A few new items today…

PwC to help Chinese firms move to Albert Docks business district

We know that the Chinese are buying our large London houses and farms and country estates but now they are setting up in business here.  Chinese property developer ABP, which is set to overhaul London’s Royal Albert Docks into an Asian business district, have struck a deal with accounting giant PwC to help more Chinese firms settle there.  PwC will offer tax, legal and accountancy support to companies coming to the UK as part of a so-called corporate “landing service” called First Stop London, run in conjunction with ABP.

The move underscores the huge effort being made in the UK to entice more Chinese business investment into the capital. The Dock is set to be transformed as part of a £1bn upgrade to the site first announced by London mayor Boris Johnson last May.

I just wonder if this is an opening for accountants in other parts of the UK. Maybe/Perhaps?  Read the story here.

HMRC Hacked 

1HMRCWe all worry about our computer networks being hacked. HMRC are worried too. This week, the Tax Faculty of the Institute of Chartered Accountants in England & Wales (ICAEW) said it had been alerted by one of its members to a recurrence of a fraud they have seen before. It seems the tax agent’s Government Gateway login details were compromised last week with the result that some tax returns were filed online by fraudsters.

Using a now familiar pattern, the tax returns declared a modest level of income and produced a tax refund of just under £3,000. HMRC has stopped the repayments and is investigating. Meanwhile, beware. Change your passwords regularly and be alert.

Read about it here.

IVSC consults on investment property

This is a bit more technical than stealing login details.  The Deloitte IasPlus website reports that the International Valuation Standards Council (IVSC) has issued two exposure drafts on investment property. Both arise from the publication of a discussion paper on the valuation of investment property that was published in December 2012.  In the discussion paper, various options for improving the way in which the standards relate to this class of real property were examined. After analysis of the comments made by respondents, the IVSC Standards Board tentatively agreed that the additional requirements for valuing investment property that had been identified as needing consideration would best be dealt with by making amendments to the existing IVS 200 Real Property Interests and by including a section of investment property in IVS 300 Valuations for Financial Reporting.

Read about this here.

Martin Pollins
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