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Latest ICAEW Insights and accountancy news for March 2021

All the latest news about ICAEW and the accountancy profession.

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Data analysis: finance professionals must ask the right questions


Data offers huge business opportunities and boards, funders and creditors increasingly expect data analysis to underpin decisions, but financial controllers must grasp the challenges surrounding data integrity, trust in data and ethics to capitalise on its potential, an expert is warning.

Chart of the week: UK monthly GDP


This week’s chart takes a look at the rebound in UK gross domestic product in March 2021, despite the country remaining in lockdown.

What will the workplace of the future look like?


ICAEW Insights explores where the chartered accountant of the future might work, with recent trends including local co-working spaces and building communal office space into new housing developments.

NIC Bill confirms reliefs for Freeports and broadening of DOTAS


The government has published the National Insurance Contributions Bill, which legislates reliefs for employers of veterans and those operating in Freeports, as well as for the self-employed isolating due to COVID-19. The Bill will also enable upcoming changes to the DOTAS scheme to apply to national insurance avoidance.

ICAEW urges members to be aware of mini-umbrella companies


HMRC has issued new guidance on the fraudulent activities of so-called ‘mini-umbrella companies’ sometimes created to avoid paying tax and national insurance. ICAEW’s Tax Faculty calls on members to ensure they are informed.

Tax news in brief


Highlights from the broader tax news week ending 12 May, which includes resolution of CGT 2021/22 returns issue, a new HMRC service to allow firms to practice making customs declarations, details of new plastic packaging tax, and updates to VAT notices 700/22 and 700/46.

Partnerships urged to ‘make space for mothers’


The partnership model remains skewed against mothers and caregivers rising up the ranks unless they have a partner or husband who assumes the lion’s share of the child caring responsibilities, new research has found.

CJRS - is an employee receiving fixed or variable pay?


Whether an employee has fixed or variable pay is a key concept for calculating amounts that can be claimed under the Coronavirus Job Retention Scheme. The Tax Faculty explain that the classification of some employees is essentially the employer’s choice.

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