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Image for spending review presages tax rises

Tax | Spending review presages tax rises

The stark picture of an emerging ‘economic emergency’ painted by the Chancellor’s spending review has prompted predictions of significant tax rises in the year ahead, and potentially over the lifetime of this Parliament

26 Nov 2020

Business | Lookers reports £25m profit before tax over-statements

National car dealership Lookers has finally published its 2019 annual results, which were delayed following the discovery of accounting irregularities, and has revealed profit overstatements of more than £25m

26 Nov 2020

Accountancy Firms

Tax | Furlough rush not cause of fraud

The hasty implementation of CJRS may have led to mistakes, but more time would not have eliminated criminal claims, says Blick Rothenberg’s Fiona Fernie

26 Nov 2020

Image for spending review economic emergency sees gdp fall 113

Tax | Spending review: ‘economic emergency’ sees GDP fall 11.3%

In his November spending review, Chancellor Rishi Sunak has emphasised the UK currently faces an ‘economic emergency’, and revealed the economy is set to contract by 11.3%, the largest fall in over 300 years

25 Nov 2020

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Tax | Tougher criteria for third SEISS grant

With under a week to go until applications open for the third grant available of the self employment income support scheme (SEISS), HMRC has published guidance which includes new criteria claimants must meet regarding the impact coronavirus is having on their business

25 Nov 2020

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Business | FX broker fined £3.44m over misleading information

Foreign exchange options broker TFS-ICAP Ltd has been fined £3.44m by the Financial Conduct Authority (FCA) for communicating misleading information to clients

25 Nov 2020

Accountancy Firms

Image for governments covid protection procurement failures cost ps10bn

Finance | Government’s Covid protection procurement failures cost £10bn

Failure to maintain adequate stockpiles of personal protective equipment (PPE) cost the government £10bn as prices soared during the pandemic, while moves to boost supply failed to get equipment to frontline workers quickly enough, the National Audit Office (NAO) has found

25 Nov 2020

Finance | Big Four face FTSE non-audit work challenge

Big Four’s fees for non-audit work at audit clients declined by a fifth last year, but much more needs to be done to increase public confidence, says Chris Biggs of Theta Global Advisors

25 Nov 2020

Business | Covid winter plan published

Prime minister Boris Johnson has published the government’s Covid winter plan, warning of a ‘tougher’ tiered approach over the next four months to ensure no resurgence of the virus before a mass vaccination programme begins, but indicating life should return to normal by spring 2021

24 Nov 2020

Careers

Image for covid impacts going concern assessments

Finance | Covid impacts going concern assessments

Audit firms have heeded Financial Reporting Council (FRC) advice to implement additional measures to enhance their evaluation of companies’ going concern assessments during the pandemic, a review by the regulator has found

24 Nov 2020

Business | Taskforce to improve diversity at top of financial services

PwC and Deloitte are among the supporters of a new taskforce set up by the Treasury which aims to improve socio-economic diversity at senior levels in financial and professional services across the UK

24 Nov 2020

Business | Key issues of LLP conversion

Converting to a limited liability partnership can be attractive to professional services firms, but partners need to carefully consider objectives, preparation and the transfer of business, say CM Murray’s Zulon Begum and Pooja Dasgupta

24 Nov 2020

Tax | HMRC reshapes top team

HMRC has announced two senior appointments, including Dame Jayne-Anne Gadhia as the new chair of the HMRC board, and the head of a newly created business transformation group

23 Nov 2020

Business | Accountants beware rise in professional negligence claims

Accounting firms should be bracing themselves for a rise in professional negligence claims as a result of the Covid-19 pandemic, with clients pointing the figure when things go wrong, predicts Kingsley Napley’s Jemma Brimblecombe

23 Nov 2020

Accountancy Firms

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Business | People in the news: PKF Littlejohn, RSM, HW Fisher

In this week’s accountancy career moves, partner promotions at PKF Littlejohn and RSM, head of music royalty audits named at HW Fisher, and chairman elected at IECnet

20 Nov 2020

Careers