laundering Regulations. In more serious cases it may consider criminal prosecution. This guide tells you what y...

Guidance: Money laundering supervision: enforcement measures

Mon, Jun 26, 2017

Detailed guidance to enable businesses to have written risk assessment, policies, controls and procedures in place to prevent others using them to launder money or finance terrorism. Businesses are also required to report suspicious transactions to the National Crime Agency (NCA) meet their obligations. ...

ACCA Tax News

The Chartered Institute of Taxation: News

Money Laundering Regulations 2017 are coming into force on Monday 26th June 2017

Fri, Jun 23, 2017

Money Laundering Regulations 2017 are coming into force on Monday 26th June 2017By Ruth Mace on 23 June 2017HM Treasury have issued a press release today confirming that regulations implementing the EC 4th Money Laundering Directive are coming into force on Monday 26th June as originally planned.    Read more »...

Press release: Tax professionals respond to Air Departure Tax Bill vote

Tue, Jun 20, 2017

Press release: Tax professionals respond to Air Departure Tax Bill voteBy Hamant Verma on 20 June 2017Commenting following the Scottish Parliament’s vote this evening (20 June) to approve the Air Departure Tax (Scotland) Bill, Moira Kelly, chair of the Chartered Institute of Taxation’s Scottish Technical Committee, said: Read more »...

LITRG Press Release: Big increase in tax credit errors – but how reliable is HMRC’s methodology?

Thu, Jun 15, 2017

LITRG Press Release: Big increase in tax credit errors – but how reliable is HMRC’s methodology?By Ruth Mace on 15 June 2017Campaigners are calling on the UK government to explain the reasons behind a spike in tax credit errors after official figures found inaccuracies by claimants had risen by more than a third in the space of a year. Read more »...

Press release: UK tax profession welcomes latest move to tackle profit shifting

Wed, Jun 07, 2017

Press release: UK tax profession welcomes latest move to tackle profit shiftingBy Ruth Mace on 7 June 2017The Chartered Institute of Taxation (CIOT) has welcomed today’s signing of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS. The CIOT says it is an important move by countries to prevent companies using tax strategies to exploit gaps and mismatc...

LITRG Press release: Why ‘gig economy’ review needs a tax inspection

Tue, May 23, 2017

LITRG Press release: Why ‘gig economy’ review needs a tax inspectionBy Hamant Verma on 23 May 2017The Low Incomes Tax Reform Group (LITRG) has urged the Taylor Review of employment practices to recommend a comprehensive reassessment of the relationship between taxation and the growth in non-standard work, such as people working in the ‘gig economy’. Read more »...

LITRG Press Release: New champion for taxpayers on low incomes calls for better tax guidance and support

Wed, May 10, 2017

LITRG Press Release: New champion for taxpayers on low incomes calls for better tax guidance and support By Hamant Verma on 10 May 2017The new Chair of the Low Incomes Tax Reform Group (LITRG) has today urged the Government to provide greater support to help taxpayers on low incomes engage with and understand the tax system. It echoes similar concern expressed by the new President of the Charte...

Press release: New ADIT certificates launched for international tax specialists

Tue, May 09, 2017

Press release: New ADIT certificates launched for international tax specialistsBy Hamant Verma on 9 May 2017The Chartered Institute of Taxation (CIOT) has launched a range of new modular certificates to help students demonstrate their expertise in both the fundamental concepts of international tax and a specialist area of international tax practice. Read more »...

Press release: Be brave on tax simplification, new Institute President encourages politicians

Tue, May 09, 2017

Press release: Be brave on tax simplification, new Institute President encourages politiciansBy George Crozier on 9 May 2017In his inaugural speech as President of the Chartered Institute of Taxation (CIOT), John Preston encourages whichever government is elected on June 8th to be prepared to be brave on tax simplification. Read more »...

Press Release: Default ‘worker’ status a smart move, says LITRG

Thu, May 04, 2017

Press Release: Default ‘worker’ status a smart move, says LITRGBy Sophia Bell on 4 May 2017The LITRG has welcomed a recommendation in a report by the House of Commons Work and Pensions Committee that the ‘self-employed’ should be given at least ‘worker’ employment status unless the engager of their labour can prove otherwise. Read more »...

Press Release: Campaigners back MPs’ urgent pleas for a change to universal credit

Wed, May 03, 2017

Press Release: Campaigners back MPs’ urgent pleas for a change to universal creditBy Sophia Bell on 3 May 2017The LITRG has welcomed the recommendations in a report on self-employment and the gig economy by the House of Commons Work and Pensions Committee that calls for an urgent review of the universal credit Minimum Income Floor (MIF). Read more »...

Reuters: Money

Meditating on life with hip-hop entrepreneur Russell Simmons

Mon, Jun 26, 2017

NEW YORK (Reuters) - If there is one American entrepreneur who seems to thrive across multiple industries and spanning different eras, it would have to be Russell Simmons. ...

Your money: Now you can get miles for your student loan

Mon, Jun 26, 2017

NEW YORK (Reuters) - Dana Friend was skeptical about all the offers flooding her inbox to refinance her student loan with a private company, but what sold her in the end was not the offer to cut her... ...

Deutsche Bank's chief U.S. economist LaVorgna steps down: Bloomberg

Mon, Jun 26, 2017

NEW YORK (Reuters) - Deutsche Bank AG's chief U.S. economist Joe LaVorgna left last week after about 20 years with the bank and plans to "work elsewhere in financial services," Bloomberg said on... ...

Hedge fund PSAM buys stake in CdR Capital

Mon, Jun 26, 2017

NEW YORK (Reuters) - Hedge fund firm P. Schoenfeld Asset Management has bought a minority stake in CdR Capital, the two investment managers said in a statement on Monday. ...

Berkshire bulks up in real estate with Store Capital stake

Mon, Jun 26, 2017

NEW YORK (Reuters) - Berkshire Hathaway Inc has taken a nearly 10 percent stake in the real estate investment trust Store Capital Corp, adding to bets in the sector by the conglomerate controlled by... ...

Investing with 'green' ratings? It's a gray area

Mon, Jun 26, 2017

BOSTON/NEW YORK (Reuters) - Investors betting trillions on ethically-appealing stocks may not be getting all they expect. ...

Biggest U.S. banks clear first hurdle in Fed's annual stress tests

Fri, Jun 23, 2017

WASHINGTON/NEW YORK (Reuters) - The 34 largest U.S. banks have all cleared the first stage of an annual stress test, showing they would be able to maintain enough capital in an extreme recession to... ...

Column: Big Social Security COLA will be offset by Medicare premiums

Thu, Jun 22, 2017

CHICAGO (Reuters) - Retirees can look forward to the largest Social Security cost-of-living adjustment next year since 2012 - but don’t break out the champagne just yet. For many, higher Medicare... ...

U.S. stock fund flows decline week after one of biggest inflows of 2017

Thu, Jun 22, 2017

NEW YORK (Reuters) - Investors pulled back from U.S.-based stock funds after pouring the most cash into those investments since February the previous week, Lipper data showed on Thursday. ...

Low U.S. inflation? It's your phone: BlackRock bond manager

Wed, Jun 21, 2017

NEW YORK (Reuters) - Americans' love of their smartphones and apps may be contributing to the sluggish pace of inflation that is worrying Wall Street and the Federal Reserve, a top bond manager at... ...

Reuters: Financial Services and Real Estate

S&P 500, Dow edge up; tech weighs on Nasdaq

Mon, Jun 26, 2017

(Reuters) - The S&P 500 and the Dow barely rose on Monday as gains were offset by a fall in technology stocks, which pushed the Nasdaq lower as investors turned to more defensive sectors. ...

Google set to face record EU antitrust fine as soon as Tuesday: sources

Mon, Jun 26, 2017

PARIS (Reuters) - EU antitrust regulators are likely to impose a record fine on Alphabet unit Google over its shopping service as soon as Tuesday, two people familiar with the matter said on Monday, concluding one of three cases against the company. ...

U.S. activist presses for 'bold action' at Nestle

Mon, Jun 26, 2017

LONDON/NEW YORK (Reuters) - U.S. activist shareholder Third Point LLC has targeted Nestle by taking a $3.5 billion stake in the food maker and urging Europe's most valuable company to boost returns as demand for its products weakens. ...

Apple CEO touts India impact in push for deeper market access

Mon, Jun 26, 2017

(Reuters) - Apple CEO Tim Cook on Sunday highlighted the economic impact the company is having on India in a meeting with its prime minister as the iPhone maker seeks deeper access to the world's third-largest smartphone market behind the United States and China. ...

Amtrak names former Delta executive as next CEO

Mon, Jun 26, 2017

WASHINGTON (Reuters) - Amtrak on Monday named a former Delta Air Lines chief to lead the U.S. passenger rail carrier as it embarks on a major renovation of its busiest U.S. hub following years of disruptions and delays along the Northeast Corridor. ...

GM lowers outlook for U.S. 2017 new vehicle sales

Mon, Jun 26, 2017

DETROIT (Reuters) - General Motors Co now expects U.S. new vehicle sales in 2017 will be in the "low 17 million" unit range, reflecting a widespread expectation that the industry is headed for a moderate downturn, a top executive said on Monday. ...

Carl Icahn to fund former Sargon co-manager Schechter's new venture

Mon, Jun 26, 2017

(Reuters) - Billionaire Carl Icahn's investment firm, Icahn Enterprises LP , said on Monday it had entered an agreement with the former co-manager of its Sargon Portfolio, David Schechter, to fund his new private investment management business. ...

'Pharma bro' Martin Shkreli heads into fraud trial

Mon, Jun 26, 2017

NEW YORK (Reuters) - Martin Shkreli, the pharmaceutical entrepreneur vilified as the "pharma bro" for raising the price of a life-saving drug by 5,000 percent, will go on trial on Monday for what U.S. prosecutors called a Ponzi-like scheme at his former hedge fund and a drug company he once ran. ...

Banks' blockchain consortium picks IBM for trade finance platform

Mon, Jun 26, 2017

PARIS (Reuters) - Tech giant IBM is building a blockchain-based platform for seven big European banks, including HSBC and Deutsche Bank , that is aimed at simplifying trade finance transactions for small- and medium-sized companies. ...

U.S. top court buries CalPERS lawsuit over Lehman collapse

Mon, Jun 26, 2017

WASHINGTON (Reuters) - Nearly 30 banks that underwrote billions in debt offerings by Lehman Brothers before Lehman collapsed in 2008 will not have to defend a securities fraud lawsuit by a big California pension fund, the U.S. Supreme Court ruled on Monday. ...