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Business | Accountancy jobs in 2021: Covid catalyst

What will be the employment trends in watch out for in 2021? Matt Weston, head of recruiters Robert Half sees Covid-19 as a catalyst for business transformation, with accountants at the forefront of a changing environment

18 Dec 2020

Leadership & Management

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Tax | Chancellor extends furlough to end April 2021

In a move to support businesses, the Chancellor has announced that the current furlough scheme will be extended to 30 April while covid business loans will now be available until the end of March

17 Dec 2020

Business | Regulator acts on £200k raised by unregistered charity

The Charity Commission has published a highly critical report on the activities of two people who raised around £200,000 for Rohingya refugees, after an inquiry found they could not show how all funds were used

17 Dec 2020

Business | China’s Luckin Coffee fined $180m for accounting fraud

Luckin Coffee, China’s homegrown rival to Starbucks, is to pay a $180m (£132m) penalty to settle charges of accounting fraud brought by the Securities and Exchange Commission (SEC)

17 Dec 2020

Business

Companies

Restructuring & Insolvency

Image for ey reports 5 growth face covid 19 disruption

Business | EY reports 5% growth in face of Covid-19 disruption

EY has reported a 5% increase in UK fee income over the past year, buoyed by the firm’s pre-pandemic performance, but average profit per partner has dropped to £667,000 and an additional 10% of partner distributions have been retained due to continuing Covid-19 uncertainty

17 Dec 2020

Leadership & Management

Image for wales tightens coronavirus restrictions christmas

Business | Wales tightens coronavirus restrictions from Christmas

Wales is to move to tough level 4 restrictions next week in a bid to curb rapidly accelerating covid-19 rates, including the closure of hospitality venues and non-essential shops

16 Dec 2020

Business

Companies

Accountancy Firms

Image for wpp and deloitte find accounting standards errors

Finance | WPP and Deloitte find accounting standards errors

WPP, the world’s biggest advertising group, is to restate its financial statements from 2017 to 2019, after discovering its most recently reported statutory losses were under-stated by £301m

16 Dec 2020

Business | UK Trader Scheme launched for GB/NI movement of goods

With Brexit talks on any future UK/EU trade deal hanging in the balance, the HMRC has launched a UK Trader Scheme (UKTS) to support businesses moving goods from Great Britain to Northern Ireland from the start of next year

16 Dec 2020

Business

Companies

Accountancy Firms

Image for bounce bank loan scheme risks ps26bn fraud

Tax | Bounce Bank Loan Scheme risks up to £26bn of fraud

UK taxpayers stand to foot a bill of £26bn to cover potential losses from loans made via the bounce back loan scheme (BBLS), which was rushed out too quickly and with insufficient checks, the Public Accounts Committee (PAC) is warning

16 Dec 2020

Tax | Record 3,126 businesses liquidated to reduce CGT

A flood of businesses are voluntarily closing down due to the economic uncertainty around covid-19 and fears over a possible increase in capital gains tax (CGT), according to analysis by Price Bailey

16 Dec 2020

Restructuring & Insolvency

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Tax | Post Brexit tips on VAT and exports to EU

Kevin Hall, partner at Wright Hassall, examines how to account for VAT on exports and EU VAT obligations from 1 January 2021 after the Brexit transition period ends

16 Dec 2020

Business | London put under tighter Covid restrictions

All 32 London boroughs, the City of London, and parts of both Essex and Hertfordshire, are to be under the strictest of the three levels of coronavirus restrictions from tomorrow, the government has announced

15 Dec 2020

Business

Companies

Careers

Leadership & Management

Image for hmrc penalty payments increase 62

Tax | HMRC penalty payments increase by 62%

HMRC penalties for taxpayers’ compliance failings are on the rise once more, following a sharp drop at the start of lockdown, according to research by UHY Hacker Young

15 Dec 2020

Finance | Consultation on changes to UK investment firm regulation

The Financial Conduct Authority (FCA) has published its first consultation on a new prudential regime for UK investment firms, which includes significantly enhanced capital requirements

15 Dec 2020

Business | British Overseas Territories to have public beneficial ownership registers by 2023

The government has published draft legislation setting out the minimum standards for British Overseas Territories (OTs) when they publish details of the owners of companies registered there, with the requirement to develop their register within three years

15 Dec 2020

Tax | Tax updates 2020 part 1: personal

In a round-up of the biggest personal tax stories of the year, we look at all the non-coronavirus news, including a potential wealth tax, CGT charges on second home sales, ‘deliberate’ errors, fall in IHT receipts, buy-to-let tax hikes and pension tax relief admin discrepancy

15 Dec 2020