Accountancy Daily

Tax / IHT and CGT in spotlight as deficit leaps

The growing budget deficit is concentrating minds on radical reforms to inheritance tax, which now appear more attractive in the current climate, say Judith Millar and Alastair Collett of BDB Pitmans

Audit / NAO warning to MoD over aircraft carrier costs

The National Audit Office (NAO) has published the latest in a series of challenging reports on defence procurement, highlighting how significant uncertainties over the future costs of plans to bring new aircraft carriers into service may limit their effectiveness

Insight / Covid-19: Future Fund for start-ups expanded

The chancellor is expanding a coronavirus support fund for UK startups, to ensure firms that shifted their headquarters abroad can still access the scheme, which is designed to help newly launched innovative companies survive the current pandemic

Insight / Covid-19: FCA flags 85% lending scam hike

FCA warnings about sub-prime lending and debt management scams are up 85% to 24 during the three months of lockdown compared to just 13 in the same period last year, according to BDO

Insight / Major corporate insolvency regime changes in force

The Corporate Insolvency and Governance Act has received Royal Assent, and came into force on 26 June, marking the largest change to the UK’s corporate insolvency regime in more than 20 years

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

In our regular Q&A series from Croner Taxwise, tax adviser, Amaira Badat explores how an SME’s R&D relief claim will be affected if they also claim under the Coronavirus Job Retention Scheme (CJRS)

Technical Alerts

29 Jun 2020

Insight / Nunn: time to review pension annual allowance

As more fall between the cracks of coronavirus support packages, Berkeley Associates director Yvette Nunn argues annual pension allowance rules should be relaxed for those that need to access savings in these difficult times

Audit / GT probe finds £19m hole in Lookers’ accounts

Grant Thornton has identified a £19m hole in the accounts at national car dealership Lookers, stemming from fraudulent expenses claims and incorrect or inconsistent application of policies, processes and accounting standards

Insight / Banking exec jailed over fake £3m HMRC payments

A finance chief at a city bank has been jailed for four and a half years after he created two fake payments worth £2.9m, from his employer to HMRC, and then diverted the funds to himself

Tax / HMRC fixes online tax repayment issue

The tax office has resolved its online tax repayment problem so taxpayers can claim overpaid tax they are owed for the 2019-2020 tax year

Accounting / IASB issues limited scope amendments to IFRS 17

The International Accounting Standards Board (IASB) has issued amendments to IFRS 17, Insurance Contracts, including a two-year deferral of the start date, to address concerns and implementation challenges identified following its introduction in May 2017

Insight / KPMG called in as shopping centre giant faces financial collapse

Jim Tucker, David Pike and Mike Pink, partners with KPMG’s restructuring practice have been appointed joint administrators to Intu Properties, the owner of some of the UK’s largest shopping centres, which has collapsed under the impact of its debt burden and the impact of coronavirus on shopping habits

Insight / Lockdown has highlighted UK’s widening skills gap

The Chartered Institute of Management Accountants (CIMA) calls on the government to look beyond the short-term and address the UK’s long-standing productivity woes, focusing future investments in skills in industries to help compete on the world stage and address social mobility

Technical Alerts

26 Jun 2020

Insight / How to support staff mental health after lockdown lifts

From ensuring the right level of PPE through to helping vulnerable staff, Nuffield Health’s Brendan Street sets out the key points that employers need to think about as staff return to work

Insight / Wirecard collapses amid accounting scandal

German fintech Wirecard, which has become mired in an accounting controversy over €1.9bn (£1.7bn) of missing cash, has gone into administration owing around €3.5bn, citing ‘impending insolvency and over-indebtedness’

Insight / US pays $1.4bn of Covid-19 support to deceased taxpayers

The US government has paid out nearly $1.4bn (£1.1bn) of coronavirus support payments to taxpayers who were deceased and so ineligible, because of the failure to share data between the Treasury and the Internal Revenue Service (IRS), an audit watchdog has reported

Accounting / Accountants ‘unsung’ heroes

Accountants are gaining recognition as the unsung business heroes of the current pandemic, with research suggesting they are the key go-to advisor, while a business improvement consultancy has launched a new award to acknowledge their contribution

Audit / FCA censures Redcentric over misleading financial information

IT services provider Redcentric has been given a public censure by the Financial Conduct Authority (FCA) for committing market abuse and ordered to pay £11.4m compensation to investors, while three former executives face legal proceedings

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

UK exports could see a hit of up to £50bn as a result of the global economic slowdown caused by Covid-19, according to new research by PwC

Technical Alerts