The impact of Covid-19 has seen the UK’s tax advisory market contract by one fifth (21%), more than double the global level of decline, according to a report by Source Global Research
Some 250,000 small businesses are at risk of closure as a result of the pandemic according to the Federation of Small Businesses (FSB), which is calling on the government to provide more support for the sector during the latest national lockdown
Taxpayers who fail to submit their self assessment return by the 31 January deadline because of difficulties caused by Covid will be able to claim this as a ‘reasonable excuse’ to overturn a late filing penalty, HMRC has confirmed
Some 4,000 financial services firms are at risk of failing as a result of the impact of the pandemic on their solvency, analysis by the Financial Conduct Authority (FCA) has shown
CFOs at some of the UK’s biggest companies are predicting a five-fold increase in home working by 2025, along with hikes in the levels of corporate and individual taxation as a result of the pandemic
The Treasury needs to ensure it implements a clear and consistent policy for the repayment or recovery of business bounce back loans (BBLs), or risk losing out on some £6bn, the Credit Services Association (CSA) is warning
With a new national lockdown starting tomorrow and set to last at least until mid-February, the Treasury has announced £4.6bn in additional grants to support businesses which are forced to close
KPMG’s global results reveal a pre-pandemic growth rate of 5% had been cut to -1% by the end of the financial year, which finished with KPMG firms’ annual aggregated revenues standing at $29.22bn, compared to $29.75bn the previous year
With just two shopping days to go, and non-essential shops shut across large parts of the country, tough trading conditions have already hit the sector with a 24% leap in the number of struggling retailers in the final quarter of the year
EY has come to the aid of sporting fans and others who want to get back to attending matches and other live events, with the launch of a wireless-enabled technology solution designed to address social distancing concerns
The Financial Conduct Authority (FCA) has fined Barclays £26m for poor treatment of customers in financial trouble, and has warned all financial institutions to ensure they act fairly for those in difficulty as a result of Covid-19
Post-pandemic, 90% of businesses worldwide expect working life to look different, according to an international survey by ICAEW, which also underlined the need to address growing mental health concerns
In common with others of the Big Four, PwC acknowledged this year’s financial results have been impacted by Covid, with revenues up by 3% at £4,380m but profits falling 8%, resulting in a 10% cut to partner payouts
In a move to support businesses, the Chancellor has announced that the current furlough scheme will be extended to 30 April while covid business loans will now be available until the end of March
EY has reported a 5% increase in UK fee income over the past year, buoyed by the firm’s pre-pandemic performance, but average profit per partner has dropped to £667,000 and an additional 10% of partner distributions have been retained due to continuing Covid-19 uncertainty
