Insight / Called to account: June 2020

In this month’s scandals, convictions and penalties, ex HMRC accountant, and author of a guide to beating the tax authorities, found guilty of tax fraud, world cup winning cricketer shamed on HMRC’s list of tax defaulters and Brewery accounts worker jailed for fraud

Tax / Use mediation to speed up tax disputes with HMRC

While businesses and taxpayers worry about the current economic environment, Alternative Disputes Resolution can be the key to unlocking costly and time-consuming arguments with the tax authority, argue BDO’s Karmjit Mader and Talia Greenbaum

Insight / Covid-19: £10bn trade credit insurance confirmed

The government has confirmed it is to guarantee up to £10bn of trade credit insurance (TCI) coverage, to support thousands of businesses by protecting against customer defaults or payment delays during the current pandemic

Insight / Restaurant boss served with ban over £200k tax discrepancy

A North London restaurateur who under-declared more than £200,000 in tax has been disqualified from being a company director for six years

Tax / 75% of workers support Covid tax hike

Over threequarters of UK workers are willing to pay additional income tax to fund the government’s £300bn of borrowing to fund the Covid-19 response, with many labelling the move ‘a necessary evil’, a survey by AJ Bell has found

Tax / CIOT calls for property sales tax change

The Chartered Institute of Taxation (CIOT) is asking the government to consider delaying changes to capital gains tax rules in relation to home sales, to take account of the impact of Covid-19 on the property market

Insight / IoD wants ‘student loans’ to help SMEs post-Covid

SMEs facing a ‘debt mountain’ as a result of the Covid-19 pandemic should be offered ‘student loans’ so they can recover quickly when the crisis ends, the Institute of Directors (IoD) has suggested

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

Technical Alerts

3 Jun 2020

Insight / How small accounting firms can challenge the Big Four

Concerns over auditor independence, healthy work/life balance and low overheads will give smaller firms the opportunity to take work away from the larger firms, argues Chris Biggs, managing director of Theta Financial Reporting

Tax / US to probe UK’s digital services tax

The US has launched an investigation into digital services taxes (DSTs) that have been adopted or are being considered by a number of its trading partners, including the UK, on the grounds that they will unfairly penalise companies like Google and Amazon

Insight / Charity trustee disqualified over £240k theft

The trustee of a poverty relief charity has been disqualified and the charity removed from the official register, after a regulatory inquiry found he had stolen around £240,000 from Buckinghamshire-based GTC

Insight / Covid-19: pension scheme guidance

A group of professional bodies has issued guidance on the implications of Covid-19 for pension scheme financial reports and audit, to help pension scheme auditors to navigate the additional challenges raised by the current pandemic

Insight / Covid-19: ICAEW predict a strong economic rebound

A strong economic recovery following the coronavirus pandemic is likely, with conditions ripe for a quick turnaround from this ‘short, if very sharp, shock’, according to Oxford Economics report

Insight / Call to end ‘thuggish’ letters for problem debt

A mental health charity is calling on the government to stop requiring lenders to issue ‘debt threat’ letters to consumers when payments are overdue, as part of its financial support measures during the coronavirus crisis

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