Accountancy Daily

Accounting / Food for thought: is agriculture accurately reporting biological assets?

With incidences of food and agriculture companies misreporting the fair value of their biological assets, Gabriel Thoumi, director of financial markets at Planet Tracker, explores the environmental and financial ramifications of misleading reporting within the sector

Insight / West country restaurateur banned over lack of accounting records

A restaurateur from Weston-Super-Mare has been given a six-year disqualification after failing to maintain the company’s books and records

Tax / Call for carbon taxes to offset Covid-19 costs

The Treasury should make more use of carbon taxes and consider other changes in tax policy in order to support efforts to reduce greenhouse gas emissions and bolster public finances, according to the Committee on Climate Change (CCC)

Tax / Covid-19: delays to overseas VAT claims

HMRC has admitted that changes to its working practices, as a result of the pandemic, have resulted in delays in processing and refunding VAT claims submitted under the Overseas Refund Scheme

Insight / FCA consults on value for money in workplace pensions

The Financial Conduct Authority (FCA) is consulting on proposals designed to promote value for money for the members of workplace personal pension schemes, after a review identified inconsistences in the approach used by the two bodies which represent their interests

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

The National Audit Office (NAO) has published a guide to help audit and risk committees of government departments and arms-length bodies advise their organisations on financial management and reporting during, and in the period immediately after, the Covid-19 outbreak

Technical Alerts

24 Jun 2020

Tax / Hidden tax perils for business debt refinancing

As the Covid-19 crisis forces more businesses to raise funds and take on more debt, MHA MacIntyre Hudson’s Chris Denning analyses the possible tax pitfalls of corporate refinancing

Insight / Treasury details post-Brexit financial services regulation

The Treasury has set out details of how the UK will regulate the financial services sector following its exit from the EU, with reforms planned to take effect following the end of the transition period at the close of the year

Insight / Deloitte handles £56m Go Outdoors pre-pack administration

Deloitte has been called in as administrators to Go Outdoors, and has sold the high street camping clothing and supplies company in a £56.5m pre-pack deal to owners JD Sports Fashion

Audit / FRC probes three firms over London Capital & Finance audits

Three audit firms – PwC, EY and Oliver Clive & Co – are facing a Financial Reporting Council (FRC) investigation into their auditing of London Capital & Finance (LC&F), a mini-bond investment specialist which collapsed last year amid controversy over the regulation of its high-risk products

Audit / NAO deepens analysis of £1.7 trillion government spending

The National Audit Office (NAO) reviewed £1.7 trillion of government expenditure over the past year, and reports its work led to positive financial impacts of £1.1bn

Insight / Covid-19: UK Businesses owed £133bn since lockdown

Nine in ten businesses are waiting to be paid an average of £148,917 for work done pre-lockdown, finds Market Finance, as business owners are urged to ‘look beyond their banks and seek advice’ to unlock potential economic solutions

Technical Alerts

23 Jun 2020

Accounting / What lies ahead for accountancy firms large and small

From the Big Four to sole practitioners, there will be winners and losers. Carbon Accountancy’s John Leyden sets out the future challenges, from paying staff and partners to changing business models and keeping clients

Insight / Covid-19: social distance rules relaxed from 4 July

Prime Minister Boris Johnson has announced significant relaxations to the rules on social distancing, designed to make it possible for businesses in sectors including hospitality to reopen, as part of what he called ‘the next steps to rebuilding the economy’ as the threat of coronavirus recedes

Tax / HSBC faces £1.3bn lawsuit over ‘sham’ film investment

HSBC is facing a £1.3bn legal challenge from a group of over 300 investors in a series of Disney filming financing schemes known as the Eclipse Partnerships, which HMRC ruled were tax avoidance vehicles

Audit / Wirecard says disputed €1.9bn ‘may not exist’

Beleaguered German payments fintech Wirecard has been forced to admit that €1.9bn (£1.7bn) of funds which auditors EY reported as ‘missing’ may never have existed, while its former CEO has been arrested on possible fraud charges

Tax / Q&A: reduced VAT rate for empty home conditions

In our regular Q&A series from Croner Taxwise, senior VAT consultant, Hilary Budd explains how reduced rate VAT relief for the refurbishment of empty residential premises can be applied to first and second empty homes

Insight / Critical UK public health businesses protected against foreign takeovers

The government is to pass legislation offering new protections for UK businesses critical to combating coronavirus and future public health emergencies, which will prevent hostile takeovers

Technical Alerts