DAC6 Cyprus: Reporting deadline extended, yet again
The Ministry of Finance at the Cypriot Tax Department have announced they will be extending the deadline for reporting DAC6 arrangements to 30th November 2021. This extension will apply to all retroactive reporting dating back to 25 June 2018. The deadline has been extended for all the following cases: Reportable cross-border arrangements that have been […]
ISQM 1 : What is required of firms?
Now that the ISQM 1 Standard has been approved, accounting firms need to begin deciding what they need to do to comply with the new quality management standards. While they only go into force in December 2022, preparation will require input from multiple departments and firms are already thinking about the systems they need to […]
DAC6 UK: Consultation update
In light of the Brexit Fair Trade Agreement that passed through parliament on 30 December 2020, HMRC announced that there would be major changes in the UK’s approach to DAC6. HMRC confirmed in its shocking New Year’s Eve announcement email that in 2021, the UK government would repeal the legislation implementing DAC6 in the UK […]
Understanding FCA fraudulent transaction reports
The Payment Services Regulations 2017 (the ‘Regulations’) apply to banks, building societies, card issuers, and other firms which provide payment services. These are the services set out in the Regulations and summarised on the FCA’s website, and include payment initiation services, account information services and services which allow cash to be paid into (or withdrawn […]
Annual declaration tracking best practice – download our guide
The complications of declarations Many organisations collect data from employees for compliance and regulatory purposes on a regular basis, but current processes and tools have major shortcomings. With current processes, it’s hard to track who has and hasn’t filled out forms, challenging to keep track of forms, especially in large firms, and regarding annual forms […]
What is Compliance Training?
Workplace compliance is more than just following the office rules. In fact, used in a business context, it usually refers to requirements, conditions or restrictions imposed and enforced by various external regulatory bodies, e.g., public organisations or government agencies. Examples of regulatory bodies in the UK include the Financial Conduct Authority (FCA), Information Commissioner’s Office […]
Professional Indemnity Insurance (PII) for FCA firms – What you need to know
What is Professional Liability Insurance (PII)? Professional liability insurance, also known as errors and omissions (E&O) insurance, is a type of coverage that protects professionals and organisations from liability claims arising from their professional services or advice. It provides financial protection for legal defence costs, settlements, or judgments if a client alleges that the professional’s […]
International Standard on Quality Management (ISQM) 1: What you need to know
In September 2020, the International Standards on Quality Management approved the ISQM 1, ISQM 2 and the International Standard on Auditing (ISA 220 Revised). The three Quality Management Standards are the culmination of the response of the International Auditing and Assurance Standards Board (IAASB) to a series of high-profile audit failures. The new standards are […]
Omnitrack version 2.45.0
Enhancements to visibility logic You can now build logic based on whether another field is blank and based on whether a date field is in the past or the future. Example of date field logic using past or future – Show a question ‘Why didn’t you request approval for this gift before it was received?’ […]
On-demand webinar: Data Protection — What the UK wants to change
The UK government’s consultation on reforming data protection, launched on 9 September, sets out a radically different framework for data protection than GDPR. From re-orientating the Information Commissioner’s Office to new ways for businesses to process data, these far-reaching reforms are set to have a significant impact on business. Although the plans have been announced in consultation […]
