Budget shock sparks fears over trusts

Article Abstract:

The Treasury has targeted trusts as a tax avoidance mechanism and from Budget day, life interest trusts carries a 20% tax on entry, 6% charge after every 10 years and 20% on exit and it will impact on 80,000 to 100,000 families and up to 500,000 children. Many accountants believe that this could spell the end of trusts as a popular vehicle for UK residents and the tax profession will appeal and this could end up in the European courts.

Taxes, Taxation, Tax planning, United Kingdom. Treasury, Discretionary trusts

At the heart of the practice

Article Abstract:

The services provided to the clients by the high street practices to its clients are moving away from the staples of audit and accountancy. Most of the media stories focus on the activities and personalities of the Big Four, with some scant attention offered to what the sector knows as Group A.

Management dynamics, Practice, Accountants, Auditors

Parmalat's shadow gathers over UK accountancy

Article Abstract:

An investigation team from PwC revealed that the disgraced Italian diary giant Parmalat owed massive 14.3 billion pound sterling. It is the largest accounting scandal in Europe, comparable in size and scope to Enron.

Italy, Dairy Products, Capital funds & cash flow, Accounting and auditing, Dairy industry, Dairy products industry, Parmalat S.p.A.