ICAEW technical round-up: August 2020
27 August 2020: the top technical stories on ICAEW Insights this month feature more information on the government’s CJRS and Eat Out to Help Out schemes, plus expert guidance on emphasis of matter paragraphs and cashflow.
Need to know
HMRC has stepped up its compliance activity on Coronavirus Job Retention Scheme grants, writing to 3,000 employers who may need to repay some or all of their claim. For more details click here.
Eat Out to Help Out Scheme: ICAEW urges businesses to ensure they understand the interaction between the discount and the VAT being charged. Read more here.
Coronavirus may lead to situations where an auditor considers including an emphasis of matter paragraph in the auditor’s report. The Audit and Assurance Faculty has produced a guide explaining how such paragraphs should be used. For more information on the guide, click here.
ICAEW Chief Executive Michael Izza reflects on the Tech Faculty’s recent work on emerging technology and calls for potential partners to help with the next steps in our work. Find out how to get involved here.
The VAT treatment of imported goods is changing from 1 January 2021 following the end of the transition period. HMRC has started to issue guidance on the changes – ICAEW’s Tax Faculty has the latest news.
ICAEW Business and Management Faculty has updated its informative guide to share six practical action points finance professionals should consider to get cash flowing into businesses during the coronavirus crisis. Find out more here.
Other technical news
Employers may face delays to claims for grants under the Coronavirus Job Retention Scheme as format issues could see bulk upload files rejected. Read more.
Businesses in the UK are beginning to turn their attention to Brexit preparations. But have they also considered what will change to the internal market at the end of the transition period? In this piece, ICAEW Insights takes a look at the UK Internal Markets White Paper consultation and why it is important for businesses.
HMRC is seeking applications for the latest phase of its customs grant scheme. For more details click here.
More needs to be done to link audit and assurance with reported risks. ICAEW is undertaking a major project to find out how to do this practically. Find out more here.
The Financial Conduct Authority (FCA) wrote to senior partners of audit firms to highlight the importance of their responsibility in relation to going concern. Get more information on the ‘Dear CEO’ letter here.
Capital gains on UK residential property need to be reported within 30 days of completion. HMRC has now updated its system to allow reports of second and subsequent disposals to be made online. ICAEW’s Tax Faculty reports.
The Financial Secretary to the Treasury outlined the plan to digitise the tax system to attendees at ICAEW’s Virtually Live Conference and explained how approaches used during the pandemic will be utilised in future. Find out more here.