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Court allows retrospective administration following invalid extension

Jan 13, 2025 | icas.com | David Menzies

Lord Braid has granted a backdated administration order against a company operating care homes after it was discovered that the previous administration had been extended invalidly. This is the second opinion issued by Lord Braid in recent weeks connected with extended administrations, and both have involved issues concerning notices given to creditors.
The results of our 2024 member survey: How we’re responding to your key priorities

Jan 10, 2025 | icas.com | Sarah Speirs

Explore the results of our 2024 member survey and find out how we’re acting upon what you told us. Your opinions matter to us and sharing them is important for you too. It’s a chance to shape ICAS and enhance your membership because we use what you tell us to improve the services we provide. In September 2024, we undertook our annual member survey.
Failure to maintain books and records allows misfeasance action against directors

Dec 10, 2024 | icas.com | David Menzies

A Scottish court judgment has emphasised that directors can be pursued for misfeasance and considered where the burden of proof lies where books and records have not been delivered to the office holder in an insolvency.
Furnished holiday lettings – some more clarity

Dec 6, 2024 | icas.com | Chris Head

Following the confirmation of the abolition of the special tax rules for Furnished Holiday Lettings (FHL) in the autumn Budget, we look at the response to the government’s consultation on the practical aspects of the legislation. Since the spring Budget announcement of the proposed abolition of the FHL rules, many of our members have raised concerns with us about the impact of the changes will have on their practice and their clients.
HMRC publishes new tax agents’ handbook

Dec 5, 2024 | icas.com | Chris Head

We look into HMRC’s new tax agents’ handbook, which gives new guidance to help support tax agents find the information they need when dealing with HMRC. HMRC has recently introduced a new Tax agents handbook, in an attempt to bring together existing guidance for more easy access by tax agents.
Consultation on simplifying the taxation of offshore interest

Dec 5, 2024 | icas.com | Susan Cattell

We outline HMRC proposals for simplifying the taxation of offshore interest. HMRC published a discussion document in 2021 exploring how it could help taxpayers to get their offshore tax right. This included consideration of the causes of common errors made by taxpayers and suggested some ideas for how HMRC could address these issues.
Modernising the tax administration framework: the latest consultation

Dec 5, 2024 | icas.com | Susan Cattell

We outline proposals for new ways of tackling non-compliance in the latest consultation on modernising and reforming the tax administration system. The previous government had published a 10-year strategy in 2020 to build a trusted, modern tax administration system. Before the 2024 general election there was an important call for evidence on enquiry and assessment powers, penalties and safeguards.
Insolvency practitioners added to UK sanctions reporting regime

Dec 3, 2024 | icas.com | David Menzies

Important changes are being made to the UK financial sanctions reporting regime from May 2025 which will impact insolvency practitioners (IPs). The UK government is increasing the scope of financial sanctions reporting obligations to include IPs starting 14 May 2025. The change is brought about through changes to UK sanctions legislation under the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024.
A significant Budget for agricultural businesses

Dec 2, 2024 | icas.com | Chris Head

Following the Chancellor’s Budget on 30 October, we examine the impact of the changes to inheritance tax, National Living Wage and more on farmers. The reaction of farmers and the wider agricultural sector to Rachel Reeves’ first Budget as Chancellor illustrates the impact that the changes announced will have on their businesses.
Court warns that Administration extensions are not automatic

Dec 2, 2024 | icas.com | David Menzies

Lord Braid has fired a warning shot across the bows of insolvency practitioners, emphasising that approval of requests to extend Administrations should not be taken for granted. Lord Braid was considering an application to extend the Administration of PSL2021 Realisations Ltd (PSL) (formerly Peacocks Stores Ltd) which had entered administration on 19 November 2020.