EY revenues hit record highs as partners prepare to vote on global split November 1, 2022 EY’s UK business today posted record revenues of more than £3.2bn as partners at the Big Four firm prepare to vote on plans for a global split. The UK business’ revenues increased 17.2 per cent as the accountancy firm’s fee incomes were bolstered by a 33 per cent uptick in consulting revenues. A 15 per [...]
Tax authorities arrest eight people over alleged attacks on R&D incentives October 31, 2022 Tax authorities have arrested eight people over alleged “organised criminal attacks” on tax breaks for those carrying out research and development. The individuals are alleged to have set up more than 100 fake claims worth more than £16m, under the £7.4bn scheme which is designed to incentivize innovation by providing tax breaks for R&D, according [...]
Collapse of landmark tax deal could result in trade wars, OECD tax chief warns October 31, 2022 The US and Europe risk reigniting trade wars and losing hundreds of billions in tax revenue if they fail to implement the major global tax deal agreed to last year, the OECD’s departing tax chief has warned. The landmark tax deal, which ensure major multinational corporations with annual revenues of more than €750m (£643m) are [...]
Slaughter and May lets lawyers clock out of emails from 10pm to 8am October 30, 2022 Magic Circle law firm Slaughter and May is set to let its lawyers log out of their emails after 10pm in a bid to prevent “unnecessary incursions” on its employees’ work-life balances. However, lawyers at the elite London firm must still be “reachable by phone” and may still be required to check emails past 10pm [...]
UK government urged to provide clarity on ‘no win, no fee’ lawsuit deals October 30, 2022 The UK government should provide clarity on “no win, no fee” lawsuit pay agreements, the Law Society of England and Wales has said. The solicitor’s trade body’s call comes after the Court of Appeals ruled in favour of personal injury lawyers CAM Legal Services, over fees it charged in a “no win, no fee” claim. [...]
Airbus warns of ‘material adverse impact’ from Qatar Airways lawsuit October 30, 2022 Plane manufacturer Airbus has warned investors it faces “material adverse impact” as the result of an ongoing court battle with Qatar Airways, over the Qatari airline’s claims it was forced to ground multiple aircraft due to an underlying “design defect” in Airbus’ planes. In a financial statement, Airbus said Qatar Airways’ lawsuit could have an [...]
Young workers see class background as barrier to career success October 27, 2022 Young workers from lower socio-economic backgrounds continue to see class as a barrier to success, according to new research from accounting firm BDO. A third of young people from lower socio-economic backgrounds believe a lack of networks in their chosen fields could have a negative effect on their careers, BDO’s poll of 1,000 workers shows. [...]
Pfizer and Flynn Pharma to appeal £70m fine for price hiking October 27, 2022 Pfizer and Flynn Pharma have filed an appeal against the UK’s competition watchdog over its decision to fine the firms £70m for hiking the price of a life-saving epilepsy drug. Pharma giant Pfizer and privately-owned neuroscience specialist Flynn are appealing the Competition and Markets Authority’s (CMA’s) £70m fine, after the two firms previously forced the [...]
Longer lifespans require pensions system overhaul October 27, 2022 The UK population’s increased longevity poses serious problems for the country’s pensions systems, Britain’s largest long-term savings business has warned. Increasing life expectancy will require a re-evaluation of traditional notions of retirement, Phoenix Group said, in warning up to 17m British people are not saving enough to retire when they expect. The FTSE 100 insurance [...]
Hurricane Ian could be insurance sector’s biggest loss since Hurricane Katrina October 27, 2022 Hurricane Ian threatens to become the insurance sector’s second biggest loss since Hurricane Katrina, with cost estimates to the industry ranging from $40-60bn (£35-52bn). The Category 4 storm that hit Florida in late September was the deadliest storm to hit the sunshine state since the Labor Day Hurricane in 1935. Hurricane Ian hit Cuba within [...]