Tax / Buy to let landlords and second home owners face tax hikes from 6 April

Second home owners and buy-to-let investors face significant tax changes from the new 2020-21 tax year on 6 April with the 30-day CGT payment window and end of mortgage interest rate relief, in the works since first announced at Summer Budget 2015, reports Sara White

Accounting / Covid-19: charity SORP guidance issued

Charity trustees and preparers of charity accounts have been given new guidance by the SORP-making body, looking at the potential impact of the control measures to contain Covid-19 on their financial reporting, reports Pat Sweet

Accounting / Covid-19: banks suspend £15bn in dividend payments

In response to a request from the Prudential Regulation Authority (PRA) the UK’s seven largest banks are to suspend £15bn of dividend payments to shareholders and halt buybacks on ordinary shares until the end of 2020, and will also cancel payments of any outstanding 2019 dividends

Tax / Covid-19: HMRC delays MTD ‘digital links’ Excel deadline

HMRC has deferred by one year the deadline for businesses reporting under Making Tax Digital (MTD) for VAT to meet the requirement to have ‘digital links’ within their recordkeeping for transferring information from Excel spreadsheets and other data sources to their online VAT filing

Audit / Corporate governance for private companies: Wates principles

A spate of corporate failures at large private companies has resulted in the creation of the mandatory Wates Principles to improve transparency on ownership and governance. Philip Smith assesses the impact on corporate reporting, intensified by the covid-19 pandemic

Tax / Covid-19: duties and VAT waived on vital medical imports

The Chancellor has waived import taxes on medical equipment crucial to the fight against coronavirus, in a bid to reduce red tape to ensure equipment gets to frontline health workers faster

Accounting / Fraud and money laundering - NEW CPD module

This month's exclusive Accountancy Daily CPD module focuses on how to deal with potential fraud and money laundering situations, which is even more crucial in face of heightened risk during covid-19 crisis

Insight / Coronavirus: essential updates for accountants

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

31 Mar 2020

Insight / Covid-19: Grant Thornton plans to put staff on reduced hours

Grant Thornton is the first major accounting firm to be hit by the coronavirus crisis and is asking staff to reduce their hours or consider taking a sabbatical in a bid to shore up business and continue to support client base, reports Sara White

Insight / Rent-to-own and cash loan chain Brighthouse collapses

Rent-to-own high street chain and cash lender BrightHouse has gone into administration putting 2,400 jobs at risk as attempts to turnaround the business failed following impact of tougher FCA rules as a result of the high cost credit review

Tax / Covid-19: HMRC clarifies self assessment tax payment deferral

Following some initial confusion, HMRC has now updated its advice for businesses and individuals affected by coronavirus to make clear that the six-month income tax self assessment deferral for payments due in July applies to all taxpayers, and not just those who are self-employed

Tax / Covid-19: guidance on small business and retail sector grant schemes

The government has published the details and eligibility criteria for the small business and retail sector grant schemes which form part of a £22bn coronavirus support package and have begun paying out

Tax / Returning NHS workers targeted by tax avoidance scammers

HMRC has issued specific guidance flagging up concerns that workers returning to the NHS to help respond to the coronavirus outbreak are becoming targets for tax avoidance schemes by unscrupulous advisers

Insight / Pre-insolvency proceedings: tips and advice

In part two of our administration series, Hasib Howlader, director of Hudson Weir, explains key steps to take if insolvency threatens from administration to a company voluntary arrangement 

Tax / Covid-19: EU Tax Authority tracker monitors cross-border VAT changes

As EU governments make rapid changes to VAT reporting and payment schedules in light of the coronavirus pandemic, tax authorities across member states are taking very different approaches, with complex schemes with disparate qualifying criteria, payment deferrals and some taking no action as yet 

Insight / Administration on menu at Carluccio’s

Italian high street restaurant chain Carluccio's has gone into administration, putting some 2,000 jobs at risk

Technical Alerts

30 Mar 2020

Tax / Covid-19: Coronavirus Act 2020 allows for HMRC extended powers

The Coronavirus Act 2020 allows the Treasury to extend HMRC’s powers - described as 'functions' - as and when required while the Act is in force, with little indication of any control measures, reports Sara White

Audit / EY resigns as auditor of Travelex owner Finablr over governance issues

EY has resigned as auditor of troubled payments firm Finablr, parent of foreign exchange provider Travelex, citing concerns over the FTSE 250 company’s governance and demanding board changes, including the removal of a former EY partner as a non executive director

Tax / Covid-19: government furlough scheme to pay employer NICs

In a further update to the Coronavirus Job Retention Scheme guidance, the government has announced that it will now cover the employer national insurance (NI) and employer auto enrolment costs for furloughed staff

Tax / Covid-19: limited company directors have limited support

As the details of Chancellor Rishi Sunak’s ‘unprecedented’ package of support for individuals and businesses affected by the coronavirus pandemic emerge, directors of limited companies have found they risk falling between the two key schemes, reports Pat Sweet

Insight / Covid-19: insolvency rules relaxed

The government has announced changes to the insolvency regulations during the coronavirus pandemic to enable UK companies undergoing a rescue or restructure process to continue trading, with the aim of giving them breathing space

Tax / Covid-19: annual leave rules relaxed to allow two-year cycle

Workers who have not taken all of their statutory annual leave entitlement due to Covid-19 will now be able to carry it over into the next two leave years, the government has announced

Technical Alerts

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