Business &amp; Accountancy Daily

Restructuring & Insolvency

Image for us pays 14bn covid 19 support deceased taxpayers

Business | US pays $1.4bn of Covid-19 support to deceased taxpayers

The US government has paid out nearly $1.4bn (£1.1bn) of coronavirus support payments to taxpayers who were deceased and so ineligible, because of the failure to share data between the Treasury and the Internal Revenue Service (IRS), an audit watchdog has reported

26 Jun 2020

Careers

Finance | Accountants ‘unsung’ heroes

Accountants are gaining recognition as the unsung business heroes of the current pandemic, with research suggesting they are the key go-to advisor, while a business improvement consultancy has launched a new award to acknowledge their contribution

26 Jun 2020

Leadership & Management

Image for fca censures redcentric over misleading financial information

Finance | FCA censures Redcentric over misleading financial information

IT services provider Redcentric has been given a public censure by the Financial Conduct Authority (FCA) for committing market abuse and ordered to pay £11.4m compensation to investors, while three former executives face legal proceedings

26 Jun 2020

Image for uk exports likely fall 8 due covid 19

Business | UK exports likely to fall by 8% due to Covid-19

UK exports could see a hit of up to £50bn as a result of the global economic slowdown caused by Covid-19, according to new research by PwC

26 Jun 2020

Image for food thought agriculture accurately reporting biological assets

Finance | Food for thought: is agriculture accurately reporting biological assets?

With incidences of food and agriculture companies misreporting the fair value of their biological assets, Gabriel Thoumi, director of financial markets at Planet Tracker, explores the environmental and financial ramifications of misleading reporting within the sector

25 Jun 2020

Business | West country restaurateur banned over lack of accounting records

A restaurateur from Weston-Super-Mare has been given a six-year disqualification after failing to maintain the company’s books and records

25 Jun 2020

Called to Account

Image for call carbon taxes offset covid 19 costs

Tax | Call for carbon taxes to offset Covid-19 costs

The Treasury should make more use of carbon taxes and consider other changes in tax policy in order to support efforts to reduce greenhouse gas emissions and bolster public finances, according to the Committee on Climate Change (CCC)

25 Jun 2020

Tax | Covid-19: delays to overseas VAT claims

HMRC has admitted that changes to its working practices, as a result of the pandemic, have resulted in delays in processing and refunding VAT claims submitted under the Overseas Refund Scheme

25 Jun 2020

Business | FCA consults on value for money in workplace pensions

The Financial Conduct Authority (FCA) is consulting on proposals designed to promote value for money for the members of workplace personal pension schemes, after a review identified inconsistences in the approach used by the two bodies which represent their interests

25 Jun 2020

Finance | NAO offers guide on good practice in Covid-19 financial reporting

The National Audit Office (NAO) has published a guide to help audit and risk committees of government departments and arms-length bodies advise their organisations on financial management and reporting during, and in the period immediately after, the Covid-19 outbreak

25 Jun 2020

Image for hidden tax perils business debt refinancing

Tax | Hidden tax perils for business debt refinancing

As the Covid-19 crisis forces more businesses to raise funds and take on more debt, MHA MacIntyre Hudson’s Chris Denning analyses the possible tax pitfalls of corporate refinancing

24 Jun 2020

Business | Treasury details post-Brexit financial services regulation

The Treasury has set out details of how the UK will regulate the financial services sector following its exit from the EU, with reforms planned to take effect following the end of the transition period at the close of the year

24 Jun 2020

Image for deloitte handles ps56m go outdoors pre pack administration

Business | Deloitte handles £56m Go Outdoors pre-pack administration

Deloitte has been called in as administrators to Go Outdoors, and has sold the high street camping clothing and supplies company in a £56.5m pre-pack deal to owners JD Sports Fashion

24 Jun 2020

Restructuring & Insolvency

Image for frc probes three firms over london capital finance audits

Finance | FRC probes three firms over London Capital & Finance audits

Three audit firms – PwC, EY and Oliver Clive & Co – are facing a Financial Reporting Council (FRC) investigation into their auditing of London Capital & Finance (LC&F), a mini-bond investment specialist which collapsed last year amid controversy over the regulation of its high-risk products

24 Jun 2020

Image for nao deepens analysis ps17 trillion government spending

Finance | NAO deepens analysis of £1.7 trillion government spending

The National Audit Office (NAO) reviewed £1.7 trillion of government expenditure over the past year, and reports its work led to positive financial impacts of £1.1bn

24 Jun 2020

Image for covid 19 uk businesses owed ps133bn lockdown

Business | Covid-19: UK Businesses owed £133bn since lockdown

Nine in ten businesses are waiting to be paid an average of £148,917 for work done pre-lockdown, finds Market Finance, as business owners are urged to ‘look beyond their banks and seek advice’ to unlock potential economic solutions

24 Jun 2020