Tax / HMRC to waive self assessment penalties for one month

Self assessment taxpayers will not receive a penalty for their late online tax return if they file by 28 February, HMRC chief executive Jim Harra has announced

Tax / Issues with Making Tax Digital for corporation tax

HMRC has launched its MTD for CT consultation but the proposals could well prove challenging. Russell Gammon, chief innovation officer, Tax Systems, looks at the potential sticking points

Insight / BrightHR launches VaccTrak feature to help business owners

BrightHR, the international HR software and employment law advice service, has invested half a million pounds in its brand-new and cutting-edge feature VaccTrak

Tax / EU tax haven list ‘ineffective’

The European Parliament has called the current EU list of tax havens ‘confusing and ineffective’, claiming it is not catching the worst offenders and should apply more stringent assessments

Insight / Regulator probes charity over £200k payments

A Birmingham charity for the deaf community is being investigated by the regulator over serious financial and governance concerns

Insight / MPs challenge Treasury over Covid support gaps

A cross-party group of MPs is pushing the Treasury to ‘right a historic wrong’ by offering financial support packages for an estimated three million people who have not be able to access other Covid-19 schemes since the beginning of the pandemic

Tax / Coronavirus: essential updates for accountants, tax advisers and auditors - Part 3

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

Insight / KPMG administrators to casual dining operator

Will Wright and Steve Absolom from KPMG’s restructuring practice have been appointed joint administrators to casual dining operator Dining Street Ltd and its two subsidiaries, Richoux Ltd and Newultra Ltd, which have seen trade dry up during the pandemic

Technical Alerts

22 Jan 2021

Insight / Skills shortage drives demand for jobs, finds Hays

Karen Young, director of Hays Accountancy & Finance, examines the key findings of the annual Hays Salary Guide 2020 which sees 54% of employers planning to recruit staff over the next 12 months

Insight / Plans to cap claims management company fees

The Financial Conduct Authority (FCA) is proposing putting a price cap on the fees claims management companies (CMCs) charge their customers in relation to claims for financial products and services, potentially saving consumers some £9.6m a year

Tax / Self assessment scam warning

With just a week to go until the 31 January tax self assessment deadline, scammers posing as HMRC are using various scams to try to defraud people, ICAEW has warned

Tax / High income child benefit charge hits basic rate taxpayers

The Low Incomes Tax Reform Group (LITRG) is calling for the high income child benefit charge (HICBC) threshold to rise to avoid it hitting basic-rate taxpayers for the first time in April

Insight / People in the news: Wylie & Bisset, Streets, RSM

In this week’s accountancy career moves, partner appointments at Wylie & Bisset, Streets Chartered Accountants, RSM and BDO, managing director elected at Alvarez & Marsal Taxand, and senior tax specialist named at Catax

Insight / Moore Kingston Smith expands with accounting team acquisition

Top twenty player Moore Kingston Smith, the London firm of the Moore UK network, has acquired the audit and accounting business of tax specialist Frank Hirth

Technical Alerts

21 Jan 2021

Accounting / AML: anti money laundering report system ‘ineffective’

Record numbers of suspicious activity reports are being made in a bid to tackle money laundering, but Syedur Rahman of financial crime specialists Rahman Ravelli argues bigger numbers cannot hide system’s shortcomings

Insight / BBC needs to plan for ‘uncertain’ financial future

The BBC is facing an uncertain financial future, with significant challenges to its main source of income, and the need to introduce greater savings, according to the National Audit Office (NAO)

Insight / Financial distress deepens but administrations decline

The number of UK businesses now in significant financial distress has jumped by 13%, but administrations last year fell to historic lows as government support measures offered a pandemic lifeline for many companies

Insight / Pandemic pressure sees exec bonus cuts

More than half of companies reporting in the last six months paid no bonuses to executives, indicating boards are following investor guidance and demonstrating restraint when making decisions on executive pay amid Covid-19

Accounting / IIRC publishes revisions to International <IR> Framework to enable enhanced reporting

The International Integrated Reporting Council (IIRC) has published revisions to the International <IR> Framework to enable more decision-useful reporting

Accounting / Accountex London 2021 show postponed

Continuing Covid-19 restrictions have seen Accountex London – the UK’s flagship accounting and finance conference and exhibition – postponed until May 2022

Technical Alerts

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