Insight

Insight / Number of restaurant insolvencies increases by 20%

There has been an 11% drop in the number of job vacancies in the UK’s restaurant sector over the last six months, according to research by Moore Stephens which suggests companies are cutting staff to save on costs

Insight / Mothercare puts CVA on shopping list

Mothercare has joined the list of high street retailers looking to set up a company voluntary arrangement (CVA) proposal, which will be supervised by KPMG if the company’s proposals are successful

Tax / MPs critical of Motability’s £2.4bn reserves

MPs are calling for an overhaul of the finances at Motability, the body which provides access to vehicles for people with disabilities, after a joint Parliamentary committee report found its reserves of £2.4bn are ‘out of proportion’ to the risks it faces and branded the CEO’s £1.7m salary ‘totally unacceptable’

Insight / Carillion ex-FD challenges pension contributions comment

Carillion’s former finance director, who was criticised in the joint select committee’s report on the outsourcer’s collapse as the so-called ‘architect of its aggressive accounting approach’, has challenged claims that he was dismissive of the need to address the company’s pension deficit and demanded a rectification

Insight / CVA on menu for Carluccio’s restaurant chain

Restaurant chain Carluccio’s is the latest high street casualty to seek a company voluntary arrangement (CVA) proposal in a bid to reduce rents and cut costs which, if successful, will be supervised by KPMG

Accounting / Economic trends: council funding system faces overhaul

David Phillips and Neil Amin-Smith, economists at the Institute for Fiscal Studies (IFS) examine the plans for radical overhaul of the council funding system, the impact of the funding pilot on local authoritiy spending and question whether it is creating fairer distribution of funds for local authorities

Tax / IR35 rules make it harder to recruit public sector contractors

With a number of IR35 public sector cases going against HMRC, the tax authority has released research showing that the majority of public sector employees are now up to speed with the rules although nearly 40% report difficulties filling specialist vacancies as a result of the rule change

Insight / Accountex 2018: exhibitor highlights and what's new

On 23-24 May, Accountex – the UK’s biggest accountancy exhibition – will be held at London ExCeL. Here’s a first look at what’s new from some of the exhibitors for 2018, to help you plan your visit

Insight / Failure to report on PSC register risks criminal prosecution

Companies House is sending out reminders to companies and individuals who have failed to publish their ownership information on the people with significant control (PSC) register before their details are passed to the Insolvency Service’s criminal enforcement team

Insight / Want a career as an accountant in the music sector?

From artists planning an international tour to record labels looking after numerous acts, the music industry can be financially complex, especially now that the sector is shifting from sales to streams. Tony North, co-founder and CEO of Centtrip Music, considers the various tax rules and complex accounting that accountants in this sector face

Audit / NAO warning on NHS outsourcing contract with Capita

MPs have raised warnings about procurement issues with a £330m NHS England contract with outsourcer Capita which was designed to achieve a 35% cost saving

Audit / Big Four audit firms too powerful, claim MPs post Carillion

MPs are calling for an urgent review into the competition review into the statutory audit market, citing concerns over the lack of competitive tenders, dominance of the Big Four audit firms and an absence of independent scrutiny following the collapse of Carillion, reports Sara White

Insight / Collective redundancy and insolvency guidance updated

The Insolvency Service is to publish guidance for employers and insolvency practitioners to clarify how to manage staff redundancies during insolvency to address incompatibilities between insolvency and employment law identified in a call for evidence

Insight / Pensions regulator slammed as ‘feeble’ in Carillion report

The Pensions Regulator (TPR) has come in for heavy criticism in the select committees’ report on Carillion, with MPs describing its response to the company’s ballooning pension deficit as ‘feeble’

Accounting / Thousands of companies avoid disclosing ultimate ownership

Despite efforts to force companies to disclose their ownership through the PSC register, tens of thousands of British companies are still not complying with the rules brought in to counter fraud and money laundering
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