Category: Articles

After a significant wait (498 days) since the last Budget – not to mention a change of Prime Minister and subsequent General Election – the scene was set for a package of fundamental changes to the UK tax system. We will never know whether events of recent weeks had a significant impact on the wide-ranging…

Many insurance brokers are likely to be affected by new rules for employment status workers hired via an intermediary. The Government is to review these changes, which may delay their scheduled introduction in April. Whichever way, Chris Riley explains how to prepare. Consultants who provide advice to a business are a feature of all sectors.…

Since its introduction in October 2018, the Insurance Distribution Directive (IDD) is proving more difficult to implement that expected. David Allison of Compliance Management Services reports on the sticking points. After an unprecedented delay of eight months from its original effective date, IDD finally came into force on 1 October 2018. Nearly a year-and-a half…

In June 2019 the FCA published its consultation paper CP19/20 ‘Assessing Adequate Financial Resources’. It explains the importance of financial resources In helping firms to minimise harm and risk, how to assess these internally and what to expect from the FCA’s assessment. Paul Goldwin reports. The FCA has emphasised that this is not merely an…

Even assuming an EU:UK Trade Agreement comes into force on 31 December 2020, the insurance sector is unlikely to benefit. Howard Jones explains why setting up a NewBro is the best solution to keep control of corporation tax and VAT. Britain left the EU on 31 January and a transitional period is operating until the…

The Senior Managers & Certification Regime (SM&CR) came into effect on 9 December and affects all insurance intermediaries. Samiha Shaikh, Senior Manager at PKF Littlejohn provides a checklist that will keep you in line with the specifications. The document’s key objectives are to define and confirm accountability for senior people in firms (clarifying their responsibilities),…

As we come to the end of the first accounting period for the new standard, Imogen Massey provides a quick guide for mining companies. The new lease accounting standard, IFRS 16, came into effect on 1 January 2019 and many companies will already have adopted it in their interim financial statements. The standard supersedes IAS…

The accounting treatment of a reverse acquisition by a listed company can be complicated. John Black outlines the key considerations for operating companies obtaining a listing this way. A reverse acquisition is said to have occurred when the entity that issues securities (the legal acquirer) is identified as the acquiree for accounting purposes. The entity…

Consumer attitudes to mining have changed. In difficult times, what do companies need to do to win back trust and remain successful? Adam Humphreys considers the options. The mining and metals sector is recovering from one of its most difficult periods in recent years. It has come under pressure from commodity price decreases and geopolitical…

Mining businesses will be affected by new rules for employment status workers hired via an intermediary. Chris Riley explains how to prepare for April 2020. Consultants who provide advice to a business are a feature of all sectors. But for many years governments and HMRC has been concerned that the use of consultants, often off-payroll,…

Economic challenges abound in the mining sector. But these are being made much worse by the actions of fraudsters that are going unchecked.  The international mining sector faces many financial pressures that affect its profitability. Many of these relate directly to mining expenditure – like rising energy prices, increased construction costs, geological difficulties or increasing…

The collapse of companies such as Carillion and Patisserie Valerie has triggered stronger scrutiny of the audit sector through a series of independent reviews.  These high-profile corporate crises have highlighted pre-existing concerns over audit quality and the need for robust reforms of the UK audit market. In response to these failures, and the increasing awareness…