Practice & Industry

Insight / Calls for finance firms to protect vulnerable consumers

The Financial Conduct Authority (FCA) is calling for finance firms to do more to protect vulnerable consumers and ensure they are receiving positive outcomes

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

Insight / FCA bans discretionary commission in car finance

The Financial Conduct Authority (FCA) has confirmed it is to ban the use of discretionary commission models in the car finance market, saying this will save customers £165m a year

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 / HMRC launches Turkish tax probe at Ladbrokes owners

GVC Holdings (UK) Ltd, the FTSE 100 group which owns betting brands Ladbrokes and Coral, has revealed HMRC is conducting a probe into the group’s former Turkish online gambling business

Insight / Restaurateurs served with bans over tax failures

Two restaurateurs have been disqualified from managing companies after they caused their outlets to abuse the tax regime, owing more than £1m in tax between them

Tax / Finance Bill 2020-21: corporate interest restriction rules amended

HMRC has announced technical changes to interest restriction rules ‘to make sure the regime works as intended’ in line with the OECD’s Base Erosion and Profit Shifting (BEPS) framework

Tax / Finance Bill 2020-21: tackling promoters and enablers of tax avoidance schemes

The government has signalled its intention to crack down harder on the promotors and enablers of tax avoidance schemes, with proposals for wider information powers for HMRC and tougher sanctions included in Finance Bill 2020-21

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

Tax / Finance Bill 2020–21: tax checks on licence renewal applications

The government is introducing new tax checks on licence renewals in the taxi and private vehicle hire and scrap metal sectors, in a bid to address issues with the hidden economy, and expects to see a £155m increase in tax paid over the next four years

Tax / Finance Bill 2020–21: digitisation of tax administration is key

The government has published Finance Bill 2020–21, which includes significant extensions to the Making Tax Digital regime, tougher action on tax avoidance promotors, additional stamp duty land tax (SDLT) charges and action on the hidden economy, alongside details of a ten-year tax administration strategy

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

Insight / Begbies Traynor sees 17% revenue increase

Begbies Traynor has reported a 17% hike in revenues to hit £70.5m, up from £60.1m, in its final results for the year ended 30 April 2020, and said it expects an uptick in busines recovery work once the government’s Covid-19 support schemes end.