Pat Sweet

Pat Sweet

Pat Sweet is online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, published by Croner-i, covering news stories as they happen each day. With a background in specialist business publications, Pat covers tax, audit and accounting, as well as management consultancy and IT, and is now focused primarily on developments in the accounting and finance markets. Contact Pat Sweet

Insight / Coronavirus: essential updates for accountants

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

Tax / Covid-19: partnerships offered income support

HMRC has published guidance on the self-employment income support scheme to combat losses as a result of coronavirus, which confirms that partnerships are eligible to apply, reports Pat Sweet

Insight / Covid-19: contractors ‘fall through cracks’ in support

Contractors and others who work through personal service companies (PSCs) fear they risk being left without government support for lost earnings as a result of coronavirus, because they do not meet the requirements of current support schemes

Accounting / SEC zooms in on mistaken identity over video app

The US Securities and Exchange Commission (SEC) has stepped in to address a case of mistaken identity which has seen investors put money into a little known Chinese tech firm, Zoom Technologies, in the mistaken belief that it is behind the Zoom, the video conferencing app which is going through the roof as a result of coronavirus working from home rules

Tax / Covid-19: changes to stamp duty payments process on share sales

Due to measures put in place to stop the spread of coronavirus, HMRC has temporarily changed the way it deals with stamp duty payments on shares bought on a stock transfer form, and will no longer accept cheques

Tax / Covid-19: self employed package hints at future tax equity

Chancellor Rishi Sunak has unveiled a £9bn package of support for self employed taxpayers and members of partnerships, Self-Employed Income Support Scheme, affected by the coronavirus epidemic which he said was equivalent to the furlough scheme for those paid via PAYE, and has indicated that future tax policy may need to change to reflect this equivalence

Tax / Covid-19: taxpayers urged to weigh up savings withdrawals

Taxpayers who are looking to reorganise their finances to respond to the impact of coronavirus on jobs are being warned to think carefully about the tax and welfare benefit consequences of drawing on savings

Insight / Government demand for March beer duty payments ‘disappointing’

In the wake of the closure of all pubs, bars and restaurants, the Society of Independent Brewers (SIBA) has branded the Chancellor’s decision to collect March’s beer duty payments as ‘incredibly disappointing’

Audit / Covid-19: regulators issue joint guidance on financial reporting and audit requirements

The Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) have announced a series of changes to the timing and content of financial information and the audit work required, in response to the current crisis, reports Pat Sweet

Insight / Covid-19: IoD calls for insolvency emergency measures

The Institute of Directors (IoD) is calling for emergency insolvency measures to prevent widespread company collapses as the current pandemic takes hold

Tax / Covid-19: business rates holiday extended to estate agents and bingo halls

The government has announced that estate agents, lettings agencies and bingo halls that have closed as a result of covid-19 measures to restrict the spread of the virus will be now be exempted from business rates in 2020-21

Insight / Covid-19: bank card contactless limit increased

The spending limit for contactless card payments will be increased from £30 to £45, with a national rollout beginning from 1 April, in response to growing pressure to reduce the use of paper money during the current pandemic, reports Pat Sweet

Tax / HMRC consults on tax impact of LIBOR reform

HMRC has set out its views on the main tax impacts for businesses as a result of reforms to the London Inter-bank Offered Rate (LIBOR) and other benchmark rates

Insight / Covid-19: gender pay gap reporting suspended

Companies will not be required to report on their gender pay gap data this year, as is mandatory for those with over 250 employees, because of the coronavirus pandemic, reports Pat Sweet

Tax / Anti-forestalling rule added to entrepreneurs’ relief reform

HMRC has updated its technical note on the changes to the lifetime limit for entrepreneurs’ relief, which has been cut to £1m, detailing an additional anti-forestalling rule
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