Practice & Industry

Insight / Third more businesses in financial distress since Brexit triggered

There has been a 33% hike in UK businesses reporting ‘significant’ financial distress since Article 50 was triggered a little over a year ago, with increased levels of financial distress being seen across all sectors and regions of the UK, according to research by Begbies Traynor

Insight / One month to go until GDPR comes into force

Today marks the start of the final month before the General Data Protection Regulation (GDPR) comes into force, with the Association on Accounting technicians (AAT) providing five tips on what businesses should do if they have not taken any action to date

Insight / 38% of global business execs say corruption prevalent

Increased enforcement activity and the introduction of new corporate criminal liability laws have failed to dent the scale of bribery and corruption globally, which has shown no improvement since 2012, according to research by EY

Insight / Yahoo fined $35m for failing to disclose cybersecurity breach

Web services provider Yahoo has been fined $35m (£16.5m) by the US Securities and Exchange Commission (SEC) to settle charges that it misled investors by failing to disclose one of the world’s largest data breaches in which hackers stole personal data relating to hundreds of millions of user accounts

Insight / KPMG expands alliance with AI specialist

KPMG is to expand its global alliance with software development platform provider Appian in a push to create artificial intelligence (AI) services which improve business decision-making and compliance

Insight / Economic trends: inflation and the disappearing Phillips Curve

The lack of inflationary pressure is something of a puzzle for economists as conventional patterns based on the accepted theory of the Phillips Curve are not playing out as expected, explains George Buckley, chief UK economist at Nomura

Insight / Catax extends R&D tax services to Scotland

Specialist R&D tax relief firm Catax is to open a Scottish office in Edinburgh as part of plans to increase focus north of the border and treble the company’s size by 2021

Insight / EU plans to strengthen whistleblower protection

In the wake of scandals such as the Panama Papers, the European Commission is proposing a new law to strengthen whistleblower protection to ensure safe channels for reporting concerns over unlawful activities, financial irregularities and governance failures both within an organisation and to public authorities

Insight / Business rates appeals system criticised by 88% of users

The government’s new business rates appeals regime has failed to win support during its first year of operation, with the majority of users highly critical of the operation of the ‘check challenge appeal’ (CCA) system, according to research from Colliers International

Insight / UK Finance call to collaborate to cut cyber crime

With warnings of a major online attack imminent, UK Finance, which represents around 300 firms in the finance and banking industry, is calling for greater collaboration to tackle growing cyber threats

Insight / Tax fears boost management buyout activity levels

UK management buyout (MBO) activity jumped sharply last year, as worries about potential tax rises meant business owners are increasingly looking to crystallise the value they have built up in their companies via an exit, according to analysis by Moore Stephens

Insight / Capita plans rights issue after £513m pre-tax loss

Struggling FTSE 250 outsourcer, Capita, has announced plans to riase £700m through a rights issue to reorganise the business after it was revealed that the company suffered a £515.1m pre-tax loss in 2017

Accounting / Pension funds at risk from cyber crime, warns PRAG

The Pensions Research Accountants Group (PRAG) is warning that pension funds are at high risk of attack from cyber criminals as they have access to extensive personal identity data including addresses, financial records and banking details, which can be sold, or used to compromise or steal from other victims

Insight / 81% of mid-sized businesses at risk of breaching anti-money laundering rules

Medium sized businesses are proving slow to address the risks of falling foul of anti-money laundering (AML) and anti bribery legislation, because they are reluctant to spend time on non-financial reporting, according to RSM

Tax / Hammond wants global action on money laundering

Chancellor Philip Hammond is calling for a global crackdown on dirty money used to fund rogue regimes and illicit activity, with demands for more effective sanctions on North Korea and greater IMF scrutiny