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Image for mcmafia orders fail prove ps80m properties illicit

Business | McMafia orders fail to prove £80m properties illicit

High Court rejection of Unexplained Wealth Orders in Kazakhstani money laundering probe clarifies limitations of use, say Gary Pons and Dan Jones, barristers at 5 St Andrew’s Hill

18 Jun 2020

Business

Companies

Law & Guidance

Image for covid 19 bank england injects ps100bn uk economy

Business | Covid-19: Bank of England injects £100bn into UK economy

The Bank of England (BoE) has voted to drive an extra £100bn into the UK economy to save it from the Coronavirus led decline - taking the total bond buying support package to £745bn

18 Jun 2020

Business

Companies

Image for covid 19 self employed new parents can claim support grant

Business | Covid-19: self employed new parents can claim support grant

Self employed parents whose trading profits dipped in 2018/19 because they took time out to have children will be able to claim for a payment under the self employed income support scheme (SEISS), the government has announced

18 Jun 2020

Business

Companies

Careers

Image for covid 19 hmrc clarifies repayment corporation tax

Tax | Covid-19: HMRC clarifies repayment of corporation tax

HMRC has updated its company tax manual outlining when companies can make claims for repayments of corporation tax based on anticipated losses, in light of the exceptional circumstances many industries are facing during the Covid-19 pandemic

18 Jun 2020

Business | Pensions regulator sets ‘high bar’ for new superfunds

The Pensions Regulator (TPR) has published guidance giving the green light for so-called DB pension ‘superfunds’, ahead of government moves, but has warned it wants to see ‘stringent’ standards and a robust regulatory framework for this new approach

18 Jun 2020

Tax | ATT signals businesses to reinstate deferred VAT payments

The Association of Taxation Technicians (ATT) is reminding businesses which have cancelled their direct debit in order to defer VAT payments, to set up a new one soon to prevent penalties

18 Jun 2020

Finance | SEC’s $10.5m penalty for insurer and ex-CFO over faulty disclosures

International insurance company AmTrust Financial Services and its former CFO have agreed to pay a combined $10.5m (£8.4m) to settle charges brought by the Securities and Exchange Commission (SEC), over failure to disclose material facts about how the company estimated its insurance losses and reserves

18 Jun 2020

Finance

Accounting Standards

Financial Reporting

Image for home office workers risk expense claims tax trap

Tax | Home office workers risk expense claims tax trap

RSM tax partner Chris Etherington highlights the tax allowances for working from home, but warns against designating a room solely as an office

17 Jun 2020

Business | FCA fines Commerzbank London £37.8m over AML

The Financial Conduct Authority (FCA) has fined Commerzbank AG (London Branch) £37,805,400 over anti-money laundering (AML) failures between October 2012 and September 2017

17 Jun 2020

Business

Companies

Accountancy Firms

Image for pwc spotlight over remote working compliance technology

Business | PwC in spotlight over remote working compliance technology

PwC has come under the spotlight over a project to develop a facial recognition tool allowing clients to track finance workers’ absences from their computer screens while working from home remotely, amid concerns over privacy issues

17 Jun 2020

Business | Department for Education criticised over £750m spend

The Department for Education (DfE) has come under fire from MPs over its failure to improve the financial performance of University Technical Colleges (UTC), which it has funded at a cost of nearly £750m over the past decade

17 Jun 2020

Business | IFS warns Covid-19 business support is ‘inequitable’

The government’s £22bn Covid-19 grant scheme for businesses risks being inequitable as it supports fewer businesses in areas with high property prices, according to the Institute for Fiscal Studies (IFS), which wants to see a more tailored approach

17 Jun 2020

Business

Companies

Accountancy Firms

Image for fasb issues us standards updates

Finance | FASB issues US standards updates

The Financial Accounting Standards Board (FASB), has released updates for two standards, one relating to accounting for convertible instruments and the other to not-for-profit organisations, and is to delay the start-date for an insurance standard in light of the pandemic

17 Jun 2020

Finance | Insolvency: changes offer options after lockdown

New laws will allow businesses to continue to trade, safeguard supplies and allow time to build a rescue plan, writes Benjamin Wiles of Duff & Phelps

16 Jun 2020

Business | Covid-19 sees jobless rates rise, business investment fall

The number of UK employees fell by more than 600,000 last month, while job vacancies are at a record low, according to the Office for National Statistics (ONS), as Covid-19 restrictions on business activity impacted the labour market

16 Jun 2020

Business

Companies

Careers

Leadership & Management

Image for covid 19 returning military reservists eligible support schemes

Business | Covid-19: returning military reservists eligible for support schemes

Military reservists who have been deployed during the pandemic will be able to access the government’s self employment scheme, and those returning to work in the coming months will be eligible for the coronavirus job retention scheme (CJRS), the Chancellor has announced

16 Jun 2020

Business

Companies

Careers

Leadership & Management

Image for clear disclosures are critical recovering economy

Finance | Clear disclosures are critical for a recovering economy

The Financial Reporting Council’s (FRC) Lab has issued practical guidance to companies in areas of reporting that investors have highlighted as being most critical during the coronavirus pandemic

16 Jun 2020

Finance | Charity Commission agrees independent review into footballers’ charity

The Charity Commission has extended its investigation into the Professional Footballers’ Association Charity (PFAC), agreeing terms for an independent review of its governance, management and finances

16 Jun 2020

Business

Charities

Image for qa construction reverse charge

Tax | Q&A: construction reverse charge

In our regular Q&A series from Croner Taxwise, VAT adviser, Magdalena Tchorz explains how new rules for the domestic reverse charge will affect construction businesses

16 Jun 2020