Latest news
Professional Standards Update December 2024
- 10 Dec 2024
We share an update regarding poor conduct in relation to tax matters, highlight upcoming changes to the ICAEW Code of Ethics and to practising certificate rules. You can also read a round up of the latest and most common issues our quality assurance team highlighted to insolvency practitioners, register for a webinar to find out about the process for the 2025 Probate Diversity Survey or sign up to an event from our AML supervisory team on how to protect against professional enabling.
Insolvency round-up 2024: issues raised during quality assurance visits
- 02 Dec 2024
ICAEW’s Restructuring and Insolvency Community roadshows cover key issues facing insolvency practitioners (IPs). In the final webinar of the 2024 series, Allison Broad, Head of Insolvency Monitoring, and Victoria Alexandrou, Insolvency Manager, discussed the most important findings from monitoring reviews, and highlighted some recent and upcoming changes affecting IPs.
New sanctions reporting obligations for insolvency practitioners
- 28 Nov 2024
On 14 November 2024, the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024 was laid in Parliament. This instrument expands the definition of relevant firms subject to financial sanctions reporting obligations to cover insolvency practitioners (IPs).
Update from the UK Government for IPs: Issue 166, November 2024
- 07 Nov 2024
- PDF (192kb)
Read the latest letter to insolvency practitioners (IPs) to stay informed on regulatory changes to take effect in 2024/2025 and ensure compliance in insolvency procedures, relating to reform of IP bonding and changes to Official Receiver’s fees and hourly rates.
Introduction of the revised Insolvency Guidance Paper – Control of Cases
- 04 Nov 2024
Under the Joint Insolvency Committee’s (JIC’s) strategic work plan, Insolvency Guidance Papers (IGPs) are subject to periodic review to ensure they remain relevant to changing legislation and market conditions. A revised IGP approved by JIC and each of the Recognised Professional Bodies (RPBs) relating to the control of cases has today been issued by each of the RPBs).
HMRC Insolvency Bulletin: Confidentiality and disclosure in personal insolvencies
- 28 Oct 2024
HMRC cannot usually disclose information it holds on a debtor taxpayer. Please read HMRC’s latest guidance on when disclosures are allowed in personal insolvency cases.
HMRC Insolvency Bulletin: Specified Charges in Insolvency
- 28 Oct 2024
When an employer or contractor hasn’t submitted their PAYE RTI or CIS return, HMRC raises a Specified Charge. Insolvency practitioners (IPs) will now have a mechanism to file pre-appointment returns if desired. IPs should use their judgment to accept or replace the Specified Charge. lPs appointed in formal insolvencies of employers or contractors will soon receive a notification advising them of this option to file pre-appointment returns.
HMRC Insolvency Bulletin: HMRC Digital Platform Reporting Service
- 18 Oct 2024
Anyone who manages, or works within, a digital platform in the UK must follow the guidance and reporting rules for digital platforms set out in the link within the bulletin. This includes Insolvency Practitioners appointed over a digital platform operator. If you need to report to HMRC, you must use the digital platform reporting service.
All available issues of Insolvency News e-newsletters
Insolvency News, Issue 13 (May 2023)
- Newsletter
- 02 May 2023
In this issue, read about SIP 16 reviews, insolvency compliance reviews, proposed changes to SIP 3.3 (Trust Deeds) and changes to our pre-visit information requests. You can also access resources such as webinar recordings and register for this year’s Restructuring & Insolvency Conference. Plus, make note of upcoming changes to CPD and other news in the Professional Standards Department.
Insolvency News, Issue 12 (February 2023)
- Newsletter
- 08 Feb 2023
In this issue, read some of the key outcomes from last year’s quality assurance monitoring visits, familiarise yourself with forthcoming changes to SIP 3.1, access HMRC’s latest bulletins and sign up to our next live webinar.
Insolvency News, Issue 11 (October 2022)
- Newsletter
- 07 Oct 2022
In this issue of Insolvency News, the Insolvency Service confirms work it is undertaking to support you in relation to Bounce Back Loans, HMRC issues new updates including one regarding Director’s Loan Accounts and there is an opportunity to sign up for two live insolvency webinars. We also invite you to apply for a remunerated role on our Insolvency Licensing Committee and highlight two recent articles from our series on the Future of Insolvency.
Insolvency News, issue 10 (August 2022)
- Newsletter
- 11 Aug 2022
This issue includes guidance on insolvency compliance reviews and how to avoid a breach of the ICAEW Insolvency Licensing Regulations, access to updated checklists for personal and corporate casework, invitations to join us for the Restructuring & Insolvency Community autumn roadshows and a pension scheme matters for insolvency professionals’ webinar, and the latest information on IP monitoring review and sanctions.
Insolvency News, Issue 9 (July 2022)
- Newsletter
- 01 Jul 2022
In this issue we invite you to join us at the virtual Restructuring & Insolvency roadshows and to the ‘Pension issues for Insolvency Practitioners’ webinar. And there are two important updates including an enforcement notice about debt management advertisements and guidance from HMRC on submitting VAT returns. The Regulatory and Conduct Annual Report 2021-2022 is also included as well as an on-demand conference session about online mediation from the negotiator’s perspective.
Insolvency News, Issue 8 (May 2022)
- Newsletter
- 20 May 2022
Read about an update to Dear IP Article 89 as well as common pitfalls associated with the Code of Ethics. There’s also an important and timely reminder about SIP 9 and the Code of Ethics in relation to the use of SIP 9 avoidance schemes. Find out more about the Restructuring & Insolvency conference, free for the first time. Watch on-demand webinars about energy supplier insolvencies and insolvency compliance and SIP 11 annual review requirements.
HMRC Insolvency Guidance
HMRC Insolvency Bulletin: Specified Charges in Insolvency
- Oct 2024
- PDF (112kb)
HMRC Insolvency Bulletin: Confidentiality and disclosure in personal insolvencies
- Oct 2024
- PDF (119kb)
HMRC Insolvency Bulletin: Members Voluntary Liquidation Updates
- Oct 2024
- PDF (132kb)
HMRC Insolvency Bulletin: HMRC Digital Platform Reporting Service
- Oct 2024
- PDF (64kb)
HMRC Insolvency Bulletin: Insolvency Customer Services Mailbox
- Oct 2024
- PDF (125kb)
HMRC Insolvency Update: Digital journey for Plastic Packaging Tax
- Sep 2024
- PDF (114kb)
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