Business &amp; Accountancy Daily

Image for kpmg replace deloitte petrol forecourt giant

| KPMG to replace Deloitte at petrol forecourt giant

Deloitte has resigned as auditor to EG Group, the company set up by the billionaire Issa brothers who have also recently acquired supermarket giant Asda, and is to be replaced by KPMG

15 Oct 2020

Business | Lack of Covid support schemes hits travel sector

As half-term and Christmas holiday plans remain uncertain in the face of an upsurge in coronavirus infections and moves to introduce regional lockdowns, research shows the travel sector is heavily reliant on furlough scheme, with new measures failing to provide support

15 Oct 2020

Careers

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Business | UK economy facing ‘prolonged’ disruption

The UK is facing a prolonged period of disruption to economic activity as the country tackles the twin challenges of the Covid-19 crisis and leaving the EU single market, an OECD report warns

15 Oct 2020

Business | Free CVA form for SMEs launched

Insolvency trade body R3 has launched a free standard form for company voluntary arrangements (CVAs), which aims to make it easier for small businesses affected by the Covid-19 pandemic to enter a CVA, by providing a foundation for directors’ proposals to be developed

15 Oct 2020

Restructuring & Insolvency

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Tax | New powers to access taxpayer financial information ‘burden’

Draft legislation will give HMRC powers to request information from financial institutions without approval of the First Tier Tribunal, but could prove expensive to comply with, warns Collyer Bristow’s William Hancock

14 Oct 2020

Business | Covid fraud hotline opens

A new hotline has been launched to report Covid fraudsters who make illegal claims for support

14 Oct 2020

Image for hmrc opens portal wfh expenses claims

Tax | HMRC opens portal for WFH expenses claims

Over 50,000 taxpayers have used a new online portal to claim tax relief for working at home during the pandemic in the first ten days of its operation, HMRC has revealed

14 Oct 2020

Image for audit firms overlooked brexit trade negotiations

Business | Audit firms ‘overlooked’ in Brexit trade negotiations

The UK’s professional and business services sector, including accountancy and audit firms, is at risk because of the government’s failure to nail down future UK-EU arrangements on trade in services, a House of Lords committee has warned

14 Oct 2020

Image for oecd digital services tax project slows

Tax | OECD digital services tax project slows

The OECD’s plans for reaching a consensus-based global approach to taxing digital services have been delayed, with no agreement now likely before mid-2021, despite analysis suggesting up to $100bn (£77bn) is at stake annually, an update on progress has revealed

14 Oct 2020

Business | Charity given official warning over lack of financial controls

The Charity Commission has issued an official warning to the trustees of a Midlands-based charity for repeated failure to engage with the regulator in response to serious concerns, including lack of any control over funds being raised

14 Oct 2020

Charities

Image for hmrc slips skating rink vat appeal

Tax | HMRC slips up in skating rink VAT appeal

A tribunal has ruled that children’s ice skates can be hired without VAT, even when included in a skating session package. RSM’s Sarah Halsted reviews the judges’ score

13 Oct 2020

Tax | One week until ‘gloves off’ HMRC furlough investigations

It's only one week until the end of the 90 day period (Tuesday 20 October) for individuals and businesses to disclose incorrect furlough claims to HMRC, or risk HMRC probe

13 Oct 2020

Business | Ban for payroll company director over unaccounted £2.7m

The director of a payroll services company has been disqualified after failing to explain the true nature of £2.7m of payments made over a two-month period

13 Oct 2020

Called to Account

Business | Business urged to prepare for Brexit

With less than 100 days to go before the UK leaves the EU, a poll by EY has found only one in nine businesses have a good understanding of the risks of not being prepared, while the business secretary is writing to 600,000 companies urging them to action

13 Oct 2020

Image for frc wants more diversity top profession

Business | FRC wants more diversity at top of profession

The Financial Reporting Council (FRC) is calling on accountancy firms to prioritise increased diversity at the most senior levels of management, with partners being the least diverse when it comes to gender, ethnicity and disability, according to its latest report on the profession

13 Oct 2020