Accountancy Daily

Insight / FCA bans discretionary commission in car finance

The Financial Conduct Authority (FCA) has confirmed it is to ban the use of discretionary commission models in the car finance market, saying this will save customers £165m a year

Tax / HMRC sets up scheme for loan charge refunds

HMRC has published guidance on how it will administer the disguised remuneration repayment scheme, offering refunds to taxpayers who made voluntary payments of income tax or National Insurance prior to a change in the rules regarding the loan charge

Insight / Consultation opens on new economic crime levy

The government is consulting on plans to introduce an economic crime levy, designed to raise £100m a year to boost anti money laundering (AML) capability, to be paid for by the AML-regulated sector

Insight / KPMG serves up pre-pack to French dining chain

Will Wright and Steve Absolom, partners from KPMG UK’s restructuring practice, have been appointed joint administrators of Le Bistrot Pierre Ltd, and have arranged a pre-pack of the restaurant chain, saving over 600 jobs

Tax / Q&A: qualifying for Principal Private Residence Relief

In our regular Q&A series from Croner Taxwise, tax adviser, Sohail Butt explains how much of the gain will qualify for Principal Private Residence Relief when selling a property

Technical Alerts

27 Jul 2020

Accounting / IFRS 17: what are the actuarial challenges of insurance standard?

The insurance contracts standard requires important choices to be made that can have significant impact on company financial statements creating volatility in results, and need to reflect commercial practices, argue Shasat’s Michael Winkler and Sunil Kansal FCA

Insight / ‘Millions’ slip through Covid-19 financial safety net

MPs have accused the Chancellor of failing to help over a million workers excluded from coronavirus support schemes, despite his pledge ‘to do whatever it takes’ to ensure no one would be left behind

Accounting / FRC seeks to clarify two UK accounting standards

The Financial Reporting Council (FRC) has issued two exposure drafts proposing amendments to UK and Ireland accounting standards, in order to clarify issues when reporting either going concern issues or rent concessions

Tax / ‘Fundamental’ overhaul of business rates in view

The government has announced a call for evidence for the fundamental review of the business rates system, seeking views on issues to be addressed, ideas for change and alternatives which could include an online sales tax

Insight / Record 527,000 businesses in ‘significant’ financial distress

A record 527,000 business were in significant financial distress at the end of June, up 7% since the beginning of the year, according to research by Begbies Traynor which suggests this trend is set to accelerate

Technical Alerts

24 Jul 2020

Tax / Tax impact of Covid-19 on company cars

While there has been no tax break on company cars that have sat on the drive during the pandemic, a rebate on fuel benefits is still possible, according to RSM’s Chris Etherington

Tax / Greece set to lure pensioners with 7% income tax

Greece is looking to woo foreign pensioners – including British retirees – by introducing a single tax rate of 7% for those shifting their tax residence to live in the country

Tax / HMRC seeks views on tackling disguised remuneration tax avoidance

HMRC has opened a wide-ranging call for evidence on the continuing use of disguised remuneration (DR) tax avoidance schemes, seeking views on its approach, any variations which are not covered by existing legislation, and suggestions for further action

Tax / HMRC launches Turkish tax probe at Ladbrokes owners

GVC Holdings (UK) Ltd, the FTSE 100 group which owns betting brands Ladbrokes and Coral, has revealed HMRC is conducting a probe into the group’s former Turkish online gambling business

Tax / One week to tax credits renewal deadline

HMRC is warning taxpayers who claim tax credits they have just one week left to tell HMRC about changes to their circumstances or income before the renewal deadline on 31 July, or risk incorrect payments

Audit / FRC appoints two executive directors

The Financial Reporting Council (FRC) has made two appointments to its executive team, as the regulator continues its transition to a new body, the Audit, Reporting and Governance Authority, with a wider remit and new statutory powers

Insight / Restaurateurs served with bans over tax failures

Two restaurateurs have been disqualified from managing companies after they caused their outlets to abuse the tax regime, owing more than £1m in tax between them

Accounting / Covid-19: IAS 1 amendment deferred

The International Accounting Standards Board (IASB) has issued an amendment to defer by one year the effective date of Classification of Liabilities as Current or Non-current, which amends IAS 1 Presentation of Financial Statements

Technical Alerts

23 Jul 2020

Tax / Early tax planning vital for those fleeing Hong Kong for UK life

Navigating the UK tax system for Hong Kong investors, immigrants and BN(O) passport holders can be very complex, as rules change and poor planning create extra tax bills, says Alfred Liu, senior associate at law firm Forsters

Tax / Finance Bill 2020-21: changes to working time requirements for Enterprise Management Incentives

Finance Bill 2020-21 includes amendments to ensure that individuals will keep the tax advantages of the enterprise management incentives (EMI scheme) if they have either been furloughed or had their working hours reduced below the current statutory working time requirement for EMIs because of coronavirus

Tax / Finance Bill 2020-21: corporate interest restriction rules amended

HMRC has announced technical changes to interest restriction rules ‘to make sure the regime works as intended’ in line with the OECD’s Base Erosion and Profit Shifting (BEPS) framework

Tax / Treasury releases 10-year digital tax strategy

Alongside the Finance Bill 2020-21 draft legislation, the government has released details of an ambitious ten-year strategy to create ‘a tax system fit for the challenges and opportunities of the 21st century’, with a strong focus on increased use of technology and moves to real-time reporting and tax payments

Tax / Finance Bill 2020-21: ATED and SDLT relief for housing co-ops

HMRC has announced relief for housing co-operatives from Annual Tax on Enveloped Dwellings (ATED) and Stamp Duty Land Tax (SDLT)

Tax / Finance Bill 2020-21: amendments to HMRC’s civil information powers

HMRC is to be given new powers to issue a financial institution notice (FIN) requiring financial institutions to provide information about a specific taxpayer when requested, without the need for approval from the tax tribunal, in a bid to bring the UK into line with international standards on the quality and speed of exchange of tax information

Tax / Finance Bill 2020-21: changes to tax treatment of termination payments

The government intends to bring in measures to remove unintended outcomes and bring fairness and clarity to the current legislation on termination payments, by making it clear that individuals will not receive less favourable tax treatment depending on their contract or residency

Technical Alerts