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March Week 2 – News Roundup

Obp Chartered Accountants | 13th March 2020

It’s the second week into March and there are many interesting articles for us to show you, whether they be about the impact of Coronavirus on business and the UK as a whole, or the different aspects of the 2020 budget. If you want to read any more about these articles featured here, click the buttons bellow to go to their respective websites.

Budget 2020 at a glance

Editorial Team, AccountingWeb

The Chancellor’s debut Budget was dominated by the coronavirus but that didn’t stop him from implementing a number of manifesto pledges. Here’s a summary of the main tax and business measures. This guide will be added to over the next few days as more details emerge…..

Don’t scrap entrepreneurs’ relief, argue small firms

Timothy Adler, Small Business

Small business asks chancellor Rishi Sunak to not go back on Tory election pledge to reform, not scrap entrepreneurs’ relief.

Small business has asked chancellor Rishi Sunak not to renege on the Conservative election manifesto promise to reform, not scrap entrepreneurs’ relief.

The Treasury is said to want to abolish the £2.7bn tax break in the March 11 Budget in order to fund pay for nurses and police officers and for projects that could help “level up” the north and the south….

Coronavirus ‘could cost millions of tourism jobs’

The global coronavirus outbreak means millions of travel and tourism jobs are at risk, says a leading industry body.

The World Travel and Tourism Council (WTTC) says up to 50 million jobs could be lost because of the pandemic.

Its chief executive, Gloria Guevara, said the outbreak “presents a significant threat to the industry”.

The news comes after thousands of international flights were cancelled and some insurance firms suspended travel cover for new customers….

Tax rules when employing family members

Money Donut

On the face of it, employing family members can be a good idea. You know them well, so all of the issues of trust and reliance on a stranger should be eliminated. However, the existence of the family relationship does not bypass any employment laws or any issues relating to tax.

Knowing your duties in this area is essential if you are to avoid falling foul of the law and incurring fines or penalties…

CFOs juggle too many responsibilities

Valme Claro, AccountingWeb

From HR to IT, there are many odd jobs that end up on the CFO’s plate. Finance leaders are expected to roll up their sleeves, but these jobs take attention away from the day job. So how can CFOs deal with wearing many hats?

The CFO has evolved into becoming a chameleon in most businesses that need to adopt a large and ever-changing set of responsibilities.

Whereas they are no longer tasked with the traditional number crunching, CFOs now have broader responsibilities, as they need to keep on top of new regulations, tax reforms and….

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