Insight / Legal Updates: June 2020

In this month’s legal updates, Sophie Brookes of Gately Legal considers the issues surrounding new legislation for AGMs and company filings, completion warranties and the meaning of ‘meeting’ in times of social distancing

Tax / Covid-19: consultation on taxation of coronavirus support grants

HMRC is holding a two-week consultation on the technical effectiveness of legislation to introduce rules on the taxation of coronavirus business support grants, which will be included in Finance Bill 2020

Insight / Covid-19: furlough and self employment support schemes amended

Chancellor Rishi Sunak has announced changes to the government’s coronavirus support schemes, including part time working and a tapered employers’ contribution, and a second grant payment for the self employed

Tax / MPs to scrutinise £155bn of tax reliefs

The Public Accounts Committee (PAC) has opened an inquiry into the UK’s management of ‘tax expenditures’, after a National Audit Office (NAO) report identified over 300 such tax interventions, at a cost of £155bn a year

Insight / Smith & Williamson, Tilney merger to go ahead

Top 20 firm Smith & Williamson’s delayed merger with Tilney to create a £45bn integrated wealth management and professional services business is to go head, after the two companies agreed a revised transaction structure and fresh financing

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

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

Accounting / Cashflow reporting and forecasting - CPD Module - NEW

This month's exclusive Accountancy Daily CPD module focuses on cashflow reporting and forecasting by reminding businesses that even in times of crisis 'cash is king', also looking at the nine ICAEW principles for financial professionals on how to adapt cashflow processes, analysis and forecasting during the coronavirus crisis

29 May 2020

Insight / Covid-19: do not let home working be a pain in the neck

Personal trainer Badrul Islam and optometrists Feel Good Contacts set out 10 simple steps to alleviate neck, back and shoulder pain for those working from home during the lockdown

Insight / Covid-19: Furlough scheme changes in prospect

As latest Treasury figures show 8.4m workers have been furloughed since lockdown began in March, at a cost to government of £15bn, Chancellor Rishi Sunak is expected to announce changes to the scheme, requiring employers to make a contribution

Insight / Accounting trainee defrauds travel company of £58K

A trainee accountant who defrauded his employer of £58,000, which he spent in six months on a car and alcohol, has been given a suspended jail sentence

Insight / Real Madrid beats Manchester United as most valuable club

With the Premier League set to kick off the remaining matches of the season next month, Manchester United has lost its winning position as the most valuable club in Europe, but English teams continue to dominate the top ten, according to KPMG

Insight / Covid-19: money laundering supervision deferral

HMRC has published guidance on changes to the fee payment and registration arrangements for businesses registered for money laundering supervision, introduced during the coronavirus emergency

Accounting / Covid-19: FCA confirms extra time for half yearly reports

The Financial Conduct Authority (FCA) has confirmed additional temporary relief for listed companies facing the challenges of corporate reporting during the coronavirus crisis

Insight / Pandemic to disrupt home/office work patterns

Almost three quarters of employees working in financial services rate their working from home experience during lockdown as positive, according to a survey from Deloitte

Technical Alerts

28 May 2020

Insight / Assessing the office risks for returning staff

From desk partitions, journeys to and from work and physical meetings, Thomas Mansfield’s Meredith Hurst highlights the risks that accountancy firms need to focus on as their employees return to the office

Insight / Covid-19: EU plans €750bn recovery fund

The European Commission is proposing a €750bn (£670bn) recovery fund to help the EU tackle the ‘unprecedented crisis’ produced by the coronavirus pandemic

Insight / Surge in HMRC asset seizure orders

HMRC has significantly ramped up its use of powers to seize monies suspected of being obtained unlawfully, in a sign the tax authority will be getting tough on fraudulent applications for coronavirus support schemes

Audit / British Tourist Authority rapped over unauthorised procurement

The National Audit Office (NAO) has qualified the accounts of the British Tourist Authority (BTA) for the third year in a row, due to repeated and ongoing issues with irregular procurement activities and failure to secure government approval for more than £1m of unauthorised payments

Accounting / Covid-19: ICAEW and ICAS going concern guidance

ICAEW and the Institute of Chartered Accountants of Scotland (ICAS) have jointly published free-to-access guidance for owners and directors of SMEs to assess the prospects of their business in the wake of Covid-19

Accounting / Covid-19: amendments to IFRS 16 Leases

The International Accounting Standards Board (IASB) has issued an amendment to IFRS 16 Leases to make it easier for lessees to account for Covid-19-related rent concessions such as rent holidays and temporary rent reductions

Technical Alerts