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Daily News

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

HMRC News

Guidance: Electronic text file specifications for ISA annual returns

Thu, Jun 21, 2018

Updated: The Type 2 record structure in section 6 has been amended to add the INVESTOR FORENAME(S) data item.Use this guidance if you’re an ISA manager, to find out how to submit annual returns of information: by an electronic flat text file using the Secure Data Exchange Service on media permitted by HMRC ...

Guidance: Secure Data Exchange Service: service availability and issues

Thu, Jun 21, 2018

Updated: Planned maintenance to the Secure Data Exchange Service on Thursday 21 June 2018 from 6pm to 7pm has been added to the page.Latest updates on the availability and any issues affecting the SDES. ...

Detailed guide: Check scheme details using the Scheme Reconciliation Service

Thu, Jun 21, 2018

Updated: The information about checking you scheme details using the Scheme Reconciliation Service has been updated.The Scheme Reconciliation Service (SRS) helps pension scheme administrators reconcile their membership and GMP data against the records held by HMRC. SRS provides a list of contracted-out periods and GMP data for members of defined benefit schemes who have left contracted-out emp...

Policy paper: Help to Save: what it is and who it's for

Thu, Jun 21, 2018

Updated: Information about Universal Credit added to section 2 (Who Help to Save is for).Help to Save is a new government saving scheme to support working people on low incomes to build their savings. Over 4 years, regular savers can deposit up to £50 a month and could receive up to £1,200 in tax-free bonuses. This page explains: what Help to Save is who it’s for how it works The sc...

Official Statistics: Child and Working Tax Credits error and fraud statistics 2016 to 2017

Thu, Jun 21, 2018

This report presents the latest findings from the 2016 to 2017 Error and Fraud Analytical Programme, which measures error and fraud in the tax credits system. The commercial with a view to a profit condition for tax credits which applies to self-employed claimants has been included in the 2016-17 analysis. For 2016 to 2017, the central estimate of the rate of error and fraud favouring the cus...

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

Thu, Jun 21, 2018

Updated: The bulletin and table have been updated to include the latest provisional 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, child benefit and tax-free childcare payments. The bulletin also includes analysis and commentary on year-to-date receipts. They are published on the 15th working ...

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

Thu, Jun 21, 2018

Updated: Update with provisional data from May 2018This 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 Building...

National Statistics: Hydrocarbon Oils Bulletin

Thu, Jun 21, 2018

Updated: Update with provisional data from March 2017 to May 2018The Hydrocarbon Oils Bulletin contains statistics and analysis on the duty receipts and clearances for petrol, diesel and other hydrocarbon oils in the UK. The bulletin is updated quarterly. ...

Notice: Tariff Notice 20 (2018): changes to the Combined Nomenclature codes

Wed, Jun 20, 2018

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

Detailed guide: Manage ISA subscriptions for your investors

Wed, Jun 20, 2018

Updated: The section 'Subscription by transfer of shares' has been updated to include information on time limits for transfer of shares.Subscription limits The overall subscription limit for the tax years 2017-18 is £20,000. The Lifetime ISA payment limit for 2017-18 is £4,000. Where a payment is made to a Lifetime ISA that is a new subscription (for example, it is not a transfer from another...

ACCA Tax News

The Chartered Institute of Taxation: News

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Reuters: Money

Companies need older workers: here is why

Thu, Jun 21, 2018

CHICAGO (Reuters) - The demographic trend is no secret: the populations of the United States and other major industrial countries are getting older, and fast. That means workforces are aging too, but... ...

The Ballmers are upping the game of giving away money

Thu, Jun 21, 2018

NEW YORK (Reuters) - (The writer is a Reuters contributor. The opinions expressed are his own.) ...

Twenty U.S. states target protections for pre-existing health conditions

Thu, Jun 21, 2018

CHICAGO (Reuters) - (The writer is a Reuters columnist. The opinions expressed are his own.) ...

Investors poured $7.54 billion into equity ETFs after rocky G7 meeting: ICI

Wed, Jun 20, 2018

NEW YORK (Reuters) - Equity exchange-traded funds, which draw a diverse set of clients including fast-trading hedge funds, attracted $7.54 billion of net new cash in the week ended June 13, according... ...

Post-MiFID II, most hedge funds make clients foot research bill

Wed, Jun 20, 2018

LONDON (Reuters) - The majority of hedge funds are passing on charges for investment research to investors under new European Union rules, despite years of poor average performance and as many large... ...

Your Money: How to deal with the paperwork scramble after a spouse dies

Tue, Jun 19, 2018

NEW YORK (Reuters) - When you are grieving a departed spouse, the last thing you want to think about is changing the title to your car. ...

Hedge fund Tourbillon hires Berman as president

Wed, Jun 20, 2018

NEW YORK (Reuters) - Hedge fund Tourbillon Capital Partners, which has made headlines with negative returns lately, hired former hedge fund manager Ross Berman as its president and chief strategy... ...

Goldman Sachs to invest $500 million in women-run companies

Tue, Jun 19, 2018

(Reuters) - Goldman Sachs Group Inc will pump $500 million into companies led, founded or owned by women, as it steps up efforts to close the gender investing gap, the Wall Street bank said on... ...

BofA's Merrill admits misleading customers, to pay $42 million SEC fine

Tue, Jun 19, 2018

WASHINGTON/NEW YORK (Reuters) - Bank of America Corp's Merrill Lynch unit admitted to misleading brokerage customers about which firms processed their trades and agreed to pay a $42 million fine... ...

New 'spider' ETF captures Facebook, AT&T in its web

Tue, Jun 19, 2018

NEW YORK (Reuters) - State Street Global Advisors said on Tuesday that it had launched an exchange-traded fund (ETF) that will track the recently refreshed communication services sector, which... ...

Reuters: Financial Services and Real Estate

Dow drops at open, technology stocks boost Nasdaq

Thu, Jun 21, 2018

(Reuters) - The Dow Jones Industrial Average opened lower on Thursday, as concerns over an ongoing trade spat between the United States and China lingered, while strong results from Micron and gains in large-cap technology stocks buoyed the S&P 500 and Nasdaq. ...

U.S. jobless claims fall; mid-Atlantic manufacturing slows

Thu, Jun 21, 2018

WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to a further tightening in labor market conditions. ...

Trade pressures deepen as Daimler warns on sales

Thu, Jun 21, 2018

BRUSSELS/FRANKFURT (Reuters) - Mercedes-Benz maker Daimler shocked investors on Thursday with a warning that trade tensions would hit sales, while fears of a "tit-for-tat" trade war grew as Europe readied retaliatory tariffs against the United States. ...

Washington's 'capricious' trade actions will hurt U.S. workers, China warns

Thu, Jun 21, 2018

BEIJING (Reuters) - China's commerce ministry on Thursday accused the United States of being "capricious" over bilateral trade issues, and warned that the interests of U.S. workers and farmers ultimately will be hurt by Washington's penchant for brandishing "big sticks". ...

Intel CEO resigns after probe into relationship with employee

Thu, Jun 21, 2018

(Reuters) - Intel Corp Chief Executive Brian Krzanich resigned on Thursday after a company probe revealed that a consensual relationship he had with an employee violated company policy. ...

Investor Odey says Sky could be worth as much as 50 billion pounds

Thu, Jun 21, 2018

LONDON (Reuters) - Top-20 Sky investor Crispin Odey said he expects the bidding war for the media company to carry on over the summer and that the European broadcaster could be worth as much as 50 billion pounds ($65.5 billion). ...

Linde, Praxair offer concessions in bid to win EU okay for merger

Thu, Jun 21, 2018

BRUSSELS (Reuters) - German industrial gases company Linde and U.S. peer Praxair have offered concessions in a bid to address EU antitrust concerns and secure approval for their merger. ...

OPEC edges closer to raising oil output, Iran's agreement is key

Thu, Jun 21, 2018

VIENNA (Reuters) - OPEC edged closer on Thursday toward raising oil output, with Iran softening its opposition to an increase and Saudi Arabia warning of supply shortages and price rallies if production remained stable. ...

AT&T to launch wireless plans bundled with video after Time Warner win

Thu, Jun 21, 2018

(Reuters) - AT&T Inc will launch two new unlimited wireless plans next week that will be bundled with a new video streaming service called WatchTV, in the company's first move to pair entertainment with phone service after closing its $85 billion acquisition of media company Time Warner Inc. ...

Kroger profit beats as online investments pay off, shares soar

Thu, Jun 21, 2018

(Reuters) - Kroger Co on Thursday raised the lower-end of its full-year earnings forecast and posted better-than-expected quarterly profit, as investments in online and delivery services paid off, sending its shares up nearly 8 percent. ...