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Daily News

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

HMRC News

Press release: HMRC reminds parents to update their children’s educational details

Thu, Aug 24, 2017

As exams results are revealed across England, Wales and Northern Ireland, HMRC are urging parents to inform them if any of their children are aged 16+ and continuing in full-time education or are undertaking an apprenticeship otherwise their payments will stop. Alternatively, if a young person leaves education or training - for example to start full-time work or because their course has ended -...

Guidance: UK Trade Tariff: preferential trade arrangements for countries outside the EU

Wed, Aug 23, 2017

Updated: Country names in sections 3 and 4 updated.How to find the preferential rates that apply to countries within the trade tariff. ...

Guidance: Customs Handling of Import Export Freight: service availability and issues

Wed, Aug 23, 2017

Updated: Planned downtime has been added for September 2017 due to work on the Automatic Licence Verification System (ALVS).Latest updates on the availability and any issues affecting the CHIEF online service. ...

Detailed guide: Off-payroll working rules in the public sector for intermediaries

Tue, Aug 22, 2017

Updated: If you use Basic PAYE Tools, you don't need to report non-taxable payments your company made to you.Overview The off-payroll working rules are in place to make sure that, where an individual would have been an employee if they were providing their services directly, they pay broadly the same tax and National Insurance as an employee. If you use your own intermediary (most commonly a ...

Notice: Tariff Notice 37 (2017): flour, groats, meal, starch or malt extract for use in food supplements

Tue, Aug 22, 2017

The attached document is classified by HM Revenue and Customs as a tariff notice and contains information about how to correctly classify certain goods for import and export purposes. ...

Guidance: Intrastat (IS2): service availability and issues

Tue, Aug 22, 2017

Updated: Planned downtime on Sunday September 10th 2017Latest updates on the availability and any issues affecting the IS2 online service. ...

National Statistics: Monthly property transactions completed in the UK with value of £40,000 or above

Tue, Aug 22, 2017

Updated: Update with provisional data from July 2017This publication presents monthly estimates of the number of residential and non-residential property transactions in the UK and its constituent countries. The figures are based on HMRC’s Stamp Duty Land Tax (SDLT) database, which records the information submitted by property purchasers on the Land Transaction Return (SDLT1). Land and Buildin...

National Statistics: Tobacco Bulletin

Tue, Aug 22, 2017

Updated: Update with provisional data from May 2017 to July 2017The Tobacco Bulletin contains statistics and analysis on the duty receipts and clearances for all tobacco products in the UK. The bulletin is updated quarterly. ...

National Statistics: HMRC Tax Receipts and National Insurance Contributions for the UK

Tue, Aug 22, 2017

Updated: The table and bulletin have been updated to include the latest available receipts data.The published bulletin and table includes historical receipts on a monthly and annual basis for all HMRC taxes, as well as tax credit and child benefit payments. The bulletin also includes analysis and commentary on year-to-date receipts. They are published on the 15th working day every month at 9:3...

International treaty: Uruguay: tax treaties

Mon, Aug 21, 2017

Updated: Tax Information Exchange Agreement with Uruguay/UK has been added.2016 Uruguay - UK tax treaty: double taxation convention The double taxation convention was signed on 24 February 2016 and entered into force on 14 November 2016. The convention takes effect for: a) taxes withheld at source, for amounts paid or credited on or after 1 January 2017 b) other taxes, for taxable periods (...

ACCA Tax News

The Chartered Institute of Taxation: News

Press release: Tax professionals respond to Business Rates review

Tue, Aug 22, 2017

Press release: Tax professionals respond to Business Rates reviewBy Chris Young on 22 August 2017Commenting on the publication of the Barclay Review of Business Rates, Moira Kelly, chair of the CIOT’s Scotland Technical Committee, said: Read more »...

LITRG Press Release: Act fast or lose your tax credits

Thu, Aug 17, 2017

LITRG Press Release: Act fast or lose your tax creditsBy Ruth Mace on 17 August 2017The Low Incomes Tax Reform Group (LITRG) is urging people to contact HMRC urgently if they have missed the tax credits renewals deadline. Read more »...

Press release:Businesses need long lead-in period for post Brexit customs system

Tue, Aug 15, 2017

Press release:Businesses need long lead-in period for post Brexit customs systemBy Hamant Verma on 15 August 2017The Chartered Institute of Taxation (CIOT) has urged the Government to act swiftly to turn the proposals in its new paper for a future customs relationship with the EU into agreed measures that will give businesses a long lead-in period before Brexit. Read more »...

Press release: ADIT exams sat in a record 47 cities across the world

Thu, Aug 10, 2017

Press release: ADIT exams sat in a record 47 cities across the worldBy Ruth Mace on 10 August 2017June 2017 saw another record breaking exam session for the ADIT (the Advanced Diploma in International Taxation) qualification, with approximately 700 students sitting exams in a record 47 cities across the world. Read more »...

Press Release: Module in Brazilian taxation launched

Mon, Aug 07, 2017

Press Release: Module in Brazilian taxation launchedBy Sophia Bell on 7 August 2017The Chartered Institute of Taxation (CIOT) is pleased to announce the launch of a new module in Brazilian international taxation, as part of the ADIT (Advanced Diploma in International Taxation) qualification. It is the latest addition to ADIT as the qualification continues to grow in popularity and range of topi...

Press release: Don’t abolish tax relief for unreimbursed employee expenses

Thu, Jul 27, 2017

Press release: Don’t abolish tax relief for unreimbursed employee expensesBy Hamant Verma on 27 July 2017The Chartered Institute of Taxation (CIOT) is calling on the Government not to abolish income tax relief for legitimate work-related expenses for which they are not reimbursed by their employer. Read more »...

LITRG Press Release: Tax credit claimants reminded to renew by July 31

Thu, Jul 20, 2017

LITRG Press Release: Tax credit claimants reminded to renew by July 31By Hamant Verma on 20 July 2017The Low Incomes Tax Reform Group (LITRG) is reminding people who received tax credits during 2016/17, and who have received renewal forms from HMRC, to act by July 31 so that their payments do not stop.  Read more »...

Press release: Finance Bill announcement helpful but questions remain

Thu, Jul 13, 2017

Press release: Finance Bill announcement helpful but questions remainBy George Crozier on 13 July 2017The Government have announced that the Summer Finance Bill will not be published until September, but they have provided some information about the content of the Bill and when measures will take effect.1 Read more »...

LITRG Press Release: A more measured start to Making Tax Digital will better serve its aims

Thu, Jul 13, 2017

LITRG Press Release: A more measured start to Making Tax Digital will better serve its aimsBy Ruth Mace on 13 July 2017The LITRG is hopeful that the benefits of digitalising the tax system will be better secured as a result of today’s announcement that compulsory digital record keeping and reporting will be deferred. Read more »...

Press release: Delayed digital start date will make for better implementation

Thu, Jul 13, 2017

Press release: Delayed digital start date will make for better implementationBy George Crozier on 13 July 2017The Chartered Institute of Taxation (CIOT) welcomes today’s announcement by the Financial Secretary to the Treasury, Mel Stride MP, that mandation of digital record keeping and quarterly reporting by small businesses and landlords for income tax purposes will be deferred until...

Reuters: Money

U.S. stock fund withdrawals largest of 2017: ICI

Wed, Aug 23, 2017

NEW YORK (Reuters) - Investors battered U.S.-based stock funds with the largest withdrawals this year as wild trading disrupted the market's summertime calm, Investment Company Institute (ICI) data... ...

Q&A: Crystal-clear life lessons from Nadja Swarovski

Tue, Aug 22, 2017

NEW YORK (Reuters) - From Michael Jackson's iconic white glove to the star on top of the Rockefeller Center Christmas tree, Swarovski crystals seemingly pop up everywhere. ...

Mutual funds mark down investments in Uber by as much as 15 percent

Wed, Aug 23, 2017

NEW YORK (Reuters) - Four mutual fund companies have marked down their investments in Uber Technologies Inc [UBER.UL] by as much as 15 percent following a scandal-ridden year for the ride-hailing... ...

Funds buy record amounts of longer-dated Treasuries at auctions

Tue, Aug 22, 2017

NEW YORK (Reuters) - Investment funds purchased record amounts of longer-dated U.S. government debt during the quarterly refunding conducted in early August, according to Treasury Department data... ...

Hedge fund manager Dalio cuts risk amid worries about Washington

Mon, Aug 21, 2017

BOSTON (Reuters) - Billionaire investor Ray Dalio, who has been expressing concerns about President Donald Trump in recent months, said on Monday he was cutting some of his exposure during a time of... ...

ADP rejects new board candidates, Ackman fires back

Mon, Aug 21, 2017

(Reuters) - Automatic Data Processing Inc on Monday rejected billionaire investor William Ackman's three proposed board candidates, sparking more criticism from the hedge fund manager who is trying... ...

U.S. money market assets increased in latest week: iMoneyNet

Wed, Aug 23, 2017

NEW YORK, Aug 23 (Reuters) - U.S. money market fund assets increased by $25.44 billion to $2.698 trillion in the week ended Aug 22, the Money Fund Report said on Wednesday. ...

Vontobel to buy eastern European private banking portfolio from Notenstein

Mon, Aug 21, 2017

ZURICH (Reuters) - Swiss bank Vontobel has agreed to buy a roughly 2 billion Swiss franc ($2.1 billion) portfolio of eastern European private banking clients from Notenstein La Roche Private Bank... ...

Doubling Down: Leveraged ETFs offer promise - and danger

Mon, Aug 21, 2017

NEW YORK (Reuters) - In a volatile market, boring investments can be pretty darn sexy. That is why investors have plowed more than $4 trillion into exchange-traded funds, according to London-based... ...

Frankfurt and Dublin make bankers feel wanted in battle for Brexit jobs

Fri, Aug 18, 2017

LONDON/DUBLIN (Reuters) - "I'm here to send you the regards of the Federal Chancellor. I am entitled to tell you we want you in Germany." This private message from Angela Merkel, delivered by a... ...

Reuters: Financial Services and Real Estate

Asia stocks brush off Wall Street slide after Trump's comments, dollar sulks

Wed, Aug 23, 2017

SINGAPORE (Reuters) - Asian stocks edged up on Thursday, shaking off the risk aversion that gripped financial markets overnight after U.S. President Donald Trump's threat to shut down the government, though the dollar remained sluggish. ...

Mexico, Canada dismiss Trump threats to scrap NAFTA trade pact

Wed, Aug 23, 2017

MEXICO CITY/OTTAWA (Reuters) - Mexico and Canada on Wednesday dismissed U.S. President Donald Trump's latest threat to scrap NAFTA, describing it as a negotiating tactic aimed at winning the upper hand in talks to update one of the world's biggest trading blocs. ...

U.S. new home sales hit seven-month low as prices soar

Wed, Aug 23, 2017

WASHINGTON (Reuters) - New U.S. single-family home sales unexpectedly fell in July, dropping to their lowest in seven months amid a surge in prices, raising concerns of a slowdown in the housing market recovery. ...

Amazon deal for Whole Foods wins U.S. regulatory, shareholder approvals

Wed, Aug 23, 2017

WASHINGTON/SAN FRANCISCO (Reuters) - Amazon.com Inc on Wednesday cleared two of the biggest hurdles it needed to close its $13.7 billion acquisition of Whole Foods Market Inc , with approvals from a U.S. regulator and the grocery chain's shareholders. ...

Uber second-quarter bookings increase, loss narrows

Wed, Aug 23, 2017

SAN FRANCISCO (Reuters) - Uber Technologies Inc [UBER.UL] on Wednesday reported a 16 percent increase in quarterly bookings and a smaller loss than the previous period as the ride-services company showed signs of inching toward profitability. ...

Ahead of Lee verdict, Samsung Group lacks leadership 'Plan B'

Wed, Aug 23, 2017

SEOUL (Reuters) - Samsung Group, South Korea's leading conglomerate, has no 'Plan B' for taking big decisions if its billionaire de facto leader Jay Y. Lee is jailed for corruption, people familiar with the matter said. ...

GE, ABB restart talks over industrial solutions deal: sources

Wed, Aug 23, 2017

(Reuters) - General Electric Co has resumed negotiations to sell its industrial solutions business to Swiss engineering company ABB Ltd , after the U.S. industrial conglomerate moderated its price expectations, people familiar with the matter said. ...

Hershey Trust to sell 4.5 million shares of Hershey Co

Wed, Aug 23, 2017

(Reuters) - Hershey Trust Co, the charitable trust which controls chocolate maker Hershey Co , said on Wednesday it would sell 4.5 million shares of Hershey's common stock. ...

Google memo writer hires Republican Party official as lawyer

Wed, Aug 23, 2017

(Reuters) - The engineer fired from Google for writing a memo critical of the company's diversity hiring policies has hired a lawyer who is a member of the Republican National Committee to represent him. ...

Tesla's sales head to get $700,000 payout on meeting targets

Wed, Aug 23, 2017

(Reuters) - Electric carmaker Tesla Inc said on Wednesday it would pay $700,000 to its global sales and service president, Jon McNeill, if he met certain targets for 2017. ...