Insight

Insight / Value of fraud cases exceeds £1bn in UK courts

The number of insider fraud cases involving businesses has more than doubled in the last year, according to figures from KPMG

Insight / Search begins for OBR chair to replace Robert Chote

The Chancellor has launched the process to appoint the next chair of the Office for Budget Responsibility (OBR), the body which provides independent economic forecasts and independent analysis of public finances for the government

Audit / NAO releases draft Code of Audit Practice 2020

The National Audit Office (NAO) has published the final draft of the new Code of Audit Practice 2020, confirming more robust narrative reporting requirements 

Insight / Nexia network revenue hits £3.3bn

Accounting network Nexia International saw a 7% rise in revenues last year, with total fee income of more than $4.3bn (£3.3bn)

Tax / Framework for UK/EU double taxation dispute resolution

HMRC has outlined proposals for new regulations designed to provide a more efficient framework for the resolution of double taxation disputes arising between the UK and other member states post-Brexit

Insight / European data breach fines hit £97m

European regulators have imposed €114m (£97m) in fines under the GDPR regime for data privacy infringements, with a further €329m in fines threatened by the UK regulator

Insight / FS firms pause post-Brexit relocation plans

With 10 days to go until the UK officially leaves the EU, financial services firms have gone quiet on relocation announcements, and are focusing instead on the nature of post Brexit relationships, according to research from EY

Insight / Lord attempts to save SMEs with 30-day payment limit

Lord Mendelsohn is introducing a Private Members Bill to the House of Lords in an effort to tackle late payments and to strengthen the powers of the Small Business Commissioner

Insight / Military vehicle manufacturer loses cashflow battle

Blair Nimmo, partner, and James Lumb, director, from KPMG’s restructuring practice have been appointed joint administrators of Penman MW Ltd

Insight / Beales sunk by high rent and low sales

KPMG has been appointed as administrator of department store Beales as the company collapses into administration following high rent and poor Christmas sales

Audit / Green corporate governance vital to 2030 environment goals

Accounting bodies have called for listed companies to improve reporting on the UN’s Sustainable Development Goals (SDG) in an attempt to meet 2030 environmental goals

Accounting / Guernsey overhauls corporate insolvency rules

Guernsey is to reform its insolvency laws to create a more effective corporate insolvency regime with more accountability for directors

Audit / Investors want more insight into relationship between board and employees

Companies need to improve their reporting on workforce-related issues by providing clearer and more consistent information about how staff interface with wider the business strategy, says UK standard setter

Insight / Property pair jailed for £1m tax fraud

Two men who bought and sold over 50 properties but failed to pay nearly £1m in tax, have been jailed for more than eight years following an HMRC investigation

Insight / Wealth series: advising an entrepreneur after a business sale – part 3

Ian Dembinski, head of client development at Rathbone Investment Management, explores the partnership between accountant and wealth manager in guiding entrepreneurs through the sale of their business and managing their wealth in the longer term
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