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Latest ICAEW Insights and accountancy news

All the latest news about ICAEW and the accountancy profession.

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ICAEW re-examines draft MTD for ITSA regulations

15 January: HMRC has dusted down the draft MTD for ITSA regulations, previously consulted on in 2017, and issued a further consultation. ICAEW’s Tax Faculty has identified several areas where changes are needed before the regulations are laid before parliament.

Chart of the week: Global demographics

15 January 2021: This week’s chart is on demographics, highlighting the major differences in the age structure of populations between continents and the different challenges this presents for managing public finances.

Reconsider stance on SA late-filing penalties, urges ICAEW

14 January 2021: ICAEW has called on HMRC to reconsider automatically waiving late-filing penalties for self assessment tax returns due on 31 January, in light of the significant impact of the COVID-19 pandemic on clients, tax agents and HMRC resources.

Don’t bank on bitcoin for payments yet

14 January 2021: Writing for the Technology and Financial Services Faculties, journalist Billy Bambrough examines the case for bitcoin as a major payment provider.

Brexit: where do your goods originate?

14 January 2021: ICAEW has issued new guidance on rules governing the origin of goods and warns businesses might end up having to pay customs charges or penalties if they fall foul of the rules.

Tax news in brief

Highlights from the broader tax news week ending 13 January, which includes: ICAEW’s response to draft legislation on R&D tax relief for SMEs and £230,000 cap on participation in the agricultural flat rate scheme for VAT.

2020/21 Reporting Season: how much harder could it be for retailers?

13 January 2021: With a difficult year behind them, the upcoming reporting season is likely to cause further issues for both retailers and their auditors. We speak to Jacqui Baker, boutique owner and Audit Director at RSM UK Audit, about year ends, going concern and wellbeing.

How to ensure a charity’s financial sustainability during COVID-19

13 January 2021: COVID-19 has increased demand for charity services while impacting revenue-raising opportunities. Helena Wilkinson, Head of Charities at Price Bailey, suggests the impact is likely to be even greater in 2021 and outlines actions charities can take to manage financial sustainability.

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