Data privacy remains critical when using AI, AI completes in minutes what accountants took days says Croner AI chief, and MTD tax traps require precise attention to detail

Summary provided by AI

Business & Accountancy Daily

Latest news

Image for qa self employment income support scheme

Tax | Q&A: Self-employment Income Support Scheme

On Thursday 26 March the Chancellor announced the Coronavirus Self-employment Income Support Scheme to provide financial support for the self-employed and members of partnerships in the form of a taxable cash grant in the fight against covid-19. Here we assess the key measures and eligibility criteria

27 Mar 2020

Image for covid 19 partnerships offered income support

Tax | Covid-19: partnerships offered income support

HMRC has published guidance on the self-employment income support scheme to combat losses as a result of coronavirus, which confirms that partnerships are eligible to apply, reports Pat Sweet

27 Mar 2020

Accountancy Firms

Image for covid 19 contractors fall through cracks support

Business | Covid-19: contractors ‘fall through cracks’ in support

Contractors and others who work through personal service companies (PSCs) fear they risk being left without government support for lost earnings as a result of coronavirus, because they do not meet the requirements of current support schemes

27 Mar 2020

Accountancy Firms

Image for covid 19 accounting and tax institutes cancel exams

Business | Covid-19: accounting and tax institutes cancel exams

Students in the accountancy sector may have longer to revise as exams are pushed back due to the covid-19 crisis, although some exams may go online, reports Zak Jakubowski

27 Mar 2020

Accountancy Firms

Leadership & Management

Image for covid 19 changes stamp duty payments process share sales

Tax | Covid-19: changes to stamp duty payments process on share sales

Due to measures put in place to stop the spread of coronavirus, HMRC has temporarily changed the way it deals with stamp duty payments on shares bought on a stock transfer form, and will no longer accept cheques

27 Mar 2020

Image for betting group loses new finance chief he starts

Business | Betting group loses new finance chief before he starts

FTSE 250 betting and gaming group William Hill is hunting for a new finance chief after Adrian Marsh, group finance director of packaging group DS Smith, said he would now be staying at DS Smith’s rather than join William Hill due to covid-19 crisis

27 Mar 2020

Leadership & Management

Image for sec zooms mistaken identity over video app

Finance | SEC zooms in on mistaken identity over video app

The US Securities and Exchange Commission (SEC) has stepped in to address a case of mistaken identity which has seen investors put money into a little known Chinese tech firm, Zoom Technologies, in the mistaken belief that it is behind the Zoom, the video conferencing app which is going through the roof as a result of coronavirus working from home rules

27 Mar 2020

Financial Reporting

AI & Technology

26 Mar 2020

Image for covid 19 self employed package hints future tax equity

Tax | Covid-19: self employed package hints at future tax equity

Chancellor Rishi Sunak has unveiled a £9bn package of support for self employed taxpayers and members of partnerships, Self-Employed Income Support Scheme, affected by the coronavirus epidemic which he said was equivalent to the furlough scheme for those paid via PAYE, and has indicated that future tax policy may need to change to reflect this equivalence

26 Mar 2020

Image for qa coronavirus job retention scheme and furlough

Tax | Q&A: Coronavirus Job Retention Scheme and furlough

The financial job grants offered under the Coronavirus Job Retention Scheme pays up to 80% of salary for temporarily laid off workers, but there are important legal and contractual issues to consider. Croner-i's Nicola Mullineux explains

26 Mar 2020

Image for ps35bn dividends slashed ftse 100

Business | £3.5bn of dividends slashed off FTSE 100

A growing number of listed companies are taking an axe to their dividends for the latest financial year amid a dash to shore up balance sheets, reports Philip Smith

26 Mar 2020

Image for hmrc changes coronavirus business helpline number increase capacity

Tax | HMRC changes coronavirus business helpline number to increase capacity

HMRC has changed the dedicated phone number for the coronavirus helpline targeted at businesses and the self employed to 0800 024 1222 to increase load capacity, reports Sara White

26 Mar 2020

Accountancy Firms

Image for users vat deferral should review direct debits hmrc

Tax | Users of VAT deferral should review direct debits to HMRC

Businesses planning to use the three-month VAT payment deferral need to cancel their direct debits to ensure payments are not automatically deducted

26 Mar 2020

Image for covid 19 regulators issue joint guidance financial reporting and audit requirements

Finance | Covid-19: regulators issue joint guidance on financial reporting and audit requirements

The Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) have announced a series of changes to the timing and content of financial information and the audit work required, in response to the current crisis, reports Pat Sweet

26 Mar 2020

Corporate Governance

Accountancy Firms

Image for chancellor finalising package financial support self employed

Tax | Chancellor finalising package of financial support for self-employed

The Chancellor, Rishi Sunak, will detail plans for financial support for the self employed at the daily briefing this evening, with the likelihood of an averaging scheme to reflect variable earnings

26 Mar 2020

Image for government demand march beer duty payments disappointing

Business | Government demand for March beer duty payments ‘disappointing’

In the wake of the closure of all pubs, bars and restaurants, the Society of Independent Brewers (SIBA) has branded the Chancellor’s decision to collect March’s beer duty payments as ‘incredibly disappointing’

26 Mar 2020

Accountancy Firms

Finance | Revised investment reporting standards delayed to September

The Financial Reporting Council (FRC) has issued revised Standards for Investment Reporting (SIRs) 1000 to 5000, and a new SIR 6000 dealing with reports on Quantified Financial Benefits Statements (QFBSs) published in accordance with the City Code

26 Mar 2020

Accounting Standards

Financial Reporting

Law and Regulation

Image for covid 19 self employed will receive 80 package financial support

Tax | Covid-19: self employed will receive 80% package financial support

The Coronavirus Bill has received Royal Assent and is now in statute, setting out the bare details about the plans for a support package for the self employed, with detail to follow in tonight's televised briefing by the Chancellor

26 Mar 2020

Image for covid 19 taxpayers urged weigh savings withdrawals

Tax | Covid-19: taxpayers urged to weigh up savings withdrawals

Taxpayers who are looking to reorganise their finances to respond to the impact of coronavirus on jobs are being warned to think carefully about the tax and welfare benefit consequences of drawing on savings

26 Mar 2020

Accountancy Firms

Image for covid 19 ftse audit tenders face delays partner engagements extended

Finance | Covid-19: FTSE audit tenders face delays, partner engagements extended

The length of time an audit partner can remain in position without rotating off the client company can be extended on a temporary basis due to the ongoing covid-19 crisis, the Financial Reporting Council (FRC) has confirmed, while it is calling for a halt on company audit tender processes, reports Philip Smith

26 Mar 2020

Corporate Governance

Accountancy Firms

Leadership & Management

Image for covid 19 iod calls insolvency emergency measures

Business | Covid-19: IoD calls for insolvency emergency measures

The Institute of Directors (IoD) is calling for emergency insolvency measures to prevent widespread company collapses as the current pandemic takes hold

26 Mar 2020

Accountancy Firms

Restructuring & Insolvency

25 Mar 2020

Image for covid 19 hmrc looking deploy more staff business helpline

Tax | Covid-19: HMRC looking to deploy more staff to business helpline

Overwhelming demand from business means that HMRC is working on plans to deploy more staff to the business and self-employed coronavirus helpline to meet escalating demand for advice while at the same time it is dealing with the wider impact of covid-19 on its own staff

25 Mar 2020

Image for covid 19 expat us taxpayers can defer federal income tax filing 15 july

Tax | Covid-19: expat US taxpayers can defer federal income tax filing to 15 July

The US Treasury Department and Internal Revenue Service (IRS) has confirmed that the federal income tax filing deadline has been automatically extended by three months to 15 July 2020, although there are exemptions including no deferral for the 2017 one-off ‘repatriation tax’, reports Sara White

25 Mar 2020

Accountancy Firms

Image for covid 19 bank card contactless limit increased

Business | Covid-19: bank card contactless limit increased

The spending limit for contactless card payments will be increased from £30 to £45, with a national rollout beginning from 1 April, in response to growing pressure to reduce the use of paper money during the current pandemic, reports Pat Sweet

25 Mar 2020

Accountancy Firms

Image for covid 19 frc considers delay audit quality inspections

Finance | Covid-19: FRC considers delay to audit quality inspections

The Financial Reporting Council (FRC) is closely monitoring the impact of covid-19 on audit quality inspections (AQI) as the US regulator suspends review work for 45 days, reports Philip Smith

25 Mar 2020

Corporate Governance

Accountancy Firms

Image for covid 19 80 rule salary payments liable income tax and nics

Tax | Covid-19: 80% rule salary payments liable for income tax and NICs

Individuals will be deducted income tax and national insurance contributions (NICs) on the 80% salary subsidies paid under covid-19 emergency employment measures for furloughed workers, but self employed are still waiting for support package, reports Sara White

25 Mar 2020

Image for capital gains tax property 6 april changes

Tax | Capital gains tax on property: 6 April changes

From April 2020 an overhaul of capital gains tax (CGT) will see payment deadlines shortened, reduction of final period exemption and reform of lettings relief. Stephanie Webber CTA, tax writer at Croner-I, analyses the key changes in the context of relevant rulings at tax tribunal

25 Mar 2020

Image for covid 19 your nhs needs you volunteer

Business | Covid-19: ‘Your NHS needs you’ to volunteer

The NHS needs an army of 250,000 volunteers to support the 1.5m people who are at high risk during the virus outbreak, reports Zak Jakubowski

25 Mar 2020

Accountancy Firms

Image for covid 19 gender pay gap reporting suspended

Business | Covid-19: gender pay gap reporting suspended

Companies will not be required to report on their gender pay gap data this year, as is mandatory for those with over 250 employees, because of the coronavirus pandemic, reports Pat Sweet

25 Mar 2020

Accountancy Firms

Leadership & Management

Image for covid 19 business rates holiday extended estate agents and bingo halls

Tax | Covid-19: business rates holiday extended to estate agents and bingo halls

The government has announced that estate agents, lettings agencies and bingo halls that have closed as a result of covid-19 measures to restrict the spread of the virus will be now be exempted from business rates in 2020-21

25 Mar 2020

Image for covid 19 warning scammers and abuse government schemes

Tax | Covid-19: warning on scammers and abuse of government schemes

The government's quick response to the covid-19 crisis could also be a drawback as ‘policies are going to be rough around the edges’ and possibly left open to exploitation by scammers and unscrupulous advisers and accountants

25 Mar 2020

Accountancy Firms

Image for hmrc consults tax impact libor reform

Tax | HMRC consults on tax impact of LIBOR reform

HMRC has set out its views on the main tax impacts for businesses as a result of reforms to the London Inter-bank Offered Rate (LIBOR) and other benchmark rates

25 Mar 2020

Data privacy remains critical when using AI, AI completes in minutes what accountants took days says Croner AI chief, and MTD tax traps require precise attention to detail

Summary provided by AI