Coronavirus

Insight / Covid-19: changes to small business loan rules

More small businesses are set to benefit from loans of up to £5m under the coronavirus business interruption loan scheme (CBILS) following changes to state aid rules, as a result of government and industry lobbying

Insight / Alternative funding to help SMEs rebuild and grow

As the economy comes back to life, many growing SMEs are facing a funding drought, but there are alternatives to the high street banks, argues Caple’s Dominic Buch

Insight / Eat Out to Help Out scheme launches next week

More than 53,000 outlets across the UK have so far signed up to the government’s Eat Out to Help Out scheme, which launches next week and is designed to boost the food and drink sector, which has been badly hit by the coronavirus downturn

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 / ‘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

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

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

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

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

Insight / Package holiday specialist nosedives into administration

David Baxendale and Steven Sherry, partners at PwC, have been appointed as joint administrators of Fleetway Travel Ltd and Fleetway Aviation Ltd, package holiday specialists which have collapsed as a result of the coronavirus crisis with the loss of some 60 jobs

Audit / Companies need to enhance Covid-19 reporting

Companies need to do more to explain the impact of Covid-19 on their performance, according to the first Financial Reporting Council (FRC) thematic review of company reporting since the onset of the pandemic

Accounting / Social distancing increases drive to digital AML

With face-to-face meetings not an option currently, accountants need to look at other ways to verify client identities under money laundering regulations, says SmartSearch’s Martin Cheek

Accounting / Accountants urged to be on guard for Covid-19 fraud

As the National Crime Agency reports increased fraud during the pandemic, accountants must be extra vigilant and take steps to help clients falling victim to Covid-19 scams, warns Anne Davis of the Institute of Financial Accountants

Tax / World’s millionaires offer extra tax for Covid-19

Over 80 millionaires from around the world, including British film director Richard Curtis, have signed a pledge asking to pay more tax, as their contribution to fund the economic recovery from coronavirus

Insight / 649,000 drop in employees on UK payrolls

There are 649,000 fewer employees in the UK on payrolls now compared with March, and vacancies are at their lowest level for almost two decades, but the rate of job decline is slowing, according to data from the Office for National Statistics (ONS)
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