Business

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

Insight / Greater Manchester to enter Tier 3 without Covid support deal

Greater Manchester leaders were unable to reach an agreement with government by midday, therefore Tier 3 ‘very high alert’ Covid restrictions will proceed without an agreement  

Insight / Wales, Ireland opt for tighter Covid-19 measures

Businesses and workers in Wales and Ireland are bracing themselves for tighter restrictions on activities as both administrations introduce lockdowns to halt the growing number of coronavirus infections and slow the progress of the pandemic

Tax / Business warned ‘time is running out’ over Brexit planning

With around 50 working days until the end of the Brexit transition period, at which point the UK will leave the EU customs union and single market, the government is to urge business leaders to accelerate preparations for an Australia-style exit

Insight / BA fined record £20m for data breach

British Airways has been fined a record £20m by the Information Commissioner’s Office (ICO) for failing to protect the personal and financial details of more than 400,000 of its customers

Tax / Q&A: homeworking tax implications

In our regular Q&A series, Croner Taxwise, tax adviser, Ibrahim Nalla, explains the tax implications of buying a brand-new office pod to be installed in a company director’s garden, how will the company and director be affected?

Insight / CFOs predict recovery not till summer 2021

CFOs are not expecting a ‘return to normal’ to pre-pandemic levels for business until next summer at the earliest, although most are expecting to take back the bulk of furloughed staff in the meantime, according to research by Deloitte

Tax / Furlough overclaim probe threat as deadline expires

With HMRC writing to thousands of businesses warning them of investigation risk if they have incorrectly or fraudulently claimed job support grants, now is the time to get records in order, writes Philip Smith

Audit / EXCLUSIVE: interview with Mazars UK head of audit

Head of audit at Mazars UK, Bob Neate, has his say on audit reform in the UK – explaining how he expects smaller firms to follow the Big Four in splitting operations and the benefits of more players through joint audit - as ‘everyone accepts that competition enhances quality’, Zak Jakubowski reports

Tax / HMRC’s tax gap estimate branded ‘misleading’

HMRC’s reporting of the ‘tax gap’ has been labelled as ‘misleading’ by the public accounts committee (PAC), which says the department should explain the limitations of its approach to calculating the difference between the tax that should be paid on the UK’s economic activity and the amount actually collected

Audit / Big Four’s non-audit fees for clients fall 20%

Audit income at the Big Four firms rose sharply last year, but was accompanied by a marked drop in fees from non-audit work for audit clients, ahead of the requirement for formal separation of activities, according to the latest Financial Reporting Council (FRC) analysis

Insight / Furlough cash: personal risks loom for PAYE/NIC payment failure

Directors using funds from job retention scheme to boost cashflow rather than meet tax liabilities risk being personally liable for penalties, say RSM’s Susan Ball and Jamie Wilson

Insight / Government plans to ensure cash remains available

The government is holding a six-week consultation on plans to protect access to cash throughout the UK, which would include offering cashback at shops without consumers having to make a purchase
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