Practice & Industry

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

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 / Lockdown cracks china retailer

Howard Smith, associate director, and Dave Costley-Wood, partner from KPMG’s restructuring practice, have been appointed joint administrators of Yorkshire lifestyle retailer Peter Jones (China) Ltd, which has collapsed with the loss of 70 jobs

Insight / G4S to pay £38.5m to settle MoJ fraud charges

FTSE 100 security outsourcing company G4S is to pay £38.5m to settle charges of fraud in a prisoner tagging contract with the Ministry of Justice (MoJ), in a deal with the Serious Fraud Office (SFO)

Insight / CIOT president joins Croner-i’s tax writing team

Glyn Fullelove has been appointed as a senior tax writer at multinational information services company Croner-i as the next phase in a more than thirty year career in tax and finance, Zak Jakubowski reports

Tax / HMRC CEO’s warning over job retention bonus

HMRC CEO Jim Harra has challenged the Chancellor over the Job Retention Bonus Scheme set out in this week’s summer economic update, saying that the £1,000 bonus to be paid to employers who bring back furloughed staff may not be cost effective

Accounting / 10 lessons from first virtual year-end close

Facing many challenges, finance departments have been forced to rewrite the year-end playbook on the go, but lessons on priorities, clarity and effective communication can now be applied in the future, says BlackLine’s Andy Bottrill

Insight / ‘Amnesty’ planned for furlough breaches

The government plans to offer an ‘amnesty’ to employers who have furloughed employees during the coronavirus crisis without meeting the formal conditions of the scheme, enabling them to repay  sums without penalties or further sanctions

Insight / Third-party failures can cost companies £783m per incident

Half of companies believe the cost of a third-party incident has at least doubled in the past five years, according to Deloitte survey, with Covid-19 predicted to further increase need for investment in risk management

Insight / Impact on pensions of changes to Job Retention Scheme

As the government begins to unwind its Coronavirus Job Retention Scheme over the coming months, LEBC’s Kay Ingram looks at how pensions will be affected by the changes

Insight / Phone refurbisher calls up administrators

Chris Pole and Rick Harrison, partners from KPMG’s restructuring practice, have been appointed as joint administrators for Redeem UK Ltd and Redeem Holdings Ltd, two entities of Redeem Group, which have ceased trading with the loss of over 100 jobs

Tax / Chancellor urged to go further with Covid-19 support

Early reaction to the Chancellor’s summer update of measures to combat the economic challenges posed by Covid-19 has been largely positive, although there has been surprise at the lack of support for some badly affected sectors such as retail and aviation

Tax / Summer update: Chancellor offers job funding, VAT cuts and eat out discounts

Just four months after his first Budget, Chancellor Rishi Sunak has unveiled a summer economic update designed to mitigate the impact of the Covid-19 pandemic, with a commitment to encouraging job creation through a government ‘plan for jobs’ and stimulus for consumer spending

Audit / GT fined £3m over audit ethics failures

The Financial Reporting Council (FRC) has hit Grant Thornton UK with a £3m fine, discounted to £1.95m, over a series of ethical and independence failures in its auditing of Conviviality Retail, part of the collapsed alcohol wholesaler and retailer group

Insight / Future Fund loans can create significant shareholder

As innovative companies turn to Future Fund loans for additional funding during the Covid-19 crisis, McCarthy Denning’s Guy Avshalom warns businesses could find themselves with powerful new shareholder if the debt converts to equity

Tax / HMRC drops benefit in kind charge on Covid-19 tests

HMRC has been forced into a rapid U-turn after publishing guidance indicating that employees would face a taxable benefit in kind when their employer pays for coronavirus testing, following an outcry from MPs