The Washington Post editorial on 25 July was worth reading.
Bush is at it again - this time deliberately making it easier for companies that work in more than one US state to avoid their obligations to individual state governments. This is serious stuff in the US. Just in case you didn’t know the whole concept [...]
Accountingweb in the USA reports that KPMG have done a survey on the effectiveness of audit committees. Since the survey was of the members of such committees perhaps it wasn’t surprising to find that most thought they were doing good job.
Even so, many thought there was still room for improvement. In particular the following needed [...]
Accountancy Age has reported that HM Revenue & Customs:
HM Revenue and Customs hopes to make progress on negotiations with the Cayman Islands, China, Germany, Hungary, Faroe Islands and Saudi Arabia; and also to progress negotiations with the Crown Dependencies and Overseas Territories on Tax Information Exchange Agreements (TIEAs).
Apparently the hope is to be fulfilled by [...]
Rebecca Pennyworth has been considering the issue of the relationship between accountants and the Revenue over at Accountingweb (with the usual apology to those who cannot get access). I already dealt with some aspects of this here yesterday - but there’s an important point to add, which builds on the idea of practice assurance.
Of course [...]
The Federation of Technological Industries has reported an article by Paul Lashmar in the Independent on Sunday. Unfortunately the IoS charges an absurd £1 an article for on line news, but Paul sent it to me direct, so I’ve had a chance to read it.
The claim is this:
Mobile phone traders have accused Revenue & [...]
I am all in favour of people paying the right amount of tax. I have little tolerance for anything else. But I’m going to add my voice to that of a number of accounatnts expressing concern about HM Revenue & Customs new ‘compliance interventions’.
If the Revenue have wanted to raise question on a set of [...]
I realised yesterday that the Feedblitz email system on this blog was not working. So I offer my apologies to all those who have signed up and for whom. I hope, this is one of the first messages they get. Blogging, when you try to do it seriously, is a bit techy. I hope I’m [...]
The New York Times reports on the best known way to cut tax revenues and increase the Tax Gap anyone knows of:
The federal government is moving to eliminate the jobs of nearly half of the lawyers at the Internal Revenue Service who audit tax returns of some of the wealthiest Americans, specifically those who are [...]
SaaS is on odd phrase for those not familiar with it. It means ’software as a service’. The logic is simple, but important. It’s about software not being a product which you buy, own and consume, but instead it is something you rent for the value it can add to your business, both by itself [...]
I’ve been asked why businesses do not profit maximise (see my earlier post in which I said this).
There are several reasons, but I’ll try to keep things straightforward. First of all, there are two concepts of profit. There is ‘accounting profit’ and there is ‘economic profit’.
Dealing with accounting profit first, under historic cost accounting [...]
