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 roundup 2022: insights and reminders
Last year saw a return to onsite monitoring of insolvency practitioners (IPs). During a recent Restructuring and Insolvency Community Webinar, Allison Broad and Alison Morgan, from ICAEW’s Quality Assurance Department, discussed the outcomes of 2022’s findings, provided some advice on how to avoid others’ mistakes and urged IPs to help make monitoring visits more efficient.
Statement of Insolvency Practice (SIP) 3.1 is changing
IPs should familiarise themselves with forthcoming changes to SIP 3.1 (Individual Voluntary Arrangements [IVAs]), effective for nominee appointments on or after 1 March 2023. There will be a greater degree of emphasis on the responsibility of IPs to ensure the debtor has received suitable advice prior to entering an IVA and during its implementation.
Insolvency Code of Ethics – Internal Audit work
For IPs, clarification is provided from the Recognised Professional Bodies to address some confusion amongst IPs and other stakeholders on the meaning of the phrase 'audit related work' as set out in the Insolvency Code of Ethics.
VAT deregistration requests
HMRC is trialling a dedicated mailbox for IPs to request confirmation of VAT deregistration dates. A deregistration contact form is provided for you to complete when putting in your request. This is only to be used when IPs have been unable to obtain a response through the normal channels.
Tax clearance requests in Members’ Voluntary Liquidations
In HMRC’s bulletin dated 7 September 2022, guidelines were given on how best to make tax clearance requests in Members’ Voluntary Liquidation cases so that all requests for Corporation Tax (CT), Pay as You Earn and Value Added Tax could be more efficiently processed by HMRC.
CPD for the future: reducing risk, enhancing trust
ICAEW’s revised CPD framework will launch later this year. Ahead of the changes, ICAEW President, Julia Penny, tells us why changes to the existing CPD Regulations are necessary, why a risk-based approach to CPD is so important and explains how the latest requirements will improve trust and drive standards forward.
Invitation: Bounce Back Loan SARs: what good looks like
In this webinar, on 13 March, experts from the Financial Intelligence Unit of the National Crime Agency and the National Investigation Service will explain what constitutes a good-quality suspicious activity report (SAR), focusing on bounce back loan (BBL) fraud and misuse of other Covid-support schemes.
Invitation: Restructuring & Insolvency Conference 2023
ICAEW Restructuring and Insolvency Conference will take place online on Tuesday and Wednesday, 27-28 June 2023. Please register your interest to be the first to hear when booking opens and enjoy exclusive early bird discounts.
The online conference takes place 27-28 June 2023, 09:30-13:00.
In case you missed them, insolvency webinar recordings…
Access recordings and book your place on upcoming insolvency events including webinars.