Announcement about issues, caused by movement of work and redeployment of HMRC staff to man COVID helplines, and an update on Service Level Agreements.
This page is a news portal for the insolvency sector and insolvency practitioners regulated by ICAEW. From here, you will also be able to access the range of insolvency webinars created by ICAEW.
Announcement about issues, caused by movement of work and redeployment of HMRC staff to man COVID helplines, and the ongoing work to progress cases and payments to IPs.
Updated guidance from HMRC regarding their ‘Recording tax and national insurance – dividend payments to former employees of an insolvent entity' bulletin, including answers to FAQs.
The new legislation will: Protect businesses from creditors insisting on repayment of relatively small debts by temporarily raising the current debt threshold for a winding up petition to £10,000 or more; Require creditors to seek proposals for payment from a debtor business giving them 21 days for a response before they can proceed with winding up action. These measures will be in force until 31 March 2022.
HMRC has provided new guidance on the payment of Corporation Tax for unincorporated associations and clubs, funded pension schemes and IP appointments.
Insolvency Practitioner appointments
HMRC have provided an update on the service delays that have been affecting IPs as a result of a new IT platform and the delivery of COVID support schemes.
The Administration (Restrictions on Disposal etc. to Connected Persons) Regulations (Northern Ireland) 2021 which came into effect on 25 June 2021 impose additional obligations on connected person purchasers in administrations.
ICAEW has agreed new guidance with the National Crime Agency on how to escalate urgent DAMLs for certain insolvency work.
Practitioners who take on urgent insolvency cases will be prioritised for AML defence under a new agreement secured by the ICAEW.
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