Business &amp; Accountancy Daily

Image for going concern and revised isa uk 570

| Going concern and the revised ISA (UK) 570

The importance of going concern cannot be underestimated when auditors review the financial viability of a business and complete the annual audit. David Duvall, senior technical writer at Croner-i, examines the key issues in the revised going concern audit standard

19 Mar 2020

Auditing

Business | Schools to close from Friday

Schools across the UK will be closed from end of play on Friday 20 March due to coronavirus, but children of vital workforce will resume school time

19 Mar 2020

Image for chancellor convenes emergency meeting business groups and unions

Tax | Chancellor convenes emergency meeting with business groups and unions

Representatives of business groups and the unions attended an emergency roundtable on coronavirus this afternoon hosted by the Chancellor, Rishi Sunak

19 Mar 2020

Tax | Bank of England cuts base rate to 0.1%

The Bank of England has cut the base rate 0.1% and increased its holdings of UK government and corporate bonds by £200bn

19 Mar 2020

Tax | Q&A: coronavirus and statutory sick pay

Statutory sick pay (SSP) is now payable from day one of a sickness absence for qualifying staff due to the coronavirus crisis. Croner Taxwise employment experts explain

19 Mar 2020

Image for itv loses eight year battle over pension scheme deficit

Business | ITV loses eight-year battle over pension scheme deficit

ITV has lost a long-running legal battle with The Pensions Regulator (TPR) and has been given six months to put in place financial support for a pension scheme with a deficit of around £115m

19 Mar 2020

Pensions

Image for taxman cans paper self assessment forms

Tax | Taxman cans paper self assessment forms

HMRC is to stop automatically sending taxpayers paper self assessment forms except for exempt individuals who cannot file digitally

19 Mar 2020

Finance | Additional postponement for IFRS 17 insurance contracts

The International Accounting Standards Board (IASB) has announced a further one-year deferment of the implementation date for IFRS 17 Insurance Contracts, so the effective date for the standard will now be 2023

19 Mar 2020

Tax | HMRC consultation aims to improve standards of tax advice

HMRC is seeking views on how to raise and maintain high standards of competence and behaviour in the tax advice market in order to protect consumers and improve compliance

19 Mar 2020

Tax | Consultation on tightening construction industry scheme (CIS) rules

HMRC has launched a 10-week consultation on ways to tackle abuse of the Construction Industry Scheme (CIS) to prevent tax loss, including new powers to correct deductions

19 Mar 2020

Finance | Thomas Cook collapse depletes travellers’ compensation fund

The collapse of Thomas Cook cost the government at least £156m, and has severely compromised the ability of the travel industry’s own compensation fund to cope with another operator’s failure, the National Audit Office (NAO) warns

19 Mar 2020

Tax | HMRC wants large businesses to notify if tax arrangements legally questionable

HMRC is consulting on proposals, first advanced in the Budget, that the UK’s largest businesses will be required to notify HMRC where they have adopted an uncertain tax treatment, in a bid to close the £6.2bn legal interpretation tax gap

19 Mar 2020

18 Mar 2020

Image for ir35 private sector reforms delayed until 2021

Tax | IR35 private sector reforms delayed until 2021

The government has announced a one year delay to controversial changes to the off payroll working rules, due to be enacted next month, amid concerns about their potential impact during the coronavirus pandemic, reports Pat Sweet

18 Mar 2020

Tax | HMRC ramps up ethanol approvals for scarce hand sanitiser

Manufacturers of hand sanitisers and gels will have their applications for denatured alcohol – ethanol – fast tracked during the coronavirus outbreak, HMRC has confirmed

18 Mar 2020

Business | Travelex owner moves towards insolvency

Finablr, the FTSE 250 listed owner of foreign exchange firm Travelex, is in discussions with an unnamed accounting firm with a view to going into insolvency

18 Mar 2020

Restructuring & Insolvency

Image for ftt refuses vegan truffle vat appeal

Tax | FTT refuses vegan truffle VAT appeal

The manufacturer of a range of vegan truffle balls has failed in a bid to have the product zero rated for VAT as food, with the First Tier Tribunal (FTT) ruling they are a sweet treat for occasional enjoyment rather than a meal replacement

18 Mar 2020

Tax | AAT cancels June conferences

The Association of Accounting Technicians (AAT) has cancelled two upcoming conferences due to covid-19 outbreak and closed its London HQ as all staff go to remote working

18 Mar 2020

Tax | Employee counselling added to non-taxable benefit list

Specialist counselling, such as cognitive behavioural therapy, is to be added to the list of non-taxable occupational health services provided by employers, in a bid to support improvements in individuals’ health

18 Mar 2020

Image for hmrc postpones north east office closures

Business | HMRC postpones north east office closures

HMRC has made changes in its office closure plans by extending the life of hubs in Washington and Bradford on a transitional basis

18 Mar 2020

Image for covid 19 sees companies develop agm contingency plans

Business | Covid-19 sees companies develop AGM contingency plans

Guidance on how to arrange and conduct AGMs during the current coronavirus epidemic has been published by ICSA (The Chartered Governance Institute) in conjunction with the Financial Reporting Council (FRC) and law firm Slaughter & May

18 Mar 2020

Image for ps330bn unprecedented coronavirus emergency fund

Tax | £330bn ‘unprecedented’ coronavirus emergency fund

The government has announced a £330bn package of measures to support businesses through the coronavirus crisis from extensive loans and guarantees to business rates relief

18 Mar 2020

17 Mar 2020

Image for covid 19 measures pose catastrophic challenge leisure industry

Tax | Covid-19 measures pose ‘catastrophic’ challenge for leisure industry

There are warnings the pub and brewing industry, along with the travel, retail and other leisure sectors face ‘an existential crisis’ in the wake of new government restrictions to combat the spread of covid-19

17 Mar 2020

Tax | Contractors charged £180 for IR35 assessment

Some recruitment agencies are passing on the costs of IR35 assessments to contractors even though liability for the decision will legally remain with the original engager

17 Mar 2020

Business | Laura Ashley teetering on administration

Listed furnishings and interiors retailer Laura Ashley is set to file for administration blaming the escalating covid-19 outbreak as the last straw for the struggling chain

17 Mar 2020

Restructuring & Insolvency

Image for lords suspect ir35 manipulation

Tax | Lords suspect IR35 manipulation

Members of the House of Lords are not buying into IR35 confusion as ‘suddenly they did not understand it when more tax is being collected’

17 Mar 2020

Business | Limited data on government’s £4.4bn Brexit spend

Government departments spent at least £4.4bn on preparing for the UK’s exit from the EU, but Treasury data showed only a limited picture of overall Brexit spending and little information was put in the public domain, the National Audit Office (NAO) has found

17 Mar 2020

Image for regulator offers filing extension charities affected covid 19

Business | Regulator offers filing extension for charities affected by covid-19

In light of the coronavirus pandemic, the Charity Commission has said any charity that needs an extension to their annual return deadline should get in contact to ask for one

17 Mar 2020