Latest Blogs

While the Coronavirus pandemic holds our attention it is easy to overlook other changes taking place in its shadow. From 1 June 2020 new electrical safety regulations have come into force which apply to all new lettings of dwellings; from 1 July 2020 (tomorrow!) the regulations will be extended to cover all existing lettings of…

On 25 June 2020, the Corporate Insolvency and Governance Act 2020 received Royal assent.  As a result, Companies House have announced that for eligible companies they will automatically extend the filing deadline for 3 months because of Covid-19.  These are for companies with a filing deadline between 26 March 2020 and 29 September 2020.  This…

A joint guidance has been published by ICAS, ICAEW and PRAG on pension scheme financial reports and audit, with a large focus on Covid-19 matters.   The impact of Covid-19 pandemic on the control environment of pension schemes is explored, to help auditors navigate the additional challenges they are likely to experience and help them…

HMRC have implemented measures to assist businesses that are registered importers who pay VAT and Duty at the time of import and are facing financial difficulties as a direct result of Coronavirus.   What to do if you’re a Duty deferment account holder   You can contact HMRC for approval to enter into an extended…

Government grants are much more common recently, due to the various aid offered during the Coronavirus pandemic. Beforehand, only a small proportion of companies would have received a grant from the government, but it is now expected that most companies will have some sort of grant included in their 2020 accounts.   What wording is…

Many companies have been receiving financial support from the government during the Coronavirus pandemic, either through the furlough/job retention scheme, rates relief or grants.   The technical advice   Under UK accounting standards, income from the government should be recognised under one of two models, based on the nature of the grant as follows:  …

Many businesses have taken advantage of HMRC’s concession to defer VAT payments falling due between 20 March and 30 June 2020.  If you have used this concession, and as a result cancelled your direct debit, do not forget to reinstate the direct debit mandate in time for any VAT payments falling due on or after…

To reflect the exceptional trading position many companies find themselves in during the Covid-10 pandemic, HMRC has updated its internal guidance regarding companies making claims for repayments of corporation tax based on anticipated losses, and claiming a repayment of corporation tax paid under the quarterly instalments regime.  Companies wishing to make such a claim will…

Those eligible under the Self-employment Income Support Scheme (SEISS) will be able to claim a second and final grant in August 2020.The grant will be worth 70% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,750 in total.  The eligibility criteria remain…

The deadline for applying for the first grant under the Self Employment Income Support Scheme (SEISS) is 13 July 2020.  This grant, which is available to eligible individuals, amounts to 80% of your average monthly trading profits.  The grant covers a period of three months and is capped at a maximum of £7500.  To find out whether…