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Image for tips and advice preparing parochial church council accounts

Finance | Tips and advice on preparing parochial church council accounts

The preparation of accounts that reflect the finances of a Parochial Church Council is unique in itself but throw into the mix ‘who owns what’, and complex rules on what can and cannot be capitalised, means accountants need to be careful. Helen Ford FCCA, accounts senior at Butler & Co explains

14 Dec 2020

Business | Beyond Brexit: hiring employees after immigration rules change

The end of freedom of movement and changes to immigration rules effective from 1 January 2021 affect employee recruitment, while travel limits for business travel also need to be factored in. Lindsey Barras, immigration lead at PwC UK, sets out five tips for employers

14 Dec 2020

Business

Companies

Careers

Leadership & Management

Image for bdo does u turn ps41m furlough repayments

Business | BDO does U-turn on £4.1m furlough repayments

BDO has bowed to public pressure and announced it is to return £4.1m of furlough money back to the government, after facing a backlash when the mid-tier firm revealed its partners were receiving more than £500,000 each on average

14 Dec 2020

Business

Companies

Careers

Leadership & Management

Image for ps138bn risk ftse 100 tax disputes

Tax | £13.8bn at risk in FTSE 100 tax disputes

FTSE 100 companies face having to pay out £13.8bn as a result of tax disputes with tax authorities globally, according to research by Thomson Reuters

14 Dec 2020

Tax | IR35 tool fails to deliver result in 19% of cases

With reforms to the off payroll working regulations set to be introduced to the private sector in April next year, HMRC’s online tool for determining IR35 status has failed to produce a definite answer in almost one in five cases over the past year

14 Dec 2020

| Finance Mole: recruitment hurdles in days of covid

Hiring a business analyst for the UK finance team is made more difficult when Finance Mole loses control of candidate selection when US-based corporate recruitment team takes the lead

11 Dec 2020

Business

Image for fca fines financial advice firm ps107k over pensions advice

Business | FCA fines financial advice firm £107k over pensions advice

Independent financial advice firm L J Financial Planning Ltd (LJFP) has been fined £107,200 by the Financial Conduct Authority (FCA) for providing its customers with unsuitable pension switching and transfer advice and failing to manage its conflicts of interest

11 Dec 2020

Business

Companies

Pensions

Image for frc lists priority areas inspection focus

Finance | FRC lists priority areas for inspection focus

The Financial Reporting Council (FRC) has put the impact of Covid-19, fraud, estimates and climate risk top of its list of critical issues it will be considering during next year’s round of audit quality reviews

11 Dec 2020

Business | BDO in driving seat as Lookers auditor

BDO is to take over as auditor of Lookers, the UK national car dealership which has been wrestling with a series of accounting issues, replacing Deloitte which has held the role for 14 years

11 Dec 2020

Business

Companies

Accountancy Firms

| Banks to resume paying dividends

UK banks have been given the green light by the Prudential Regulation Authority (PRA) to begin paying shareholders dividends again, after pay-outs were halted at the start of the pandemic in March

11 Dec 2020

Audit Regulations

Business

Accountancy Firms

Image for people news thomas westcott johnston carmichael acca

Business | People in the news: Thomas Westcott, Johnston Carmichael, ACCA

In this week’s accountancy career moves, partner appointments at Thomas Westcott and ReSolve, three office heads named at Johnston Carmichael, and two directors appointed at ACCA

11 Dec 2020

Business

Companies

Careers

Leadership & Management

Image for ps350k wrongly donated christmas charity scams

Business | £350k wrongly donated to Christmas charity scams

Action Fraud, the Charity Commission and the Fundraising Regulator are warning the public to remain vigilant when making charitable donations this Christmas

11 Dec 2020

Business

Companies

Charities

Image for rent arrears moratorium threatens commercial property landlords

Finance | Rent arrears moratorium threatens commercial property landlords

Tenants, landlords and lenders must work together to avoid mounting rent arrears, says James Liddiment of Duff & Phelps as he investigates the options, including a move to turnover-based payments as Covid work patterns undermine commercial office space

10 Dec 2020

Restructuring & Insolvency

Image for bdo records ps25m covid hit profits

Business | BDO records £25m Covid hit to profits

Mid-tier firm BDO has recorded a £25m reduction in profits from the impact of Covid-19, resulting in partner distributions dropping 14%, and is warning lower levels of profitability look set to continue

10 Dec 2020

Business

Companies

Accountancy Firms

Image for general electric hit 200m penalty over disclosure failures

Finance | General Electric hit with $200m penalty over disclosure failures

US industrial giant General Electric (GE) is to pay a $200m (£150m) penalty to settle charges brought by the Securities and Exchange Commission over disclosure failures in its power and insurance businesses

10 Dec 2020

Finance

Accounting Standards

Financial Reporting

Finance | IASB reviews group accounting standards

The International Accounting Standards Board (IASB) is seeking feedback on three IFRS standards for group accounting, in order to assess their usefulness to users of financial statements, the ease of implementation and any unexpected costs of application

10 Dec 2020

Business | 3,300 companies at risk of bankruptcy when insolvency ban lifts

‘Insolvency gap’ statistics suggest at least 3,300 UK business collapses are stored up for when the moratorium on insolvency actions ends on December 31, says UHY Hacker Young

10 Dec 2020

Business

Companies

Restructuring & Insolvency

Finance | BEIS consults on major Companies House overhaul

The Department for Business, Energy and Industrial Strategy (BEIS) has launched three consultations on reforms to Companies House, designed to improve the integrity of the information available about companies and strengthen its ability to tackle fraud

10 Dec 2020