Good morning, everyone and welcome to Thursday’s Lowdown.
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The Financial Reporting Council (FRC) has announced the closure of its investigation into PwC in relation to its role in reporting on Barclays Bank’s compliance with the FSA’s client asset rules. (Bloomberg)
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Facebook tax bill rises by £1m in the UK despite its revenues quadrupling. The company paid a total of paid £5.1m, however, the bill was lowered by £6m due to legal tax breaks related to breaks on employee share awards. (Financial Times)
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The Bank of England says a Brexit transition deal will be needed by Christmas to prevent City firms starting to move jobs and business overseas. (The Guardian)
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HMRC has claimed that Newcastle United “systematically abused” the tax system and “secretly” paid players and agents during transfer dealings. (BBC)
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New on AccountingWEB
Bookkeeping and accounting software developer VT Software announced that it will cease the development of VT Transaction+, its small business bookkeeping tool.
In the third part of her GDPR series, Lauren Parker-Mitchell explains how to communicate data-related changes to your clients.
On the blogs, medonaldson analyses the role of AI and business intelligence.
And on the Industry Insights page, Silverfin looks at how to turn data into valuable advice for your clients and how data will shape the future of the profession.