Business

Insight / Former Carillion executive facing directors’ bans

As the third anniversary of the collapse of Carillion approaches, business secretary Kwasi Kwarteng has begun legal proceedings which could see eight former executives banned from serving as directors for specified periods

Insight / FCA updates Covid repossession guidance

The Financial Conduct Authority (FCA) is to update its guidance on mortgages and consumer credit repossessions during the pandemic, easing some of its previous recommended restrictions

Insight / MPs to investigate corporate insolvency market

An influential cross-party group of MPs is to conduct an in-depth investigation into standards in the UK insolvency profession, in response to claims that some practitioners are prioritising lenders’ interests over those of business or other creditors

Insight / Consulting services drive 9.2% growth at RSM International

RSM International has posted a 9.2% hike in global revenue which hit $6.3bn (£4.6bn) in 2020, up from $5.7bn (£4.2bn) the previous year

Insight / Push to extend debt relief order eligibility post-Covid

Financial difficulties caused by Covid are driving plans to increase the financial eligibility criteria for debt relief orders (DROs), in a bid to help more vulnerable people get a fresh start

Insight / FCA warning on LIBOR transition by year-end

The Financial Conduct Authority (FCA) has warned firms that they must make sure they can complete their transition away from LIBOR to a new sterling benchmark before the end of the year

Tax / UK business ill-prepared for IR35 rule changes

With just three months to go before off payroll tax rules come into effect for the private sector, half of UK firms that hire contractors are not prepared for the changes, according to research by IR35 Shield

Tax / Post Brexit VAT and the financial services sector

Suppliers of financial services to EU customers will be able to recover VAT on their costs from 1 January 2021 as rules will align with non-EU 27 providers. Kevin Hall, partner at Wright Hassall, explains

Insight / Covid prompts 21% slump in tax advisory revenues

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

Insight / Covid puts 250,000 small businesses at risk of failure

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

Tax / Q&A: define an SME for R&D purposes

In our regular Q&A series, Croner Taxwise, tax consultant, David Woolley, explains how to define when an SME becomes a large business for research and development (R&D) purposes

Insight / Kwasi Kwarteng appointed BEIS secretary of state

Kwasi Kwarteng has been appointed secretary of state at the Department of Business, Energy and Industrial Strategy (BEIS), he will replace the RT Hon Alok Sharma who served from 2020 - 2021

Tax / Covid judged ‘reasonable excuse’ for late SA returns

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

Insight / Treasury consults on new cryptoassets regulatory regime

The Treasury has kicked off a consultative process on proposals for a new regulatory approach to cryptoassets and stablecoins, with a three-month call for evidence from industry and stakeholders

Insight / Deutsche Bank pays $120m to settle bribery charges

Deutsche Bank has agreed to pay $120m (£89m) to resolve bribery charges brought by the Securities and Exchange Commission (SEC) relating to violations of the Foreign Corrupt Practices Act (FCPA)
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