News

This is a recent article from the BBC.  The full article is here>By Kevin PeacheyPersonal finance correspondent, BBC News IMAGE SOURCE, GETTY IMAGES A trial bank hub, run by the Post Office and shared by five mainstream banks, opened in Essex last year Another 13 locations have been earmarked for shared banking hubs in areas where the last branch has closed. A swathe of branch closures have raised concerns about access to cash for those who need it, and difficulties for small businesses trying to deposit takings. Ten other areas were previously identified, but the doors have yet to open...

Image copyright: GETTY IMAGES Small businesses have been thrown a lifeline after the High Court ruled some insurers should have paid out for losses caused by lockdown. Judges ruled that the disease clauses in some business interruption policies should have meant they were covered. Following lockdown, a host of businesses had to close and many looked to insurers to cover their losses. But many insurers disputed the claims, arguing policies were never meant to cover such unprecedented restrictions. The test case was brought by the Financial Conduct Authority and had the potential to affect 370,000 mostly small businesses. The insurers can appeal...

Anyone selling or buying in the European Union (EU) or the European Economic Area (EEA), needs to be aware of a revision to the Payment Services Directive, which is coming into force on 14 September 2019.  This revised Directive is intended to increase protection against online fraud for anyone buying or selling goods and services within the EU or EEA. The Payment Services Directive is an EU Directive, administered by the European Commission to regulate payment services and payment service providers throughout the European Union and European Economic Area. The Directive's purpose was, and still is, to increase pan-European competition...

Accounting Standards compliant to EU standards. There are some ironies. The Accountancy profession spent three years aligning its presentation of Corporate Accounts with the EU’s preferences, and the profession continues to operate with these new standards. Should the UK leave the EU, will those standards remain as they are or be tinkered with again? Who knows? Making Tax Digital [MTD] – A good idea from Sweden? During the past couple of years, the profession has also been preoccupied with preparing for Making Tax Digital [MTD]. MTD for VAT Her Majesty’s Revenue & Customs [HMRC] took the soft option and applied...