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Finance | IFRS 17: what are the actuarial challenges of insurance standard?

The insurance contracts standard requires important choices to be made that can have significant impact on company financial statements creating volatility in results, and need to reflect commercial practices, argue Shasat’s Michael Winkler and Sunil Kansal FCA

27 Jul 2020

Business | ‘Millions’ slip through Covid-19 financial safety net

MPs have accused the Chancellor of failing to help over a million workers excluded from coronavirus support schemes, despite his pledge ‘to do whatever it takes’ to ensure no one would be left behind

27 Jul 2020

Business

Companies

Careers

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Finance | FRC seeks to clarify two UK accounting standards

The Financial Reporting Council (FRC) has issued two exposure drafts proposing amendments to UK and Ireland accounting standards, in order to clarify issues when reporting either going concern issues or rent concessions

27 Jul 2020

Tax | ‘Fundamental’ overhaul of business rates in view

The government has announced a call for evidence for the fundamental review of the business rates system, seeking views on issues to be addressed, ideas for change and alternatives which could include an online sales tax

27 Jul 2020

Business | Record 527,000 businesses in ‘significant’ financial distress

A record 527,000 business were in significant financial distress at the end of June, up 7% since the beginning of the year, according to research by Begbies Traynor which suggests this trend is set to accelerate

27 Jul 2020

Business

Companies

Accountancy Firms

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Tax | Tax impact of Covid-19 on company cars

While there has been no tax break on company cars that have sat on the drive during the pandemic, a rebate on fuel benefits is still possible, according to RSM’s Chris Etherington

24 Jul 2020

Tax | Greece set to lure pensioners with 7% income tax

Greece is looking to woo foreign pensioners – including British retirees – by introducing a single tax rate of 7% for those shifting their tax residence to live in the country

24 Jul 2020

Tax

Personal Tax

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Tax | HMRC seeks views on tackling disguised remuneration tax avoidance

HMRC has opened a wide-ranging call for evidence on the continuing use of disguised remuneration (DR) tax avoidance schemes, seeking views on its approach, any variations which are not covered by existing legislation, and suggestions for further action

24 Jul 2020

Tax | HMRC launches Turkish tax probe at Ladbrokes owners

GVC Holdings (UK) Ltd, the FTSE 100 group which owns betting brands Ladbrokes and Coral, has revealed HMRC is conducting a probe into the group’s former Turkish online gambling business

24 Jul 2020

Tax | One week to tax credits renewal deadline

HMRC is warning taxpayers who claim tax credits they have just one week left to tell HMRC about changes to their circumstances or income before the renewal deadline on 31 July, or risk incorrect payments

24 Jul 2020

Tax | Early tax planning vital for those fleeing Hong Kong for UK life

Navigating the UK tax system for Hong Kong investors, immigrants and BN(O) passport holders can be very complex, as rules change and poor planning create extra tax bills, says Alfred Liu, senior associate at law firm Forsters

23 Jul 2020

Tax | Finance Bill 2020-21: changes to working time requirements for Enterprise Management Incentives

Finance Bill 2020-21 includes amendments to ensure that individuals will keep the tax advantages of the enterprise management incentives (EMI scheme) if they have either been furloughed or had their working hours reduced below the current statutory working time requirement for EMIs because of coronavirus

23 Jul 2020

Tax | Finance Bill 2020-21: corporate interest restriction rules amended

HMRC has announced technical changes to interest restriction rules ‘to make sure the regime works as intended’ in line with the OECD’s Base Erosion and Profit Shifting (BEPS) framework

23 Jul 2020

Tax | Treasury releases 10-year digital tax strategy

Alongside the Finance Bill 2020-21 draft legislation, the government has released details of an ambitious ten-year strategy to create ‘a tax system fit for the challenges and opportunities of the 21st century’, with a strong focus on increased use of technology and moves to real-time reporting and tax payments

23 Jul 2020

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Latest news

Finance | IFRS 17: what are the actuarial challenges of insurance standard?

Business | ‘Millions’ slip through Covid-19 financial safety net

Finance | FRC seeks to clarify two UK accounting standards

Tax | ‘Fundamental’ overhaul of business rates in view

Business | Record 527,000 businesses in ‘significant’ financial distress

Tax | Tax impact of Covid-19 on company cars

Tax | Greece set to lure pensioners with 7% income tax

Tax | HMRC seeks views on tackling disguised remuneration tax avoidance

Tax | HMRC launches Turkish tax probe at Ladbrokes owners

Tax | One week to tax credits renewal deadline

Tax | Early tax planning vital for those fleeing Hong Kong for UK life

Tax | Finance Bill 2020-21: changes to working time requirements for Enterprise Management Incentives

Tax | Finance Bill 2020-21: corporate interest restriction rules amended

Tax | Treasury releases 10-year digital tax strategy