Editorial team AccountingWEB.co.uk
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9am Lowdown

9am Lowdown: Film tax relief, OPBAS & GAAP US

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21st Jul 2017
Editorial team AccountingWEB.co.uk
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Good morning and welcome to Friday’s Lowdown.

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In the news

The ATT is urging the Treasury to focus on ensuring that employees can more easily claim the tax relief due to them on unreimbursed expenses (ATT)

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New figures published today by HMRC reveal that the number of claims for film tax relief reached a record high in 2016-17 as the film industry stepped up its activity in the UK, according to RSM.

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HMRC has won a legal battle against a tax avoidance scheme, which claimed £122m was spent on research into brain disorders, when only £7m of it reached a genuine research company. (HMRC press release)

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The new Office for Professional Body Anti-Money Laundering Supervision has announced its intention to tackle money laundering and terrorist financing loophooles. The watchdog will oversee the 25AML supervisors in the UK, 22 of which are accountancy, estate agents and legal services providers’ professional bodies. (Gov.uk)

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An update to the GAAP for US companies is causing Uber’s reported revenues to be cut in half and sales at Amazon and Microsoft could be higher than previously stated. (Financial Times)

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The 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.  

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What’s news on AccountingWEB

Richard Sergeant takes stock of the recent developments around the introduction of MTD, and asks if it really wasn’t such as waste of time after all?

Receipt Bank has received a $50m Series B funding injection, which will spearhead the software company's artificial intelligence development.

The Any Answers question of the day comes from Constantly Confused who has a grammar question – should they ignore the parenthesis?

Meanwhile, Simon Sweetman has blogged about the characteristics of failing economics.

And on the industry update page TaxCalc’s CEO Tracy Ebdon-Poole reviews the Making Tax Digital delay announcement.

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