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Business | Lessons from anti-money laundering penalties

As research reveals global anti-money laundering fines hit more than $700m in the first half of 2020 Duff & Phelps’ Nick Bayley and Julius Kania explore the long-term trends, including whether organisations have learnt their lessons and how regulators are changing their approach

28 Oct 2020

Business

Companies

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Business | Chancellor to hold Spending Review late November

The Chancellor has decided to conduct a one-year Spending Review on 25 November in order to prioritise the response to Covid-19, focus on supporting jobs, and capital projects such as HS2

28 Oct 2020

Leadership & Management

Image for property developer plays blinder vat claim

Tax | Property developer ‘plays a blinder’ on VAT claim

HMRC looks set to change its guidance after a property developer won a case at a First Tier tribunal (FTT) challenging the VAT rating for window blinds installed in new homes

28 Oct 2020

Business | Experian data processing lapse risks £20m fine

The Information Commissioner’s Office (ICO) is taking enforcement action against the credit reference agency Experian Ltd after a two-year investigation found evidence of ‘invisible’ processing of people’s personal data, potentially affecting millions of adults in the UK

28 Oct 2020

Business

Companies

Accountancy Firms

Tax | HMRC: 95 days left to self assess

HMRC is reminding self assessment taxpayers that there are just 95 days left to complete their tax return ahead of the deadline on 31 January 2021

28 Oct 2020

Business | Ending of Covid support hikes unemployment levels

Younger employees and BAME workers are likely to be hardest hit when the government’s coronavirus job retention scheme (CJRS) winds down at the end of this month, according to research from the Resolution Foundation which warns youth unemployment could reach its highest level for four decades

28 Oct 2020

Business

Companies

Careers

Leadership & Management

Image for crown preference will knock out rescue finance

Tax | Crown preference will knock out rescue finance

Putting HMRC at the front of the creditors’ queue risks undermining all the Treasury’s efforts to support business in these difficult economic times, argues Cameron Gunn, senior partner at ReSolve

27 Oct 2020

Tax | Call for changes to ‘inflexible’ business rates

A third of companies say they need government support to survive the next six months, with a similar proportion expecting to make redundancies according to ICAEW, which is calling for changes to business rates and targeted help to limit the economic damage of Covid-19

27 Oct 2020

Tax | Covid-19: childcare support eligibility extended

Working parents who are on coronavirus support schemes will remain eligible for childcare support even if their income falls below the minimum threshold requirement, the government has announced

27 Oct 2020

Tax | Waste management company wins £1.6m landfill tax refund

Leading waste management specialist Augean is set to receive a £1.6m repayment of landfill tax, the first such payment in its lengthy legal battle with HMRC over a total of £40.4m of disputed assessments

27 Oct 2020

Business | Q&A: statutory sick pay for a new starter

In our regular Q&A series, Croner Taxwise payroll adviser, Sue Walker, explores whether a new employee is due statutory sick pay (SSP) if they become sick during the second week of employment

27 Oct 2020

Leadership & Management

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Business | Regulator criticises charity over unauthorised trustee payments

A Charity Commission inquiry has strongly criticised a poverty relief charity after its founding trustees failed to manage conflicts of interest, and unauthorised payments were made to a trustee

27 Oct 2020

Business

Companies

Charities

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Finance | Accounting for Brexit part 1: small company and group accounts

In the first article of a series on the impact of Brexit on audit and accounting, Lizzie Morris ACA and James Lole FCA take a look at how the changes introduced by the Brexit-related regulations will impact the preparers of accounts for small companies and small groups from 1 January 2021

26 Oct 2020

Finance | Ban for ‘misleading’ accounting institute

ICAEW, ICAS and Chartered Accountants Ireland have obtained a High Court injunction to ban a European organisation and its directors from offering chartered accountancy qualifications, as it is not a recognised professional body

26 Oct 2020

Leadership & Management

Image for covid 19 spurs working home tax relief claims

Tax | Covid-19 spurs working from home tax relief claims

With up to £124 a year available as tax relief, it is perhaps not surprising that some 54,800 working from home tax relief claims were made through HMRC’s new online portal in the first 11 days of operation, writes Philip Smith

26 Oct 2020

Leadership & Management

Image for nao warns job scheme risk and eligibility concerns

Business | NAO warns of job scheme risk and eligibility concerns

The National Audit Office (NAO) is warning that the government’s coronavirus job support schemes risk ‘considerable’ levels of fraud and error, potentially totalling up to £3.9bn, while up to 2.9m people may have missed out on any help

26 Oct 2020

Business

Companies

Careers

Leadership & Management

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Finance | FRC issues three amendments to standards

The Financial Reporting Council (FRC) has issued three sets of amendments to UK and Ireland accounting and reporting standards, designed to address some topical issues, and maintain a necessary alignment with international standards

26 Oct 2020

Finance | Charity trustees polled on accounting framework

Charity trustees are being asked for their views on the charity accounting framework as part of an initiative to make the charities statement of recommended practice (SORP) easier to understand and to improve compliance

26 Oct 2020

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Latest news

Business | Lessons from anti-money laundering penalties

Business | Chancellor to hold Spending Review late November

Tax | Property developer ‘plays a blinder’ on VAT claim

Business | Experian data processing lapse risks £20m fine

Tax | HMRC: 95 days left to self assess

Business | Ending of Covid support hikes unemployment levels

Tax | Crown preference will knock out rescue finance

Tax | Call for changes to ‘inflexible’ business rates

Tax | Covid-19: childcare support eligibility extended

Tax | Waste management company wins £1.6m landfill tax refund

Business | Q&A: statutory sick pay for a new starter

Business | Regulator criticises charity over unauthorised trustee payments

Finance | Accounting for Brexit part 1: small company and group accounts

Finance | Ban for ‘misleading’ accounting institute

Tax | Covid-19 spurs working from home tax relief claims

Business | NAO warns of job scheme risk and eligibility concerns

Finance | FRC issues three amendments to standards

Finance | Charity trustees polled on accounting framework