Tax / Coronavirus: essential updates for accountants, tax advisers and auditors - Part 3

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 / Consultation on insolvency changes for electronic payment institutions extended

The Treasury has extended by a week the consultation period on proposed insolvency changes for payment institutions (PIs) and electronic money institutions (EMIs), which include establishing a new special administration regime (SAR)

Insight / Pandemic disruption poses threat to 400,000 retail jobs

Changes in working patterns as a result of Covid could result in over 400,000 job losses on the high street, as workers continue to work from home at least part of the week, according to research by KPMG

Insight / FCA updates Covid repossession guidance

The Financial Conduct Authority (FCA) is to update its guidance on mortgages and consumer credit repossessions during the pandemic, easing some of its previous recommended restrictions

Insight / Push to extend debt relief order eligibility post-Covid

Financial difficulties caused by Covid are driving plans to increase the financial eligibility criteria for debt relief orders (DROs), in a bid to help more vulnerable people get a fresh start

Insight / Covid prompts 21% slump in tax advisory revenues

The impact of Covid-19 has seen the UK’s tax advisory market contract by one fifth (21%), more than double the global level of decline, according to a report by Source Global Research

Insight / Covid puts 250,000 small businesses at risk of failure

Some 250,000 small businesses are at risk of closure as a result of the pandemic according to the Federation of Small Businesses (FSB), which is calling on the government to provide more support for the sector during the latest national lockdown

Tax / Covid judged ‘reasonable excuse’ for late SA returns

Taxpayers who fail to submit their self assessment return by the 31 January deadline because of difficulties caused by Covid will be able to claim this as a ‘reasonable excuse’ to overturn a late filing penalty, HMRC has confirmed

Insight / Pandemic puts 4,000 FS firms at risk

Some 4,000 financial services firms are at risk of failing as a result of the impact of the pandemic on their solvency, analysis by the Financial Conduct Authority (FCA) has shown

Insight / CFOs predict post-Covid home working shift

CFOs at some of the UK’s biggest companies are predicting a five-fold increase in home working by 2025, along with hikes in the levels of corporate and individual taxation as a result of the pandemic

Insight / Call for consistent Business Bounce Bank Loan recovery scheme

The Treasury needs to ensure it implements a clear and consistent policy for the repayment or recovery of business bounce back loans (BBLs), or risk losing out on some £6bn, the Credit Services Association (CSA) is warning

Insight / £4.6bn in additional lockdown business support

With a new national lockdown starting tomorrow and set to last at least until mid-February, the Treasury has announced £4.6bn in additional grants to support businesses which are forced to close

Insight / KPMG International sees revenues decline in pandemic

KPMG’s global results reveal a pre-pandemic growth rate of 5% had been cut to -1% by the end of the financial year, which finished with KPMG firms’ annual aggregated revenues standing at $29.22bn, compared to $29.75bn the previous year

Insight / Nearly 40,000 retailers in financial distress

With just two shopping days to go, and non-essential shops shut across large parts of the country, tough trading conditions have already hit the sector with a 24% leap in the number of struggling retailers in the final quarter of the year

Insight / EY launches social distancing ‘proximity monitor’

EY has come to the aid of sporting fans and others who want to get back to attending matches and other live events, with the launch of a wireless-enabled technology solution designed to address social distancing concerns