Accountancy Daily

Tax / IR35 private sector reforms delayed until 2021

The government has announced a one year delay to controversial changes to the off payroll working rules, due to be enacted next month, amid concerns about their potential impact during the coronavirus pandemic, reports Pat Sweet

Tax / HMRC ramps up ethanol approvals for scarce hand sanitiser

Manufacturers of hand sanitisers and gels will have their applications for denatured alcohol – ethanol – fast tracked during the coronavirus outbreak, HMRC has confirmed

Insight / Travelex owner moves towards insolvency

Finablr, the FTSE 250 listed owner of foreign exchange firm Travelex, is in discussions with an unnamed accounting firm with a view to going into insolvency 

Tax / FTT refuses vegan truffle VAT appeal

The manufacturer of a range of vegan truffle balls has failed in a bid to have the product zero rated for VAT as food, with the First Tier Tribunal (FTT) ruling they are a sweet treat for occasional enjoyment rather than a meal replacement

Tax / AAT cancels June conferences

The Association of Accounting Technicians (AAT) has cancelled two upcoming conferences due to covid-19 outbreak and closed its London HQ as all staff go to remote working

Tax / Employee counselling added to non-taxable benefit list

Specialist counselling, such as cognitive behavioural therapy, is to be added to the list of non-taxable occupational health services provided by employers, in a bid to support improvements in individuals’ health

Insight / HMRC postpones north east office closures

HMRC has made changes in its office closure plans by extending the life of hubs in Washington and Bradford on a transitional basis

Insight / Covid-19 sees companies develop AGM contingency plans

Guidance on how to arrange and conduct AGMs during the current coronavirus epidemic has been published by ICSA (The Chartered Governance Institute) in conjunction with the Financial Reporting Council (FRC) and law firm Slaughter & May

Tax / £330bn ‘unprecedented’ coronavirus emergency fund

The government has announced a £330bn package of measures to support businesses through the coronavirus crisis from extensive loans and guarantees to business rates relief

Technical Alerts

17 Mar 2020

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