Accounting / Technology and global demands drive move to strategic adviser

Whether it is through artificial intelligence, using the cloud or simply picking up the phone to offer proactive advice, the role of an accountant is shifting towards strategic advice with an international outlook, argues Chris Downing, director at professional services firm Inspire

Insight / Covid-19: support extended for motor finance and high cost credit customers

The Financial Conduct Authority (FCA) is proposing that firms extend the support offered for users of motor finance and high cost credit products, who continue to face payment difficulties due to coronavirus

Insight / Called to account: July 2020

In this month’s scandals, convictions and penalties, finance chief jailed over fake HMRC payments, restaurant boss served with ban over tax discrepancy, and restaurateur banned over lack of accounting records

Tax / Private sector IR35 reforms given go ahead for April 2021

Reforms to the off-payroll working rules, which will see them extended to the private sector next year, are to go ahead as planned after an amendment to the Finance Bill proposing a two-year delay was defeated in the House of Commons

Insight / Green finance charter launched

The government, the Green Finance Institute, and 12 leading financial professional bodies, have launched the first green finance education charter, designed to embed green finance and sustainability into the core curricula, new qualifications, and the continued professional development of accountants

Insight / Push to widen FTSE board diversity

The 30% Club, which has been campaigning for better representation for women on boards for a decade, has announced new diversity targets for UK companies over the next three years, including greater BAME representation at the top level in big companies

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

Insight / PwC beds in at Harveys administration

PwC is handling the administration of a group of companies which includes the two high street bedroom furniture retailers Harveys and Bensons for Beds, with some operations sold in a pre-pack deal but over 1,300 jobs still at risk

Technical Alerts

2 Jul 2020

Tax / Hidden tax risks of raiding the pension pot

Extracting cash from your pension might seem an obvious source of income during the Covid-19 crisis, but complex tax rules mean it should only be a last resort, says LEBC Group’s Kay Ingram

Tax / Automatic tax information exchange unearths €10 trillion offshore

Levels of automatic exchange of data between tax authorities almost doubled last year, uncovering €10 trillion in offshore assets, according to the OECD which says this is a ‘game changer’ in the fight against tax evasion

Insight / Covid-19: call to review eligibility for self employed scheme support

With under two weeks to the deadline for applications for the government’s self-employment income support scheme (SEISS) grant, the Low Incomes Tax Reform Group (LITRG) is encouraging self-employed people impacted by Covid-19 to double-check their eligibility

Audit / Audit firms ‘respond appropriately’ to Covid-19 going concerns

Audit firms have responded appropriately to the need to enhance their evaluation of companies’ going concern assessments during the Covid-19 emergency, and the additional measures are being applied consistently, according to the Financial Reporting Council (FRC)

Insight / Wigan Athletic FC in administration

Paul Stanley, Gerald Krasner and Dean Watson, partners from Begbies Traynor, have been appointed as joint administrators of Wigan Athletic Football Club, the first English professional club to be kicked into touch since the coronavirus pandemic began

Insight / FSB calls for urgent payment reforms

A majority of small companies have been hit by late payment difficulties as a result of Covid-19, despite only small minority having terms changed, according to the Federation of Small Businesses (FSB) which wants urgent reforms of payment practices

Technical Alerts

1 Jul 2020

Insight / Legal updates: July 2020

In this month’s round up of legal cases, Sophie Brookes of Gately Legal considers directors’ duties, death of sole director-shareholder and a breach of s21 FSMA 2000

Tax / Six rules you need to know: flexible furlough system

Here are the rules employers and employees need to know to access the government’s flexible furlough scheme that launches on 1 July, explained by Alan Price, HR expert and CEO at BrightHR

Tax / HMRC tax credits renewal ‘glitch’ warning

Tax credit claimants urged to check their renewal figures and tell HMRC if any changes need to be made by 31 July, or risk receiving too much or too little credits which will be clawed back through possible penalties

Tax / Covid-19: flexible furlough scheme opens

The second phase of the Coronavirus Job Retention Scheme (CJRS V2) launches on 1 July, allowing employers to operate flexible furlough schemes, amid claims that the complexity of some regulations may lead to errors

Insight / 1.1m spike in cryptoasset buyers

An estimated 2.6m UK consumers have bought cryptoassets at some point, an increase of 1.1m in the past year, according to research by the Financial Conduct Authority (FCA), which has expressed concerns about lack of regulation in this sector

Insight / Calculating the Self-Employed Income Support Scheme - CPD module – NEW

This month's exclusive Accountancy Daily CPD module focuses on the eligibility criteria and calculating how much a client can claim through the Self-Employed Income Support Scheme (SEISS)

Technical Alerts