Ladbrokes fails to recoup £71m from HMRC in long-running tax spat March 22, 2018 Ladbrokes’ long-running tax battle with HMRC has come to a halt after the Court of Appeal rejected the bookies’ appeal to win a £71m rebate for the third time. Ladbrokes’ dispute with HMRC dates back to 2008, when it entered into a scheme promoted by Deloitte that was branded as tax avoidance by HMRC. The [...]
Leisure spending to hold up in 2018 but fails to give boost to struggling eating out industry February 6, 2018 Leisure spending will hold up in the UK this year as millennials flock to the pub. Consumers reported that they expected to spend more on enjoying themselves in 2018, according to Deloitte’s quarterly survey. Spending held up in the final quarter of 2017, especially amongst millennials who drove a resurgence in spending at pubs and [...]
Consumer fears about driverless cars are steadily dropping March 19, 2018 Nearly half of UK consumers still believe that self-driving cars will not be safe. That figure is down from 73 per cent last year, according to Deloitte, suggesting that while concerns are still there, they are steadily diminishing. The auditor’s report found that more than half of UK consumers would feel more comfortable being a [...]
Steak restaurant chain Gaucho has filed for administration July 18, 2018 Steak restaurant Gaucho is expected to fall into administration as early as today after rescue talks for the chain failed. The company has filed a notice of intention to appoint an administrator, it confirmed this morning. “Despite an extensive options process which attracted proposals from a number of parties, it is with regret that due [...]
Steak restaurant chain Gaucho has filed for administration | City A.M. July 18, 2018 Steak restaurant Gaucho is expected to fall into administration as early as today after rescue talks for the chain failed. The company has filed a notice of intention to appoint an administrator, it confirmed this morning. “Despite an extensive options process which attracted proposals from a number of parties, it is with regret that due [...]
MPs slam Carillion’s ‘rotten’ corporate culture and call for break up of the big four audit firms May 16, 2018 MPs today slammed Carillion’s “rotten” corporate culture and called for a break up of big four audit firms. A report published today by the Work and Pensions and Business, Energy and Industrial Strategy (BEIS) Committees said that Carillion’s collapse was a “story of recklessness, hubris and greed”. Read more: Failed outsourcer Carillion hid true level [...]
Outrage-induced regulation will not fix the broken audit market October 12, 2018 The audit market is broken. Don’t take my word for it – ask Rachel Reeves, the Labour MP who chairs the BEIS select committee, or Liberal Democrat leader Vince Cable, or even the Conservative business secretary Greg Clark, who last month ordered an inquiry into competition in the sector. With such cross-party concerns, it should not [...]
Big Four firm KPMG has been slammed by Britain’s accountancy watchdog June 18, 2018 Big four accountancy firm KPMG was slammed this afternoon for the “unacceptable deterioration” in the quality of its audit work. The industry’s watchdog, the Financial Reporting Council (FRC), said the firm, which audited Carillion before its collapse in January, will now face increased scrutiny. Half of KPMG’s FTSE 350 audits are “in need of more [...]
Legal & General boss Sir John Kingman in line to spearhead audit watchdog probe April 4, 2018 The chairman of Legal & General is on the shortlist to lead an investigation into Britain’s top accounting regulator, according to reports. Sir John Kingman, previously a prominent figure in Whitehall as Treasury second permanent secretary, is among those being considered to spearhead a review of the Financial Reporting Council (FRC). The candidate could be [...]
Outsourcer Interserve’s share price plummets on news it’s being investigated by the FCA over its handling of inside information May 11, 2018 Construction outsourcer Interserve, which suffered a torrid 2017 after issuing a string of profit warnings, today revealed its darkest days may not yet be behind it. The business announced it is being investigated by the Financial Conduct Authority (FCA), in connection with its handling of inside information and its market disclosures when it exited its [...]