Business &amp; Accountancy Daily

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Business | ‘Amnesty’ planned for furlough breaches

The government plans to offer an ‘amnesty’ to employers who have furloughed employees during the coronavirus crisis without meeting the formal conditions of the scheme, enabling them to repay sums without penalties or further sanctions

9 Jul 2020

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Business | Third-party failures can cost companies £783m per incident

Half of companies believe the cost of a third-party incident has at least doubled in the past five years, according to Deloitte survey, with Covid-19 predicted to further increase need for investment in risk management

9 Jul 2020

Tax | Summer Statement: Chancellor offers job funding, VAT cuts and eat out discounts

Just four months after his first Budget, Chancellor Rishi Sunak has unveiled a summer economic update designed to mitigate the impact of the Covid-19 pandemic, with a commitment to encouraging job creation through a government ‘plan for jobs’ and stimulus for consumer spending

8 Jul 2020

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Business | Future Fund loans can create significant shareholders

As innovative companies turn to Future Fund loans for additional funding during the Covid-19 crisis, McCarthy Denning’s Guy Avshalom warns businesses could find themselves with powerful new shareholders if the debt converts to equity

8 Jul 2020

Accountancy Firms

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Tax | Chancellor urged to go further with Covid-19 support

Early reaction to the Chancellor’s summer update of measures to combat the economic challenges posed by Covid-19 has been largely positive, although there has been surprise at the lack of support for some badly affected sectors such as retail and aviation

8 Jul 2020

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Finance | GT fined £3m over audit ethics failures

The Financial Reporting Council (FRC) has hit Grant Thornton UK with a £3m fine, discounted to £1.95m, over a series of ethical and independence failures in its auditing of Conviviality Retail, part of the collapsed alcohol wholesaler and retailer group

8 Jul 2020

Business | Covid-19 impact raises insolvency warning for university sector

Around a dozen universities could plunge into insolvency as a result of the Covid-19 crisis, which poses a significant financial threat to the UK higher education sector, according to research by the Institute for Fiscal Studies (IFS)

8 Jul 2020

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Business | Opinion: Don’t bar Branson from bailouts

Despite calls for UK corporates registered offshore to be denied government help during the coronavirus crisis, Andersen Tax’s Miles Dean argues that support could save thousands of jobs

7 Jul 2020

Careers

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Tax | Chancellor’s plans to reset economy post-Covid

Chancellor Rishi Sunak is to deliver a ‘summer economic update’ tomorrow, 8 July, outlining the government’s plans to support the economy through the first phase of recovery from the coronavirus crisis, with likely options including temporary tax cuts, funding for green projects, and job creation schemes

7 Jul 2020

Business | FCA seeks to fine and ban ex-spread betting company boss

The Financial Conduct Authority (FCA) is seeking to impose a £658,900 market abuse fine on Conor Foley, former CEO of failed spreading betting firm Worldspreads, and ban him from performing any roles linked to regulated activity

7 Jul 2020

Called to Account

Tax | HMRC names new deputy CEO

Angela MacDonald has been named as the HMRC’S new deputy chief executive, succeeding Jim Harra who vacated the position in October 2019 when he took on the top role as HMRC’s chief executive

7 Jul 2020

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Business | Regulator launches probe into Devon charity’s oversight

The Charity Commission has opened a statutory inquiry into Humanity Torbay over serious concerns about the trustees’ oversight and management of the charity, including the handling of its accounts

7 Jul 2020