Practice & Industry

Insight / UK exports likely to fall by 8% due to Covid-19

UK exports could see a hit of up to £50bn as a result of the global economic slowdown caused by Covid-19, according to new research by PwC

Tax / Call for carbon taxes to offset Covid-19 costs

The Treasury should make more use of carbon taxes and consider other changes in tax policy in order to support efforts to reduce greenhouse gas emissions and bolster public finances, according to the Committee on Climate Change (CCC)

Insight / FCA consults on value for money in workplace pensions

The Financial Conduct Authority (FCA) is consulting on proposals designed to promote value for money for the members of workplace personal pension schemes, after a review identified inconsistences in the approach used by the two bodies which represent their interests

Accounting / Food for thought: is agriculture accurately reporting biological assets?

With incidences of food and agriculture companies misreporting the fair value of their biological assets, Gabriel Thoumi, director of financial markets at Planet Tracker, explores the environmental and financial ramifications of misleading reporting within the sector

Insight / Treasury details post-Brexit financial services regulation

The Treasury has set out details of how the UK will regulate the financial services sector following its exit from the EU, with reforms planned to take effect following the end of the transition period at the close of the year

Insight / Covid-19: UK Businesses owed £133bn since lockdown

Nine in ten businesses are waiting to be paid an average of £148,917 for work done pre-lockdown, finds Market Finance, as business owners are urged to ‘look beyond their banks and seek advice’ to unlock potential economic solutions

Insight / Deloitte handles £56m Go Outdoors pre-pack administration

Deloitte has been called in as administrators to Go Outdoors, and has sold the high street camping clothing and supplies company in a £56.5m pre-pack deal to owners JD Sports Fashion

Tax / Hidden tax perils for business debt refinancing

As the Covid-19 crisis forces more businesses to raise funds and take on more debt, MHA MacIntyre Hudson’s Chris Denning analyses the possible tax pitfalls of corporate refinancing

Accounting / What lies ahead for accountancy firms large and small

From the Big Four to sole practitioners, there will be winners and losers. Carbon Accountancy’s John Leyden sets out the future challenges, from paying staff and partners to changing business models and keeping clients

Insight / Critical UK public health businesses protected against foreign takeovers

The government is to pass legislation offering new protections for UK businesses critical to combating coronavirus and future public health emergencies, which will prevent hostile takeovers

Insight / Covid-19 has triggered additional stress on cashflows

UK businesses converted just 2.6% of the value of their sales into free cashflow on average last year, this figure has stayed low after falling from an average of 3.3% just four years ago, prior to the EU referendum, shows study by BDO

Insight / UK retains top spot for financial services investment

The UK has maintained its 20-year record as Europe’s most attractive location for international investment into financial services, attracting double the number of projects compared to its closest competitor, Germany, according to research by EY

Insight / Is Covid-19 the final reel for UK cinemas?

Picture houses are facing epic financial challenges, but if the big studios continue to release their blockbusters in theatres, this is no time to die, argues Mercer & Hole’s Andy Turner

Insight / FCA fines Commerzbank London £37.8m over AML

The Financial Conduct Authority (FCA) has fined Commerzbank AG (London Branch) £37,805,400 over anti-money laundering (AML) failures between October 2012 and September 2017

Insight / PwC in spotlight over remote working compliance technology

PwC has come under the spotlight over a project to develop a facial recognition tool allowing clients to track finance workers’ absences from their computer screens while working from home remotely, amid concerns over privacy issues