Begbies lowers its outlook

British restructuring specialist Begbies Traynor said it lowered its expectations for full-year results due to a fall in demand for its tax planning services, sending its shares down eight per cent.

The company also said restructuring of its insolvency, tax and support areas was expected to cost about £3m for the year ending 30 April. Begbies Traynor said its tax division was hurt by a tougher stance towards tax planning activities by the government and the UK tax authority, HMRC.