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Tax | VAT updates: October 2020

In this month’s round up of VAT cases, Graham Elliott considers VAT on imports after 1 January 2021, the end of the retail export scheme, undisclosed partnerships, roof insulation and Covid-19 payment holidays

2 Nov 2020

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Tax | VAT error correction - CPD module – NEW

This month's exclusive Accountancy Daily CPD module explains in depth the two ways in which the under or overpayment of VAT should be corrected, as well as how to properly notify HMRC

2 Nov 2020

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Business | Furlough scheme extended for a month

Following the announcement of a month-long national lockdown in England, the Treasury has said the coronavirus job retention scheme (CRJS), due to end on 31 October, will now remain open until December

2 Nov 2020

Leadership & Management

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Business | England under national lockdown from 5 November

Prime Minister Boris Johnson has announced tougher national restrictions across England from Thursday, including the closure of non-essential shops and leisure facilities, in a bid to slow a sharp rise in Covid-19 infections across the country

2 Nov 2020

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Business | Covid pushes business borrowing up five-fold

UK businesses are set to borrow more than five times as much this year compared with the previous twelve months as a result of Covid-19, according to analysis from EY

2 Nov 2020

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Finance | M&G opts for PwC as external auditor

Investment manager M&G has picked PwC as its external auditor, replacing KPMG which had held the role since 1999

2 Nov 2020

Corporate Governance

Accountancy Firms

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Tax | Trusts tax take up by 7% to reach £3bn mark

HMRC’s annual statistics show that while the number of trusts and estates continues to fall, their income has increased, and the total tax bill is up by 7%

2 Nov 2020

30 Oct 2020

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Business | Nightmare of zombie companies haunts business world

A plague of walking dead businesses could drag down the whole economy, but entrepreneurs can fight back with healthy balance sheets and a determination to adapt and avoid the zombie shuffle, says ReSolve’s Mark Supperstone

30 Oct 2020

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Tax | HMRC changes VAT policy for private baby scans

HMRC has published a brief on changes to the VAT treatment of ultrasound scanning services for pregnant women following the decision of a First Tier Tribunal (FTT)

30 Oct 2020

Law and Regulation

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Finance | GT and Mazars criticised over ‘unacceptable’ major local audit quality

The Financial Reporting Council (FRC) has branded the quality of major local audits as ‘unacceptable’ and says urgent action is required from firms specialising in the sector, including Grant Thornton and Mazars

30 Oct 2020

Corporate Governance

Accountancy Firms

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Business | Accountant ordered to repay £292K fraud

An accountant convicted of defrauding a company pension scheme of £292,000 has been ordered to repay the money

30 Oct 2020

Called to Account

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Business | Covid-19: UK hits 96,000 new infections per day

The number of infections continues to rise across all regions of the UK, effectively doubling every nine days, according to findings from Imperial College London and Ipsos MORI

30 Oct 2020

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Business | People in the news: UHY Hacker Young, Haines Watts, Crowe

In this week’s accountancy career moves, partner promotions at UHY Hacker Young, Crowe, EY and Haines Watts, directors named at Foxley Kingham and Quantuma, plus nine director promotions at RSM

30 Oct 2020

Leadership & Management

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Business | 670,000 CVS uploaded as furlough closes

Two thirds of a million UK workers (670,000) updated their online CV during the final weeks of the furlough scheme, according to job site Indeed, as 2m workers were still on furlough just days before the scheme closed

30 Oct 2020

Leadership & Management

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Business | Professional firms urged to join 10,000 Black Interns push

PwC, Credit Suisse, and Zurich Insurance are among the first organisations supporting the launch of 10,000 Black Interns, a programme intended to help transform the horizons and job prospects of young Black people in the UK

30 Oct 2020

Leadership & Management

29 Oct 2020

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Tax | Brexit and VAT pt1: mini one stop shops, tourism and VAT refunds

In the first of a two-part series, Croner-i writer Sarah Kay reviews a number of the less well publicised Brexit consequences for UK businesses trading in the EU, including the impact of mini one stop shops, tax free shopping for tourists and EU VAT refunds

29 Oct 2020

International Tax

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Finance | Review of Croydon Council’s ‘dysfunctional’ financial governance

The government is conducting a probe into the London Borough of Croydon, which has forecast a £50m shortfall in funding this year, following strong criticism from external auditor Grant Thornton of its financial management and its scrutiny of spending and investments

29 Oct 2020

Corporate Governance

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Business | Germany, France re-impose Covid lockdowns

Germany and France are re-entering national lockdowns following a surge in coronavirus cases and deaths, risking further business disruption in two of Europe's biggest economies

29 Oct 2020

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Finance | Environmental corporate reporting on the rise

Companies’ commitment to reflecting more widely on environmental, social and governance (ESG) factors in their annual reports is increasing significantly, both in the UK and globally, but there are areas which require improvement, according to two research reports

29 Oct 2020

Accounting Standards

Financial Reporting

Accountancy Firms

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Business | Business distress levels at three-year high

The last three months has seen the biggest quarterly jump in companies in financial distress since 2017, despite a backlog of court action preventing many county court judgments (CCJs) and winding up petitions being issued, according to Begbies Traynor

29 Oct 2020

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Tax | Businesses warned on drop in annual investment allowance

Businesses considering the purchase of capital equipment need to think quickly or risk missing out on significant amounts of tax relief over the next few years, the Association of Taxation Technicians (ATT) is warning

29 Oct 2020