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Business | The impact of the UK’s post-covid finances on recovery and insolvency

As we head towards the light at the end of the tunnel for the covid-19 pandemic, Benjamin Wiles, managing director at Kroll looks at what the impact of post-covid finances has on business recovery and insolvency

29 Jun 2021

Business

Companies

Accountancy Firms

Restructuring & Insolvency

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Tax | Q&A: tax, pensions and the tapered annual allowance

In our regular Q&A series, Kabita Tank, tax adviser at Croner Taxwise, considers the tax liabilities on pensions and the taper rules affecting the annual allowance charge

29 Jun 2021

Finance | What is the impact of the pandemic on charity finances?

Cost bases in charities have come under pressure during the pandemic but there have been some savings and reserves have not been drained. Jonathan Orchard, partner at Sayer Vincent, considers the financial challenges facing the charity sector

29 Jun 2021

Finance

Financial Reporting

Image for hmrc wins case concerning ps79k input tax credit

Tax | HMRC wins case concerning £79k input tax credit

HMRC has won an appeal to the Upper Tribunal (UT) against the First Tier Tribunals’ decision that HMRC was not entitled to deny or restrict, Hi-Octane Import's input tax credit claim of over £79k in respect of any purchases from Q Autos Limited (QAL)

29 Jun 2021

Tax | HMRC's IR35 CEST tool leaves over 200k workers ‘in limbo’

Data published by HMRC show that the tax authority’s IR35 status checker tool determined that 210,000 workers were labelled as ‘undetermined’ when figuring out their employment status

29 Jun 2021

Business | HMRC sacks over 200 officers for failing to protect taxpayer data

HRMC dismissed 40 members of staff and gave 95 a written warning for breaches in data security in the last twelve months

29 Jun 2021

Business

Companies

Image for beis committee criticise governments plan economic recovery

| BEIS committee criticise government’s plan for economic recovery

The UK government's plan for economic recovery after the covid-19 pandemic lacks clear direction, ministerial accountability and responsibility, and has no clear methods to measure its success says the Business, Energy and Industrial Strategy (BEIS) committee

29 Jun 2021

Politics

Business

Companies

Image for litrg urges hmrc intervene sneaky deeds assignments

Tax | LITRG urges HMRC to intervene in sneaky ‘deeds of assignments’

The Low Incomes Tax Reform Group (LITRG) urges HMRC to intervene as more and more people, that have used a tax refund company, are discovering that they trapped in a ‘deed of assignment’ when trying to claim their tax refund

29 Jun 2021

Finance | Getting your house in order for UK SOX-style regulation

As part of the government’s sweeping plans to reform audit in the UK, it is looking to bring in a UK version of the US Sarbanes-Oxley Act to regulate directors and improve accountability. David Brightman, director of product marketing at BlackLine, considers the impact for audit firms

28 Jun 2021

Finance

Financial Reporting

Image for hmrc launches over 12000 probes covid 19 scheme fraud

Business | HMRC launches over 12,000 probes into covid-19 scheme fraud

HMRC has carried out over 12,000 compliance interventions relating to the Coronavirus Job Retention Scheme (CJRS), the Self-Employment Income Support Scheme (SEISS) and Eat Out to Help Out Scheme (EOHO)

28 Jun 2021

Business

Companies

Image for insolvency service releases guidance creditors

Business | The Insolvency Service releases guidance for creditors

The Insolvency Service has released new and detailed guidance for creditors and money advisors under the Debt Respite Scheme (Breathing Space)

28 Jun 2021

Business

Companies

Accountancy Firms

Image for litrg releases guidance how siess taxed

Tax | LITRG releases guidance on how SIESS is taxed

In response to messages from confused taxpayers, the Low Incomes Tax Reform Group (LITRG) has published guidance on exactly how SEISS grants are taxed

28 Jun 2021

Finance | Covid-19-related rent concessions and IFRS 16

The pandemic has meant that landlords and leaseholders have faced pressures meeting rent commitments, which has affected the accounting treatment of rent concessions. Rachel Farris, Croner-i Navigate, explains how the latest amendments to IFRS 16 Leases impact accounting

28 Jun 2021

Finance

Financial Reporting

IFRS

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Finance | Tougher local government Prudential Code to be published

Following consultation with local government finance professionals, a strengthened Prudential Code will be published by the end of 2021 to stop local authorities wasting money on property investments, CIPFA has confirmed

28 Jun 2021

Finance

Financial Reporting

Image for mod not able prioritise value money equipment contracts

Business | MOD not able to prioritise value for money on equipment contracts

The Ministry of Defence (MOD) regularly experiences difficulties in effectively managing its major equipment contracts, with frequent delays and cost increases the National Audit Office (NAO) has found

28 Jun 2021

Business

Companies

Accountancy Firms

Image for cima and aicpa launch resources help accountants navigate sustainability

Finance | CIMA and AICPA launch resources to help accountants navigate sustainability

The Chartered Institute of Management Accountants (CIMA) and American Institute of Certified Public Accountants (AICPA) have launched briefs giving a detailed overview of sustainability standards and frameworks

28 Jun 2021

Finance

Financial Reporting

Image for role auditor policing enforcement

| The role of the auditor in policing enforcement

The Brydon report markedly expands the subject of an audit from the financial statements to take in the company itself, its directors and all information the company is required to disclose, but is this really the remit of the auditor, asks David Lineen, director, haysmacintyre

25 Jun 2021

Corporate Governance

Image for ifac deal global health bodies improve financial reporting

Finance | IFAC deal with global health bodies to improve financial reporting

Global health leaders Gavi, the Vaccine Alliance and the Global Fund to Fight AIDS, Tuberculosis and Malaria have joined forces with the International Federation of Accountants (IFAC) to support the implementation of robust accounting practices in the public health sector

25 Jun 2021

Finance

Financial Reporting

Image for poundland wins ps215m hmrc vat case

Tax | Poundland wins £2.15m HMRC VAT case

The high street retailer Poundland has won a £2.15m VAT case against HMRC regarding a stock adjustment dispute on the group’s switch from its old bespoke retail scheme

25 Jun 2021

Business | People in the news: PwC, Armstrong Watson, Henderson Loggie, Knill James

In this week’s accountancy career moves, PwC and Deloitte promote a raft of partners, hires and promotions at Armstrong Watson, Henderson Loggie and Knill James, and CFO for Consult Red and NED at Sage Housing

25 Jun 2021

Leadership & Management

Image for third round culture recovery fund released

Business | Third round of culture recovery fund released

The final £300m of the governments £2bn rescue package, The Culture Recovery Fund (CRF) has been released

25 Jun 2021

Business

Companies

Business | UK travel green list updated

Malta, Madeira, the Balearic Islands, several UK overseas territories, and Caribbean islands including Barbados have been added to the government’s green list having met the necessary criteria to be reclassified

25 Jun 2021

Business

Law & Guidance

Image for ciot calls put umbrella companies wider definition tax advice

Tax | CIOT calls to put umbrella companies in ‘wider definition’ of tax advice

The Chartered Institute of Taxation (CIOT) calls on the government to include non-compliant umbrella companies and providers of tax software in their plans to improve the standard of the tax advice market

25 Jun 2021