Accountancy news

• What did Greensill Capital actually do? | Adam Leaver

  15-04-2021 10:30 via theguardian.com
  
  Behind David Cameron’s lobbying lies a surreal web of ‘supply chain financing’ and ‘factoring’The focus on David Cameron’s role in lobbying for Greensill Capital’s involvement in NHS payment systems has obscured a less glamorous question: how did a firm involved in such a mundane part of the financial services ecology became so significant, so quickly?Greensill Capital, which entered administration last month, provided payment services including “f
  
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• PwC's UK staff to split office and homeworking after Covid crisis

  31-03-2021 15:46 via theguardian.com
  
  Flexible return will allow staff to personalise working day and finish early on Fridays in July and AugustCoronavirus – latest updatesSee all our coronavirus coveragePwC is rolling out a flexible working policy that will allow its 22,000 UK staff to split their time about half and half between their home and office after the pandemic.The accounting firm expects staff to spend 40-60% of their time with colleagues – either in the office or out on client visits – once restrictions
  
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• Accounting heads confirm hybrid working adoption

  23-03-2021 14:00 via accountancyage.com
  
  Professional services firms aim to implement a hybrid office space as restrictions ease this spring but adopting this new working space will require a combination of client and employee needs, according to market participants.
  “There’s a real desire for hybrid,” says John Taylor, chief operating officer at RSM. “I don’t think most people want to go back travelling daily into offices on a five day a week basis. That’s what we’re working towards. We’
  
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• Big business, accounting and accountability | Letter

  18-03-2021 19:02 via theguardian.com
  
  David Selby argues for a less cozy relationship between large companies and their auditorsAs a very small shareholder in a few companies, I have been conducting a one-man campaign for many years, by voting against the motion on most AGM agendas to retain the services of the current auditors. Ever since the fall of Enron, I have always felt that there is self-interest in both parties wishing to maintain this close relationship.Enron was not mentioned in your article (Bonus reforms ‘biggest
  
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• New working environment triggers tax compliance challenges

  08-03-2021 11:34 via accountancyage.com
  
  Despite a surge in vaccinations around the world, the pandemic continues to infiltrate our lives and is set to change our working environment forever.
  Having witnessed the benefits of remote working, organisations are now looking at their workplace through a different lens. Whether the future of business will be marked by remote working or flexible workplace, only time will tell, but for now each decision taken by employers will need careful consideration as new working environments will present
  
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• Chancellor extends furlough and widens cash grants access for self-employed

  03-03-2021 17:32 via accountancyage.com
  
  The Chancellor’s decision to extend support programs including the Coronavirus Job Retention Scheme (CJRS) and the Self-Employed Income Support Scheme (SEISS) is essential to keep businesses alive and protect jobs ahead of lockdown restrictions being eased, according to market participants.
  “They went a bit further than what was anticipated – that it goes until the end of September rather than the end of June or July,” says Ian Goodwin, partner at Mazars. “This will
  
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• No more fomo: top firms turn to VR to liven up meetings

  20-02-2021 09:00 via theguardian.com
  
  Companies splash out on new tech and office design to cut commuting and usher in the new dawn of post-lockdown hybrid workingStaff at accounting giant PricewaterhouseCoopers have been holding meetings in odd places: the top of skyscrapers, inside swanky penthouse apartments and even luxury ski chalets. All without leaving the comfort of their own homes.That is the new normal for a growing number of workers at PwC, which is buying thousands of virtual reality headsets to help battle Zoom fatigue
  
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• Peter Smith obituary

  16-02-2021 19:18 via theguardian.com
  
  My husband, Peter Smith, who has died aged 84, worked in public finance as a local government accountant for councils in the north of England and then served as the chairman of an NHS Trust in Gateshead.He was born in Huddersfield to Frank Smith, a chauffeur, and his wife, Annie (nee Sunderland), who was in service. After attending Rastrick grammar school he began work as a trainee accountant in the treasurer’s department at Huddersfield council, where he began to climb the public finance
  
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• As KPMG’s boss has learned, caring about employees is now cool

  13-02-2021 01:05 via theguardian.com
  
  Bill Michael, UK chair of the accountancy firm, had to step down amid protests after he told staff to ‘stop moaning’Millennials are flexing their power in the workplace. From women’s rights to demands for tougher action on climate change, younger staff are forcing the pace.Last week the boss of KPMG stepped down amid protests from staff about his behaviour during an online meeting. Continue reading...
  
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• KPMG's Bill Michael: from hosting the Queen to abrupt resignation

  12-02-2021 13:26 via theguardian.com
  
  Australian’s blunt style became his undoing after he tells staff to stop moaning about CovidLess than two months ago, Bill Michael welcomed the Queen on a virtual visit to KPMG’s new innovation hub during the accounting firm’s 150th anniversary celebrations.One imagines his comments during the video call with the monarch were less blunt than those he made to staff during Monday’s virtual town hall meeting, which have now prompted his resignation. Continue reading...
  
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• KPMG's Bill Michael resigns after telling staff to 'stop moaning'

  12-02-2021 10:03 via theguardian.com
  
  Firm’s UK chair apologises for comments in virtual meeting about Covid crisisKPMG’s UK chairman, Bill Michael, has resigned after telling staff to “stop moaning” during a virtual meeting about the coronavirus pandemic and the impact of lockdown on people’s lives.Michael, who has headed the company since 2017, was speaking at a virtual town hall meeting on Monday with members of the firm’s financial services consulting team when he made the comments. Continue r
  
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• 'Unconscious bias is utter crap': KPMG staff share shock at UK chair's Zoom comments

  11-02-2021 18:58 via theguardian.com
  
  Accounting firm investigates as more details emerge of meeting where Bill Michael told staff to stop moaningNew details have emerged of controversial comments by the UK chair of KPMG, who has stepped aside while the accounting firm investigates what he said to staff during a virtual meeting.A video of the Zoom meeting was published on Thursday, in which Bill Michael describes the concept of unconscious bias as being “complete and utter crap for years”. In the video, obtained by Mail
  
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• KPMG chair steps aside after telling staff to 'stop moaning' about pandemic

  10-02-2021 21:18 via theguardian.com
  
  Bill Michael also advised staff in online meeting not to ‘play the victim card’ amid lockdownsKPMG has confirmed that its chairman is stepping aside after the accounting giant launched an investigation into controversial comments he made to staff in a virtual meeting this week.Bill Michael, who took over as chairman in 2017, told staff on Monday to “stop moaning” about the pandemic and the impact of lockdown on people’s lives, adding that they should stop “pla
  
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• KPMG chair steps aside after telling staff to 'stop moaning' about Covid

  10-02-2021 21:18 via theguardian.com
  
  Bill Michael also advised staff in online meeting not to ‘play the victim card’ because of the pandemicKPMG has confirmed that its chairman is stepping aside after the accounting giant launched an investigation into controversial comments he made to staff in a virtual meeting this week.Bill Michael, who took over as chairman in 2017, told staff on Monday to “stop moaning” about the pandemic and the impact of lockdown on people’s lives, adding that they should stop &
  
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• KPMG UK chair tells staff to 'stop moaning' about Covid work conditions

  09-02-2021 20:28 via theguardian.com
  
  Chair Bill Michael apologised by email for comments made in a virtual meeting with 1,500 employeesThe UK chair of accountancy firm KPMG has apologised to staff after telling them to “stop moaning” during a virtual meeting about the pandemic and the impact of lockdown on people’s lives.Bill Michael, an Australian who has headed the company since 2017, was speaking at a town hall meeting on Monday with members of the firm’s financial services consulting team when he made th
  
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• Debt levels soar for business as UK economy struggles to recover from Covid

  08-02-2021 07:01 via theguardian.com
  
  Mounting concern as firms borrow for ‘survival rather than growth’, figures from EY showCoronavirus – latest updatesSee all our coronavirus coverageBritain’s economy is facing a lengthy recovery from the third coronavirus lockdown amid soaring levels of business debt after almost a year of economic turmoil caused by the pandemic.Figures from the accountancy firm EY show British businesses took on debt at more than twice the normal average growth rate since the crisis bega
  
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• KPMG pays UK partners average of £572,000 each

  03-02-2021 18:36 via theguardian.com
  
  The High Pay Centre says payouts ‘extreme’ in middle of Covid pandemicCoronavirus – latest updatesSee all our coronavirus coverageAccounting giant KPMG has paid its 582 UK partners an average of £572,000 each in the middle of the Covid crisis.Thesubstantial payouts are just 11% lower than the £640,000 average pay that each partner took home for 2019. KPMG’s UK chairman, Bill Michael, collected £1.7m, down 14% from the near-£2m he was granted a year
  
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• Businesses facing Brexit VAT pressures

  13-01-2021 18:26 via accountancyage.com
  
  EU and UK businesses face additional costs and compliance burdens following the Trade and Cooperation Agreement made between the two parties, according to tax specialists.
  “Moving straight to import VAT provides a significant cash flow disadvantage,” says James Ross, partner at law firm McDermott Will & Emery. “You’re having to account for VAT earlier than you would have.”
  While the UK and the EU have agreed that there will be no tariffs or quotas on the movemen
  
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• Report: High stakes for losers in Big Pharma vaccine race

  17-12-2020 17:47 via accountancyage.com
  
  With deaths related to the coronavirus continuing to rise globally, the race between big pharma’s research departments has forced those companies to pump funds into a cause that may prove entirely fruitless.
  “There will of course be winners and losers in the race to find a vaccine,” according to Dr Nicholas Jones, partner and patent attorney at Withers & Rogers, which specialises in pharmaceutical and life sciences sectors “Winners can expect some commercial reward fo
  
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• Mazars accountancy firm repays £1m UK furlough cash

  15-12-2020 19:21 via theguardian.com
  
  UK’s ninth biggest accountant has paid back funds claimed under the coronavirus job retention schemeMazars, a large UK accountancy firm, has repaid more than £1m in cash claimed from the government for furloughed workers, amid scrutiny of payments to accounting partners after firms received government coronavirus support.The UK’s ninth biggest accountant paid back £1.1m claimed under the coronavirus job retention scheme (CJRS), which supported 80% of the wages of furlough
  
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• Ministers would be wise to play for time before ordering Sizewell C | Nils Pratley

  14-12-2020 20:56 via theguardian.com
  
  Dashing ahead with a nuclear power station that’s modelled on Hinkley Point C would be recklessThis is the government’s problem as it reopens talks on a proposed nuclear power station at Sizewell C in Suffolk: it is contemplating ordering a replica of Hinkley Point C before the Somerset original has produced a single megawatt of electricity.That is not a small point. Developer EDF’s pre-Hinkley version of its European pressurised reactor at Flamanville in Normandy is about a de
  
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• Accounting giant BDO makes U-turn on furlough payback

  13-12-2020 12:31 via theguardian.com
  
  Move follows backlash over taking £4m state handout while paying average £500,000 bonus to partners One of the UK’s leading accountancy firms has performed a U-turn and will now pay back £4.1m in furlough money it received from taxpayers after a backlash about bumper payouts to partners.BDO, which employs 6,000 people in the UK, said it would be returning the cash to HM Revenue & Customs within days after “recognising the public mood”. Continue reading...
  
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• BDO will not repay £4.5m furlough money despite paying partners £137m

  10-12-2020 21:49 via theguardian.com
  
  Partners at accountancy firm received an average of £518,000 each, down from £602,000 last yearBDO, one of the UK’s leading accountancy firms, is refusing to pay back £4.5m in furlough money it received from taxpayers despite paying its 264 partners an average of £518,000 each. In total the company paid its partners £137m.Paul Eagland, the firm’s managing partner, said there had been a “moral debate” at the firm about whether or not to pay th
  
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• “Tsunami of insolvencies” likely as retail faces collapse

  01-12-2020 11:52 via accountancyage.com
  
  While businesses are welcoming the extension of tax deferrals and financial schemes, their survival is hanging by a thread – and the collapse of retail giant Arcadia is just there to prove it, says Tim Symes, partner at insolvency firm Stewarts.
  “We’re expecting a tsunami of insolvencies,” he says. “There is currently an artificial life support system that the government has wrapped around businesses. We’re in a frozen state now where there are companies which
  
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• Businesses take on risks due to IR35 preparation shortfall

  27-11-2020 14:44 via accountancyage.com
  
  Businesses could face considerable risks if they fail to prepare ahead of IR35 legislation, particularly as Brexit and coronavirus take over firm’s agenda, according to Charlie Cox, commercial director at SThree.
  “Losing some high-end talent in accountancy or IT is one of the risks,” he says. “The other one is the big focus on budgets at this moment of the year. If they don’t assess people properly or assess contractors properly, and they forced them into an inside
  
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• SMEs need more breathing space, but fear of accumulated debt remains

  25-11-2020 16:46 via accountancyage.com
  
  Despite an additional £150bn in government bonds purchased by the Bank of England (BOE) and extended government support provided to UK businesses, more needs to be done to keep SMEs alive, particularly as debt will accumulate over time, says Douglas Grant, managing director at Conister bank.
  “What we are doing is stacking up a problem for the future in terms of how SMEs are going to be able to repay that debt,” he says. “SMEs are going to have to deal with an additional d
  
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• US based UK companies expected to face new tax challenges under Biden

  24-11-2020 18:04 via accountancyage.com
  
   
  With a new tax regime expected in the US, UK companies will be braced for change, says Laurence Field, partner at Crowe UK.
  “Businesses will need to adapt to what politicians say. The reality is, there is never a good time to change tax systems from a business point of view,” says Field.
  In 2017, US Congress issued the Tax Cuts and Jobs Act (TCJA), which decreased the corporate income tax rate from 35 percent to 21 percent – a percentage below the OECD member countries&r
  
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• Failure to seal post-Brexit deal would more than halve UK growth, says KPMG

  18-11-2020 01:01 via theguardian.com
  
  Accountancy firm warns of stalled economic recovery without EU trade agreementFailure to strike a post-Brexit trade deal would cut the UK’s economic growth rate by more than half next year, delaying a full recovery from the coronavirus pandemic, according to a report.The accountancy firm KPMG said the economy would suffer heavily should the UK fail to secure a trade deal with the EU before the end of the Brexit transition period at the end of December, just as the country attempts to escap
  
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• Furlough means furlough

  17-11-2020 17:17 via accountancyage.com
  
  A recent NAO report highlights that a large number of employers are not respecting the crucial non-working point, with nine percent of employees surveyed admitting to working whilst on furlough at the request of their employer – even though asking employees to work during furloughed time is clearly against the rules.
  Although the Coronavirus Job Retention Scheme (CJRS) has gone through various incarnations since March, the guidance on what furlough means has been consistent throughout. The
  
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• Call for three-year ban on EY bidding on public contracts

  15-11-2020 17:54 via theguardian.com
  
  Anti-corruption group claims ‘recurring professional misconduct’ should preclude auditor from future businessA prominent anti-corruption campaign group is calling on the government to ban EY from bidding on public contracts for three years, accusing the big four accounting and consultancy group of “recurring professional misconduct”.Spotlight on Corruption has written to the Crown Procurement Service asking it to examine if business should be awarded to the firm, which ha
  
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• Pandemic accelerates need for audit reform

  06-11-2020 13:44 via accountancyage.com
  
  A study published by the Chartered Institute of Internal Auditors (CIIA) shows that internal auditors were unable to carry out critical work during lockdown – an issue which has increased the urgency of an audit reform, according to the CIIA’s chief executive John Wood.
  “The coronavirus has had a profound effect on internal audit and corporate governance more widely across all sectors in the UK,” says Wood. “These findings underscore the urgent need for the governme
  
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• Lack of UK government support is “prolonging the agony”

  29-10-2020 11:57 via accountancyage.com
  
  A recent study conducted by FreeAgent has highlighted that UK SMEs are far more resilient than might have been expected but holes in the government’s support have emerged, according to speakers at a roundtable event last week.
  “Employment has been saved by the furlough scheme that has been made available – support was incredible, but too many people didn’t access it,” said Andrew Chamberlain, director of policy at IPSE. “But the self-employed are fragile and n
  
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• Tax partners raise MTD queries

  27-10-2020 18:24 via accountancyage.com
  
  Senior tax partners have agreed with MPs’ call for further clarification around the effectiveness and main objectives of Making Tax Digital (MTD) ahead of the 2022-23 rollout.
  “It’s not unreasonable to say that the effectiveness isn’t known, purely because it’s such as new initiative and it hasn’t taken off in the way it was anticipated,” says Juliet Bailey, indirect tax partner at Mazars.
  “When this was first talked about years ago, there was an e
  
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• Employers to lose accounting talent if incentives aren’t applied

  23-10-2020 15:09 via accountancyage.com
  
  As businesses seek to cut expenses during the pandemic, retaining talent within a firm can be a challenging task – particularly for the accounting industry looking to preserve its professionals now in high demand.
  “We have observed that accounting and finance professionals most value working environments with a supportive employee culture, where they feel valued in return,” said Matt Weston, managing director for Robert Half UK, via email.
  “By ensuring transparent and reg
  
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• Government spending on Covid consultancy contracts rises to £175m

  16-10-2020 07:00 via theguardian.com
  
  Chair of parliamentary committee expresses ‘shock’ and announces investigationCoronavirus – latest updatesSee all our coronavirus coverageThe bill for private consultants hired by the government to help combat the coronavirus pandemic has climbed to £175m, as the chair of an influential parliamentary committee revealed that MPs would investigate the multimillion pound use of management consultancies.The government has bought consulting services from almost 90 different co
  
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• BDO may have to bail out sister firm in Spain after €126.8m penalty

  07-10-2020 21:19 via theguardian.com
  
  Spain’s highest civil court found BDO, among others, guilty of falsifying accounts of fishing firm PescanovaAccountancy firm BDO is facing the prospect of a significant financial hit after its Spanish sister company was ordered by a court to pay part of a €126.8m (£115m) penalty for its alleged role in an accounting scandal.The Audiencia Nacional, Spain’s highest civil court, named BDO among firms and individuals convicted of involvement in falsifying the accounts of Galic
  
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• Brexit drives government consultancy fees to £450m in three years

  06-10-2020 18:30 via theguardian.com
  
  Exclusive: Home Office biggest spender as department deals with preparations to leave EUThe scale of the government’s reliance on management consultants has been laid bare as analysis shows that spending with eight top firms has risen by 45% to more than £450m in three years.Deloitte, the professional services firm, was the biggest winner, earning fees of £147m from public funds in 2019-20, compared with £40m two years earlier, amid a bonanza related in large part to Brex
  
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• Aviva, Deloitte and Microsoft to set new boardroom racial diversity targets

  01-10-2020 15:09 via theguardian.com
  
  UK initiative aims to address ‘painfully slow’ progress in improving racial diversity
  Aviva, Deloitte and Microsoft’s UK business will set fresh ethnicity targets for their boardroom and executive teams, as part of a new drive to address the “painfully slow” progress in improving racial diversity across British business.The companies are among the first signatories to the CBI’s Change the Race Ratio campaign, which will align with – and expand – on
  
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• A £56m bill and rising: the cost of Covid consultancy contracts

  29-09-2020 19:01 via theguardian.com
  
  Some of the most lucrative contracts received by firms such as PwC and Deloitte since the pandemic beganWhitehall ‘infantilised’ by reliance on consultantsSince the onset of the pandemic, the government has spent tens of millions of pounds on management consultants to help it manage elements of the Covid-19 response, from the much-criticised NHS test-and-trace programme to buying PPE.Earlier this year, the Guardian revealed that at least £56m of taxpayers’ money had gone
  
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• Whitehall 'infantilised' by reliance on consultants, minister claims

  29-09-2020 18:51 via theguardian.com
  
  Exclusive: leaked letter from Lord Agnew to senior civil servants demands they rein in spending Whitehall has been “infantilised” by an “unacceptable” reliance on expensive management consultants, a government minister has claimed in a leaked letter.Lord Agnew, the cabinet and Treasury minister, wrote to senior civil servants two weeks ago demanding they rein in spiralling costs paid to private firms and stop “depriving our brightest [public servants] of opportuniti
  
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• Brexit could disrupt UK M&A, warns RSM partner

  22-09-2020 18:40 via accountancyage.com
  
  The UK’s mergers and acquisitions (M&A) activity could be hit again by Brexit uncertainty, according to Kirsty Sandwell, partner at national head of corporate finance at RSM.
  In the first quarter of this year, domestic M&A accounted for £3.2bn compared to £0.3bn in the second quarter, according to the Office for National Statistics (ONS). Inward M&A also experienced a drop – valued at £4.6bn in Q1 and £2.1bn in Q2.
  But the steep decline in UK M&
  
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• Troubled test-and-trace system drafts in management consultants

  18-09-2020 20:07 via theguardian.com
  
  Guardian learns ‘hundreds’ of consultancy staff ‘on standby’ for ‘back-office’ roles with other firms contacted for helpCoronavirus – latest updatesSee all our coronavirus coverageThe government is preparing to shore up its £10bn coronavirus test-and-trace programme by drafting in teams of management consultants.The programme, where 90% of tests are failing to hit the 24-hour turnaround target, has been touted as a key way in which the country can
  
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• Deloitte fined record £15m for failings in Autonomy audits

  17-09-2020 10:25 via theguardian.com
  
  Regulator also fines two former partners over 2009-2011 dealings with software firm
  Audit firm Deloitte has been fined a record £15m and been severely reprimanded for failings in its audits of the software company Autonomy between January 2009 and June 2011.Two former Deloitte partners involved in the audits, Richard Knights and Nigel Mercer, were also fined and sanctioned by the accounting watchdog, the Financial Reporting Council (FRC). Continue reading...
  
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• Dispute over DST talks continues

  15-09-2020 14:48 via accountancyage.com
  
  National governments are moving forward with their own digital services tax (DST) as patience wears thin on progress of rules at the OECD level.
  “Every tax jurisdiction is going to be under pressure to collect more from all taxpayers, but probably foreign taxpayers are an easier target than local taxpayers,” says Laurence Field, partner at Crowe UK.
  “What the current crisis will do is make some governments a little keener to go on a short term cash grab and then sort out the pr
  
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• CPD completion rate drops despite clear benefits

  01-09-2020 14:02 via accountancyage.com
  
  The accountancy industry is bucking historic trends for continuing professional developments (CPD).
  Traditional patterns of behaviour show that there are those accountants who like to complete their learning early those who schedule regular training throughout the year and those who cram at the last minute. Normally by the end of August every year, at least 50 percent of our members have completed more than 75 percent of their annual CPD requirements, and 25 percent have undertaken at least 50 p
  
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• Ryanair's flight cuts are no surprise and signal an aviation nosedive

  17-08-2020 20:11 via theguardian.com
  
  Decent test-and-trace systems at airports might help sector as Covid-19 cases rise in EuropeThat didn’t take long. A rise in Covid-19 cases in Europe has prompted Ryanair to cut flight capacity by 20% for September and October. “Forward bookings have notably weakened over the last 10 days,” said the airline.In truth, Ryanair’s previous intention to operate at 70% of normal capacity in September always seemed optimistic. Easyjet’s figure of 40% for the July-September
  
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• PwC and Schroders will allow staff to work from home after Covid crisis

  17-08-2020 11:39 via theguardian.com
  
  Accountancy firm and the fund manager will ‘rethink the rulebook on flexibility’Coronavirus – latest updatesSee all our coronavirus coveragePricewaterhouseCoopers and Schroders are to allow the majority of staff to continue to work from home after the Covid-19 pandemic as the health emergency sparks a major shift in the office-based culture that has been a hallmark of City firms for generations.The accounting company PwC, which employs 22,000 staff in the UK, is predicting that
  
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• PwC and Schroders staff can still work from home after Covid crisis

  17-08-2020 11:39 via theguardian.com
  
  Accountancy firm and the fund manager will ‘rethink the rulebook on flexibility’Coronavirus – latest updatesSee all our coronavirus coveragePricewaterhouseCoopers and Schroders are to allow the majority of staff to continue to work from home after the Covid-19 pandemic as the health emergency sparks a major shift in the office-based culture that has been a hallmark of City firms for generations.The accounting company PwC, which employs 22,000 staff in the UK, is predicting that
  
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• Changes to CJRS could present risks for employers if calculations are mistaken

  11-08-2020 18:22 via accountancyage.com
  
  Changes to the government’s Coronavirus Job Retention Scheme (CJRS) in August mean that grant employers will continue to pay 80 percent of employees’ salary up to a cap of £2,500 but now also pay national insurance and pension contributions.
  Karen Tasker, an audit partner at RSM, warns about the risks of miscalculating employees’ pension contributions.
  “Particularly with salary sacrifice and pension scheme arrangements – we’re finding that from day one,
  
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• MTD extension opens opportunities for tech vendors

  07-08-2020 15:40 via accountancyage.com
  
  HMRC plans to modernise the UK’s tax system have been roundly accepted by tech vendors operating in the space.
  “It enables us to extend our reach because more micro-businesses are going to start using digital accounting software,” says Nick Longden, vice president sales at FreeAgent.
  From April 2022, Making Tax Digital (MTD) will be extended to all VAT registered businesses with turnover below the VAT threshold and from April 2023, the rule will also apply to taxpayers who file
  
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