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Latest ICAEW Insights and accountancy news for December 2020

All the latest news about ICAEW and the accountancy profession.

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DAC 6 to be replaced by OECD rules for UK intermediaries from 2021

4 January 2021: HMRC has confirmed that the UK will no longer be applying DAC 6 in its entirety following conclusion of the Free Trade Agreement with the EU. Only arrangements that would have fallen within Category D of DAC 6 will now need to be reported, in line with the OECD’s mandatory disclosure rules.

Clarity over VAT on transactions spanning 31 December

30 December: HMRC has published guidance on the VAT treatment of transactions that are ongoing and goods that are in transit between Great Britain and the EU when the Brexit transition period ends on 31 December 2020.

ICAEW comments on post-Brexit trade deal

25-Dec-2020: Michael Izza, ICAEW Chief Executive, welcomed the UK-EU post-Brexit trade deal and the certainty around our future trading relationship with the EU. He added that no-one should underestimate the scale and complexity of the changes that companies will still need to cope with from 1 January.

National insurance thresholds for 2020/21

23 December 2020: Clarity emerges concerning the re-rating of national insurance contributions as ministerial statement confirms that September's consumer price index will be used as the basis for limits and thresholds for 2021/22.

Accountancy recruitment outlook remains upbeat

22 December 2020: Despite a record hike in the overall number of UK redundancies, specialist accountancy recruiters remain upbeat for the sector, predicting an upturn in demand over the coming 12 months and salary increases buoyed by ongoing skills shortages.

Government gives green light to Redmond Review recommendations

22 December 2020: The government has responded positively to Sir Tony Redmond’s review into the effectiveness of external audit and transparency of financial reporting in local authorities, with some of the recommended reforms starting in 2021.

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