Business &amp; Accountancy Daily

Image for covid 19 companies risk breaching banking covenants

Finance | Covid-19: companies risk breaching banking covenants

Amid a deluge of profit warnings and slashed dividends, UK corporates face breaking banking covenants as they struggle to deal with the impact of covid-19, reports Philip Smith

24 Mar 2020

Finance | Covid-19: Covid Corporate Financing Facility available

The Bank of England has set out details of how the Covid Corporate Financing Facility (CCFF) will work for listed FTSE companies, which opened to new applications from 23 March

24 Mar 2020

Tax | Anti-forestalling rule added to entrepreneurs’ relief reform

HMRC has updated its technical note on the changes to the lifetime limit for entrepreneurs’ relief, which has been cut to £1m, detailing an additional anti-forestalling rule

24 Mar 2020

Tax | HMRC cuts interest rate for late/early payments

Following the Bank of England’s base rate cut, HMRC has cut the interest rates charged on underpaid corporation tax quarterly instalments and interest paid on overpaid quarterly payments

24 Mar 2020

Business | Covid-19: urgent government action needed to support self employed

MPs and accounting professional bodies are calling on the government to put urgent measures in place to help the self employed and sole traders deal with the covid-19 crisis, including a business loan with a 15-year repayment term and extension of the 80% rule to self employed and gig workers

24 Mar 2020

Image for tax tribunals cancelled until further notice select committees running

Tax | Tax tribunals cancelled until further notice, select committees running

All tax tribunals at the First Tier Tribunal (FTT) and Upper Tribunal level have been postponed unless proceedings can be held online while parliamentary committees are reviewing their operational procedures, reports Zak Jakubowski

24 Mar 2020

Business | Covid-19: UK GDP to drop 2.6% before 2021 recovery

UK GDP is set to decline 2.6% this year as a result of the Covid-19 pandemic, but the economy is expected to recover by the second half of 2021 at the latest, according to KPMG analysis

24 Mar 2020

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Business | PwC called in to Laura Ashley administration

PwC is handling the administration of lifestyle brand Laura Ashley, which has collapsed putting hundreds of jobs at risk, after the outbreak of coronavirus further weakened its financial position

24 Mar 2020

Restructuring & Insolvency

Image for covid 19 expats and non doms can claim exceptional circumstances

Tax | Covid-19: expats and non doms can claim ‘exceptional circumstances’

Expats and non doms who find themselves stuck in the UK as a result of the coronavirus pandemic will be able to claim ‘exceptional circumstances’ with regard to their current tax residency status, in cases where they have to stay here for more than the 183 days permitted

24 Mar 2020

Tax | Covid-19: moratorium on evictions by commercial landlords

The government has introduced emergency legislation to enact a moratorium on commercial landlord sanctions and debt enforcement for at least three months so that those who cannot pay their rent because of cashflow difficulties related to coronavirus will be protected from eviction, reports Pat Sweet

24 Mar 2020

23 Mar 2020

Image for covid 19 sick pay be refunded small businesses

Tax | Covid-19: sick pay to be refunded to small businesses

Small businesses will get a refund on statutory sick pay (SSP) during the covid-19 crisis, health minister tells parliament

23 Mar 2020

Tax | Coronavirus Business Interruption Loan Scheme open for applications

Businesses will be able to access government support valued at £330bn through the Coronavirus Business Interruption Loan Scheme for SMEs and Covid Corporate Financing Facility for the largest corporations from 23 March

23 Mar 2020

Business | Accountancy firms activate agile working as office premises close

In the face of the covid-19 crisis, accountancy firms have been forced to overhaul their entire working practices, adopt firm-wide home working, cancel face-to-face client meetings and work 24/7 to support their clients. Philip Smith reports on how they are coping

23 Mar 2020

Image for covid 19 vat payments deferred three months

Tax | Covid-19: VAT payments deferred for three months

The government has announced a three-month deferral for VAT payments until end June for all UK businesses with HMRC working all hours to thrash out the detail

23 Mar 2020

Finance | Covid-19: Companies House extends accounts filing deadline

Companies House is granting a three-month extension for companies for filing company accounts, due to the current public health situation and the impact of coronavirus on staff who may be unwell or self-isolating, reports Pat Sweet

23 Mar 2020

Tax | Government to pay 80% of salary for furloughed workers

The Chancellor has set out plans for a Coronavirus Job Retention Scheme to underwrite 80% of the salaries of workers if they have to be temporarily laid off, but the system could be open to abuse and details are limited, reports Sara White

23 Mar 2020

Finance | FCA implements two-week moratorium on FTSE corporate reporting

The Financial Conduct Authority (FCA) has confirmed that there will be a moratorium on the publication of all FTSE listed company preliminary financial statements for at least two weeks due to covid-19

23 Mar 2020

Business | Online coronavirus isolation notes for absence from work

People unable to work for more than seven days because of coronavirus can obtain an isolation note through a new online service

23 Mar 2020

Business | Covid-19: six month deferral on self assessment payments

As part of the raft of measures announced by Chancellor Rishi Sunak in response to the growing coronavirus crisis, self employed taxpayers will see their income tax self assessment payments deferred for six months, reports Pat Sweet

23 Mar 2020

Image for which financial services employees are classed key workers

Business | Which financial services employees are classed as key workers?

Parents whose work is critical to the covid-19 response, such as workers in the financial market infrastructure, can qualify to have their children in school as part of government measures to support the economy during the covid-19 crisis

23 Mar 2020

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Business | Covid-19: government to take over rail franchises

The government has evoked emergency measure agreements for the UK’s train operators, effectively meaning they are being nationalised for the next six months in response to the strains imposed by the current coronavirus epidemic

23 Mar 2020

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Tax | Middlesbrough Football Club loses NMW replay with HMRC

HMRC has scored a victory over Middlesbrough Football Club, currently 19th in the now suspended Championship, at an employment tribunal appeal over underpayments of the national minimum wage (NMW) relating to employee deductions for season tickets

23 Mar 2020

Image for covid 19 businesses rally support nhs workers

Business | Covid-19: businesses rally to support NHS workers

The coronavirus crisis has seen an outpouring of business support for NHS workers, with companies large and small taking steps to offer medical staff free food, and streamlined access to essential services such as supermarkets and car parking facilities

23 Mar 2020

20 Mar 2020

Image for chancellor sets out radical employment support package protect jobs

Tax | Chancellor sets out radical employment support package to protect jobs

The Chancellor Rishi Sunak has set out a multibillion pound package to protect jobs with a government commitment to pay 80% of salaries for private sector employees who are furloughed during the coronavirus crisis, a three-month deferral of VAT payments until the end of June and self employed will be eligible for statutory sick pay (SSP). Sara White reports

20 Mar 2020

Tax | HMRC needs to ramp up covid-19 time to pay guidance

With monthly PAYE payments deadlines falling due, HMRC is facing calls for more detailed guidance on the time to pay arrangements for taxpayers who are unable to pay their tax due to coronavirus, reports Pat Sweet

20 Mar 2020

Finance | Bank of England advice on liquidity reporting under IFRS 9

The Bank of England and Prudential Regulation Authority (PRA) has issued initial guidance on reporting expected credit loss (ECL) estimates under IFRS 9 Financial Instruments in wake of covid-19

20 Mar 2020

Business | Coronavirus Business Interruption Loan Scheme hiked to £5m

The government has released details about how the Coronavirus Business Interruption Loan Scheme (CBILS) will work, increasing the maximum value of a facility under the scheme to £5m, up from £1.2m, and said it would be available to businesses with a maximum £45m turnover, reports Sara White

20 Mar 2020

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Business | Rail services cut in response to covid-19

Following on from a restriction of transport services in London, the government has agreed with rail operators to reduce national rail service levels to help tackle the spread of covid-19

20 Mar 2020