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

For the latest breaking news stories and analysis, plus subscriber-only premium content and Q&As on dealing with covid-19, this is our dedicated Accountancy Daily Coronavirus News Hub, brought to you by the team of experts at Accountancy Daily, Croner-i, Croner Taxwise and BrightHR.

Sign up here to register for our Accountancy Daily newsletters, weekdays at 4pm and our weekly covid-19 round-up, Fridays at 4.45pm, plus our range of Coronavirus Toolkits, Webinars and CPD Modules. To find out more, call 0800 231 5199

Due to the fast moving nature of the current Covid-19 pandemic, we are endeavouring to cover as much of the critical news as possible. Note that parliament returned as of Monday 20 April 2020 and committee hearings are being held as normal.

 

14 August

Smaller firms offer transformed career path for accountancy professionals

UK CEOs lead on Covid-19 wellbeing support

 

13 August

ICAEW wants Chancellor to act on job creation

A third of SMEs carried on without government support 

 

12 August – UK official falls into recession

UK officially falls into ‘largest recession on record’

‘Bullish’ Private Equity firms set to invest despite market challenges

Tax incentives hit £25.6bn record high

 

11 August

Employment plummets by largest margin in a decade

FTSE finance chiefs’ pay cut by 12% as Covid-19 bites

Budgeting for health and safety upgrades

 

10 August

Unexpected tax bills on horizon from coronavirus grants

 

6 August

Tax-free childcare extended

Follow up Covid-19 guidance for pensions administrators

Return to work: what employers and staff need to know, part 2

 

5 August

Mid-sized businesses have only nine months’ funding

 

4 August

Q&A: VAT on the Eat Out to Help Scheme

 

3 August

'Dramatic' plunge in corporate insolvencies

Revenue considerations for accountants and auditors - CPD module

 

31 July

Self-isolation period extended

Furloughed workers to get full redundancy payments

Quarter of finance teams to continue home working

 

30 July

Changes to small business loan rules

 

29 July

Eat Out to Help Out scheme launches next week

Complex admin requirements of temporary VAT rate cut

 

27 July

‘Millions’ slip through Covid-19 financial safety net

Record 527,000 businesses in ‘significant’ financial distress

 

24 July

Tax impact of Covid-19 on company cars

Covid-19: IAS 1 amendment deferred

 

22 July

Package holiday specialist nosedives into administration

 

21 July

Social distancing increases drive to digital AML

Companies need to enhance Covid-19 reporting

 

17 July

Accountants urged to be on guard for Covid-19 fraud

World’s millionaires offer extra tax for Covid-19

649,000 drop in employees on UK payrolls

 

14 July

Blick Rothenberg: Bleak winter to follow summer statement

 

13 July

Lockdown cracks china retailer

Last day for Self Employment scheme applications

 

10 July

10 lessons from first virtual year-end close

HMRC CEO’s warning over job retention bonus

First arrest over £495K ‘furlough fraud’

Tax gap of £31bn shows downwards trend

 

9 July           

‘Amnesty’ planned for furlough breaches

Chancellor’s statement boosts training options

Impact on pensions of changes to Job Retention Scheme

Third-party failures can cost companies £783m per incident

 

8 July – Rishi Sunak Summer announcement

Summer update: Chancellor offers job funding, VAT cuts and eat out discounts

Chancellor urged to go further with Covid-19 support

HMRC drops benefit in kind charge on Covid-19 tests

Future Fund loans can create significant shareholder

Covid-19 impact raises insolvency warning for university sector 

 

7 July

Chancellor’s plans to reset economy post-Covid

Opinion: Don’t bar Branson from bailouts

 

6 July

£1.57bn support package for arts and culture

HMRC shifts guidance on public access to national treasures

VAT cut on PPE extended

 

3 July

Technology and global demands drive move to strategic adviser

Support extended for motor finance and high cost credit customers

 

2 July

Call to review eligibility for self employed scheme support

Hidden tax risks of raiding the pension pot

Audit firms ‘respond appropriately’ to Covid-19 going concerns

FSB calls for urgent payment reforms

 

1 July

Flexible furlough scheme opens

Six rules you need to know: flexible furlough system

HMRC tax credits renewal ‘glitch’ warning              

Calculating the Self-Employed Income Support Scheme - CPD module – NEW

 

30 June

Future Fund for start-ups expanded

Major corporate insolvency regime changes in force

FCA flags 85% lending scam hike

Q&A: can SME's claim R&D plus Covid-19 scheme?

 

29 June

Nunn: time to review pension annual allowance

KPMG called in as shopping centre giant faces financial collapse

Lockdown has highlighted UK’s widening skills gap 

 

26 June

How to support staff mental health after lockdown lifts

UK exports likely to fall by 8% due to Covid-19

Accountants ‘unsung’ heroes

 

25 June

NAO offers guide on good practice in Covid-19 financial reporting

Call for carbon taxes to offset Covid-19 costs

Delays to overseas VAT claims

 

24 June

Hidden tax perils for business debt refinancing

UK Businesses owed £133bn since lockdown

 

23 June – Boris Johnson reduces two meter rule to one meter from 4 July

Social distance rules relaxed

Critical UK public health businesses protected against foreign takeovers

Q&A: reduced VAT rate for empty home conditions

 

22 June

Covid-19 has triggered additional stress on cashflows

 

19 June

‘Unprecedented’ government borrowing

Brits call for clampdown on business tax evasion

FCA extends consumer credit support

 

18 June

Self employed new parents can claim support grant

Bank of England injects £100bn into UK economy 

HMRC clarifies repayment of corporation tax                                 

ATT signals businesses to reinstate deferred VAT payments 

 

17 June

IFS warns Covid-19 business support is ‘inequitable’

Home office workers risk expense claims tax trap

 

16 June

Jobless rates rise, business investment fall

Returning military reservists eligible for support schemes

Insolvency: changes offer options after lockdown

Clear disclosures are critical for a recovering economy

Q&A: construction reverse charge

 

15 June – Non-essential shops open

Updated furlough guidance

One million ‘locked out of support’

ICAS signals opportunity to reform complex tax system

 

12 June

UK GDP drops record 20.4%

Accounting firm numbers decline as bookkeepers boom

Call to offer relief for Covid-19 business losses

Grant Thornton plans job cuts

 

11 June

Self employed grant claimants warned of tax hit

Corporate Insolvency and Governance Bill: permanent and temporary relief

FRC issues guidance on AGMs

Kicks £1bn hole in football league finances

 

10 June

Furlough extended for parents on statutory leave

£38m debt advice support package

 

9 June

Q&A: temporary OTT notification extension period

Accounting for VAT extension for construction businesses

Action urged on £107bn ‘unsustainable’ business debt

 

8 June

Job Retention Scheme cut-off in two days

Charities seek social investment tax relief extension

 

5 June

Delay to VAT reverse charge on construction services

Furlough scheme costs 30% less than estimates

 

4 June

£10bn trade credit insurance confirmed

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

CIOT calls for property sales tax change 

 

3 June

Pension scheme guidance

ICAEW predict a strong economic rebound

Call to end ‘thuggish’ letters for problem debt

 

2 June

FCA identifies insurers for business interruption court case

Q&A: homeworking expenses claim

EIS clampdown sees £200m drop in funding

 

1 June

Furlough and self employment support schemes amended

Consultation on taxation of coronavirus support grants

 

Furlough and self-employment support scheme amendments which include part-time furloughed working and a second grant for self employed (Rishi Sunak announcement)

 

29 May

Money laundering supervision deferral

Do not let home working be a pain in the neck

Pandemic to disrupt home/office work patterns

FCA confirms extra time for half yearly reports

 

28 May

Surge in HMRC asset seizure orders

Assessing the office risks for returning staff

EU plans €750bn recovery fund

ICAEW and ICAS going concern guidance

 

27 May

FTSE 100 pensions ‘in best position’ pre-Covid

 

26 May

Coronavirus sick pay scheme opens for applications

One chance for post-pandemic tax reform

Government spend tops £124bn

 

22 May

VAT on PPE donated to healthcare charities

Property transactions slump by half 

Mental health concerns for accountants and SMEs

Impact of gender pay reporting delay

 

21 May

£500m Future Fund launches 

Amendments to insolvency and company law

Remortgage applications up 110%

Self assessment payment deferrals

 

20 May

EY to split out audit governance

Pensions accounting just got a lot harder

 

19 May

Business loan scheme extended to £200m

HMRC to launch Coronavirus Statutory Sick Pay Rebate Scheme

Business disruption and frustration of contracts

Q&A: restaurants providing delivered takeaway

Unemployment soars

 

18 May

FCA seeks business interruption insurance ruling

HMRC inheritance tax pause opens opportunity

New insolvency rules will ease wrongful trading woes 

 

15 May

£1.6bn package for Transport for London

Over-55’s exposed to pension scams 

 

14 May

Temporary changes to tax-free childcare

How to reawaken your business after hibernation

64% of SMEs unable to pay deferred tax

Furlough scheme extension could cost £70bn

Rules on home office expenditure relaxed

 

13 May

Auditors face challenge of evidence, scepticism and fraud

Self employed scheme opens early

Back to work guidance

Trade Credit Insurance guarantee

 

12 May

Furlough scheme to run till October 

European Commission delays tax avoidance measures

Q&A: property rental tax points and unpaid rents

 

11 May

Government reveals recovery strategy

Tax appeal deadlines extended

Corporate insolvencies fall in April

Lessons from construction collapses

 

10 May

'Stay alert' 'Control the virus' 'Save lives' (Boris Johnson easing lockdown announcement)

 

7 May

UK ‘on course for fastest recession for a century’ 

Furlough application mistakes risk HMRC bills later

Changes to personal savings

Top tips for dealing with anxiety

ACCA offers remote exam-taking

 

6 May

Nunn: HMRC should delay principal home CGT changes

CFO business confidence hits record low 

 

5 May

Help for self employed launches

inconsistent VAT reliefs create business confusion across EU

Extra funds for fixed property-related costs

Tax credits unaffected

Q&A: small business grants

 

4 May

Bounce back loans launch for small business

FCA wants clarity on business interruption insurance

£100m VAT cut on protection equipment

 

1 May

Partners’ future under spotlight during crisis

Scrapping VAT on e-publications fast-tracked

 

30 April 

Pensions regulator calls for collaboration in recovery

Travel restrictions impact tax residence

 

29 April

Tax consultation deadlines extended

EU eases up on banking accounting rules

Charities can claim gift aid on cancelled event tickets 

 

28 April

£50k ‘bounce back’ loans for small businesses

‘Systemic shock’ to audit client engagement

Call to align top exec pay with workforce experience 

£60k benefit for fallen NHS worker families

 

27 April

Measures to prevent aggressive rent collection and closure

Amendment to IFRS 16 Leases

 

24 April

What you need to know about auditing in a pandemic

How to manage financial year end work

Rayney on furlough - does it make sense for all businesses?

BrightHR launches Furlough Navigator to support UK businesses

Accountex show leads the way to virtual summit

 

23 April

Airline Insolvency Review needs sustainable focus

 

22 April

Branson told BVI lockdown hideaway not a collateral asset

Denmark and Poland ban covid-19 grants for multinationals based in tax havens

Lessons from construction collapses

 

21 April

Grant Thornton makes cuts and forecasts 20% profit drop

Top tips: furlough and the Coronavirus Job Retention Scheme

£10m for fishing and aquaculture

Car finance help for consumers

 

20 April

HMRC emails two million eligible businesses login details for furlough portal

Future Fund for 'innovative' companies with matched state funding

EU sketches out plans for ‘massive recovery package’

Loan guarantee scheme extended to cover all larger firms

 

18 April 2020

Coronavirus Job Retention Scheme furlough rules – 80% rules goes live at 0800 for online submissions

 

17 April 2020

HMRC emails two million eligible businesses login details for furlough portal

Government extends furlough end date to 30 June at £50bn cost

Smith & Williamson merger with Tilney threatened by covid delay

EY cuts partner pay by 20% to prevent furloughing staff

Confusion over private school fees and covid-19 lockdown closures

 

16 April 

BDO furloughs 700 and cuts partner pay by 25%

Deloitte freezes salaries, defers partner payouts

Top tips: furlough and the Coronavirus Job Retention Scheme

FCA remodels business plan to address coronavirus challenge

Higher rate child benefit - remember to claim if you're on furlough with reduced salary 

 

15 April

Furlough start date extended to 19 March

Covid-19: what's the exit strategy? We ask accountants what they think

Salary sacrifice agreements can be altered as C19 deemed 'life event' 

OBR predicts 35% GDP contraction with worst recession since 1701

More lenders accredited for small business loan scheme

 

 

14 April 

HMRC clarifies MTD for VAT deferral reporting process

Post Office delays Horizon ‘fraud’ compensation due to the virus

Q&A: is there any help for owner managers of limited companies?

 

9 April

Q&A: 80% furlough rules and zero hours workers [published 9 Apr 2020]

£750m extra funding package for frontline charities working with vulnerable groups

Bank of England to underwrite government overdraft via Ways and Means facility

How to register for child benefit for new born babies

 

8 April 

HMRC launches beta testing for 80% furlough portal, Harra tells MPs

MTD technical guidance being rewritten for VAT deferral

Tips and advice: directors’ duties and responsibilities in the age of covid-19

Government lending schemes create ‘cliff edge’ for business

Insurers cave in to demand to delay dividend payments

 

7 April 

Top 10 tips: employee expenses during coronavirus homeworking

Financial support for Northern Ireland businesses and employers

 

6 April

Coronavirus large business interruption loan scheme (CLBILS) launched

80% rules allow training, volunteering and even second jobs

Zero hours PAYE employees entitled to 80% furlough scheme

 

3 April

Coronavirus business interruption loan scheme (CBILS) amended

Taxpayers affected by loan charge given ‘special arrangements’ by HMRC [updated]

Football clubs fight to keep going as grounds remain closed [updated]

British Airways furloughs 30,000 and puts pilots on half time

Bus services support grant launched

Finance Mole: learning to deal with lockdown

 

2 April 

Public sector contractors given access to 80% furlough scheme

Electronic signatures and witnessing practicalities when isolating

FCA consults on three-month loan and credit card payment freeze

 

1 April

HMRC delays MTD ‘digital links’ Excel deadline

Banks suspend £15bn in dividend payments

Duties and VAT waived on vital medical imports

Charity SORP guidance issued

 

31 March

Grant Thornton plans to put staff on reduced hours

HMRC clarifies self assessment tax payment deferra

Guidance on small business and retail sector grant schemes [updated]

EU Tax Authority tracker monitors cross-border covid-19 VAT changes 

Returning NHS workers targeted by tax avoidance scammers

 

30 March

Coronavirus Act 2020 allows for HMRC extended powers

Coronavirus Job Retention Scheme - government will pay employer NICs

Limited company directors have limited support under covid-19 measures

Insolvency rules to be relaxed, initial announcement

Annual leave rules will allow temporary two-year holiday rollover cycle

 

27 March

Q&A: Self-employment Income Support Scheme

Partnerships offered income support

Contractors ‘fall through cracks’ in support

Changes to stamp duty payments process on share sales

Accounting and tax institutes cancel exams

 

26 March 

Self employed package hints at future tax equity

HMRC changes coronavirus business helpline number to increase capacity

Self employed will receive 80% package financial support [updated technical guidance]

Chancellor finalising package of financial support for self-employed

Q&A: Coronavirus Job Retention Scheme and furlough

Users of VAT deferral should review direct debits to HMRC

£3.5bn of dividends slashed

FTSE audit partner tenure extended

Regulators issue joint guidance on financial reporting and audit requirements

IoD seeks insolvency relaxation

Taxpayers urged to weigh up savings withdrawals

Revised investment reporting standards delayed to September

Government demand for March beer duty payments ‘disappointing’

 

25 March

HMRC looking to deploy more staff to business helpline

Warning on scammers and abuse of government schemes

Bank card contactless limit increased

FRC considers delay to audit quality inspections

Expat US taxpayers can defer federal income tax filing to 15 July

Business rates holiday extended to estate agents and bingo halls

Gender pay gap reporting suspended

‘Your NHS needs you’ to volunteer

 

24 March

80% rule salary payments liable for income tax and NICs [updated technical guidance]

Q&A: what does UK lockdown mean for employers?

Non-essential shops closed but not exhaustive list

Covid Corporate Financing Facility available

Sick pay to be refunded to small businesses

Moratorium on evictions by commercial landlords

Expats and non doms can claim ‘exceptional circumstances’

Urgent government action needed to support self employed

UK GDP to drop 2.6% before 2021 recovery

HMRC cuts interest rate for late/early payments

 

23 March

Accountancy firms activate agile working as office premises close

Companies risk breaching banking covenants

Government to pay 80% of salary for furloughed workers [updated technical guidance]

Coronavirus Business Interruption Loan Scheme open for applications

VAT payments deferred for three months

Six month deferral on self assessment payments

FCA implements two-week moratorium on FTSE corporate reporting

Companies House extends accounts filing deadline [updated 25 March]

Businesses rally to support NHS workers

Online coronavirus isolation notes for absence from work

Government to take over rail franchises

 

20 March

Chancellor sets out radical employment support package to protect jobs

Coronavirus Business Interruption Loan Scheme hiked to £5m

HMRC needs to ramp up covid-19 time to pay guidance

Bank of England advice on liquidity reporting under IFRS 9

Rail services cut in response to covid-19

 

19 March

Q&A: coronavirus and statutory sick pay

Chancellor tells MPs business loans effective 'beginning of next week'

Bank of England cuts base rate to 0.1%

Chancellor convenes emergency meeting with business groups and unions

London’s transport network cut back in face of coronavirus

Schools to close from Friday [updated 20 March]

 

18 March

£330bn ‘unprecedented’ coronavirus emergency fund

IR35 private sector reforms delayed until 2021 (updated guidance issued 3 Apr 2020)

Covid-19 sees companies develop AGM contingency plans

AAT cancels June conferences

 

17 March

Covid-19 measures pose ‘catastrophic’ challenge for leisure industry

Regulator offers filing extension for charities affected by covid-19

 

16 March

Accountants activate covid-19 contingency plans

FRC advice for auditors and financial reporting

 

13 March

Coronavirus forces organisers to postpone Accountex exhibition

 

11 March (Budget 2020)

Budget 2020: HMRC coronavirus helpline set up

Budget 2020: measures to help business fight coronavirus

Budget 2020: tax announcements at a glance

Budget 2020: coronavirus business interruption loan scheme

Coronavirus toolkit: FAQs for employers

 

10 March

Coronavirus: what internal auditors need to know

 

9 March

Sunak Budget overshadowed by coronavirus

 

5 March

Bank of England cuts base rate to 0.25%

Regulators review reporting deadlines to mitigate coronavirus

 

4 March

Marshall: impacts of coronavirus on financial reporting

Statutory sick pay three-day limit lifted for covid-19

 

2 March

Covid-19: tips for employers

 

18 February 

FRC issues first warning on coronavirus risk to audits in China

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