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29th June 2020 Guidance on pension scheme financial reports and audit featuring Covid-19

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…

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26th June 2020 Delaying Import duty and VAT

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…

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24th June 2020 Disclosures required for government grants

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…

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24th June 2020 Accounting for government financial support during the Coronavirus pandemic

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:  …

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23rd June 2020 COVID-19 – Reminder to reinstate VAT direct debit

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…

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22nd June 2020 COVID-19 – Potential to advance the opportunity to reclaim corporation tax

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…

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22nd June 2020 COVID-19 – Second Government Grant for the Self Employed

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…

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22nd June 2020 COVID-19 – Reminder – Deadline for Self Employed to Claim the First SEISS Grant

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…

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16th June 2020 COVID-19 – Update to Scheme for Furloughed Employees

HMRC have issued a policy paper confirming  that the Coronavirus Job Retention Scheme (CJRS) for employees that have been furloughed will close on 31 October 2020.  The policy paper also outlines the timetable for changes to the scheme over the coming months.   The policy paper can be found here:   https://www.gov.uk/government/publications/changes-to-the-coronavirus-job-retention-scheme/changes-to-the-coronavirus-job-retention-scheme   At Whiting &…

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12th June 2020 Rebound and Recover Business Training Programme

Whiting & Partners are delighted to have launched a series of short presentations, to support business owners through the next few months, as they seek to grow their business.   Some businesses need to relaunch, some are dealing with major changes to their operations or supply chain and some may be managing a huge demand…

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