Accountancy Daily

Insight / Accountants fight the horror of modern slavery

The Institute of Financial Accountants is working in partnership with the National Crime Agency (NCA) to help raise awareness of modern slavery and support accountants to tackle the horrors of human trafficking

Audit / Deloitte first to confirm audit split

Deloitte is to set up an independent audit governance structure, becoming the first of the Big Four to respond to demands from the Financial Reporting Council (FRC) for an operational separation of audit from the rest of the firm’s business

Insight / Charity fraudster to pay back £250,000

A CEO who swindled a charity’s pension scheme out of more than £250,000 has been ordered to pay back the money following legal action by The Pensions Regulator (TPR)

Insight / Chancellor urged to extend furlough scheme

MPs are urging the Chancellor to ‘carefully consider’ targeted extensions to the coronavirus job retention scheme (CJRS), and whether the ‘triple lock’ state pensions should be maintained, as part of the government’s response to Covid-19

Tax / What does the future hold for payroll after the Covid-19 pandemic?

National Payroll Week this year is an opportunity to recognise the unique challenges faced by all payroll professionals in the form of the Coronavirus Job Retention Scheme (CJRS), explored by Joanne Harris, technical commercial manager at Parasol

Insight / People in the news: Mazars, BDO, Deloitte

In this week’s accountancy career moves, partner promotions at Mazars, BDO and Deloitte, and chair named at The European Financial Reporting Advisory Group

Insight / Rise in companies collecting ethnicity pay gap data

The number of companies calculating their ethnicity pay gap has grown significantly in the past two years, a study by PwC suggests

Insight / English football clubs financially distressed despite record £6bn revenues

Half of England’s top professional football clubs have reported concerns about their financial health despite starting the 2019/20 season with the prospect of record revenues of more than £6bn, according to BDO report

Technical Alerts

10 Sep 2020

Tax / Preferential creditor change creates headache for rescue remedies

As HMRC regains its position at the front of the creditor queue, Ashford’s Katie Farmer and Amy Gallimore explain the impact on corporate insolvencies, including CVA challenges and cash flow crises

Tax / Amazon pays £293m tax on £13bn sales

Amazon paid £293m in tax in the UK in 2019, while its sales rose 26% to £13.73bn, up from £10.9bn the previous year, fuelling concerns about the taxation of digital companies

Insight / Grants for businesses affected by local lockdowns

As the government tightens Covid-19 restrictions in the face of a spike in coronavirus cases, the Treasury has said businesses affected by local lockdowns will be eligible for grants to cover some of their loss of earnings

Insight / EY global revenues total $37.2bn

EY has reported record global revenues of  $37.2bn (£28.6bn) for the financial year ended June 2020, although the 4.1% annual increase was only half of the previous year’s level of  growth, underlining the global economic impact caused by Covid-19

Insight / Call to extend Covid-19 insolvency protection

The government should extend emergency Covid-19 insolvency measures or risk seeing a raft of company collapses and job losses later this year, the Institute of Directors (IoD) has warned

Tax / IR35 delay leads to blanket ban U-turn

The delay to the private sector IR35 roll-out has encouraged more employers to ‘get it right this time around’, with staffing companies reporting that over a third of hirers (35%) were making a U-turn on non-PSC decisions

Technical Alerts

9 Sep 2020

Tax / SDLT cuts: benefits for couples and buy-to-let

The coronavirus stamp duty holiday for property buyers could give potential savings to married couples, civil partners and buy-to-let landlords, say RSM’s George Bull and Chris Etherington

Insight / Lloyds rapped over anti-competitive bank loans

Lloyds Banking Group has been censured by the Competition and Markets Authority (CMA) for forcing small business customers to open business current accounts (BCAs) when taking out bounce back loans, in contradiction to competition rules

Audit / Call for new public sector audit body

An independent inquiry into public sector auditing has recommended a shake-up of the sector, with a new regulatory body to oversee local authority audit and the introduction of a standardised statement of services and costs

Accounting / Small accountancy firms remain vital to SME Covid-19 survival

To commemorate Small Business Advice Week, ACCA (the Association of Chartered Certified Accountants) produced a report outlining the importance of Smaller accountancy firms on businesses trying to survive the Covid-19 pandemic

Tax / Expansion of zero-rated VAT for charity digital advertising

HMRC has issued a brief on VAT and digital advertising by charities, which confirms VAT is no longer considered due on the majority of internet search browsing advertisements

Technical Alerts