Tax / VAT updates: December 2020

In this month’s round up of VAT cases, Graham Elliott considers genuine suppliers, MOSS submission failures, local authority sport centre supplies and charity building relief

Tax / Total tax take for UK’s largest companies hits £84.1bn

The UK’s biggest companies paid £84.1bn in tax during the 2019/20 financial year, the largest amount for a decade, in the run-up to the start of the Covid-19 crisis, according to research by PwC for the 100 Group of finance directors

Insight / Nightclub owners face the music over £195k tax owing

The failure to submit accounting records and pay thousands of pounds worth of tax has seen two Lancashire nightclub owners given seven-year directorship disqualifications

Insight / Deloitte appointed to Arcadia administration

Matt Smith and Dan Butters, together with other restructuring partners at Deloitte, have been appointed as joint administrators to the Arcadia Group Ltd, and various subsidiary companies, as part of a trading administration

Tax / Q&A: post Brexit supplies of digital services (VAT MOSS)

In our regular Q&A series, Croner Taxwise, senior VAT consultant, Hilary Budd, explores how Brexit will affect digital service providers using VAT Mini One Stop Shop (VAT MOSS) to account for VAT on sales to EU consumers

Tax / Calculating capital gains tax losses - CPD module – NEW

This month's exclusive Accountancy Daily CPD module acts as a guide to the effective use of capital losses, covering what losses are allowable, their restrictions, tax efficiency and more

Accounting / IASB consults on business combinations under common control

The International Accounting Standards Board (IASB) is consulting on possible new accounting requirements for mergers and acquisitions involving companies within the same group

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

Technical Alerts

30 Nov 2020

Tax / SEISS update: third self-employed grant now available

As the third Self Employment Income Support Scheme goes live, Croner-i tax writer Stephen Relf ACA CTA unpicks the latest guidance from HMRC, warning of important differences with earlier grants

Insight / Retailer Arcadia teetering towards administration

Fears are growing that Arcadia group, which includes high street retailers Topshop, Burton and Dorothy Perkins, will go into administration this week, putting 13,000 jobs at risk

Insight / Digital markets unit launched to create pro-competition tech regime

The government is to set up a dedicated digital markets unit (DMU) to tackle what it says are unfair and uncompetitive practices used by dominant tech platforms, such as Google and Facebook

Insight / Three men jailed for bogus £29.5m R&D tax relief claim

Three men involved in a fraudulent £29.5m claim for research and development (R&D) tax relief on a bogus IT project have been jailed for a total of 21 years

Insight / CBILS applications to surge by 84% for winter survival

Government-backed Coronavirus Business Interruption Loan Scheme (CBILS) applications set to soar as business loans dwindle and cash flow dries up, according to MarketFinance

Audit / FRC to look at review standard for interim financial statements

The Financial Reporting Council (FRC) is consulting on proposals to revise its review standard for interim financial statements, to ensure the level of work carried out by auditors reflects wider expectations on going concern

Technical Alerts

27 Nov 2020

Insight / Take back control of time

If work feels overwhelming at the moment, take back control by changing mindset, dealing with interruptions and adding more structure to the day, advises AVN’s Shane Lukas

Insight / Recycling director failed to hand over £1.2m tax

A director who bought unwanted items from charity shops for re-sale has been banned for six years after failing to pay almost £1.2m in taxes due on the company’s operations

Tax / US reworks ‘gig economy’ payments

US tech companies such as Uber are to pilot a scheme to offer to pay some of their gig workers part of their wages in equity, rather than cash, in a move which the Securities and Exchange Commission (SEC) said mirrored changes in the modern workplace

Tax / HMRC acts on tax avoidance advertising

HMRC has teamed up with the Advertising Standards Authority (ASA) to crack down on misleading marketing of tax avoidance schemes, as its research shows the number of promotors has halved in the past six years

Insight / IIRC, SASB to merge into new standards body

As investor pressure for improved sustainability reporting increases, the International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB) are to merge into a unified international organisation, the Value Reporting Foundation

Technical Alerts