Brexit

Insight / Pub and bar insolvencies jump 13%

More pub and bar companies are going bust due to Brexit-driven cost rises exacerbated by teetotal millennials

Tax / Budget push-back delays Finance Bill

The announcement of a general election on 12 December 2019 means the Finance Bill 2019-20 will not be passed in the current parliamentary session

Tax / OBR to release financial forecasts despite Budget cancellation

The Office for Budget Responsibility (OBR) is to press ahead with publishing revised public finance forecasts as planned, rather than risk failing to meet its statutory duties, despite the Chancellor’s decision to cancel the Budget

Insight / Brexit extended even further to 2020

The EU has agreed to the UK request for a Brexit extension to 31 January

Tax / 6 November Budget day cancelled

The Budget has been cancelled due to the ongoing Brexit discussions and delays, and the PM’s wish to hold a general election by 14 December

Tax / HMRC has no figures on cost of post-Brexit customs procedures

In a session before the Treasury Committee, HMRC chief told MPs that it had not calculated the administrative cost of the government’s Brexit deal on exporting businesses and that several thousand high value exporters were not even ready for a no-deal Brexit

Insight / Queen’s Speech: pensions, employment and airline insolvency changes

Changes to the financial services regime to prepare for Brexit, new airline insolvency rules, and a ‘pensions dashboard’ for savers were among the measures in the Queen’s Speech outlining the government’s programme for the year ahead

Tax / HMRC enrols traders for ‘no deal’ simplified imports

HMRC has ramped up its planning to minimise potential post-Brexit disruption to trade, by automatically registering 95,000 businesses for its simplified import procedures which will be put in place should the UK leave the EU without an agreement at the end of the month 

Tax / No deal Brexit to add £15bn to UK-EU trade red tape

HMRC has published an revised assessment of the potential cost to business of a no-deal Brexit, which estimates the ongoing administrative costs for UK-EU trade at £15bn a year with worst case scenario of up to £56 per declaration

Accounting / Marshall: Brexit impact on financial statements

Company reporters preparing year end financial statements need to take into account variable risk factors from going concern to materiality in the context of Brexit. Andrew Marshall FCA, senior technical partner at KPMG explains the key issues to consider

Insight / Essential tips for SMEs to get ready for Brexit

The government is ramping up its advice for companies as Brexit departure date looms with advice on employee status, professional qualification recognition and data requirements

Insight / HMRC sets aside extra £10m in Brexit grants for exporters

The government is ploughing more money into grants for customs intermediaries and agents to help companies prepare for Brexit

Tax / HMRC warning on double NICs' liability if no-deal Brexit

In the event the UK leaves the EU without an agreement, HMRC has warned that the current agreements to avoid double payment of the equivalent of national insurance contributions (NICs) in member states will be voided, affecting seconded employees

Accounting / Regulator and government ramp up Brexit advice

With six weeks until the Halloween deadline for Brexit, the Financial Reporting Council (FRC) has written to audit committee chairs and finance directors setting out actions companies should consider in advance of the UK’s exit from the EU

Tax / Pub chain plans VAT-cut day of action

Beer drinkers have something to celebrate this weekend when national chain Wetherspoons is cutting the price of a pint in the build up to its proposed UK-wide National Tax Equality Day
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