Practice & Industry

Insight / Regulator orders pensions trustees to check data

The trustees of hundreds of pension schemes are to be ordered to urgently review the data they hold as part of a crackdown on poor record-keeping by The Pensions Regulator (TPR), which could result in fines of up to £50,000 for those found to be non-compliant

Accounting / Can you pay your accountant in cryptocurrency?

Top 50 accounting firm BKL is the first practice outside the Big Four to offer clients a Bitcoin payment facility. Jon Wedge, financial services partner, explains the due diligence process undertaken before launching the cryptocurrency payment service

Insight / Irish firms in €8m merger

Two Irish accountancy firms, both members of the DFK International association, are to merge to create a combined practice with an annual fee income of over €8m (£6.9m)

Tax / FCA cracks down on car finance commission

The Financial Conduct Authority (FCA) is consulting on new rules for discretionary commission models, after research in the motor finance market revealed the potential for annual savings of £165m for consumers through changes to the way brokers are paid 

Insight / Equity crowdfunding and due diligence requirements

Raising finance is always a challenge and taking the equity crowdfunding route requires additional due diligence. John Auckland of TribeFirst sets out key pointers for start-ups and growth stage companies 

Tax / R&D tax credit claims up 20%

There has been a 20% increase in the total number of claims for R&D tax credits, according to the latest HMRC figures, primarily driven by a rise in the number of SME claims, with the department forced to add extra resource to meet the demand 

Insight / Accountants most popular professional advisor with SMEs

Two-thirds of SMEs have hired an accountant – making them the most popular professional adviser with this group – but a quarter says they only did so when faced with a crisis, according to research from Direct Line for Business

Insight / ICAEW builds ties with Indian institute

ICAEW has signed an agreement with the Institute of Chartered Accountants of India (ICAI) for mutual recognition of their qualifications and to create a pathway for their members to become members of the other’s institutes

Insight / Margate witnesses launch of Turner £20 note

The design for the new £20 polymer note featuring artist JMW Turner has been revealed by the governor of the Bank of England, Mark Carney, at the Turner Contemporary art gallery in Margate

Insight / Links jewellery chain in administration

Upscale high street jewellery chain Links (London) Ltd has collapsed, putting around 350 jobs at risk

Insight / Grant Thornton cuts partner numbers

Mid-tier firm Grant Thornton has confirmed it is shedding a ‘small number’ of partners in a bid to save costs, in a year which has seen the firm pay a hefty fine over audit failing at AssetCo and come under the microscope over its audit of collapsed café chain Patisserie Valerie

Audit / BDO chief predicts 25% hike in audit fees by 2022

Audit fees could increase by up to 25% over the next three years as auditors come under regulatory pressure to provide higher quality audit to listed companies, warns Paul Eagland, BDO managing partner. Sara White reports

Audit / Audit regulator shakes up leadership team

The Financial Reporting Council (FRC) has overhauled its leadership team with the appointment of Simon Dingemans and Sir Jon Thompson as chair and chief executive

Insight / PwC tops list for action on social mobility

PwC and KPMG have come top of a list of 75 leading UK employers who have done the most to promote social mobility in the workplace

Insight / Family-owned businesses suffer 'trust fund syndrome'

‘Trust fund syndrome’ is gripping family-owned businesses and forcing many of them out of family ownership after two generations, warns Smith & Williamson