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The latest coronavirus (COVID-19) articles from ICAEW

A list of all coronavirus-related articles from ICAEW, starting with the most recent.

ICAEW releases RST and going concern for preparers guides

22-05-2020

26 May 2020: In light of the continuing economic uncertainty caused by the coronavirus pandemic, ICAEW has published guides on going concern considerations for those preparing accounts and on reverse stress testing.

Coronavirus (COVID-19): Introducing reverse stress testing

21-05-2020

The COVID-19 pandemic has raised many questions about the viability of existing business models. Boards will in many cases need to revisit risk assessments and going concern assessments developed prior to the pandemic. Reverse stress testing is one technique entities can use to identify gaps in their risk management and vulnerabilities in their business models.

Charity Finance Group: keeping up the good fight

21-05-2020

22 May 2020: An interview with Roberta Fusco, the Director of Policy and Engagement at the Charity Finance Group (CFG). She anticipates that, in the short term, the charity sector is at risk of contraction.

COVID-19 loan schemes inject £22bn but questions remain

21-05-2020

21 May 2020: The headline figure of more than £20bn in loans approved through the government’s coronavirus support schemes is striking, but a lack of granular data makes it hard to assess the effectiveness of each measure.

What now for dividends

21-05-2020

We consider how the market will handle dividend suspensions and what the path back to dividend payments for investors looks like

Biotech: a certain virus is creating a step change

21-05-2020

Biorbyt Ltd is a UK-based life sciences company that supplies various lab-based products to scientific researchers. For obvious reasons, Biorbyt is now also working on a diagnostic tool.

Accounting for coronavirus government support schemes under FRS 105

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20-05-2020

Technical helpsheet issued to help ICAEW and Financial Reporting Faculty members preparing accounts under FRS 105 to account for government support schemes available for businesses light of the coronavirus pandemic.

Accounting for coronavirus government support schemes under FRS 102

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20-05-2020

Technical helpsheet issued to help ICAEW and Financial Reporting Faculty members preparing accounts under FRS 102 to account for government support schemes available for businesses light of the coronavirus pandemic.

Business and Management at ICAEW - responding to Covid-19

20-05-2020

During the unprecedented and incomparable global lockdown in response to the outbreak of Covid-19, the Business and Management Faculty team at ICAEW have been quick off the mark to support its members and the wider industry with a range of practical and easily accessible resources to help them through these uncertain times.

Coronavirus government support schemes under FRS 102

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20-05-2020

Technical helpsheet issued to help ICAEW and Financial Reporting Faculty members account for COVID-19 support schemes.

Coronavirus government support schemes under FRS 105

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20-05-2020

Technical helpsheet issued to help ICAEW and Financial Reporting Faculty members account for COVID-19 support schemes.

Valuing assets: could COVID-19 be a game-changer?

20-05-2020

Aircraft are extreme assets at the best of times. Even in good times, it is hard to make sense of their values. A downturn that grounds thousands of them makes the assessment of value even more of an ordeal. That is where expertise and experience count.

COVID-19: Sick pay rebate scheme set to open

19-05-2020

19 May 2020: Small employers and their tax agents will be able to submit claims for rebates of statutory sick pay linked to coronavirus from 26 May, HMRC has confirmed.

Start-ups prepare for Future Fund launch

19-05-2020

19 May 2020: from tomorrow, start-up businesses not eligible for existing coronavirus rescue measures will be able to access government loans via the new Future Fund scheme.

Government is in the thick of recovery – everywhere

19-05-2020

Trying to figure out what to do next is not just the preserve of companies feeling the pain of the COVID-19 crisis; it is also that of government. Shalini Raste, Consulting Director at OCO Global, explains.

How to approach the return to work

18-05-2020

19 May 2020: to discuss the implications of returning to work for employers and employees, ICAEW is hosting a webinar on 20 May with HSE, CIPD and Acas.

Travel and Hospitality - COVID-19

18-05-2020

Factsheet from Mazars summarising how COVID-19 has affected the travel and hospitality sector and suggesting actions that businesses can take to mitigate its impact.

SEISS: How to request a review of entitlement

18-05-2020

18 May: Following the launch of the Self-employment Income Support Scheme (SEISS) the Tax Faculty provides guidance on how taxpayers and their agents can request a review of grant entitlement.

ICAEW CFAB qualification

15-05-2020

The latest information on the ICAEW CFAB qualification during the COVID-19 pandemic.

How will COVID-19 shape the future of the UK charity sector?

14-05-2020

15 May 2020: As part of a charity sector special, ICAEW Insights looks at how coronavirus has exposed vulnerabilities in charities’ funding models and how the sector is adapting to the ‘new normal’ in order to help others.

CXK: funding must always meet funded project costs

14-05-2020

15 May 2020: Pauline Smith is the chief executive officer of CXK, a charity that delivers a range of services that support individuals to improve life choices. Funding is central and, currently, that is tough but the response has underlined the value of third sector organisations.

How the COVID-19 tracker app works

13-05-2020

14 May 2020: Countries across the globe are launching apps aimed at slowing the spread of COVID-19. Here we explain how they work, their potential benefits and risks, and the approaches different governments are taking.

COVID-19: Childcare support criteria relaxed

13-05-2020

13 May 2020: The UK government is temporarily relaxing the eligibility criteria for tax-free childcare and 30 hours free childcare to support working parents during the coronavirus pandemic.

SEISS claims portal opens

13-05-2020

13 May: The Self-employment Income Support Scheme (SEISS) has opened for claims with payments expected by 25 May. Initial reports to ICAEW’s Tax Faculty indicate that the process is straightforward.

The economic impact of Covid19

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12-05-2020

A look and what ramifications the pandemic will have on the economy.

How the luxury market works

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12-05-2020

A look at this opaque and mysterious industry.

Government stretches furlough scheme to October

12-05-2020

12 May: The Chancellor has extended the government’s Coronavirus Job Retention Scheme until the end of October and announced the introduction of new ‘part-time’ furlough flexibility from August.

Mental health awareness

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12-05-2020

Resources to keep on top of your mental health.

Delay to DAC6 exchange of information

11-05-2020

11 May: European Commission (EC) proposes three-month postponement of the exchange of information under the Directive on Administrative Cooperation (DAC6) due to the coronavirus.

British CFO sentiment hits record low

11-05-2020

12 May 2020: Business confidence has plunged to a new quarterly low, trumping the trough reached at the peak of the 2008 financial crisis, according to the latest Deloitte CFO survey.

COVID-19: HMRC extends deadline for appeals

11-05-2020

11 May: Taxpayers may have an additional three months to appeal HMRC decisions or penalties where the usual 30-day deadline cannot be met due to the coronavirus pandemic.

SEISS: an update before applications open

11-05-2020

11 May: Before the Self-employment Income Support Scheme (SEISS) portal opens for applications, the Tax Faculty provides some updates and reminders covering: the eligibility checker, reviewing grants and HMRC support options.

Issues arising out of the UK’s Coronavirus Job Retention Scheme

11-05-2020

The UK’s Coronavirus Job Retention Scheme (CJRS), commonly referred to as the furlough scheme, has been designed and made operational in a matter of weeks with quite a lot of thinking by Government ‘on the hoof’. Thus, the guidance has fallen in a piecemeal fashion, making it challenging for employers to liaise with staff and take appropriate action.

PwC advice for coronavirus operational resilience

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11-05-2020

James Houston, Partner and Stuart Birnie, Director at PwC consider how coronavirus is testing operational resilience responses.

Five challenges for insurers from coronavirus

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09-05-2020

The covid-19 health and economic crisis will challenge insurers in these five ways

How COVID-19 could change regulation

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09-05-2020

Gavin Stewart considers how crises have impacted regulation in the past and what that could teach us about the response to COVID-19

What investors need to know about responsible tax

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09-05-2020

Responsible tax is not familiar enough for investors, finds Carlos Torneros, although things must change if the investment industry wants to improve its ESG credentials.

Conducts, codes and COVID

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09-05-2020

The Treasury Select Committee heard from the head of the FCA about government efforts to fund businesses through the coronavirus pandemic

Chart of the week: US deficit

07-05-2020

7 May 2020: Public finances around the world are being severely affected by the coronavirus pandemic, with the United States being no exception.

ICAEW Coronavirus SME Impact Survey May 2020

07-05-2020

7 May: ICAEW members have backed the package of coronavirus support measures for small business but warned that without flexibility and imagination from government many SMEs face a cashflow cliff edge in the coming months.

New government gateway ID process for SEISS

06-05-2020

6 May: HMRC has updated the process for obtaining a government gateway ID for the Self-employment Income Support Scheme (SEISS). ICAEW’s Tax Faculty clarifies what is needed.

Accounting for COVID-19 support schemes

06-05-2020

7 May 2020: a webcast from ICAEW’s Financial Reporting Faculty outlines how to account for a variety of the support schemes being made available to businesses during the coronavirus pandemic.

Tackling Covid-19

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06-05-2020

ICAEW is providing practical advice and support for members and their clients. Here is a detailed list of sources for you to use during these times.

COVID-19 risk briefing

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05-05-2020

Covid-19 is creating exceptional circumstances and while the country adjusts to life under lockdown, criminals are identifying ways to exploit the vulnerable at this time of uncertainty.

Lack of agent access to the SEISS ‘disappointing’

05-05-2020

5 May: HMRC’s decision not to allow agents to make claims on behalf of clients for the Self-employment Income Support Scheme (SEISS) is disappointing, but agents still have an important role, says ICAEW’s Tax Faculty.

SEISS guidance and eligibility checker

05-05-2020

4 May: HMRC has updated its guidance on the Self-employment Income Support Scheme (SEISS) which now includes an eligibility checker. HMRC has also started to contact eligible taxpayers.

Bounce Back Loan Scheme - Factsheet for SMEs

05-05-2020

Following the Chancellor of the Exchequer’s announcement, the Bounce Back Loan Scheme is now open for applications. Delivered by lenders accredited by the British Business Bank for this scheme, Bounce Back Loans target small and micro businesses in all sectors, providing loans from £2k up to 25% of the business’ turnover with a maximum loan of £50k. Providing lenders with a 100% government-backed guarantee and standardising the application form is expected to lead to a faster process with many loans becoming available within days.

Bounce Back Loan Scheme: what you need to know

04-05-2020

5 May 2020: smaller businesses impacted by coronavirus are now able to apply for funding support of up to £50,000 via the Bounce Back Loan Scheme if certain eligibility criteria are met.

John Selwood audit clinic

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04-05-2020

This month's surgery tackles questions about COVID-19.

Corporate Finance Faculty activity on COVID19 measures

04-05-2020

ICAEW experts, including head of corporate finance David Petrie, have been working closely with UK government ministers and departments, the Bank of England and the British Business Bank to support and improve emergency measures for businesses during the COVID-19 crisis.

Firms rejected for CJRS due to tax debt urged to reapply

01-05-2020

1 May: Some organisations have been incorrectly refused support under the Coronavirus Job Retention Scheme (CJRS) due to tax arrears and should reapply, HMRC confirms, as ONS data shows CJRS is most popular support scheme.

SEISS application process

01-05-2020

Information on how to apply for the Self-employment Income Support Scheme (SEISS), including information on the pre-application phase, the eligibility checker and disputes.

COVID-19: the impact on London members

01-05-2020

COVID-19 now dominates our lives. Vicky Andrew, Vice-President of the South East London Area Society explores the effects of the pandemic on our personal lives, in running our practices and businesses and in planning events and other activities for local members.

Audit and innovation – what is the new normal?

01-05-2020

COVID-19 has changed the way that we live our lives beyond recognition. Jamie Tomlin, Chair of the LSCA’s Technical Committee, asks if the virus could permanently change audit for the better.

COVID-19: Staying compliant with the SRA accounts rules

01-05-2020

Robert Blech, Professional Practices sector specialist, looks at compliance issues which law firms may be facing during the COVID-19 pandemic, including client confidentiality, client due diligence/ID checks and court appearances.

How ICAEW is helping members tackle COVID-19

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30-04-2020

ICAEW is providing practical advice and support for members and their clients. Here is a comprehensive guide to different sources of assistance.

TAXline News: May 2020

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30-04-2020

Frank Haskew, Head of the Tax Faculty, reports on recent developments at the Tax Faculty during May 2020.

Coronavirus considering going concern

30-04-2020

The Audit and Assurance Faculty have produced this two part guide for auditors, covering COVID-19 considerations for auditing going concern, and how to report when a material uncertainty relating to going concern exists.

How to create a high-performing virtual finance team

30-04-2020

1 May 2020: with the extended lockdown causing businesses a series of fresh and unprecedented challenges, how should finance leaders react to ensure their finance team and their business survive and thrive?

Coronavirus Job Retention Scheme (CJRS)

30-04-2020

Support on the CJRS, the government scheme to help businesses retain furloughed staff during the COVID-19 pandemic, including details of the data needed to apply and details of who isn't covered.

Assessing the impact of COVID-19 on the accounts

29-04-2020

30 April 2020: ICAEW’s Financial Reporting Faculty has produced a checklist to help you determine how the spread of COVID-19 might affect financial statements prepared in accordance with FRS 102.

Post-COVID-19 economics: what will be the new normal?

28-04-2020

29 April 2020: as we enter a second month of lockdown, attention is now turning to what the future economic landscape will look like. To discuss this and more, Professor Trevor Williams will join ICAEW for a one-off webinar.

CJRS further support

28-04-2020

A list of contacts for additional support on the UK government's coronavirus job retention scheme

The Business Finance Guide

28-04-2020

A unique guide that sets out the main things to consider and outlines sources of finance available to businesses.

Government launches new small business micro-loan scheme

27-04-2020

28 April 2020: the chancellor has announced a new Bounce Back loan scheme, allowing small businesses hit by the impact of coronavirus measures to apply for up £50,000, with the government guaranteeing 100% of the advance.

HMRC updates CJRS guidance again

27-04-2020

27 April: Updated guidance from HMRC includes how to report wages using RTI, a new calculator and more explanation about who qualifies. ICAEW’s Tax Faculty outlines the changes and shares a new downloadable template.

The data-powered drive to defeat COVID-19

24-04-2020

27 April 2020: statistician Rob Mastrodomenico tells ICAEW Insights about the unsung community using data, predictive analytics and machine learning to combat the coronavirus pandemic.

A remarkable start to the tax year

24-04-2020

24 April: The coronavirus pandemic has ripped up convention in every element of daily life, and the UK tax system has been no exception. Read a round-up of the key announcements, deferrals and changes.

A business toolkit to tackle the coronavirus crisis

23-04-2020

24 April 2020: as we prepare to enter a second month of lockdown, businesses face a range of extreme and diverse challenges. To help overcome these obstacles, ICAEW has produced a range of resources.

Technical news in brief February 2020

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23-04-2020

ICAEW's Audit and Assurance Faculty brings you the latest technical updates on developments in auditing and assurance, financial reporting and ethics. Please note Only Audit and Assurance Faculty members and Faculties Online subscribers have access to these technical updates.

Technical news in brief March 2020

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23-04-2020

ICAEW's Audit and Assurance Faculty brings you the latest technical updates on developments in auditing and assurance, financial reporting and ethics. Please note Only Audit and Assurance Faculty members and Faculties Online subscribers have access to these technical updates.

Living in lockdown: India turns to technology

23-04-2020

24 April 2020: Sanjita V Padwal, chief finance officer of Indian engineering and technology firm Harshadray, tells ICAEW Insights about the challenges which lockdown presents Indian businesses and how her firm is adapting to cope. Michelle Perry reports.

Good Friday and Easter Monday Opening

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22-04-2020

Practices are able to seek reimbursement for additional staffing costs incurred as a result of having to open on Good Friday and Easter Monday. The rates are:

Getting out of lockdown: the role of tracker apps

22-04-2020

23 April 2020: tracker apps could play a crucial role in helping the world out of its current lockdown. Kirstin Gillon of ICAEW’s Tech Faculty explores the benefits and potential pitfalls.

Final call for 2018/19 Tax Returns to qualify for SEISS

22-04-2020

22 April: ICAEW is reminding members that self-assessment tax returns for 2018/19 must be submitted by 23 April to ensure eligibility for the Self Employment Income Support Scheme (SEISS), as it shares the latest guidance in a webinar.

ICAEW raises business support measures with government

21-04-2020

22 April 2020: now is the time for bold government action when it comes to providing support for SMEs and providing clear communications around the various loan schemes on offer, ICAEW has told a committee of government ministers.

Cybercriminals unleash wave of COVID-19 attacks on businesses

21-04-2020

Updated 23 April: Within 24 hours of the government’s Coronavirus Job Retention Scheme being launched, online fraudsters had sent a flurry of phishing emails targeting unsuspecting businesses claiming to be from HMRC chief executive, Jim Harra.

HMRC's latest updates for agents

20-04-2020

20 April: ICAEW’s Tax Faculty highlights current issues and reminders for agents, including: non-resident landlords, quarterly instalment payments, tax credit renewals, child benefit claims, ATED and the construction industry scheme.

COVID-19 and post-balance sheet events

20-04-2020

21 April 2020: ICAEW’s Financial Reporting Faculty has recorded a 20-minute webcast outlining key considerations for preparers of financial statements on the subject of post-balance sheet events.

Deloitte: economy “put in a coma by policy”

20-04-2020

21 April 2020: many businesses are reporting “radical and unplanned changes” against an “astonishingly weak” economic backdrop, according to a recent Deloitte broadcast.

Trust in business during the coronavirus

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20-04-2020

These are anxious times for everybody. The entire country, indeed the entire globe, is united against the coronavirus and its impact.

European law change needed to keep banks lending

20-04-2020

20 April 2020: without changes to the Capital Requirements Regulation, efforts to ensure IFRS 9 Financial Instruments can be applied in a way which reflects the reality of the effects of coronavirus support measures may not be enough.

Furlough Leave: Update as at 20 April 2020

20-04-2020

When we published our blog on 15 April 2020, we stated rather boldly that the issue of the Treasury Direction on 15 April 2020 was likely to the definitive guide on how the Job retention Scheme (JRS) works. Friday’s flurry of updates however disproved that. Further guidance has been issued.

ICAEW publishes guide to IFRS 9 and COVID-19

17-04-2020

20 April 2020: ICAEW’s Financial Services Faculty has published a guide to help banks and their auditors deal with the effects of coronavirus on financial reporting under IFRS 9 Financial Instruments.

How should financial services respond to coronavirus and the cyber-security threats that come with it?

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17-04-2020

In 2002 the then US Secretary of Defence, Donald Rumsfeld claimed that when he looked to the future he saw two kinds of unforeseen event: the “known unknown” and the “unknown unknown”. Rumsfeld was lampooned for his statement at the time, but with the rise of COVID-19 and its knock on effects on IT systems across the world, many are coming face to face with the stark reality of this infamous truism.

Coronavirus Large Business Interruption Loan Scheme

17-04-2020

Updated 19 May 2020: the Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides funding support for businesses with annual turnover of more than £45m, if certain eligibility criteria are met. The scheme opens on 20 April 2020.

Chart of the week: deficit and debt

16-04-2020

17 April 2020: The #icaewchartoftheweek is on the ‘coronavirus reference scenario’ put together by the Office for Budget Responsibility (OBR).

Climate change and Covid19

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16-04-2020

We can use the lessons from coronavirus disruption to make a positive impact on climate change.

COVID-19: Updated guidance on SEISS

16-04-2020

16 April 2020: ICAEW’s Tax Faculty highlights the key additions to HMRC’s guidance on the coronavirus self-employed income support scheme (SEISS), which now includes details on calculating trading profits and more information on the interaction with universal credit.

COVID-19: nine principles for finance professionals

16-04-2020

16 April 2020 - The business impact of coronavirus (COVID-19) means effective cash flow analysis and forecasting have never been more important. This guide sets out some principles for adapting your approach to the current crisis.

Coronavirus business support summary (England)

16-04-2020

A wide range of coronavirus support measures have been made available to UK businesses by the government. This guide highlights key features of the support available as well as providing links further guidance (including eligibility criteria).

Coronavirus: understanding audit reports

16-04-2020

While COVID-19 will affect businesses in different ways and to different degrees, it is likely to have a significant impact on audit reports on company financial statements for the foreseeable future.

April 2020 blog

16-04-2020

This issue of our quarterly blog on what’s new and coming up the world of international auditing and assurance has a particular focus on the resources available on ICAEW’s coronavirus (COVID-19) hub.

Independent challenge amidst increased complexity

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15-04-2020

Extreme economic uncertainty, a web of government support measures and a lack of reasonable and supportable information all make calculating expected credit losses in the time of coronavirus even more challenging

COVID-19: Pragmatic approach to corporate residence

15-04-2020

14 April 2020: Businesses based outside the UK, but forced to take decisions here due to travel restrictions shouldn’t become resident according to ICAEW’s Tax Faculty, after HMRC issues further guidance.

COVID-19: six actions for finance professionals on cash flow

15-04-2020

5 May 2020: how to get cash flowing into your business. This guide, created by the ICAEW Business and Management Faculty, shares six practical actions finance professionals may wish to consider when considering cashflow to support their businesses through the coronavirus (COVID-19) crisis.

Boards in the age of COVID-19

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15-04-2020

Audit reform, cyber threats, climate risk - these were some of the risks recently on board members’ minds until the impact of COVID-19 pushed them rapidly down the agenda.

CBILS and CLBILS - preparing a strong application

15-04-2020

Updated 17 April: how to strengthen your application for funding under the Coronavirus Business Interruption Loan Scheme (CBILS) or the Coronavirus Large Business Interruption Loan Scheme (CLBILS), and expertise from ICAEW member firm, EY.

COVID-19 and IFRS 9 expected credit losses for banks

15-04-2020

The subjective nature of IFRS 9 Financial Instruments means banks are facing difficult decisions when it comes to applying the standard in a world grappling with the health and economic impacts of coronavirus.

Brexit and Covid19

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14-04-2020

How will Covid-19 affect Brexit progress?

FRC updates ICAEW on COVID-19 bulletin for auditors

14-04-2020

15 April 2020: the Financial Reporting Council’s Mark Babington joined ICAEW’s Audit and Assurance Faculty for a webinar to discuss key aspects of its guidance for auditors affected by coronavirus.

Paying dividends during the COVID-19 crisis

14-04-2020

14 April 2020: companies considering whether to pay a dividend during these turbulent times should take a range of factors into account, cautions ICAEW’s Head of Business Law Charles Worth.

HMRC issues new guidance on Coronavirus Job Retention Scheme

14-04-2020

14 April 2020: HMRC has provided further clarifications on the eligibility of TUPE staff, those on long-term sick leave and those returning from parental leave, in its latest guidance on Coronavirus Job Retention Scheme (CJRS).

Cashflow modelling: good spreadsheet practice

14-04-2020

14 April 2020: Cash flow forecasts are often prepared in Excel – but spreadsheets are notoriously error-prone. The ICAEW Tech Faculty shares insight on how to reduce errors in spreadsheets.

ICAEW presses ministers on cash flow

09-04-2020

9 April 2020: in a series of meetings with senior government ministers ICAEW has stressed that the paramount issue for businesses right now is cash flow, writes Institute CEO Michael Izza.

COVID-19: the impact on key areas of audit

09-04-2020

14 April 2020: ICAEW’s Audit and Assurance Faculty ran a webinar outlining how auditors should factor the impact of the COVID-19 pandemic into their work.

Charities boosted by £750m extra coronavirus funding

09-04-2020

9 April 2020: in response to increasing concerns from the charity sector about an urgent lack of funding, Chancellor Rishi Sunak has announced £750m of extra support for frontline charities across the UK.

GP pension forms and COVID-19

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08-04-2020

Access pension forms for GPs through the NHS Business Services Authority website.

COVID-19 business support measures: impact on IFRS 9

07-04-2020

8 April 2020: ICAEW Financial Services Faculty’s Philippa Kelly looks at the accounting challenges around payment holidays and other support extended to help businesses survive the impacts of coronavirus.

COVID-19: How employers can recover statutory sick pay

07-04-2020

Updated 27 April 2020: The government is supporting employers paying sick pay to employees forced to take sick leave due to coronavirus. ICAEW’s Tax Faculty outlines what employers and employees need to know.

ACA Certificate Level

07-04-2020

The latest information on the ACA Certificate Level during the COVID-19 pandemic.

How to contact us

07-04-2020

Information on our helpline services and contact details.

ACA Advanced Level

07-04-2020

The latest information on the ACA Advanced Level during the COVID-19 pandemic.

ACA Professional Level

07-04-2020

The latest information on the ACA Professional Level during the COVID-19 pandemic.

Learning materials

07-04-2020

The latest information on ICAEW learning materials during the COVID-19 pandemic.

ACA-CTA Joint Programme

07-04-2020

The latest information on the ACA-CTA Joint Programme during the COVID-19 pandemic.

ACA training

07-04-2020

The latest information on ACA training during the COVID-19 pandemic.

How to keep updated

07-04-2020

How to make sure you have the latest information on ICAEW qualifications during the COVID-19 pandemic.

FCA answers coronavirus questions on CASS audit

06-04-2020

7 April 2020: the Financial Conduct Authority (FCA) has responded to queries on a number of different areas of client assets compliance relating to the current COVID-19 crisis

COVID-19: should borrowers go on a "Mortgage Holiday"?

06-04-2020

Banks are under increasing pressure to make changes to technology systems and re-direct their work force to assist borrowers who find themselves in financial difficulty. Guidance from Kinnison: Property Finance Experts.

New tax year: new set of circumstances

06-04-2020

6 April 2020: deferrals, emergency funding, furloughing, and government support are not words we usually associate with the new tax year. Coronavirus has significantly changed the landscape.

Covid-19 government lending schemes

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06-04-2020

ICAEW’s John Mongelard looks at how the banking system is helping and supporting businesses at this difficult time.

COVID-19: Chancellor overhauls business loan measures

03-04-2020

3 April 2020: Rishi Sunak has announced new support measures for businesses hit by the coronavirus crisis by bolstering business interruption loans for small businesses and announcing a new scheme for larger companies.

PRA: no dividends and no bonuses in 2020

01-04-2020

1 April 2020: the Prudential Regulation Authority has confirmed that the seven largest UK banks will suspend dividends and not pay cash bonuses to senior staff

ICAEW launches Working Capital Checklist

01-04-2020

4 May 2020: a step-by-step guide that businesses can use to optimise working capital in these difficult times, looking at cash inflows, outflows, support available and business planning.

Important Budget a distant memory

01-04-2020

Although the Budget has been overtaken by subsequent events, it is worth remembering the speech contained important announcements for both business and individuals. LSCA Taxation Committee chair Gay Jordan reports from the society’s post-Budget breakfast.

COVID-19: implications for AGMs

31-03-2020

1 April 2020: while AGMs are vital for companies, during the current climate the health of directors and shareholders must take priority

Compliance and professional conduct

31-03-2020

During this uncertain time, we recognise there are unprecedented challenges facing ICAEW firms and members. We continue to expect the highest professional standards by all ICAEW firms and members. This includes abiding by ICAEW and statutory regulations and to continue to meet the high standards expected by the public

Regulated areas and quality assurance monitoring

31-03-2020

The Professional Standards Department (the department responsible for carrying out ICAEW’s regulatory and disciplinary roles) recognise that COVID-19 has and is creating exceptional circumstances.

COVID-19: Directors on PAYE can furlough

31-03-2020

31 March: Company directors that receive salaries through PAYE can be furloughed and apply for a grant of 80% of their salary during the coronavirus pandemic, ICAEW understands.

Coronavirus: keep the information flowing to markets

30-03-2020

30 March 2020: for listed companies, keeping the market up to date with information is as important as ever, notwithstanding that they have been given an extra time to publish their audited financial statements, writes ICAEW’s Katerina Joannou.

How are insurers handling COVID-19

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30-03-2020

Vincent Huck, editor of Insurance Asset Risk, looks at the technical challenges that the insurance market is facing in light of the COVID-19 pandemic.

COVID-19: ICAEW hub for latest news

30-03-2020

For the very latest pandemic news, including updates for businesses and workers, ICAEW’s coronavirus hub provides an invaluable source of information.

Overview of coronavirus job retention scheme

30-03-2020

The following is our understanding of this policy and how this will work based on the information published by the government. It should not be relied on for advice at this stage, but is intended to give an indication of how the scheme will work. We published additional clarification to our understanding of the scheme on 6 April and amended the payroll cut-off date on 15 April.

FRC issues COVID-19 guidance

30-03-2020

30 March 2020: the Financial Reporting Council has published guidance for companies preparing financial statements and a bulletin for auditors covering factors to be taken into account when carrying out audits during the current COVID-19 crisis.

Working with regions to combat the coronavirus

30-03-2020

30 March 2020: Rosalia Wood, Regional Industrial Strategy Manager appeals for ICAEW members’ help in providing regional anecdotes for our work with local business policymakers.

IFS: deficit to triple as budget contingency increases

30-03-2020

30 March 2020: the Institute for Fiscal Studies (IFS) has suggested that the budgeted fiscal deficit for the financial year starting 1 April 2020 of £55bn could more than triple to £177bn due to the coronavirus pandemic.

COVID-19: Digital options to communicate with HMRC

27-03-2020

27 March: ICAEW has been inundated with queries around how businesses should manage communications with HMRC in light of the new restrictions. The Tax Faculty has put together this update on where HMRC is now accepting digital communications.

Coronavirus: Chancellor unveils self-employed support scheme

26-03-2020

26 March 2020: The Chancellor has announced a significant support package for self-employed people affected by the coronavirus outbreak but warned the complexity of building a new system could mean the first payments could be made in June.

Lending facility for larger firms - coronavirus

26-03-2020

Updated 19 May 2020: the Bank of England’s direct lending facility for larger businesses, the Covid Corporate Financing Facility (CCFF), is open for applications via banks. Options are available for businesses without a credit rating. Early repayment is available.

COVID-19: increased support available through tax credits and universal credits

26-03-2020

Updated 1 April 2020: the government has announced measures to support the incomes of employees and the self-employed but some will not be eligible for these schemes. For those that do not qualify the government has made some changes to the support available through working tax credits and universal credit which will provide some help.

Coronavirus: extensions to filing deadlines and changing reporting dates

26-03-2020

26 March 2020: Companies House has advised that companies who are unable to meet their filing deadline due to COVID-19 will be granted an automatic and immediate three-month extension. However, companies must apply and applications must be submitted before the company’s filing deadline. Changing the year-end accounting date may also be an appropriate course of action for some companies in light of the current public health situation.

Coronavirus (COVID-19): tech considerations around home working

26-03-2020

26 March 2020: coronavirus is forcing many people to work from home to reduce social contact and minimise the associated risk of transmitting the disease. Technology is key to helping people work at home, so what are some of the things to consider when setting up and managing home working for your staff over the coming weeks and months? 

David Smith: economics and pandemics

26-03-2020

The Sunday Times economics editor David Smith looks at the effect that pandemics have on economies and the challenge of coronavirus.

The Coronavirus job retention scheme - The Furlough scheme

25-03-2020

The following is our understanding of this policy and how this will work based on the information published so far. It should not be relied on for advice at this stage but is intended to give an indication of how the scheme will work.

Coronavirus guide: cyber hygiene and data

25-03-2020

Criminals thrive in times of uncertainty and fear, and the UK’s National Cyber Security Centre (NCSC) has already reported an increase in cyber threats which refer directly to the coronavirus. This guide outlines the key steps to basic cyber hygiene and highlights some useful resources.

ICAEW presses for self-employed support

25-03-2020

25 March: the economic impact of the coronavirus outbreak continues to cause uncertainty for millions of households, and ICAEW has urged the government to provide additional support for the self-employed.

AML responsibilities: taking on clients during Covid-19

24-03-2020

25 March 2020: This ICAEW guide provides a series of practical tips to help you comply with the UK government's anti-money laundering regulations while social distancing or self-isolating due to coronavirus.

Financial management implications of Coronavirus

24-03-2020

Finance professionals are key in supporting their businesses through the Coronavirus crisis. Most will be working through the issues and helping their businesses respond. This financial management guide responds to member feedback and aims to help members consider the actions they may need to take.

Financial management implications of coronavirus

24-03-2020

This guide, created by the ICAEW Business and Management Faculty, helps finance professionals with the practical financial management steps they can take to support their businesses through the coronavirus (COVID-19) crisis.

COVID-19: VAT and self assessment payment deferral

24-03-2020

Updated 6 April: The UK government is supporting businesses during the coronavirus pandemic by deferring VAT and self assessment payments. ICAEW's Tax Faculty outlines how the deferral will work.

COVID-19: Support through the benefits system

24-03-2020

Updated 1 April: ICAEW members may need to help clients, friends or family to access support through the benefits system during the coronavirus outbreak. Benefits may be something on which they would not usually advise. The Tax Faculty has created this basic guide on which benefits to consider, together with sources of support.

Coronavirus Guide: Anti-Money Laundering responsibilities

23-03-2020

As Coronavirus continues to disrupt business activity and social distancing becomes widespread, members may have concerns over how this impacts your ability to comply with the money laundering regulations. In particular, members may find that normal client take-on procedures have to adapt to reflect more remote interactions with clients.

Accountants take the digital leap to battle coronavirus crisis

23-03-2020

23 March 2020: Keith Underwood, Managing Director of Foulger Underwood, believes that despite the difficulties presented by the COVID-19 outbreak, accountants are proving their resilience by taking the digital leap to support clients and staff through challenging times.

Moving your offline meetings online

23-03-2020

23 March 2020: Della Hudson is a veteran of running online courses and webinars and she shares her tips to help businesses using the technology for the first time.

Managing tax compliance during the COVID-19 crisis

23-03-2020

23 March 2020: to help businesses weather the impact of coronavirus, ICAEW Tax Faculty has put together a Q&A on the basic rules of managing disputes with HMRC when navigating the ramifications of COVID-19.

The Coronavirus Business Interruption Loan Scheme

23-03-2020

4 May 2020: the Coronavirus Business Interruption Loan Scheme (CBILS), introduced on 23 March and revised on 2 April, provides support for businesses to access funding if certain eligibility criteria are met.

Coronavirus and ICAEW exams

20-03-2020

Guidance on ICAEW exams for all ICAEW CFAB and ACA students, employers and tutors during the Coronavirus (COVID-19) pandemic. Your health and well-being are of the utmost importance to us and we want to support you all at this uncertain time. This page has been designed to update you with the information you need and will be updated regularly.

Coronavirus: FRC publishes updated audit guidance

20-03-2020

20 March 2020: the Financial Reporting Council has issued updated guidance for auditors following the outbreak of the Covid-19 pandemic, calling for particular attention on areas including going concern and the gathering of audit evidence.

COVID-19: How to manage HMRC and tax compliance

19-03-2020

19 March 2020: we anticipate and hope that HMRC will apply a more relaxed approach in the way it interacts with ordinarily complaint businesses who are facing difficulties as a result of COVID-19. However, an understanding of the basic rules around managing disputes with HMRC will be helpful when navigating the ramifications of COVID-19. The Tax Faculty share questions that may be useful to consider.

Coronavirus: a message from Michael Izza

18-03-2020

19 March 2020: I want to assure you of ICAEW’s continued commitment to support you through this challenging period. These are extraordinary times that require calm and considered action, and for us all to work together.

Coronavirus when to adjust the numbers

18-03-2020

As coronavirus continues to spread and more information comes to light about the nature of the virus and its impact, companies with 2019 and early 2020 year-ends need to consider how it affects their business and how the effects should be reported in the accounts.

Paying suppliers promptly during coronavirus

18-03-2020

19 March 2020: for many small businesses hit by the fallout from the coronavirus outbreak, getting cash in the door from their customers could be the difference between survival and failure, writes Iain Wright, Director of Business and Industrial Strategy at ICAEW.

COVID-19: Support on negotiating time to pay

18-03-2020

18 March 2020: as the Tax Faculty seeks further clarification from HMRC on the support for businesses which are having difficulty paying tax bills due to COVID-19, it shares useful tips on how to negotiate with HMRC.

Coronavirus: ICAEW events and offices

17-03-2020

Given the recent announcements by the UK government, we have decided not to host any face-to-face events, conferences or meetings with immediate effect.

Working from home: tech considerations

17-03-2020

The coronavirus crisis is forcing many people to work from home to reduce social contact and minimise the associated risk of transmitting the disease.

Late payments: how should SMEs deal with them?

17-03-2020

18 March 2020: with the coronavirus outbreak coming hot on the heels of Brexit and flooding, it is more vital than ever for businesses to put measures in place to deal with the consequences of late payments.

Coping with coronavirus

17-03-2020

Why it’s imperative for businesses to have robust plans in place to deal with the outbreak and mitigate disaster.

Fraud bureau issues coronavirus scam warnings

17-03-2020

18 March 2020: businesses and individuals are being warned to watch out for a number of coronavirus-related scams that have netted criminals hundreds of thousands of pounds.

Highlights of HMCR’s latest Employer Bulletins

17-03-2020

17 March 2020: ICAEW’s Tax Faculty summarises HMRC’s latest Employer Bulletins, which included commentary on the Budget announcements and information on the changes to off-payroll working.

Flexible working: how can business benefit?

13-03-2020

13 March 2020: while the recent boom in flexible working has many obvious advantages for employees, it may also offer benefits for employers willing to embrace more agile practices. Former practice owner and business author Della Hudson gives her view.

ICAEW reaction to the Budget

11-03-2020

11 March 2020: ICAEW chief executive Michael Izza believes Rishi Sunak’s first Budget as Chancellor was a remarkable one, delivered in volatile times, but the longer-term goal of improving public infrastructure on a fiscally sustainable footing is a very different challenge.

COVID-19 and financial services

11-03-2020

COVID-19 raises a range of financial services issues which firms and businesses will be managing through over the next weeks and months.

Budget 2020: ICAEW welcomes spending measures

11-03-2020

11 March 2020: ICAEW has welcomed today’s Budget announcements, which were intended to shore up the UK economy against the coronavirus crisis and invest in long-term infrastructure projects and sustainability. However, it sounded a note of caution about how any additional spend will be funded.

Coronavirus: what does it mean for the global economy?

10-03-2020

11 March 2020: coronavirus represents a potent new source of uncertainty for business, but the bigger question is whether the shock will be sufficient to knock the global economy into something worse. Ian Stewart, Max Lambertson and Andrew Grimstone from Deloitte explore the possibilities.

The financial reporting implications of coronavirus

10-03-2020

As coronavirus continues to spread and more information comes to light about the nature of the virus and its impact, companies with 2019 and early 2020 year-ends need to consider how it affects their business and how the effects should be reported in the accounts. This guide is primarily aimed at those entities preparing accounts in accordance with FRS 102.

Coronavirus considerations for group audit

02-03-2020

3 March 2020: the spread of coronavirus is disrupting global markets and affecting company operations, supply chains and staffing. This has implications for the work of group auditors. ICAEW has issued guidance to help firms address the challenges, writes Penny Sukhraj.

Coronavirus (COVID-19): Considerations for group auditors

27-02-2020

This ICAEW Know-How article was created by the Audit and Assurance Faculty. It offers practical considerations in relation to the work of component auditors in light of coronavirus (COVID-19) to address the requirements in ISAs (UK). It may also be relevant for group auditors in other jurisdictions.

Coronavirus, supply chains and insurance

14-02-2020

14 February 2020: coronavirus reports are shocking and sad; but the outbreak also has impacts for business. We ask ICAEW’s business and financial services experts how the virus should shift business thinking.

Tax treatment of employees working from home

02-10-2019

Updated 11 March 2020: Sarah Bradford of Writetax Ltd considers the tax treatment of employees working from home. She explores the provision of equipment, household expenses, tax relief and good practice, among other things.