Business

Accounting / FRC seeks revenue and leases reporting improvements

 The Financial Reporting Council (FRC) is warning companies they need to improve their reporting of revenue and leases, after reviewing a sample of disclosures in annual and interim reports

Accounting / Big Four back universal sustainability metrics

The Big Four accountancy firms, together with the World Economic Forum (WEF), have released a set of universal environmental, social and governance (ESG) metrics designed to make benchmarking sustainable business performance easier and more comparable

Insight / November Budget cancelled

Chancellor Rishi Sunak has cancelled the planned Budget in the face of worsening coronavirus infection rates and increased restrictions, and is set to unveil a ‘winter economy plan’ in its place

Tax / Coronavirus: essential updates for accountants, tax advisers and auditors - Part 2

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 / Gig workers face disguised lay-off threat

As furlough schemes end, employers could be tempted to move ahead of the Uber ruling on worker status to avoid a large redundancy bill, but RSM’s Carolyn Brown warns employers need to keep on top of latest developments

Tax / VAT refunds to overseas shoppers to go post-Brexit

The Treasury has signalled the government will end VAT refunds on purchases made by overseas visitors on 31 December, when the UK leaves the EU, despite claims from the travel and luxury goods sector that this will harm tourism

Audit / Almost two-thirds of FTSE 350 compliant with new corporate governance code

UK companies are largely meeting new corporate reporting requirements arising from the Financial Reporting Council’s changes in 2018, but need to demonstrate the link between intention and action more explicitly, research by EY has found

Insight / FCA proposes ‘radical’ reform to motor and home insurance

The Financial Conduct Authority (FCA) is consulting on reforms to the insurance sector, designed to enhance competition, with the proposals predicted to save motor and home insurance consumers £3.7bn over 10 years when they renew existing policies

Insight / PM: six new Covid restrictions for the next six months

UK has reached a ‘perilous turning point’, said Prime Minister Boris Johnson, as he tightens up Covid restrictions for England for up to six months after his top scientific advisers warn urgent action was needed to combat the spike in infections

Tax / Call for joined up tax reporting deadline extensions

In the wake of the pandemic, businesses have been given extensions for tax filing and company reporting, but there is still confusion between HMRC and Companies House deadlines. Crowe’s corporate tax partner Laurence Field calls for a more joined up approach

Insight / Covid-19: U-turn on return to work plans

Companies are to be told to put plans for staff to return to work in offices on hold, as the government introduces stricter controls on social and work activity in a bid to contain any escalation in outbreaks of coronavirus

Audit / MHA picks up FTSE 250 miner audit

MHA MacIntyre Hudson (MHA) has been appointed as external auditor to FTSE 250-listed Petropavlovsk, the Russian gold mining company which had previously lined up PwC for the role only for the Big Four firm to decline

Insight / Business and public sector mandated to report on modern slavery actions

Large businesses and public bodies will be mandated to report regularly on the steps they have taken to prevent modern slavery in their supply chains, as the government moves to tighten up legislation in this area

Insight / Covid-19: UK risks 49,000 cases a day unless infection rates slow

England's chief medical officer and the government's top scientific adviser warn that Covid cases are ‘doubling every seven days’ in Downing Street Coronavirus briefing

Insight / Government urged to extend furlough support

With six weeks to go until the coronavirus job retention scheme (CJRS) finishes, while HMRC figures show a steady decline in the number of workers on furlough, pressure is growing for the government to extend the support beyond the end of October
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