Business Edge 2020 Index

Our Business Edge newsletter is intended to keep busy FDs and CFOs up to date with important developments in accounting, auditing and tax.

Each month we will cover a range of topics to give you an informative but concise overview – our aim is to help you identify issues you need to examine in depth for the future and to flag issues that may require immediate action.

January 2021

• December 2020 year ends – accounting reminders
• ​UK-EU deal – why the origin of goods rules are vital for customs duty
• Brexit impact on US tax treaty relief
• DAC6 cancellation and replacement with OECD rules
• Post-Brexit VAT recovery for financial services and insurance businesses
• FRC’s corporate reporting target areas for 2021 and beyond
• What is your innovation strategy?

December 2020

• Brexit priority checklist
• VAT changes in 2021
• Capping of payable R&D credits for SMEs
• FRC guidance on cash flow and liquidity disclosures
• Sustainability and climate change reporting - now a key issue

November 2020

• Reporting in times of uncertainty - a look forward
• Accounting for Covid-19 related rent concessions
• Improvements in corporate reporting that the FRC expects
• What should corporate reporting look like?
• Corporate Criminal Offences: only a third of businesses have acted to protected themselves
• Coronavirus Job Retention Scheme extended
• Taxation of the Digital Economy - Rethinking the world tax system

October 2020

• Job Support Scheme
• Winter Economic plan
• IBOR reform – IASB issues more accounting reliefs
• Profit Diversion – a new wave of “nudge” letters plus a possible extension of the HMRC Compliance Facility?
• Companies House – transparency reform

September 2020

• Rethinking workforce planning – IR35 rules await businesses in 2021
• VAT may now be due on compensation payments
• Corporate Criminal Offences: a guide to preparing a defence
• Temporary 5% VAT rate for hospitality – how it works
• Indirect property ownership and tax deductibility of interest - a further hurdle
• FRC provides useful examples of COVID-19 related disclosures

July 2020

• Summer Economic Statement
• June 2020 interim reports – in the context of COVID-19
• Reminders for June 2020 interim reports – Amendments to IFRS
• FRC guidance for reporting in times of uncertainty
• Termination Payments – the tax and NIC issues
• Adapting royalties and service payments in the short and longer term economic environment 

June 2020

• Business ‘permanent establishment’ and home workers
• Tax on Coronavirus financial support from the government
• FRC sets expectations on APMs and exceptional items in the context of the COVID-19 pandemic
• Simpler lessee accounting under IFRS 16 for rent concessions as a result of COVID-19
• IASB updates to IFRS
• Revising property lease terms and barters – the VAT implications

May 2020

• Notification of uncertain tax treatment by large businesses
• Managing risks when waiving or deferring pay and bonuses
• Debt restructuring and related tax considerations in light of COVID-19
• Non-resident landlords – accounts to support UK Corporation tax returns
• COVID-19 and Alternative Performance Measures
• Tougher environmental disclosures for listed companies

April 2020 

• COVID-19 – support for individuals and businesses
• External Audit, Financial Reporting and Coronavirus (COVID-19)
• Early Loss Carry Back Claims
• How updating your transfer pricing policies can help your cashflow
• Corporate tax residence and COVID-19
• Digital Services Tax comes into effect from 1 April
• Changes to IFRS 17
• IFRS 16 - Changes to help lessees

March 2020

• Covid-19 – Government support for businesses
• Budget 2020 analysis
• Freeports – The Government’s Vision
• Country-by-Country Reporting – wider and deeper
• Global tax outlook
• Are your liabilities current or non-current?

February 2020

• Budget 2020: What we can expect
• Corporate interest restriction Health-check
• Making Tax Digital for VAT: Digital link mandate
• Whose R&D is it? A recap of the basic rules
• EU rules on disclosure of cross-border tax avoidance schemes
• Digital Services tax - OECD/G20 Inclusive Framework on BEPS endorses OECD’s proposals
• Multinational companies pay £5bn additional corporation tax
• Transfer pricing on financial transactions – OECD Final guidance
• Profit or loss statements may be changing

January 2020

• VAT on digital publications – Upper Tax Tribunal says some can be zero-rated​
• Year End Tax Reporting Challenges
• Four allowances schemes to consider when investing in digital
• Have you updated your impairment model for IFRS 16?
• FRC’s Annual Review of reporting under the UK Corporate Governance code
• FRC corporate reporting focus areas for 2020 and beyond

View articles from 2019