Business &amp; Accountancy Daily

Accounting Consultations

Image for more powers audit regulator arga plans take shape

Finance | More powers for audit regulator as ARGA plans take shape

Plans to create a new audit regulator, the Audit, Reporting and Governance Authority (ARGA) to replace the Financial Reporting Council (FRC), putting the new body on a statutory basis with a range of new powers, have been clarified in the audit white paper

18 Mar 2021

Corporate Governance

Accounting Consultations

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Finance | Accountants react to radical plans for overhaul of audit market

As the government sets out plans for extensive reform of the audit market, accountants and auditors react to the plans with calls for a fixed timetable and concerns about unintended consequences, possibly creating a two-tier audit market

18 Mar 2021

Corporate Governance

Image for us tax authority extends filing deadline 17 may

Tax | US tax authority extends filing deadline to 17 May

The US Internal Revenue Service (IRS) has confirmed that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from 15 April to 17 May 2021

18 Mar 2021

International Tax

Tax Compliance

Image for mid sized businesses not ready ir35 changes

Tax | Mid-sized businesses not ready for IR35 changes

With just under three weeks to go until the IR35 deadline on 6 April, research from Grant Thornton UK LLP finds that over one in three (38%) mid-sized businesses are not ready for the transition

18 Mar 2021

Employment Tax

Tax Compliance

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Finance | Tips on simplification of group structures

Corporate simplification is a way of simplifying corporate structures that have become overly complex, usually because of tax planning, acquisition, and legacy corporate entities. Russell Payne, director at ReSolve, offers tips and advice on restructuring

18 Mar 2021

Finance

Financial Reporting

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Finance | International reporting: regulatory assets and liabilities under IFRS 14

The IFRS standard setter is currently consulting on the accounting rules for regulatory assets and regulatory liabilities under IFRS 14 and their impact on financial performance. Jeroen Van Doorsselaere examines the impact on P&L

18 Mar 2021

| New audit report requirements for 2020 year ends

Michelle Roberts ACA, audit writer at Croner-i and Ian Connon MA FCA, BDO LLP, examine two of the biggest changes to audit reports for 2020 year ends resulting from the latest revisions to ISA (UK) 700 Forming an Opinion and Reporting on Financial Statements and ISA (UK) 570 Going Concern

17 Mar 2021

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Tax | Domestic reverse charge VAT - what you need to know

The domestic reverse charge VAT rules are now in force. Chris Smith, managing director at PKF Smith Cooper SP, considers the key FAQs you need to consider

17 Mar 2021

VAT

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Business | Uber agrees to pay drivers national minimum wage and pensions

Taxi hailing app Uber has confirmed that all its 70,000 UK drivers will be paid the national minimum wage with immediate effect

17 Mar 2021

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Tax | Deliberate tax defaulters face £5.7m in penalties

The latest HMRC deliberate defaulters list shows that £5.7m in penalties are outstanding for tax evasion and related non-payment for the latest quarter

17 Mar 2021

Tax | Tax-free childcare bonus of up to £500 not being claimed

Families using tax-free childcare accounts to pay for their childcare costs could receive a government top-up worth up to £500 every three months, but thousands are missing out on the payout, HMRC warns

17 Mar 2021

Personal Tax

HMRC

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Finance | Nearly half of public sector audits for 2020 await sign-off

The National Audit Office (NAO) has reported that less than half of local councils, local police and local fire bodies’ 2019-20 audits were completed by the revised deadline of 30 November 2020, despite this having been pushed back to take account of the impact of the Covid-19 pandemic

17 Mar 2021

Corporate Governance

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Business | Liz Barclay named as Small Business Commissioner to lead crackdown on late payments

The government has appointed Liz Barclay as small business commissioner to spearhead the national effort to crackdown on delayed invoices which cause thousands of small businesses to close every year

17 Mar 2021

Accountancy Firms

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Finance | Future proofing academy school finances

The financial stability of academy trusts is under pressure as covid-19 pressures affect the sector, but stronger multi academy trusts demonstrate the strength of larger structures. Pam Tuckett, audit partner and head of education at Bishop Fleming explains

16 Mar 2021

Finance

Financial Reporting

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Tax | Q&A: directors’ loans and tax liability

In our weekly Q&A, Croner Taxwise tax adviser Amaira Badat examines the tax liability when a company director draws down a director’s loan and then looks to extend borrowing after a dividend payout

16 Mar 2021

Business Tax

Personal Tax

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Tax | Businesses are losing 12% of revenue due to unclaimed VAT

Businesses in the UK are missing out on significant revenue by failing to reclaim VAT due to complexity, according to a study by SAP Concur

16 Mar 2021

VAT

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Business | Chocolate shop chain Thorntons to shut all stores

Thorntons has announced plans to shut all its high street retail stores citing difficult trading circumstances due to the ongoing pandemic

16 Mar 2021

Restructuring & Insolvency

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Business | £20m SME Brexit Support Fund opens for applications

Smaller businesses can apply for grants of up to £2,000 to help them adapt to new customs and tax rules when trading with the EU with training costs covered

16 Mar 2021

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Business | Government asks for views on covid-19 certification

The government has launched a two-week consultation on the role of Covid-status certification in the UK's recovery from the pandemic

16 Mar 2021

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Business | Government consults on reform of insolvency rules

The government has launched a consultation seeking stakeholders’ views on the insolvency rules that set out the detailed requirements for company and individual insolvency procedures in England and Wales to improve their effectiveness

16 Mar 2021