Brexit

Insight / Middle market business upbeat on Brexit deal

Despite the apparent deadlock over Brexit negotiations, middle market businesses remain bullish about the prospects of the UK securing a good deal, with twice as many companies feeling positive rather than negative on the topic, according to a YouGov survey

Insight / CFOs less fearful over Brexit although it remains top concern

Optimism among chief financial officers (CFOs) has recovered from its post-election low and is close to levels seen at the end of last year, with Brexit viewed as less of a concern although the focus remains on defensive strategies, according to research by Deloitte

Insight / Brain drain: how can accountancy firms stop talent emigrating?

Brexit uncertainty is causing large numbers of talented EU workers to leave the UK but this is not just down to the referendum result says Simon Wright, operations director of CareersinAudit.com, who suggests lack of progression within accountancy firms plays a part

Tax / Murphy: unpicking the Irish Budget

The Irish finance minister, Paschal Donohoe, announced his first budget this week against a backdrop of economic growth and low unemployment levels, but Brexit, US tax and trade reforms and various geopolitical threats pose potent challenges says Fiona Murphy, tax partner at Irish accountancy firm RBK

/ Money for ‘no deal’ Brexit scenario to come from reserve, says Hammond

The Chancellor of the Exchequer, Philip Hammond, has told the Treasury Committee that the money which will be spent on a ‘no deal’ Brexit scenario will come from reserve and that he will not allocate funds to government departments ‘in advance of the need to spend’

Tax / Irish finance minister Donohoe continues ‘Brexitproofing’ in first Budget

Irish finance minister Paschal Donohoe said capital expenditure and a broader tax base would help ‘Brexitproof’ his country in his first Budget since taking over from predecessor Michael Noonan

Tax / Plans for ‘frictionless’ VAT and customs regime post-Brexit

The Treasury has published a white paper on plans for the standalone customs, VAT and excise regimes the UK will need once it leaves the EU, and is seeking feedback on the options under consideration, including what it describes as ‘an innovative and untested approach’ mirroring EU arrangements

Insight / Brexit transition uncertainty hits financial services planning

Unless the UK and EU negotiators agree the terms of any transition deal for Brexit by Christmas, City firms will start to activate their contingency plans to move financial services business and employees abroad, the Bank of England is warning

Insight / ICAEW warns of ‘cash mountain’ build-up

Brexit uncertainty has resulted in businesses sitting on a cash mountain, according to an ICAEW survey, which found that two thirds of companies expect to have a growing cash surplus this year and next, and warns this is hampering investment decisions

Accounting / UK must resist deviating from IFRS post-Brexit, says ICAEW

The UK should continue to apply internationally-accepted accounting standards if the UK wishes to retain its status as a major global financial centre, according to the ICAEW’s Financial Reporting Faculty

Insight / May proposes two-year ‘transition phase’ for Brexit

Theresa May has called for a two-year transition period after the UK leaves the EU in March 2019 in a speech in Florence, Italy

Insight / Economic trends: removing currency risk post-Brexit

Carl Hasty, director of Smart Currency Business, provides a potted history of currency movements between sterling and the euro since the UK voted to withdraw from the EU, and examines the level of risk to the pound going forward

Tax / HMRC puts post-Brexit border tax costs at £800m

HMRC chiefs have warned MPs that the department will need thousands more staff to handle customs and tax requirements once new trade arrangements are established post-Brexit, and are examining a ‘Singapore-style’ option

Insight / Renison: Brexit talks hint at awkward break-up

As the latest phase of Brexit negotiations raises more questions than answers, relations between the UK and EU sides seemed frosty to say the least, but there are signs that there could be some progress before the ciritical October meeting European Council meeting, explains Allie Renison, head of EU and trade policy at the Institute of Directors

Insight / UK calls for EU to be ‘more imaginative’ on Brexit customs deals

The UK government is urging the EU to   be ‘more imaginative and flexible’ in their approach to the movement of goods on the market post-Brexit, according to the latest update from the Department for Exiting the European Union (DexEU) which says it wants to minimise uncertainty and disruption for business
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