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Latest ICAEW Insights and accountancy news for May 2021

All the latest news about ICAEW and the accountancy profession.

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Bank of England climate stress test targets financial sector


New stress tests to reveal the level of exposure and resilience of the UK’s largest financial institutions to climate change have been announced by the Bank of England, as it looks to beef up the sector’s ‘relatively immature’ experience and expertise in modelling climate-related risks.

Set ‘human firewalls’ to be cyber safe


Good cybersecurity succeeds and fails on people, so it's essential for chartered accountants to create and foster a strong security-aware culture in their organisations.

UK fails to keep pace with climate change impacts


Attempts to beef up the UK’s resilience to climate change are failing to keep pace with the impacts of global warming and ever-escalating climate risks, a report just published has concluded.

Gender mainstreaming in practice: lessons from the EU budget


ICAEW’s Women in EU Finance Network recently hosted an online panel debate looking at how incorporating a gender perspective into fiscal planning and budgetary processes can help with the assessment and targeting of the effects of policy actions and public spending on different genders.

Back to business as support measures wind down


The swift spread of coronavirus needed an equally rapid response from government, but with business coming back to life it’s time for the economy to stand on its own again, says the Insolvency Service’s Paul Bannister.

ICAEW supports aim of mandating PII for tax advisers, but more work is needed


Government plans to mandate professional indemnity insurance for tax advisers could offer important consumer protection, says ICAEW, but further discussions are needed with the insurance industry to identify a viable solution which does not have a disproportionate impact on professionally qualified advisers.

Tax news in brief


Highlights from the broader tax news week ending 16 June, which includes: G7 leaders backing global tax commitment; a word of caution on deeds of assignment; guidance on tax avoidance using unfunded pension arrangements; VAT liability of daycare services; and more support on heritage assets.

HMRC continues ‘risk-based’ approach to late filed RTI


In its latest Employer Bulletin, HMRC confirms that late filing and late payment penalties under PAYE Real Time Information (RTI) will remain ‘risk-assessed’ for 2021/22. ICAEW’s Tax Faculty outlines the update and other key reminders from the Bulletin.

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