Business

Insight / Treasury introduces anti-money laundering supervision body

The Treasury has announced the launch of the new Office for Professional Body Anti-Money Laundering Supervision (OPBAS), designed to tackle potential weaknesses in the supervisory system that criminals and terrorists may be trying to exploit, and is also consulting on further developments to the anti-money laundering (AML) supervisory regime

Tax / Creative sector sees 27% increase in tax relief payments

The UK creative sector has benefitted from a 27% increase in tax relief payments from £519m in 2015/16 to £661m in 2016/17, with an added £51m from new theatre and children’s television tax relief bringing this year’s record total to £712m

Insight / Ilkeston FC bought out of liquidation by Notts County FC owner

Non-league football club Ilkeston FC has been bought out of liquidation by Nottinghamshire businessman Alan Hardy, who also acquired League Two club Notts County in January 2017

Insight / General Data Protection Regulation (GDPR): HR compliance issues

Social media is flooded with articles about the General Data Protection Regulation (GDPR), lots of statistics and conflicting information but very little in terms of cold hard facts. With the regulations less than 12 months away, Julie Lock, service development director at MHR looks at what GDPR is and what organisations should be doing from a HR perspective to ensure compliance

Tax / HMRC’s NMW/NLW enforcement budget to increase by £5.3m

HMRC’s budget to ensure businesses are paying employees the national minimum wage (NMW) and national living wage (NLW) is to increase by £5.3m in 2017/18 after it grew significantly in April 2016 to £20m, according to government’s Labour Market Enforcement Strategy report

Insight / HS2 hits buffers over unauthorised redundancy payouts

The National Audit Office (NAO) has qualified the accounts of High Speed Two (HS2) Ltd, the company set up by the Department for Transport (DfT) to develop, build and operate a high speed rail network, on the grounds it paid out £1.76m in unauthorised redundancy payments and lacked sufficient controls

Insight / Buyer found for weekly newspaper titles in administration

Chris Newell, a partner at corporate recovery and business advisory firm Quantuma, has been appointed administrator to Capital Media Newspapers Ltd, a London and Dorset weekly newspapers group, and has successfully sold some of the titles, saving the majority of the jobs in the business

Insight / Government introduces parental bereavement Bill

A Bill has been introduced to allow employed parents who have suffered the death of a child to receive statutory paid leave to grieve, as part of the government’s promise to ensure bereavement support for employees despite a similar Bill failing to reach the second reading stage last year

Insight / Review of Groceries Code Adjudicator finds persistent ‘climate of fear’ in suppliers

A statutory review of the Groceries Code Adjudicator (GCA) has found an ongoing concern that some supermarket suppliers are reluctant to bring issues to the adjudicator owing to a ‘climate of fear’

Audit / BBC switches £2m audit to National Audit Office as EY bows out

EY faces a £2m loss in annual audit fees as it steps down from the BBC audit as the National Audit Office (NAO) takes over the contract for the 2017/18 financial years and is currently negotiating the transition

Insight / Government to end credit and debit card surcharges

The government has introduced a new rule to stop businesses adding any surcharges to credit and debit card payments, with the regulation coming into force from January 2018

Insight / FRC enforcement costs under budget by £2.8m

The Financial Reporting Council (FRC) reported a £2.5m surplus last year, partly as a result of efficiency sayings, but also because total expenditure was slightly down at £29.3m, due to lower than expected spending on enforcement costs and delays in recruiting staff

Insight / Plastic £10 note featuring Jane Austen unveiled

The design of the new polymer £10 note, which features a portrait of Jane Austen, has been revealed today by Bank of England governor Mark Carney at Winchester Cathedral on the 200th anniversary of the author’s death

Insight / Warning on Brexit finance uncertainty

With the UK’s negotiations over leaving the EU still uncertain, less than one third of UK businesses (29%) have made Brexit plans, while under a half (43%) have held meetings to discuss the opportunities and risks, according to ICAEW research

Insight / FRP Advisory finds buyer for collapsed debt management firm

Anthony Collier and Ben Woolrych, partners at FRP Advisory, have been appointed joint administrators to Baines & Ernst Ltd, a Manchester-based debt management firm which got into financial difficulties, and have secured immediate transfer of the business to a new provider
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