Displaying 1-30 of 57 results
British Business Bank launches Recovery Loan Scheme successor
- Article
- 12 Jul 2024
- ICAEW Insights
Running until 31 March 2026, the new Growth Guarantee Scheme aims to support small businesses by offering loans of up to £2m, with 70% government-backed guarantees.
Do you have what it takes to be an Insolvency Practitioner?
- Article
- 26 Feb 2024
- ICAEW Insights
With insolvencies on the rise – a situation unlikely to change in the near future – upskilling yourself to meet burgeoning market demand for insolvency expertise could be a smart career move.
Tax news in brief 17 January 2024
- Article
- 16 Jan 2024
Highlights from the broader tax news for the week ending 17 January 2024, including: more on the Customs Declaration Service; an update for insolvency practitioners on the VAT deregistration process; a reminder for taxpayers to use the HMRC app to find employment information; and the publication of further pillar two guidance.
Tax news in brief 3 January 2024
- Article
- 02 Jan 2024
Highlights from the broader tax news for the three weeks ending 3 January 2024, including: Budget date; council tax changes for Scotland; and plastic packaging tax g-Form for insolvency practitioners.
HMRC ceases providing tax clearance for members’ voluntary liquidations
- Article
- 08 Dec 2023
- ICAEW
Clearance service withdrawn with immediate effect. This includes requests already received by HMRC that have not been responded to.
Tax news in brief 11 October 2023
- Article
- 11 Oct 2023
Highlights from the broader tax news for the week ending 11 October 2023, including: VAT helpline survey for insolvency practitioners; VAT treatment of drugs and medicines; and a platform change for HMRC’s CEST tool.
Updated Statement of Insolvency Practice 3.3 Scotland (Trust Deeds)
- Article
- 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.
Why do companies fail?
- Article
- 21 Sep 2023
- ICAEW Insights
Corporate governance and internal control weaknesses are often the root cause of corporate failure. However, without fully understanding the subtleties at play, revisions to the Corporate Governance Code will only go so far in addressing the problems.
ICAEW urges FRC for balanced corporate governance code revisions
- Article
- 14 Sep 2023
- ICAEW Insights
ICAEW’s response to the FRC’s consultation on revisions to the Corporate Governance Code stresses that the future of corporate governance is as much about nurturing good behaviours as it is about preventing corporate failures.
Increase SAYE and SIP investment limits to increase take-up
- Article
- 23 Aug 2023
- ICAEW
ICAEW responds to HM Treasury’s call for evidence to consider opportunities to improve and simplify two types of tax-advantaged share schemes.
Tax news in brief 23 August 2023
- Article
- 23 Aug 2023
Highlights from the broader tax news for the two weeks ending 23 August 2023, including: P11D concession for insolvency practitioners; a gender equal tax system in Europe; VAT refunds for organisations not registered for VAT; new HMRC toolkit; and HMRC contact information.
ICAEW shines a spotlight on ethics
- Article
- 10 Jul 2023
- ICAEW Insights
Failure to follow the five fundamental principles of ICAEW’s code of ethics has been at the heart of newsworthy business failures in recent years. Mandating ethics in CPD is just one way in which ICAEW is highlighting the vital importance of professional integrity.
Navigating government-imposed sanctions in administration
- Article
- 05 Jun 2023
- ICAEW Insights
The case of freighter airline CargoLogicAir illustrates some of the tricky issues that arise for insolvency practitioners dealing with the administration of businesses subject to sanctions.
Corporate insolvencies soar to highest level in three years
- Article
- 02 May 2023
- ICAEW Insights
High borrowing costs and inflation are weighing heavily on businesses, official figures suggest.
Statement of Insolvency Practice 3.3 - Trust Deeds
- Article
- 17 Apr 2023
A working group of the Joint Insolvency Committee has been reviewing Statement of Insolvency Practice 3.3 – Trust Deeds and are now inviting comments on the revised SIP.
Deregistration mailbox trial survey
- Article
- 17 Apr 2023
HMRC has been trialling a dedicated mailbox for insolvency practitioners to request VAT deregistration confirmation. HMRC is now asking for your feedback on the trial.
A beneficial tool: making insolvency compliance reviews work for you
- Article
- 14 Mar 2023
The requirement for insolvency practitioners (IPs) to carry out annual compliance reviews has been in force for almost two decades, yet some IPs are still failing to meet this duty. Alison Morgan, Insolvency Manager at ICAEW, tells us why reviews are so useful, and how IPs can avoid some common mistakes.
UK company insolvencies rise to 13-year high
- Article
- 06 Feb 2023
- ICAEW Insights
After seasonal adjustment, the number of individual insolvencies began to rise as Q4 2022 was 6% higher than Q3 2022, and 7% higher than in Q4 2021. But the worst is yet to come, warns RSM.
VAT deregistration requests
- Article
- 18 Jan 2023
- Professional Standards Department
HMRC is trialling a dedicated mailbox for insolvency practitioners to request VAT deregistration confirmation. The email address for the new mailbox was updated on 9 January 2023.
Changes to the Statement of Insolvency Practice 3.1 – Individual Voluntary Arrangements
- Article
- 05 Jan 2023
- Professional Standards Department
Under the Joint Insolvency Committee’s (JIC’s) strategic work plan Statements of Insolvency Practice (SIPs) are subject to periodic review in order to ensure they remain relevant to changing legislation and market conditions. Following consultations with the profession and other stakeholders, including the Insolvency Service, HMRC and major creditor representatives, a revised version of Statement of Insolvency Practice 3.1 – Individual Voluntary Arrangements (SIP 3.1), has now been approved by the JIC and the Recognised Professional Bodies for implementation with effect from 1 March 2023.
Insolvency Code of Ethics – Internal Audit
- Article
- 04 Nov 2022
- Professional Standards Department
Read clarification issued by the Recognised Professional Bodies regarding the Insolvency Code of Ethics' reference to 'audit related work'.
Prompt payment an economic necessity, says Small Business Commissioner
- Article
- 07 Sep 2022
- ICAEW Insights
Paying your suppliers quickly could help stem the flow of small business failures as the cost of doing business reaches a critical juncture, Liz Barclay warns.
The future of company restructuring tools
- Article
- 30 Aug 2022
- ICAEW Insights
Company Voluntary Arrangements and Restructuring Plans are important weapons in the insolvency practitioner’s armoury. Insolvency specialist Elaine Nolan explains how they look set to evolve following some seminal judgments.
The future of the insolvency profession
- Article
- 30 Aug 2022
- ICAEW Insights
The insolvency profession is poised to benefit from the growing need for business turnaround and insolvency expertise. However, the profession is at a crossroads due to regulatory upheaval and recruitment and skills challenges.
ICAEW regulatory round-up: August 2022
- Article
- 30 Aug 2022
- ICAEW Insights
This month’s update highlights new AML resources; an update on the PII market; an invitation to feedback on a proposed probate fee increase for 2023; plus webinars taking place in September.
What does the changing face of insolvency work look like?
- Article
- 25 Aug 2022
- ICAEW Insights
Emerging roles are shifting the insolvency profession’s emphasis towards digital skills, back-office team building and empathic listening, says Mazars Partner Rebecca Dacre.
Avoiding insolvency: advice for directors
- Article
- 23 Aug 2022
- ICAEW Insights
There are several warning signs that a business may be in distress. Fortunately seeking help early from insolvency experts and understanding insolvency law and recent changes to it can help to avoid business failure.
Evaluation and Information
- Article
- 22 Aug 2022
- Stuart Hopewell, Director, Pre-Pack Pool Ltd
The regulations for connected party sales in administration have been in place for over 15 months and the role of independent evaluators appears to have been fully integrated into the process. However, the level of detail submitted in applications is still quite variable. Stuart Hopewell, Director at Pre-Pack Pool highlights common faults or missing information and explains what ICAEW licensed insolvency practitioners can do to help assist applicants get it right first time.
Corporate and personal insolvency: a mixed picture
- Article
- 12 Aug 2022
- ICAEW Insights
With the end of COVID-19 support measures, the true picture of insolvencies is beginning to emerge, with corporate insolvencies rising at their fastest rate since 2012, but individual insolvencies lower.
The impact of Companies House Reform on the insolvency profession
- Article
- 29 Jul 2022
- ICAEW Insights
Reform of Companies House through the Economic Crime and Corporate Transparency Bill is critical to the insolvency and restructuring profession’s efforts in the fight against fraud.
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