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9am Lowdown
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9am Lowdown: Accountex day one video

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11th May 2017
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Good morning and welcome to the 9am Lowdown which today features a news roundup of day one at Accountex 2017.

 

Accountex day one video

In the video below AccountingWEB global editor John Stokdyk is your guide to day one at Accountex.

Stokdyk looks at the main headlines and themes from the UK's biggest accountancy expo.

Watch more Accountex 2017 videos in our dedicated event playlist:

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Diageo to pay £107m in extra tax

HMRC has ordered drinks giant Diageo to pay £107m as part of a long-running investigation into moving profit between its global businesses.

Diageo said that under the new diverted profits tax regime, HMRC will ask for more tax and interest for the past two financial years, but that it would challenge HMRC's assessment.

The company will have to pay £107m then work with HMRC to resolve the issue.

According to the BBC Diageo said: “The payment of this sum is not a reflection of Diageo's view on the merits of the case and, based on its current assessment, Diageo considers no provision is required in relation to diverted profits tax."

The diverted profits tax regime was introduced in 2015 and levies a 25% charge on taxable profits that have been diverted from the UK.

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Business funding fears after EU turns off tap

Business support for small companies could disappear into a black hole unless the next government steps in to replace billions of pounds’ worth of European Union funding that supports smaller employers.

According to a new report EU funding schemes for business support worth £3.6bn are due to end in 2020.

The Federation of Small Businesses (FSB) said that there is no regional development spending planned by Whitehall beyond 2021.

Mike Cherry, FSB national chairman, told The Times: “This is a particularly pressing issue for the many small firms with growth ambitions and those in less economically developed regions.”

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By Ranvir
11th May 2017 18:52

Hi,

I attended the accountex and was overwhelmed by the accounting software. The term spoilt for choice certainly applies and the fact the screens are all pretty similiar the pricing structure varies enormously.

It begs to say that will some of these providers be contenders or will they go bust?

I would really appreciate an analysis of pro and cons for these packages and maybe seeming how accountants rate them.

Maybe focusing on a sole practitioner to other business .

I must say I did approach your stand and the it was nice to meet you in person.

Thanks (3)