Businesses expect costs and changes as they consider return to work, survey finds
Latest ICAEW Insights and accountancy news for April 2020
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ICAEW and the Institute of Chartered Accountants of Scotland (ICAS) have today jointly published free-to-access guidance for owners and directors of SMEs to assess the prospects of their business in the wake of COVID-19.
ICAEW comments on the Chancellor's announcement of extension to the Coronavirus Job Retention Scheme
11 May 2020: Responding to the new guidance launched by BEIS this evening to help get Britain safely back to work, Michael Izza, ICAEW Chief Executive, said:
Updated 7 May: Entitlement to working tax credits varies according to the number of hours worked. The Tax Faculty explains the impact of reduced working hours, temporary lay-offs and furloughing on tax credits and when HMRC needs to be informed.
Small and medium-sized businesses are concerned about the longer-term impact of the coronavirus storm, hough many have benefited from the government support measures over the past month.
30 April: The government has announced new timelines for a number of consultations, including on raising standards in the tax advice market, in the light of the coronavirus pandemic.
30 April 2020: the heads of the Financial Conduct Authority have written to the chief executive officers of banks over conduct when lending to corporate businesses.
30 April 2020: the latest weekly COVID-19 update from Deloitte explored the partial easing of lockdown restrictions in several European economies and examined the global impact of the collapse in oil prices.
30 April 2020: ICAEW Chartered Accountants and firms are at the heart of navigating the economy through this crisis, and during such times it is vital they maintain the professional, technical and ethical standards that define the profession.
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.
29 April 2020: the UK’s seven largest small business lenders have relaxed evidence requirements for applications to the existing Coronavirus Business Interruption Loan Scheme.
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.
28 April: As COVID-19 dramatically changes the way in which we work, the House of Lords is recommending that the government rethinks IR35’s expansion and looks for a better way to tax work. Anita Monteith outlines the recommendations.
27 April: ICAEW has urged government to withdraw and consult on changes to inheritance tax rules on excluded property and the tax liabilities of company directors. It’s also called for the delay to changes to capital gains tax relief for private residences and raised concerns over the recovery of taxes in insolvency cases.