Business

Insight / Employee retention boosted by rewards

Nearly all (94%) of small and medium sized enterprises (SMEs) reward their employees with half stating that the main reason for doing so is to keep motivation levels high, which in turn has led to a third of businesses experiencing higher retention rates, according to research from American Express

Insight / £170m to play for in football league promotion match

Bank Holiday Monday promises to be pay day for either Huddersfield Town or Reading, as the two football clubs battle it out in the play-off for promotion to the Premier League, with analysis from Deloitte suggesting the winner will score an additional £170m in revenue, rising to more than £290m if they survive their first season

Insight / FRP Advisory prescribes administration for RedX Pharma

FRP Advisory has been called in as administrators to both RedX Pharma plc and its subsidiary RedX Oncology Ltd, after Liverpool City Council called in a £2m loan to the AIM-list company

Audit / KPMG hangs up on telco operator Lycamobile

KPMG has resigned as the auditor of Lycamobile UK Ltd, citing problems in obtaining ‘sufficient, appropriate audit evidence’ and concerns about whether there are adequate accounting records at the mobile network operator, which is involved in a £26m VAT dispute with HMRC

Insight / CIPFA signs up to deliver apprenticeships

CIPFA is to begin delivering accountancy and finance apprenticeships from autumn this year, after being accepted onto the Education and Skills Funding Agency’s (ESFA) register of apprenticeship training providers

Tax / PCS union slates HMRC’s office reorganisation plans

HMRC staff at the Public and Commercial Services (PCS) annual conference have condemned the department’s plans to close local offices as ‘impractical’, and indicated they will continue to campaign for a review of the decision to move most employees to new regional hubs under HMRC’s Building our Future (BoF) strategy

Accounting / OECD consults on transfer pricing for intangibles

The OECD is consulting on outline guidance on the approach to pricing transfers of hard-to-value intangibles (HTVI) described in its transfer pricing guidelines, which is one of the requirements of its Base Erosion and Profit Shifting (BEPS) action plan

Insight / FRP Advisory called in to failing law firm

Tom MacLennan and Iain Fraser, partners with FRP Advisory, have been appointed joint administrators of Hamilton Burns WS Ltd, a Scottish-based immigration, criminal, matrimonial and civil practice law firm which has collapsed with half of its staff losing their jobs

Insight / Data breaches: preparing for EU General Data Protection Regulation

Changes to data protection laws will have wide-reaching impact on UK companies and subsidiaries, with tough penalties for non-compliance when the EU General Data Protection Regulation (GDPR) is introduced in 2018. Huw Beverley-Smith, a partner in the technology transactions group at Faegre Baker Daniels, considers the implications for accountants

Insight / 13% of accountancy firms have no website

The accounting sector’s presence on social media is lacking compared to other industries with only half of firms having a twitter profile and 13% admitting to not having a website, according to a report by Propero Partners

Audit / KPMG picks up Swiss energy audit at ABB

Swiss power transmission and automation technology specialist ABB is to appoint KPMG as its external auditor effective for the financial year 2018, ending a more than 16-year relationship with EY

Insight / Higher pension deficit payments hit pay packets

Companies are suppressing wages by an average £200 a year in order to plug historic gaps in defined benefit (DB) pension schemes, even though some low earners are excluded from such schemes, according to a study by the Resolution Foundation

Insight / Restructuring specialist Quantuma sees 21% turnover hike

Restructuring and insolvency practice Quantuma has reported turnover up by 21% in the year to 31 March 2017, and has announced an expansion of its regional offices

Insight / Half of accountants expect promotion within two years

Accountants are becoming increasingly ambitious and are craving quicker career progression routes as well as wanting more recognition for their work, with over two thirds aspiring to reach senior positions such as CEO and CFO, according to Hays’ What Workers Want report 

Insight / Accountancy students worry about work/life balance

Over a third of accountancy students are unhappy about their work-life balance according to a survey of wellbeing amongst ICAEW ACA students conducted by CABA, the sector charity, which found that many are worried about long hours and are concerned their health is suffering
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