Practice & Industry

Insight / 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

Tax / Coronavirus: essential updates for accountants, tax advisers and auditors - Part 3

To assist accountants, tax advisers and auditors in dealing with the coronavirus crisis, all our related covid-19 coverage will be available here as soon as new announcements are made, plus expert analysis

Insight / 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

Audit / 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

Audit / 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

Insight / 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

Insight / 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

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

Accounting / Firms brace for negligence impact

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

Insight / Six root causes of payroll stress

The Covid-19 crisis provides payroll organisations with a unique opportunity to diagnose their weaknesses and act upon them. The Hackett Group’s Dorothee El-Khoury highlights six key areas that payroll must address if it is to avoid further stress

Insight / Top executive teams becoming more diverse

FTSE 100 boards are becoming more diverse, taking on directors from a wider range of backgrounds and experience, but there is still a way to go until they are fully representational of all sections of society, according to two research reports

Insight / ComparetheMarket fined £17.9m over competition law breaches

Online price comparison website ComparetheMarket has been fined £17.9m after the regulator found that clauses used in its contracts with home insurers breached competition law and may have resulted in consumers paying higher premiums

Insight / HMRC starts ‘eat out to help out’ compliance checks

HMRC is writing to 4,000 businesses who took part in the government’s eat out to help out (EOTHO) scheme for half price meals in bars and restaurants, asking them to verify their claims

Insight / UK risks losing extradition powers after Brexit

If the UK leaves the EU without a deal, it will no longer benefit from the European Arrest Warrant, making extraditions far more complex, warn Kathryn Howarth, Myles Grandison & Daniel Sternberg of Temple Garden Chambers

Insight / New CIOT President: tax avoidance schemes to be ‘stamped out’

The new president of the Chartered Institute of Taxation (CIOT), Peter Rayney, will state that tax avoidance schemes are going to be ‘stamped out,’ in his inaugural speech