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Latest ICAEW Insights and accountancy news for June 2020

All the latest news about ICAEW and the accountancy profession.

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Employers reminded not to overlook obligations by HMRC

30 June: HMRC’s latest employer bulletin contains several reminders to stop firms falling behind with standard obligations during the coronavirus pandemic, such as suffixing “2013” to the reference when paying 2019/20 Class 1A NIC.

Flexible furlough scheme opens on 1 July

30 June: Employers will be able to make claims for grants under the flexible furlough scheme (CJRS V2) from 1 July 2020. ICAEW’s Tax Faculty highlights key points and updates its guidance.

HMRC compliance powers on CJRS and SEISS tabled for debate

Updated 6 July: Legislation introducing HMRC’s powers in relation to coronavirus support payments has been tabled and following representations by ICAEW, businesses will have 90 days to notify HMRC of a grant that needs repayment.

How the NAO is dealing with COVID-19

30 June 2020: Kate Mathers, an executive director of the National Audit Office, talks to Maria Byrnes from ICAEW about the impact the COVID-19 crisis is having on the National Audit Office and how it has shaped their work.

Corporate Insolvency Bill

30 June 2020: The Corporate Insolvency and Governance Act 2020 received Royal Assent on Friday (26 June). Both the permanent and temporary measures could be a valuable lifeline as the downturn continues.

Finance Bill 2020 – Report stage amendments

29 June: The government has tabled a further series of amendments to the Finance Bill 2020 ahead of its report stage this week. ICAEW’s Tax Faculty provides a summary of the changes and urges further amendments to the clause modifying the statutory residence test in light of COVID-19.

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