Insight

Insight / NAO warns of job scheme risk and eligibility concerns

The National Audit Office (NAO) is warning that the government’s coronavirus job support schemes risk ‘considerable’ levels of fraud and error, potentially totalling up to £3.9bn, while up to 2.9m people may have missed out on any help

Insight / People in the news: CIOT awards, Magma, BDO

In this week’s accountancy career moves, two prestigious CIOT awards granted, two partner promotions at Magma and BDO, CEO elected at Optimum Finance, vice president elected at ICAEW, director named at Moore Kingston Smith

Insight / Accountants prioritise wellbeing

As Covid-19 challenges add to daily stresses, accountants view mental wellbeing as more important and give it a higher priority than other professional groups, including lawyers and management consultants, according to a survey by wealth management firm Saunderson House

Insight / Covid drives FS sector home working

Half of the UK’s financial services workforce want to work from home after Covid-19, according to a report by KPMG and the Financial Services Skills Commission,  suggesting the  dramatic change in working patterns created by the pandemic is likely to lead to a new approach

Insight / Goldman Sachs fined record $2.9bn over business bribery

Goldman Sachs is to make a record payment of more than $2.9bn (£2.2bn) to regulatory authorities in the US, UK, and Singapore after the group and its Malaysian subsidiary admitted conspiring to pay over $1bn in bribes to obtain business

Tax / Coronavirus: essential updates for accountants, tax advisers and auditors - Part 2

To assist accountants, tax advisers and auditors in dealing with the coronavirus crisis, all our related covid-19 coverage will be available here as soon as new announcements are made, plus expert analysis

Insight / Make sure holiday and redundancy pay add up under CJRS

Employers using the CJRS are at risk of underpaying holiday, notice and redundancy pay if they get their sums wrong, warns RSM’s Charlie Barnes

Insight / Mazars rebrands to mark milestone

Mazars, the international tax, audit and advisory firm, unveils its new brand identity in over 90 countries and territories, marking a key milestone in the firm’s expansion

Insight / Covid job support package enhanced to match new restrictions

In the face of mounting concerns about the disparity in help available, Chancellor Rishi Sunak has announced changes to the government’s coronavirus job support scheme (JSS) to provide additional funding for businesses placed under tighter restrictions but not legally required to close

Accounting / Financial Services Bill introduced to Parliament

The government has introduced the Financial Services Bill as a first step in shaping a regulatory framework for the UK’s financial services sector outside of the EU

Insight / Regulator issues guidance on £170bn pension ‘superfunds’

The Pensions Regulator (TPR) has published new guidance for trustees and employers on transferring to defined benefit (DB) ‘superfunds’, as PwC research suggests up to one million pension scheme members and £170bn of assets could take this route over the next decade

Tax / Further deferral opportunity for self-assessment taxpayers

Following the chancellor’s Winter Economy Plan, Crowe’s Nick Latimer unpicks the implications for self-assessment taxpayers, including an extra 12 months to pay alongside other measures, but warns there are strings attached, including interest and time restrictions

Insight / Deloitte to close four offices

Deloitte is the first of the Big Four to announce it is reducing the amount of office space occupied by the firm as a result of the impact coronavirus has had on working patterns, with plans to shut four of its offices

Accounting / FRC seeks corporate reporting improvements

The quality of corporate reporting from some the UK’s largest companies has not improved over the past year, and there remain concerns about the frequency of restatements relating to cashflow, according to the Financial Reporting Council’s (FRC’s) annual review

Insight / Profit warnings soar as businesses struggle

After just nine months, the number of profit warnings issued by UK quoted companies has reached a new, annual high with more expected as the impact of Covid-19, Brexit and reduced government support take effect, according to EY
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