Accountancy Age, Accountancy Age, Wednesday 10 March 2010 at 16:38:00

Leslie Rowe plans to use accounting expertise to stop MPs bending the rules on expenses if elected as MP for Richmond North Yorkshire

Leslie Rowe, an accountant running for the seat currently held by William Hague has vowed to clean up the "cesspit" of Westminster if elected.

Rowe, representing the Green Party, is challenging Hague in the Richmond, North Yorkshire constituency and plans to use his accounting expertise to stop MPs bending the rules on expenses.

"At the moment Westminster is a cesspit of dirty money sticking to the hands of those who can stand the stench long enough to grab it," said Rowe.

"Perhaps this explains why there are so few accountants in Parliament? "

We need to change all that. We need more honest accountants in Parliament. People who can challenge the status quo and start cleaning up Westminster."

Further reading:

Expenses scandal makes you wonder about the intelligence of some MPs

Kevin Reed, Accountancy Age, Wednesday 10 March 2010 at 14:35:00

Plans for an EU-wide tax on financial transactions raises concerns over its impact on global competitiveness

Introducing a European-wide "Tobin tax" would damage its economic competitiveness, a Tory MEP has warned.

The European Parliament today passed a resolution calling for a global financial transaction tax to help stabilise financial markets, but if agreement on this failed to be achieved then Europe should look at going it alone.

Conservatives MEP Dr Kay Swinburne said that the EU must not have tax-raising powers or damage the EU's competitiveness.

"Some kind of levy on financial institutions such as the Obama proposal could bare some merit. However, we must not implement an EU solution to a global problem. To do so would further reduce competitiveness of the European economy, and raise the cost of capital to businesses," said Dr Swinburne.

She also said that the potential for revenues raised to be used on projects outside of protecting the economic future was unwelcome.

"Any financial levy should be to stabilise the financial system, not to raise revenue for unrelated projects," she added.

In a European Parliament statement, it said that any such tax must not harm the banking system's ability to perform its "vital role of financing real economy investments", or discourage the migration of capital.

"Negative repercussions on small businesses and individual investors must be avoided," it added.

The parliament has asked the European Commission to develop a plan for a transaction tax in time for the EU to present a common position to the G20 in June.

Further reading:

BBA pooh-poohs global banking ?tax?

Treasury moots Tobin Tax on financial transactions

Tobin tax is feasible says Nobel winner

Rachael Singh, Accountancy Age, Wednesday 10 March 2010 at 10:32:00

Company profits could be hit if carbon emission information is inaccurate, warns firm

KPMG is warning finance directors that more than two-thirds of organisations will be hit with financial penalties following the introduction of the Carbon Reduction Commitment (CRC).

With just 20 days to go before the start of the CRC, the Big Four Firm is warning finance directors they risk severe financial penaltities and reputational damage, if their organisation fails to comply.

Under the new rues the vast majority of organisations with annual electricity bills exceeding £500,000 have to report and pay for their predicted carbon emissions. They are entered into a league table and given a rebate, dependent on where they are placed in the table.

KPMG believes the biggest risk to companies is incorrect reporting of their carbon emissions, from which they could incur substantial fines and severe reputational damage.

?There are still signs, even at this late stage, that many of the scheme?s participants are not yet fully prepared for the CRC,? said Vincent Neate, UK head of sustainability at KPMG.

?The penalties for late or inaccurate data submission mean organisations could find themselves incurring unexpected costs and their efforts to establish green credentials could be severely set back," he added.

Further reading:

CRC still too complex and ineffective

Carbon emissions - carbon formula

FDs hedge on adopting carbon policy

Kevin Reed, Accountancy Age, Wednesday 10 March 2010 at 10:13:00

IMI finance director Douglas Hurt joins sugar business as a non-exec

Tate & Lyle has recruited IMI finance director Douglas Hurt as a non-executive director.

Hurt, FD with the international engineering group, has also held senior management roles at GlaxoSmithKline.

Sir Peter Gershon, chairman of Tate & Lyle, welcomed the chartered accountant onto the board with his finance and business experience to be of " great benefit" to the board.

Further reading:

Boardroom reshuffle as Lakeside group to split

Former 3i finance chief makes Incisive move

Smiths FD retires after 28 years

Paul Grant, Accountancy Age, Wednesday 10 March 2010 at 09:45:00

Welsh Championship club returns to High Court today over HMRC debt

Cardiff City returns to the High Court today to fight off a third winding-up order brought by HMRC.

The Welsh football club still owes the taxman over £1.75m, having had two previous orders adjourned after paying off £1m of its overall tax debt. The Championship club hopes to pay off the rest by selling two plots of land around the stadium for £1.8m, reports the BBC.

Administration, however, and a 10-point deduction for the play-off hopefuls, remains possibility.