9am Lowdown: OTS report, culture & fraud

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Good morning and welcome to Wednesday's 9am Lowdown. 

News round up

ICAEW CEO Michael Izza has responded to the Paradise Papers furore.

In a blog post, Izza writes: "Whatever your view, there is one thing I think we all agree on - that individuals and companies who take advantage of any country’s public services have a responsibility to pay tax in those countries that fund those services." (ICAEW - The challenge of Paradise)

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A Selkirk accountant has admitted to being involved in a fraudulent scheme involving almost £50,000 at the town's sheriff court. (itv)

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Despite culture being within the top three priorities for company boards, only 20% report spending the time required to manage and improve it, according to new research from Mazars.

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The Chartered Institute of Taxation has welcomed the Office of Tax Simplification’s report on VAT that makes recommendations on how the tax can be simplified. (CIOT)

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Labour councils are using offshore companies to avoid paying millions of pounds in tax, The Times can reveal.

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Theresa May is "frustrated" at the refusal of the BBC and the Guardian to hand over evidence from the so-called Paradise Papers on which they are basing calls for the further tax transparency. (The Telegraph)

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Across the pond, Intuit is offering loans directly to businesses with a lending product called QuickBooks Capital. (CNBC)


New on AccountingWEB

As FRS 102 completes its first year of mandatory implementation for small business, a number of emerging issues have begun to come to the surface. Steve Collings reports.

One million British small businesses face being brought into VAT if the government accepts the Office of Tax Simplification’s VAT reform recommendations.

Over on the blogs, Mum and an Accountant blogger Nisha Patel starts her tax season but dreads that one client. You know the one.

Why are some accountants blessed with good clients? Capitalise explains why on its Industry Insights page.

The Any Answers question of the day comes from FristTab who needs help with a former employee’s reference request

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Contributions from the AccountingWEB.co.uk editorial team.


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