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Below you will find a selection of accounting resources and industry updates along with information from recent events held within CIMA UK.

News and Information from HMRC

HMRC have provided some more helpful guidance so that businesses can find the right support, advice and information to help with the impact of coronavirus (COVID-19).

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House of Lords EU Services Sub-Committee’s inquiry into the future of UK-EU relations on trade in services

Earlier this year, CIMA responded to the House of Lords EU Services Sub-Committee’s inquiry into the future of UK-EU relations on trade in services. The EU Services Sub-Committee has now published its final report, Beyond Brexit: trade in services, quoting CIMA on two occasions in the chapter on professional and business services.

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Additional Resources to Support SMEs 

In response to the demand for further resources to support SMEs, the Department for Business, Energy & Industrial Strategy have provided a toolkit aimed at SMEs to help identify the decisions and actions they need to make to continue trading with the EU and the EFTA.

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COVID-19 Support for Employers – Latest Information from HMRC

Please find below more information from HMRC on the publishing CJRS claims and the financial support schemes available to help you and your clients through the COVID-19 pandemic.

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UK Spring Budget – Budgeting for recovery 

Ahead of the Chancellor’s Budget speech on 3 March, CIMA has put together a series of bite-sized policy briefings on how to kickstart the economy, help businesses evolve and thrive, and support individuals as we prepare for the next normal. 

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FRC consults on draft 2021-22 strategy 

The UK Financial Reporting Council (FRC) has published for consultation its draft 2021-22 strategy, plan and budget, which reflects its commitment to serve the public interest and outlines its transformation plan to transition into the Audit, Reporting and Governance Authority (ARGA). 

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BEIS – employee Covid-19 testing survey

Through this survey, BEIS is looking to find out more from businesses in England about their interest in asymptomatic testing and the reasons they are/are not testing, or planning to test, their asymptomatic employees. 

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How can the UK government help SMEs to survive the pandemic?

The UK economy should slowly start to recover from the COVID-19 pandemic during 2021. But an economic recovery is a notoriously dangerous period for businesses – which can be more at risk of failing during this time than at the height of a recession. 

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Join the Peers Network Scheme, backed by the Department for Business, Energy and Industrial Strategy

As businesses adapt to the impacts of COVID-19 and new trading conditions following the UK’s exit from the EU, now more than ever it is vital that businesses have access to support to help them address these and other business challenges. Making your networks aware of this support will enable them to get no-nonsense, practical solutions from the people who understand business best – other business leaders. 

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Changes to late filing penalty for 2019-20 Self Assessment returns

HMRC have announced that Self Assessment customers will not receive a penalty for filing their 2019-20 tax return late, as long as they file online by 28 February. However, they are still encouraging customers who have not yet filed to do so by 31 January, if possible.

Customers still need to pay their Self Assessment tax bill by 31 January and interest will be charged from 1 February on any outstanding liabilities. If any customer cannot afford to pay by 31 January, they may be able to set up an affordable plan and pay in monthly instalments, but they will need to file their 2019-20 tax return before setting up a time to pay arrangement.

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Off-Payroll Working Rules Webinars

HMRC are running a series of webinars provide information, guidance and tips to help you to understand the changes to the off-payroll working rules. Register by using the link below.

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New Video explainers on Post-Transition Rules - for SMEs

The UK has agreed a deal with the EU and rules for doing business have changed. To understand the changes and check your business is ready register now for instant access to on demand video explainers on areas including exports, imports, tariffs, data and hiring. New rules are here, act now to keep your business moving.

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Double threat of COVID-19 and Brexit fails to encourage UK workers to upskill

Our 2020 Mind the Skills Gap research reveals that the COVID-19 pandemic has worsened the UK’s employability skills gap enough to potentially hinder the country’s long-term recovery and ability to compete on the world stage. The situation could be made worse with the end of the Brexit transition period as employers lose access to the EU-wide talent pool, disrupting both supply of and demand for talent across the country.  

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Thinking of making the move into practice?

There can be no doubt that Covid-19 has given the world unprecedented challenges, particularly so in the workplace. There has been a seismic shift in how we work and when we work, whether that is working from home or embracing a new normal in a socially distanced office. What is clear for many is that Covid-19 has been a prompt to re-evaluate their work life balance and look at different working opportunities. Becoming self-employed could be one of them. 

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Green economy risk reporting: a catalyst for change

The prime minister’s ten-point plan for a green recovery builds on last week’s announcement by the Chancellor Rishi Sunak of the UK’s intention to make climate disclosures mandatory for large companies and financial institutions by 2025. It is undoubtedly a positive step in the right direction and highlights how finance can impact the world far beyond the economy, but it will be critical to measure for success. 

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UK SMEs show resilience in the face of Covid-19

The coronavirus pandemic has caused large-scale disruption for individuals, businesses and societies as a whole. The UK is now facing its deepest recession in its history with job losses rising at the fastest rare since records began and the biggest rise in unemployment in over a decade. For many UK small and medium businesses (SMEs), this year has been the most difficult business environment they have ever known – so it is hard to blame them for feeling quite pessimistic about the future. But that’s precisely why the results of our Economic Recovery Survey into trading conditions for SMEs are interesting. 

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UK chancellor unveils further business support package

Chancellor of the Exchequer Rishi Sunak set out in a statement to MPs in the UK Parliament’s House of Commons on Thursday 22 October how the government is to provide further support for businesses hit by the coronavirus. The support includes grants for companies in the hospitality, accommodation, and leisure sectors in high-level alert areas as well as changes to the existing Job Support Scheme for all areas.

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CIMA launches new online ethics tool on Global Ethics Day

The Chartered Institute of Management Accountants (CIMA), the world’s largest body of management accountants, has launched a new online ethics decision-making tool designed to help accounting and finance professionals make ethically sound decisions in tough situations. The tool’s launch is part of the Institute’s month-long campaign celebrating the UN Sustainable Development Goals, culminating today on Global Ethics Day.

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The future UK-EU relationship on professional and business services

The Association were quoted twice in a report by the House of Lords EU Committee on the future of UK-EU relationship on professional and business services. We are pleased to see our points on mutual recognition of qualifications for accountants and regulatory cooperation were included in the report

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We must support people to thrive in the new normal

Recent news that UK job losses rose at the fastest rate since records began, coupled with the biggest rise in unemployment in over a decade, show the devastating effects the pandemic has had on jobs and businesses. With further restrictions likely to be imposed over the winter months, we must brace ourselves for further disruption.

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Growth culture is key for recovery

The Government’s new measures to boost employment opportunities in the post-Covid-19 economy are to be welcomed, and will help transform our skills system for the better. However we must not solely focus on changing policies to be successful, we must also put great emphasis on changing employee’s mindset when it comes to addressing some of the systemic issues exacerbated by the pandemic (e.g. UK’s faltering productivity, widening skills gap and failing social mobility). 

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Six UK government resources your business can use

The COVID-19 pandemic and its resulting shutdown of the economy has caught many UK businesses unprepared. If you manage a business, you’re probably in the difficult situation of trying to keep your cash flow positive while managing a variety of new risks — so the thought of ‘what happens to the business after coronavirus’ might not be on your mind right now. However, planning for your business’ post-crisis recovery is important to ensure its survival after the pandemic ends. 

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Chancellor’s Statement doesn't look far enough ahead

The Chancellor’s statement has missed an immediate opportunity to tackle the long-term challenges faced by the UK economy, which this crisis has only exacerbated. This will likely prove detrimental for businesses, people and the economy as we seek to recover from the COVID shock. 

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Business as unusual: how to prepare your business for the next normal

In the first half of the year, the world as we knew it has been turned upside down by COVID-19. As our new reality sinks in, we are still adjusting to new ways of doing things and pushed to redefine “normality” amid a global pandemic, from applying social distancing rules to dealing with the consequences of a rattled global economy. 

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Open letter to British Business Leaders

On Sunday 13 September, Andrew Harding FCMA, CGMA, CEO Management Accounting at The Association of International Certified Professional Accountants wrote an open letter in the Mail on Sunday

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Turning tables on the UK public debt

The UK national debt has reached £2tn as government spending hit an all-time high amid the COVID-19 crisis. Ordinarily this would ring alarm bells, but now is the time for the government to be bullish and invest for long-term economic benefits.

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Equipping our workforce for tomorrow’s recovery

The U.K. doesn’t have strong track-record when it comes to investing in skills, and higher-level skills in particular. This was a nagging issue long before the coronavirus pandemic hit, and it has now become an acute problem for UK businesses, which could hamper our country’s long-term recovery. 

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The UK faces a rocky road to economic recovery

The fact that our country has entered its deepest recession on record shows that we are still a long way off from economic recovery. Despite the Government’s efforts, we can no longer hope for a swift V-shaped recovery and must brace ourselves for the challenges ahead.

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A tale of two economies

What’s really going on with the UK economy? The Bank of England has warned of a slow recovery from the Covid-19 crisis and predicted that GDP will not return to pre-pandemic levels until at least the end of 2021. It also expects unemployment to double before the year is out. A number of well-known businesses, including airline British Airways, restaurant chain Pizza Express and retailers WH Smith and Dixons Carphone, have already announced large-scale redundancies.

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Targeted lockdowns call for targeted government support 

As parts of the country are now experiencing new restrictions to manage local outbreaks and some businesses have been prevented from opening to help stop the spread of COVID-19, we must think about how such restrictions impact local businesses and how we can best support them to survive further disruption. 

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CIMA 20 Point Plan for Recovery

Samantha Louis, CGMA, Vice President International Advocacy and Andrew Harding, FCMA, CGMA, Chief Executive — MA of the Association of International Certified Professional Accountants discuss CIMA's 20-point plan for UK economic recovery

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A4S essential guide to management information

Business performance is no longer solely judged in terms of financials. So, the way decisions are made, and the information upon which they are made, needs to change. That’s why A4S created a guide to support finance professionals to integrate social and environmental information into their core management information processes. 

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CIMA publishes recommendations for COVID-19 recovery strategy

CIMA has released a set of recommendations designed to support the UK Government to navigate challenges posed by the coronavirus pandemic, aid the country’s economic recovery and build business resilience to future crises. We are calling on the Government to focus on four key areas: providing businesses and consumers with confidence to invest and do business, providing businesses with certainty, creating a more sustainable business environment, and investing in skills to help generate economic growth and improve productivity.

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Three ways to help your business thrive in the new normal

We still don’t know how long this pandemic will impact global economies, and even once lockdowns are fully lifted there will be no going back to “business as usual”. With the OECD predicting the most severe recession in nearly a century, we can’t shy away from the need for change. A new reality is sinking in, one that is pushing companies of all sizes to think of new ways of doing business and adapt to a world that has changed forever.

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Events listing

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