Business &amp; Accountancy Daily

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Tax | Government lays out post-Brexit NI VAT and duty details

The government has introduced legislation to Parliament providing clarity for how customs, VAT, and excise duty will be dealt with in Northern Ireland after the end of the Brexit transition period

9 Dec 2020

Finance | FRC flags ‘importance of challenge culture’ in audit firms

The Financial Reporting Council has undertaken new analysis of its audit quality inspection results after discovering 80% of audits required improvement, effective challenging was a key component

9 Dec 2020

Finance | IFRS 17: amendments to accounting insurance standard problematic

Recent tweaks to IFRS 17 Insurance Contracts have provided some much needed clarity, but there is still room for interpretation and a financial hit when insurance companies first adopt the accounting standard in 2023, warn Michael Winkler and Sunil Kansal FCA of Shasat Consulting

8 Dec 2020

Business | Rehab charity reprimanded over financial failings

The former manager and a former trustee of a Birmingham rehabilitation charity have been disqualified, after a Charity Commission inquiry identified serious financial failings, including an unauthorised payments and unmanaged conflicts of interest

8 Dec 2020

Charities

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Business | Bank of England challenged to find ‘missing’ £50bn

With Covid-19 driving a switch to cashless payments, MPs are calling on the Treasury and Bank of England to ensure access to cash continues, and to investigate £50bn in sterling notes which is ‘missing’

8 Dec 2020

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Business | Moves to expand SME funding options

The government has announced a new scheme providing export finance support for SMEs, in a bid to boost a post-Covid recovery

8 Dec 2020

Restructuring & Insolvency

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Finance | Deadline for Covid insolvency measure changes extended

The government has announced a further extension to changes to insolvency measures and the regulations for company AGMs, designed to relieve the pressure on businesses dealing with coronavirus

8 Dec 2020

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Tax | Q&A: post-cessation expenses for a company

In our regular Q&A series, Croner Taxwise, tax adviser, Marsha Haywood, explores whether a company can claim relief from corporate tax on expenses incurred after the company ceases to trade

8 Dec 2020

Finance | No more rubber stamping audits as covid pressure bites

As auditors wait for a government response to Sir Donald Brydon’s audit review, Johnston Carmichael’s audit head Graham Marjoribanks argues action already taken by firms and regulators will see audit add value and a more robust approach to client relationships

7 Dec 2020

Business | Business group warning over lack of Brexit guidance

With 24 days to go until the end of the Brexit transition period, businesses still have insufficient official information available in critical areas, undermining their ability to prepare for change on 1 January, according to the British Chambers of Commerce (BCC)

7 Dec 2020

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Finance | Call to enhance IAS 37 disclosures for pollution clean-ups

Ambiguities in the existing international accounting standards have resulted in a lack of transparency about the decommissioning and clean-up costs incurred by pollution-prone industries, resulting in potential liabilities for taxpayers, according to ICAS

7 Dec 2020

Tax | UK urged to keep EU topping tourism tax cut

The UK is doing more to help its tourism industry than other European countries, according to study by UHY, as UK tourists pay just 7.8% in tax on a typical daily spend compared to a European average of 11.3%

7 Dec 2020

Tax | MPs want detailed analysis of VAT retail export scheme cancellation

MPs have criticised government plans to end the VAT retail export scheme (RES) at the end of this year, when the UK leaves the EU, saying it has not provided a wide enough analysis of the potential impact on the tourism industry

7 Dec 2020

Business | Grant Thornton builds up Channel Islands presence

Grant Thornton Channel Islands has acquired the audit business of Saffery Champness in Guernsey, in a bid to expand into the local business market, as well as financial services sectors and outsourced finance functions

7 Dec 2020