The Morning Account

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Analysts warn the Middle East crisis could force the UK to raise taxes further, as rising energy prices and potential defence spending increases put pressure on public finances. #UKEconomy #UKPolitics #Tax

EY fined £6.5m and partner Richard Wilson £140,000 for inadequate audits of Thomas Cook in 2017-2018. The FRC found failures in applying professional scepticism, contributing to the company’s collapse in 2019. #EY #Audit #FinancialRegulation #ThomasCook

Wealth exodus from London 30,000 millionaires have left in a decade amid rising taxes & non-dom reforms. UK lost 10,800 millionaires in 2024 alone. Critics say tax policy is "strangling the golden goose." #UKTax #WealthExodus #NonDom #InheritanceTax telegraph.co.uk/money/tax/high…

UK households face a £400 income hit this year due to a freeze on tax thresholds and higher National Insurance. The poorest half could see a 3% drop in disposable income. Rising bills add to the financial strain. #UKTax #CostOfLiving #IncomeHit

Shadow Chancellor Mel Stride has warned that unless Rachel Reeves scraps changes to employers’ National Insurance, she risks a slowdown in economic growth. buff.ly/cITsA5S #tax #accounting #Economy

Reform UK leader Nigel Farage says the party will abolish inheritance tax if it wins the next general election. buff.ly/B9BhwZh #ReformUK #IHT #Tax #InheritanceTax

@TheFCA has promised “swift action” on making mortgages more accessible, with the City watchdog set to launch a consultation on simplifying rules, as well as alternative approaches to stress testing. buff.ly/XHwMjcs #Finance #banking #StressTest #accounting

Data shows that B Corp-certified small businesses outperformed their peers in 2023/24, with revenue growth of 23.2% compared to the national average of 16.8%. buff.ly/UcZq0ar #BCorp #finance #accounting #SMEs

Analysis by investment firm Aberdeen highlights a looming generational transfer of wealth, with baby boomers set to pass down over £5trn in wealth over the next 30 years buff.ly/jEnaahh #WealthTransfer #accounting #tax

The Government is planning new performance targets for regulators in a bid to accelerate innovative technologies, attract investment, and enhance regulatory efficiency as part of plans to drive economic growth. ft.com #regulation #invesment

Senior financial services executives have warned City Minister Emma Reynolds that plans to apply VAT to investment funds could cost the industry an extra £147m a year and deter foreign investors. buff.ly/rx9DyLQ #VAT #Tax #accounting

Shops, restaurants, and pubs in England are set to face an additional £1bn in taxes due to a reduction in business rate discounts from 75% to 40% starting next month. buff.ly/KtmR3iC #BusinessRates #accounting #tax #retail #retailers

Tycoon Sanjeev Gupta is embroiled in a dispute with Grant Thornton, the administrators of Greensill Capital, over control of InfraBuild, a steel manufacturer valued at £3bn. buff.ly/d6wupdJ #accounting

An estimated 2.2m taxpayers are poised to receive unexpected tax bills as they transition into higher tax band for earnings exceeding £50,270, according to analysis by Coventry Building Society. #tax #taxpayers #accounting

High-ranking security officials must file paper tax returns instead of digital ones due to privacy concerns, ensuring access is limited to a few #HMRC staff. buff.ly/WTJdWqm #tax #TaxReturns #accounting

Analysis by the Institute of Student Employers shows graduates entering the workforce this year are starting on lower salaries in real terms compared to those who graduated three years ago - with average starting salaries of £32,000, a real-terms decrease of £3,559 since 2021.

PwC has reportedly settled with British American Tobacco (BAT) for £132m over a "deeply flawed" audit of Windward Prospects, a subsidiary which is now in administration that had been accused of polluting rivers in the US.

Research commissioned by the 38 Degrees campaign group has found that 63% of voters would back a 2% tax on assets over £10m - and that such a tax could raise up to £24bn, more than the £22bn hole in the public finances cited by the current Government.

RSM's US and UK entities are reportedly in talks over a merger. RSM UK, which has 350 partners, posted revenue of £543m in the year to March, a 12% increase on the previous year, while the US arm saw an 8% increase which took revenue to $4bn in the year to April.

The Resolution Foundation has recommended that Chancellor Rachel Reeves raise capital gains tax to 39% in the upcoming Budget, saying the system "deserves a major overhaul", including alignment with the higher rate of dividend tax.