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Image for covid 19 ps750m extra emergency support frontline charities

Business | Covid-19: £750m extra emergency support for frontline charities

Chancellor Rishi Sunak has announced a £750m package of support to ensure charities, including hospices and those supporting domestic abuse victims, can continue vital work during the coronavirus outbreak

9 Apr 2020

Business

Companies

Charities

Image for covid 19 make sure you register child benefit new babies

Tax | Covid-19: make sure you register for child benefit for new babies

Parents of new-borns are still able to claim child benefit, the universal payment for all children, although they are unable to register their baby’s birth due to the coronavirus pandemic, but remember to factor in the high income child benefit tax charge

9 Apr 2020

Tax | Five things you need to know: furlough and zero hours workers

Over the last few weeks our employment law helpline has received hundreds of calls about furlough and zero hours workers. Alan Price, HR expert and CEO at BrightHR, answers five of the most frequently asked questions

9 Apr 2020

Leadership & Management

Image for fine dining group run celebrity chef mark hix enters administration

Business | Fine dining group run by celebrity chef Mark Hix enters administration

Deloitte has been appointed as administrator to a string of restaurants owned by celebrity chef Mark Hix, which have become the latest fine dining casualties of the coronavirus crisis

9 Apr 2020

Business

Companies

Restructuring & Insolvency

Image for covid 19 bank england extend government overdraft

Business | Covid-19: Bank of England to extend government overdraft

The Bank of England has agreed to provide the Treasury with an unlimited Ways & Means overdraft to temporarily extend the government’s overdraft facility to help with cashflow caused by emergency funding requirements

9 Apr 2020

Business

Companies

Accountancy Firms

Image for iasb consults ifrs 9 amendments related ibor reforms

Finance | IASB consults on IFRS 9 amendments related to IBOR reforms

The International Accounting Standards Board (IASB) is planning to amend three key accounting standards - IFRS 9 Financial Instruments, IFRS 16 Leases and the not yet issued IFRS 17 Insurance Contracts - as a result of proposed interbank lending rate (IBOR) reforms

9 Apr 2020

Finance

IFRS

Audit Consultations

Image for hmrc launches beta testing 80 furlough portal harra tells mps

Tax | HMRC launches beta testing for 80% furlough portal, Harra tells MPs

Speaking at a virtual Treasury Committee hearing on the impact of the covid-19 related measures on the workload and delivery ability of HMRC, head of the tax authority, first permanent secretary and chief executive, Jim Harra told MPs that in-house IT developers and outsourced IT provider CapGemini had been working 24/7 to complete all the preliminary code changes to create the new 80% furlough reporting portal with phase one testing with selected PAYE employers launched today. Sara White reports

8 Apr 2020

Business | Covid-19: government lending schemes create ‘cliff edge’ for business

Only 1% of businesses have been able to access the government's emergency coronavirus business interruption loan scheme (CBILS), while SMEs face serious cashflow reserves, pushing companies towards a 'cliff edge', warns the British Chambers of Commerce

8 Apr 2020

Business

Companies

Image for google revenue hits ps16bn pays only ps44m corporation tax

Tax | Google revenue hits £1.6bn, pays only £44m in corporation tax

Tech giant Google paid just £44.3m in corporation tax despite posting revenues of £1.6bn last year, while giving employees more than £1bn in pay and bonuses, accounts for its UK subsidiary show

8 Apr 2020

Tax | Covid-19: MTD technical guidance being rewritten for VAT deferral

HMRC is finetuning the technical details for the VAT deferral process for businesses using the Making Tax Digital (MTD) for VAT system with an update to HMRC Technical VAT Notice 700/22 expected shortly

8 Apr 2020

Business | Tips and advice: directors’ duties and responsibilities in the age of covid-19

An emergency framework of laws and vague regulations related to the coronavirus pandemic, coupled with an unprecedented cashflow crisis, has left businesses reeling. Michael Fiddy and Amy Jacks, partners in the restructuring team at Mayer Brown, outline the key fiduciary and moral directors’ duties

8 Apr 2020

Business

Companies

Restructuring & Insolvency

Image for covid 19 insurers split over demand delay dividend payments

Finance | Covid-19: insurers split over demand to delay dividend payments

Aviva, RSA, Direct Line and Hiscox have scrapped plans to pay dividends as the Bank of England’s Prudential Regulation Authority (PRA) puts pressure on insurers to protect policyholders, but some insurers have refused to halt payouts, reports Philip Smith

8 Apr 2020

Business | Grant Thornton partner earnings hit £513k as audit profits collapse

After a troubled period including the sudden departure of CEO Sacha Romanovitch, multimillion pound regulatory fines for audit failures and a six-month deferral of their accounts, mid-tier Grant Thornton, ranked sixth in the Accountancy Daily Top 75 Firms, has reported a rise in fee income to £514m and hike in partner profitability after a torrid set of numbers the previous year

7 Apr 2020

Business

Accountancy Firms

Careers

Leadership & Management

Image for top 10 tips employee expenses during coronavirus homeworking

Tax | Top 10 tips: employee expenses during coronavirus homeworking

If your employees are working from home due to the coronavirus lockdown, there are important tax compliance issues to consider before reimbursing expenses, explains Jacqui Gudgion CTA, corporate and business tax partner at Mercer & Hole

7 Apr 2020

Tax | Covid-19: financial support for Northern Ireland businesses and employers

Businesses in Northern Ireland will be able to access a mix of UK-wide coronavirus support schemes and specific measures announced by the devolved Stormont Assembly to reduce the impact of the covid-19 pandemic

7 Apr 2020

Business | Debenhams in second administration in a year

Department store Debenhams is heading into administration for the second time in a year, in a bid to stave off a collapse into liquidation and in the hopes that it will be able to resume trading from its high street shops once the coronavirus control measures are lifted

7 Apr 2020

Business

Companies

Restructuring & Insolvency

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Latest news

Business | Covid-19: £750m extra emergency support for frontline charities

Tax | Covid-19: make sure you register for child benefit for new babies

Tax | Five things you need to know: furlough and zero hours workers

Business | Fine dining group run by celebrity chef Mark Hix enters administration

Business | Covid-19: Bank of England to extend government overdraft

Finance | IASB consults on IFRS 9 amendments related to IBOR reforms

Tax | HMRC launches beta testing for 80% furlough portal, Harra tells MPs

Business | Covid-19: government lending schemes create ‘cliff edge’ for business

Tax | Google revenue hits £1.6bn, pays only £44m in corporation tax

Tax | Covid-19: MTD technical guidance being rewritten for VAT deferral

Business | Tips and advice: directors’ duties and responsibilities in the age of covid-19

Finance | Covid-19: insurers split over demand to delay dividend payments

Business | Grant Thornton partner earnings hit £513k as audit profits collapse

Tax | Top 10 tips: employee expenses during coronavirus homeworking

Tax | Covid-19: financial support for Northern Ireland businesses and employers

Business | Debenhams in second administration in a year