20-09-2022
HMRC has designed a new voluntary process to allow a more data driven and targeted approach to the issue of Director’s Loan Accounts (DLAs).
This specifically applies in situations where DLAs are written off as part of a corporate insolvency procedure because the debtor cannot afford to repay the loan to the company.
The process is entirely voluntary, and insolvency practitioners don’t need to use it if they don’t wish to.
09-09-2022
HMRC has changed its process for giving tax clearance in MVL cases. From 12 September 2022 you’ll no longer need to post these requests to two separate areas of HMRC.
08-09-2022
The Insolvency Service is introducing changes to the deposits paid to initiate creditor bankruptcies and compulsory liquidations. The petition deposit, the amount that needs to be paid up-front to seek an order, will be increasing in all cases where a petition is filed at court on or after 1 November 2022.
22-08-2022
The regulations for connected party sales in administration have been in place for over 15 months and the role of independent evaluators appears to have been fully integrated into the process. However, the level of detail submitted in applications is still quite variable. Stuart Hopewell, Director at Pre-Pack Pool highlights common faults or missing information and explains what ICAEW licensed insolvency practitioners can do to help assist applicants get it right first time.
08-07-2022
HMRC will now be more proactive in the use of voting rights and vote on voluntary arrangements. Read the update to find out more about the effect on Voluntary Arrangement proposals. There are also two important updates on HMRC Dropbox and Members' Voluntary Liquidations clearances.
06-07-2022
The FCA is hosting a webinar and Q&A session on Thursday 22 September to give insolvency practitioners an understanding of when and how to engage with the FCA and the type of behaviours expected with examples.
24-06-2022
Find out how best to submit VAT returns so they are processed efficiently, including how to submit them using HMRC’s new IT system.
17-06-2022
The Advertising Standards Agency (ASA) and the Committee of Advertising Practise (CAP) have issued an enforcement notice regarding debt management adverts by insolvency practitioners and lead generation companies.
19-05-2022
Following recent developments in the personal insolvency industry, ICAEW wishes to remind Insolvency Practitioners of the requirements of SIP 9 and of the Insolvency Code of Ethics.
19-05-2022
CCAB has now issued its latest version of its Anti-Money Laundering Guidance for the Accountancy Sector, together with the Insolvency and Tax Appendices, following the Treasury’s approval of all three documents.
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