Job cuts at Big Four firms fuel worker burnout May 20, 2026 Job cuts at professional services firms are resulting in overworked staff, but the pressures – combined with increased reliance on AI – risk damaging firms’ reputations through mistakes, writes Maria Ward-Brennan. The professional services industry, especially the Big Four giants, has faced its fair share of job cuts, with thousands of roles laid off in [...]
HMRC fights to close Bolt’s VAT loophole May 19, 2026 Ride-hailing platform Bolt faces the tax authorities in court today over how it calculates and pays its VAT bill. At the centre of this dispute was the question of whether Bolt could use the tour operators’ margin scheme (TOMS). Under this scheme, businesses only pay VAT on the profit margin they make between buying a [...]
Revolut deploys AI to scrutinise law firms in major shake-up May 19, 2026 Fintech giant Revolut is scrapping the ‘traditional’ method of assigning external law firms in favour of a new system where no law firm’s position is secure. Businesses that need external law firms on hand hold a panel session, where they vet law firms within their price range, and those that win secure a spot for [...]
Shakira’s taxes don’t lie as singer wins £48m tax row May 18, 2026 A Spanish court has ordered the country’s tax authority to repay Colombian singer Shakira £48m after ruling that it had improperly collected the money in a dispute over her tax payments. In a statement published today, Madrid’s National Court said it has upheld Shakira’s appeal against the fine she was hit with five years ago, after [...]
Regulator under pressure as solicitor misconduct reports soar nearly 30 per cent May 18, 2026 Reports about solicitors’ misconduct have spiked by nearly 30 per cent in the past year, new data from the Solicitors’ Regulation Authority (SRA) has revealed. The watchdog, which regulates more than 200,000 solicitors in England and Wales and 9,000 law firms, said there is “a large increase” in misconduct reports and the number of investigations [...]
Tax judge criticises ‘fabricated AI cases’ cited in appeal against HMRC May 18, 2026 A former West Sussex restaurateur has avoided contempt of court after using AI hallucinations as evidence in his £51,000 tax battle against HMRC. HMRC had sent letters to Omar Rafique, former director of Karma Lounge in Worthing, in 2024 demanding payment of over £51,200 and warning that he could face bankruptcy if the debt was [...]
Energy giant clashes with HMRC at UK’s highest court over £28m penalty May 18, 2026 Scottish Power is to face the tax authority at the UK’s highest court over a tax deduction on a £28m penalty to settle a probe with the regulator. The legal case stems from a probe by the energy regulator Ofgem into Scottish Power between 2013 and 2016 regarding mis-selling, poor complaints handling, and a lack [...]
EY coughs up over £100m to settle NMC Health court conflict May 18, 2026 Big Four giant EY is understood to have paid over £100m to settle a High Court claim brought by former FTSE 100 company NMC Health that collapsed during a fraud scandal. Both EY and the healthcare provider reached a confidential agreement in February to settle the claims, which were brought four years ago against EY for [...]
Crispin Odey settles sexual assault claims ahead of trial May 14, 2026 Former hedge fund tycoon Crispin Odey has settled a string of sexual assault allegations brought against him just weeks ahead of a trial that was due next month. Odey had faced five personal injury claims against him brought by women who accused him of sexual assault. But he has settled four of the claims before [...]
Norwegian billionaire forced back to London in £285m Deutsche Bank dispute May 12, 2026 Norwegian billionaire Alexander Vik has been ordered to return to the City to be interrogated about his hidden assets during a 13-year-long legal dispute with Deutsche Bank. The bank first sued the business mogul’s company, Sebastian Holdings, in 2009 after the company suffered a series of losses on foreign exchange and equities trade deals during [...]