Displaying 1-40 of 148 results
Podcast: ISQM, preparing and filing accounts, and public practice
- 15 Feb 2024
Listen to the ICAEW podcast to catch up on how firms can maintain momentum on the International Standard of Quality Management for audit, changes in preparation and filing as a result of the Economic Crime and Corporate Transparency Act plus find out about ICAEW’s new podcast, The Tax Track, and changes to the Engaging in Public Practice certificate.
Correction: tax returns and payments in administrations alert
- 12 Feb 2024
In January 2024, HMRC issued an insolvency guidance bulletin with information about tax returns and payments in administrations and what process to follow. There was an error in the published bulletin. Please access the corrected bulletin and ensure you have the most current information.
Professional Standards Update Feb 2024 This month we cover some of the professional ethical implications you need to consider when using Generative AI tools such as Chat GPT, invite you to apply for a range of remunerated roles on our regulatory and disciplinary committees and signpost a range of updates and resources relevant to your role.
A new case management system for the Insolvency Service
- 07 Feb 2024
The Insolvency Service is delivering a more modern, flexible, and reliable case management system that is better integrated with internal and external systems, and that automates repetitive tasks.
Quality Assurance monitoring end-of-year feedback results
- 29 Jan 2024
Find out what our firms thought of the monitoring review process in 2023.
Recording tax and National Insurance for former employees on an insolvent entity
- 17 Jan 2024
- PDF (125kb)
Follow HMRC’s process outlined in its recent insolvency guidance when practitioners need to record tax and National Insurance due on a dividend paid to the former employees of an insolvent entity. By setting up a new Employment Protection Act (EPA) PAYE Scheme, along with the Accounts Office reference number, it will help ensure these payments are allocated correctly.
Tax returns and payments in administrations
- 17 Jan 2024
- PDF (116kb)
Access HMRC's latest insolvency guidance with information about tax returns and payments in administrations and what process to follow relating to how tax may arise during the period of administration as a result of an administrator's actions. These expenses rank for payment ahead of any remuneration payable to the administrator.
Professional Standards Update Jan 2024 This month we highlight updates to our FAQs for firms regarding CPD changes, remind you about our consultation on proposed changes to the ICAEW Code of Ethics and highlight other recent updates and resources you should be aware of, categorised by regulated area. We also share a summary of disciplinary case hearings that took place in November and December.
Insolvency compliance update: estimating fees
- 11 Jan 2024
Fees are always a hot topic in the insolvency sector, and most insolvency practitioners (IPs) have questions about how to produce a fees estimate that is accurate, transparent and compliant. During a recent Restructuring and Insolvency Roadshow, Michelle Butler, partner at The Compliance Alliance, offered some useful reminders and tips.
VAT deregistration mailbox changes
- 10 Jan 2024
- PDF (62kb)
Access the latest Insolvency Guidance bulletin from HMRC. On 15 January, HMRC will discontinue its dedicated mailbox service for insolvency practitioners (IPs) to request VAT deregistration confirmation. Instead, IPs will receive a VRT23 letter within 40 days of submission of the VAT 7 form. Please call the VAT helpline if the letter isn’t received within 40 days from 15 January.
Recovery Magazine article: AML compliance not optional
- 09 Jan 2024
Angela Foyle, CCAB chair and member of the ICAEW Regulatory Board counters claims that the CCAB’s guidance on money laundering and terrorism finance contains questionable recommendations. The article was first published in the Winter 2023 issue of Recovery Magazine.
Introduction of Digital Journey for Plastic Packaging Tax in the Event of Insolvency
- 18 Dec 2023
- PDF (70kb)
HMRC is streamlining the way it deals with insolvency in relation to Plastic Packaging Tax. It has introduced a digital G-Form which can be used to notify HMRC of an Insolvency Event, submit Plastic Packaging Tax Returns and de-register from Plastic Packaging Tax. Please use this process going forward.
Cessation of tax clearance in Members’ Voluntary Liquidations
- 06 Dec 2023
- PDF (128kb)
Access the latest Insolvency Guidance bulletin from HMRC. As of 6 December 2023, HMRC will no longer provide pre and/or post-tax clearances in Members’ Voluntary Liquidation (MVL) cases. Insolvency practitioners should now close cases without tax clearance, subject to their professional judgement. This means any requests from insolvency practitioners for clearance already received will not be responded to, and any future requests will not be actioned. This will include requests covering all heads of duty and will also cover all insolvency types.
AML compliance not optional: you can be criminally charged
- 01 Dec 2023
- PDF (692kb)
Angela Foyle counters claims that the CCAB’s guidance on money laundering and terrorism finance contains questionable recommendations
Insolvency VAT Helplines Survey
- 05 Oct 2023
- PDF (151kb)
HMRC will review the findings of the survey to assess the VAT Helpline’s effectiveness and consider where we can make improvements. Survey is open until 1 December 2023. Be sure to give your input.
Updated Statement of Insolvency Practice 3.3 Scotland (Trust Deeds)
- 27 Sep 2023
A revised SIP 3.3 relating to trust deeds has been issued. It was approved by the Joint Insolvency Committee and each of the recognised professional bodies following consultation with the profession and wider sector stakeholders. The main changes in the revised SIP 3.3 relate to the principles, key compliance standards and standards of specific applications being, as far as practicable, aligned with the recently revised SIP 3.1 relating to individual voluntary arrangements taking account of Scots law, trust deed procedures, appropriate terminology, etc.
AML guidance for insolvency practitioners
- 26 Sep 2023
A reminder that where ICAEW is the firm’s anti-money laundering supervisor, insolvency practitioners should refer to ICAEW’s wealth of guidance and resources for current and definitive AML information.
Insolvency News, Issue 14 (September 2023)
- 25 Sep 2023
In this issue, read about guidance on succession planning, FCA’s ban on referral fees, options for UK officeholders, the impact of inflation on IPs, HMRC bulletins and upcoming webinars.
Turnaround, Restructuring & Insolvency (TRI) Awards -21 November 2023
- 13 Sep 2023
Enter now for the TRI Awards. The event is 21 November. Deadline to enter is 25 September. This in-person event recognises and celebrates the hard work, dedication and success of individuals, teams and firms in the profession.
Firms offering insolvency services to be regulated
- 12 Sep 2023
Following a long consultation on insolvency reforms, the government has listened to regulatory bodies in designing its shake-up of regulation. The UK government has announced plans to introduce new rules requiring the regulation of firms offering insolvency services, in line with audit and legal services.
Changes affecting insolvency practitioners working in the IVA sector
- 12 Sep 2023
In this article, find updated guidance from the Insolvency Service for monitoring volume providers.
Virtual Restructuring & Insolvency Community Roadshows 2023
- 29 Aug 2023
Join any or all of these one-hour webinars covering legal and compliance updates and what's current in relation to Redundancy Payments Service claims. First one is 12th September.
Webinar: Why inflation is a problem for IPs
- 17 Aug 2023
Are your insolvent estate assets appropriately safeguarded? In the recording, hear Alan Stockdale, of Marsh, discuss the consequences of asset and insurance-related issues facing IPs. One listener wrote, “The amount of under-insured properties was eye-opening.” Another said it was useful to understand that under-insurance results in a reduction in insurance payouts, proportionate to the sum insured and valued. Learn other practical tips to avoid the pitfalls. Given the startling statistics, are you satisfied that your portfolio is sufficiently protected?
Submission of P11D - what is changing
- 16 Aug 2023
- PDF (63kb)
HMRC’s latest Insolvency Bulletin announces changes to the way employers should report expenses and benefits provided to employees during the tax year ending 5 April 2023 in the February 2023 Employer Bulletin and again in the April 2023 Employer Bulletin. The change, which will apply for that tax year and future tax years, means HMRC will no longer accept paper P11D and P11D(b) forms, this includes lists. This change is for both original submissions and for amendments.
What’s your succession plan?
- 10 Aug 2023
The Insolvency Guidance Paper (IGP) on Succession Planning is being updated. It’s a good place for insolvency practitioners (IPs) to start when putting contingency and succession plans in place to future-proof their professional interests.
HMRC Insolvency Bulletin: Filing of Company Tax Returns
- 19 Jul 2023
- PDF (164kb)
HMRC introduced the latest version of the Company Tax Return (CT600) form in 2015 with Version 3. However, they are still receiving earlier versions of the return which are no longer valid. Please be sure you are using the most current form and submitting online to help expedite processing times. Please read the bulletin for further details.
Concerns raised with HMRC
- 12 Jul 2023
Read the full letter to learn why ICAEW has joined with R3, along with other recognised professional bodies who regulate UK insolvency practitioners, to write to HMRC and raise concerns with how it is engaging with the insolvency profession. The letter highlights the negative effects resource allocation and prioritisation across HMRC are continuing to have on the profession from a regulatory and operational perspective. We have included a list of specific issues and areas of concern with a request for HMRC to respond with details of how it proposes to address these issues.
Professional Standards update - July 2023
- 05 Jul 2023
This month we invite you to register for our webinar focusing on CPD and the new firm requirements which will be effective from 1 November. We have included resources such as the latest ICAEW helpsheet updates, how to avoid losing access to your HMRC agent account and links to recordings of insolvency and AML webinars which took place in June. We also highlight audit quality inspection reports and the publication of HM Treasury’s consultation on anti-money laundering supervisory reform and its accompanying webinar.
Represent ICAEW on the Joint Insolvency Committee (JIC)
- 22 Jun 2023
We are looking for an ICAEW licensed insolvency practitioner, who must also be an ICAEW member, to be our new representative on the Joint Insolvency Committee (JIC).
Pre Pack Pool annual review published
- 15 Jun 2023
ICAEW licensed insolvency practitioners may be interested to read Pre Pack Pool’s 2022 review.
Professional Standards update June 2023
- 14 Jun 2023
This month, we highlight the extension of the Duty to Report Misconduct requirements to include firms, affiliates and other relevant persons. New resources include an AMLbites video on the topic of risks and red flags and guidance on the top 5 regulatory breaches by DPB Investment Business licenced firms.
Building an intelligence picture
- 07 Jun 2023
Insolvency practitioners (IPs) play a key role in identifying bounce back loan (BBL) fraud and misuse of other COVID support schemes. If you know how to submit a good-quality suspicious activity report (SAR), it helps investigation and enforcement agencies bring criminals to justice. Find out what a good SAR looks like.
HMRC deregistration mailbox confirmed
- 30 May 2023
- PDF (170kb)
HMRC will keep its dedicated mailbox for insolvency practitioners to request VAT deregistration confirmation. After trialling the service, HMRC has decided it helps to reduce repeat calls into HMRC, saving costs and time, and helps to close cases more quickly.
Professional standards update - May 2023
- 15 May 2023
This month we focus on what your firm needs to know about upcoming CPD changes, invite you to respond to our professional indemnity insurance review and talk to Duncan Wiggetts about how challenging disciplinary decisions will work after 1 June 2023. We also highlight new AML resources, the results of our ISQM 1 survey and the recent issue of Insolvency News.
Displaying 1-40 of 148 results