Accountancy Daily

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

There are warnings the pub and brewing industry, along with the travel, retail and other leisure sectors face ‘an existential crisis’ in the wake of new government restrictions to combat the spread of covid-19

Tax / Contractors charged £180 for IR35 assessment

Some recruitment agencies are passing on the costs of IR35 assessments to contractors even though liability for the decision will legally remain with the original engager

Insight / Laura Ashley teetering on administration

Listed furnishings and interiors retailer Laura Ashley is set to file for administration blaming the escalating covid-19 outbreak as the last straw for the struggling chain

Tax / Lords suspect IR35 manipulation

Members of the House of Lords are not buying into IR35 confusion as ‘suddenly they did not understand it when more tax is being collected’

Insight / Limited data on government’s £4.4bn Brexit spend

Government departments spent at least £4.4bn on preparing for the UK’s exit from the EU, but Treasury data showed only a limited picture of overall Brexit spending and little information was put in the public domain, the National Audit Office (NAO) has found

Insight / Regulator offers filing extension for charities affected by covid-19

In light of the coronavirus pandemic, the Charity Commission has said any charity that needs an extension to their annual return deadline should get in contact to ask for one

Tax / Budget 2020: tax-free childcare extended

The Budget has included a new measure to boost take-up of the tax-free childcare (TFC) scheme, by making it accessible to parents who use before and after school care

Tax / Q&A: electric company cars

In our regular Q&A series from Croner Taxwise, payroll adviser, Samantha O'Sullivan explores the tax benefits of providing low emission/electric vehicles as company cars

Technical Alerts

16 Mar 2020

Tax / Accountants activate covid-19 contingency plans

Accountancy firms are putting contingency plans in place to ensure remote working is viable but the majority of practices plan to remain open and fully operational from their office locations until they are told otherwise by the government, reports Sara White

Tax / Rayney: it’s back to 2008 for entrepreneurs’ relief

The Budget 2020 decision to decimate the lifetime gains limit of £10m for entrepreneurs’ relief was hardly unexpeccted, but it does raise immediate questions about tax planning. Peter Rayney FCA CTA (Fellow) TEP examines the tax implications for business owners

Insight / Travelex discovers $100m in undisclosed cheques

Finablr, the FTSE 250 global payments and foreign exchange platform which owns the Travelex outlets, has been forced to suspend its shares over undisclosed cheques 

Accounting / FRC flags £94m error in Galliford Try accounts

A Financial Reporting Council (FRC) investigation has found that FTSE 250 builder Galliford Try overstated its assets by £94.3m, following errors in the way it recognised revenue on certain construction contracts

Tax / BBC delays over-75s TV licence charge to August

The government has confirmed that over 75s will not be charged for a TV licence until August, a timely move as that age category faces the possibility of self-isolation in the fight against covid-19

Audit / Covid-19: FRC advice for auditors and financial reporting

The Financial Reporting Council (FRC) has updated its guidance for auditors, advising that reporting schedules may need to be delayed to ensure audits continue to comply with required standards

Accounting / NMC finds ‘suspected fraudulent behaviour’

FTSE 100 healthcare provider NMC Health has warned it has uncovered ‘suspected fraudulent behaviour’ in relation to some of its previous financial activities and has notified regulators in the UK and UAE

Insight / Charity’s misconduct over cash couriering sees trustee banned

A Charity Commission investigation has found the former trustees of the charity ANO responsible for misconduct and ‘reckless’ in accounting for its cash, and one former trustee has been disqualified

Technical Alerts

Direct Tax / ICAEW TAXguide 03/20

Accountancy & Audit / BEIS in the Budget

13 Mar 2020

Tax / Budget 2020: extra powers for HMRC to combat tax avoidance promoters

The government will ramp up its campaign against promoters and marketers of tax avoidance schemes by taking swifter action and charging 100% penalties on the fees they earn, reports Zak Jakubowski

Tax / Budget 2020: tax announcements at a glance

The complete collection of Chancellor Rishi Sunak’s Budget announcements on tax with expert analysis and highlights of individual tax measures from Accountancy Daily

Insight / Coronavirus forces organisers to postpone Accountex exhibition

The ongoing coronavirus crisis has forced the usually stoic organisers of the annual Accountex exhibition to cancel the May show and reschedule the event this autumn, reports Sara White  

Accounting / Coronavirus sees Burford Capital delay annual results

AIM-listed Burford Capital is the first listed company to cite the current coronavirus epidemic as the reason for delaying publication of its annual results

Tax / Family owned businesses hit by slashed entrepreneurs’ relief

The virtual abolition of entrepreneurs’ relief in Budget 2020 came as a blow to family owned businesses as the tax break is cut to £1m with immediate effect. Philip Smith assesses the fallout 

Tax / Nunn: winners and losers in Budget 2020

A mixed Budget of emergency measures for businesses and longer term plans for investment in innovation and changes to tax reliefs has tried to address the immediate concerns of businesses, says Yvette Nunn

Tax / Croner-i Budget 2020 webinar: watch here

Watch our exclusive Budget 2020 webinar for expert analysis by Croner-i tax experts on the major tax measures announced by the Chancellor, Rishi Sunak

Tax / Budget 2020: VAT threshold frozen at £85k

The VAT threshold has been held at £85,000 in Budget 2020 with the government committing to its triple lock on VAT rates but has outlined plans for a number of reviews in light of the UK’s departure from the EU

Insight / Bankrupt banned over £4m pop-up investment

A director who gifted close to £4m worth of investments in pop-up hotel company, while he was an undischarged bankrupt, has been banned for 11 years

Insight / Record £11.6m fine for Betway over AML failings

Online gambling business Betway has been slapped with a record £11.6m fine by the sector’s regulator for a series of social responsibility and anti-money laundering (AML) failings relating to seven of its high spending customers over a four-year period, reports Pat Sweet

Technical Alerts