Business

Tax / Global anti-money laundering fines top £6bn

A record number of anti-money laundering (AML) penalties were handed down worldwide last year, totalling over $8bn (£6.2bn), with the US authorities taking the lead, imposing twice as many fines as UK regulators

Insight / Financial stress worst in retail

One in five businesses are financially stressed, with more than 1,000 companies in situations of acute distress

Insight / RSM invests in creditor services expansion

RSM is beefing up its creditor services business with a £100k plus investment, including substantial investment in products, people and premises, in anticipation of increasing activity as the UK economy comes under strain

Tax / Flybe saved by deferral of £106m flight tax bill

The government has caved into pressure from regional UK airline carrier, Flybe, which was flying in the face of potential administration, delaying payment on a £100m plus tax bill for airline passenger duty

Insight / Businesses must act on climate change, says World Economic Forum

Governments must work together to pressure business to take action on climate change because ‘the longer we wait, the more painful the transitional period will be’, are the findings of the latest World Economic Forum’s Global Risks Report

Accounting / Government fails to monitor £17bn spend on business support schemes

The government is spending £17bn a year on dozens of schemes to support business, but its activities are poorly co-ordinated and overly complex, meaning it cannot clearly demonstrate which schemes deliver value for money

Insight / Ex-BHS owner owes pension scheme £9.5m

Following a lengthy legal battle with the regulator, entrepreneur Dominic Chappell has been ordered to pay £9.5m into two pensions schemes connected to the collapsed high street chain BHS, which he bought for £1 in 2015

Insight / Barcelona tops football revenues league table

Barcelona has been named the highest earning football club in the world, and the first to break the €800m (£686m) barrier, while Manchester United’s fortunes are on the wane, according to an annual survey from Deloitte

Tax / HMRC releases contractor factsheet on IR35 rules

HMRC has updated its guidance on the extension of existing off-payroll working rules (IR35) to the private sector, scheduled for April, with a new contractor factsheet setting out the changes

Tax / VAT in 2020 – post-Brexit implications

With Brexit on the verge of being finalised, at least at stage one, Alison Horner, indirect tax partner at MHA MacIntyre Hudson, looks at the impact on VAT and cross-border transactions post 31 January

Insight / Post-election business confidence at record high

Business sentiment has surged to an all-time high in the wake of December’s election, recording the largest increase in confidence amongst the UK’s biggest companies for over a decade, according to research by Deloitte

Insight / Big Four alumni at FRC: who’s running the audit regulator?

The Financial Reporting Council is set for a complete overhaul this year and heavy criticism of the regulator has seen a purge of top management with fewer Big Four alumni in key positions

Insight / Dixons Carphone fined £500k over data loss

DSG Retail Ltd, a subsidiary of Dixons Carphone, has been hit with a £500,000 fine, the maximum possible over a data breach

Insight / Bishop Fleming signs flagship office deal

Bishop Fleming has announced plans to move its Bristol office to a new head office in the city later this year

Insight / Barclays faces landmark challenge on financing fossil fuels

Barclays has become the first European-listed bank to face a shareholder challenge on climate change, with a call for the bank to phase out the financing of fossil fuel companies and certain utility companies starting next year
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