Accounting / Accounting for Brexit Part 1: small company and group accounts

In the first article of a series on the impact of Brexit on audit and accounting, Lizzie Morris ACA and James Lole FCA take a look at how the changes introduced by the Brexit-related regulations will impact the preparers of accounts for small companies and small groups from 1 January 2021

Accounting / Ban for ‘misleading’ accounting institute

ICAEW, ICAS and Chartered Accountants Ireland have obtained a High Court injunction to ban a European organisation and its directors from offering chartered accountancy qualifications, as it is not a recognised professional body

Tax / Covid-19 spurs working from home tax relief claims

With up to £124 a year available as tax relief, it is perhaps not surprising that some 54,800 working from home tax relief claims were made through HMRC’s new online portal in the first 11 days of operation, writes Philip Smith

Insight / NAO warns of job scheme risk and eligibility concerns

The National Audit Office (NAO) is warning that the government’s coronavirus job support schemes risk ‘considerable’ levels of fraud and error, potentially totalling up to £3.9bn, while up to 2.9m people may have missed out on any help

Accounting / FRC issues three amendments to standards

The Financial Reporting Council (FRC) has issued three sets of amendments to UK and Ireland accounting and reporting standards, designed to address some topical issues, and maintain a necessary alignment with international standards

Accounting / Charity trustees polled on accounting framework

Charity trustees are being asked for their views on the charity accounting framework as part of an initiative to make the charities statement of recommended practice (SORP) easier to understand and to improve compliance

Tax / Coronavirus: essential updates for accountants, tax advisers and auditors - Part 2

To assist accountants, tax advisers and auditors in dealing with the coronavirus crisis, all our related covid-19 coverage will be available here as soon as new announcements are made, plus expert analysis

Technical Alerts

23 Oct 2020

Insight / Make sure holiday and redundancy pay add up under CJRS

Employers using the CJRS are at risk of underpaying holiday, notice and redundancy pay if they get their sums wrong, warns RSM’s Charlie Barnes

Insight / People in the news: CIOT awards, Magma, BDO

In this week’s accountancy career moves, two prestigious CIOT awards granted, two partner promotions at Magma and BDO, CEO elected at Optimum Finance, vice president elected at ICAEW, director named at Moore Kingston Smith

Insight / Goldman Sachs fined record $2.9bn over business bribery

Goldman Sachs is to make a record payment of more than $2.9bn (£2.2bn) to regulatory authorities in the US, UK, and Singapore after the group and its Malaysian subsidiary admitted conspiring to pay over $1bn in bribes to obtain business

Insight / Mazars rebrands to mark milestone

Mazars, the international tax, audit and advisory firm, unveils its new brand identity in over 90 countries and territories, marking a key milestone in the firm’s expansion

Insight / Accountants prioritise wellbeing

As Covid-19 challenges add to daily stresses, accountants view mental wellbeing as more important and give it a higher priority than other professional groups, including lawyers and management consultants, according to a survey by wealth management firm Saunderson House

Insight / Covid drives FS sector home working

Half of the UK’s financial services workforce want to work from home after Covid-19, according to a report by KPMG and the Financial Services Skills Commission,  suggesting the  dramatic change in working patterns created by the pandemic is likely to lead to a new approach

Technical Alerts

22 Oct 2020

Tax / Further deferral opportunity for self-assessment taxpayers

Following the chancellor’s Winter Economy Plan, Crowe’s Nick Latimer unpicks the implications for self-assessment taxpayers, including an extra 12 months to pay alongside other measures, but warns there are strings attached, including interest and time restrictions

Insight / Covid job support package enhanced to match new restrictions

In the face of mounting concerns about the disparity in help available, Chancellor Rishi Sunak has announced changes to the government’s coronavirus job support scheme (JSS) to provide additional funding for businesses placed under tighter restrictions but not legally required to close

Insight / Regulator issues guidance on £170bn pension ‘superfunds’

The Pensions Regulator (TPR) has published new guidance for trustees and employers on transferring to defined benefit (DB) ‘superfunds’, as PwC research suggests up to one million pension scheme members and £170bn of assets could take this route over the next decade

Audit / FRC to beef up standard on fraud detection

The Financial Reporting Council (FRC) is to update the UK auditing standard covering the auditor’s responsibility relating to fraud, amid concerns that the 16-year old regulations are not sufficiently clear about what the requirements are

Accounting / Financial Services Bill introduced to Parliament

The government has introduced the Financial Services Bill as a first step in shaping a regulatory framework for the UK’s financial services sector outside of the EU

Tax / Wales raises £300m in Tax Revenue

The Welsh Revenue Authority (WRA) reported £300m tax raised during the last financial year in its annual report, this is the first time the national revenue raising body has reported on delivery against its Corporate Plan 2019 to 2022

Technical Alerts