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

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 / 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

27 May 2020

Tax / Delay to EU’s e-commerce directive raises questions for UK business

Plans to push back directive and VAT one stop shop by six months raise concerns if Brexit transition period ends on 31 December, but create opportunity to plan ahead, argues Andy Spencer, professional services director at Accordance

Audit / KPMG, PwC face FRC probe over Eddie Stobart Logistics

The Financial Reporting Council (FRC) has launched two investigations into the audits of Eddie Stobart Logistics, one looking at KPMG’s work for the year ended 30 November 2017 and the other examining PwC’s auditing for the year to 30 November 2018  

Tax / William Hill signals £150m betting windfall

Gambling group William Hill has stated it expects to recover up to £150m in tax after HMRC lost a legal challenge, with a tribunal finding VAT was wrongly applied to revenues from fixed odds betting terminals (FOBTs) in betting shops

Insight / FTSE 100 pensions ‘in best position’ pre-Covid

The pension schemes of FTSE 100 companies were in their best position for 20 years at the start of the Covid-19 crisis, but progress on reducing the gap between senior executives’ packages and those of the company’s workforce has been slow, according to consultancy LCP

Insight / Hertz files for Chapter 11 bankruptcy

Car rental giant Hertz has filed for bankruptcy protection in the US and announced plans to furlough or layoff of 20,000 employees, or approximately 50% of its global workforce, as a result of the coronavirus pandemic

Insight / 2,400 jobs go as UK travel group collapses

Sam Woodward and Colin Dempster, partners in EY’s restructuring team, have been appointed joint administrators of Specialist Leisure Group, the hotel and travel company which has collapsed with the loss of more than 2,400 jobs

Technical Alerts