Internal auditors name cybersecurity as the top risk faced by their businesses September 10, 2019 A survey of internal auditors published today has found cybersecurity, regulatory change and digitalisation are the top three risks faced by businesses across Europe. The survey of 528 chief internal auditors found 78 per cent named cybersecurity and data security as a top five threat threat facing their businesses, 59 per cent cited regulatory change [...]
Deloitte Legal to recruit trainee lawyers for first time as Big Four continue legal expansion September 10, 2019 Deloitte Legal will offer training contracts to aspiring lawyers for the first time from today, as the Big Four continue their expansion into the legal sector. Deloitte launched a UK legal practice in 2018, becoming the last of the Big Four firms to do so. Today the firm opened applications for up to 10 training [...]
Going Dutch: UK investment in Netherlands soars since Brexit referendum September 9, 2019 UK investments in the Netherlands have jumped more than four-fold to €80bn (£72bn) since the Brexit referendum in 2016, the Dutch statistics office said today. In the same period, Dutch investments in the UK fell from €50bn to negative €11bn as Brexit uncertainty led to capital outflows. Read more: Netherlands in talks with 325 companies [...]
Eddie Stobart says it has received buyout interest from Dbay Advisors September 9, 2019 Troubled trucking company Eddie Stobart said today it had received a preliminary approach about a possible acquisition by its third-largest shareholder Dbay Advisors. Last month Eddie Stobart suspended its shares and announced its chief executive Alex Laffey was standing down with immediate effect after it discovered a multi-million pound accounting error. Read more: Eddie Stobart [...]
HMRC collects £4.4bn from SMEs through investigation of underpaid VAT September 9, 2019 The taxman collected an extra £4.4bn from small and mid-sized businesses through investigations into the underpayment of VAT last year, up 18 per cent from £3.8bn collected in 2017-18. Over £1.7bn was collected from VAT investigations into small businesses alone last year, according to tax investigation insurance firm PFP. PFP said the growth in the [...]
Service sector confidence falls as UK nears recession September 9, 2019 Optimism about the economy in the services sector fell sharply in August to levels not seen since 2013, according to a report from accountants BDO. BDO’s services optimism index dropped 3.89 points in August to 95.49 per cent, only just above the 95 level that indicates a recessionary mindset has taken hold. Read more: Business [...]
HMRC at risk of not delivering on prosecution targets as Brexit slows tax evasion enforcement September 9, 2019 Lawyers it is “disappointing” that HMRC is on track to miss targets for cracking down on tax evasion and avoidance. The tax authority had set itself a target of increasing the number of criminal investigations that it undertakes into serious and complex tax crime to 100 a year by the end of parliament. However, in [...]
Hell for Leaither: DWF boss on the firm’s post-float fortunes September 8, 2019 DWF is a firm that lawyers at rival firms love to hate. Founded in Liverpool 40 years ago, DWF has expanded at a rapid pace, growing from a regional player to an international firm, swallowing rivals along the way. Over the last decade its revenue grew nearly 350 per cent to £272m, and in March, [...]
City watchdog calls on internet giants to do more in fight against financial crime ‘epidemic’ September 5, 2019 The chair of the Financial Conduct Authority has called on internet giants to play a greater role in tackling financial crime which he said had reached “epidemic proportions” in the UK. Charles Randell told the Cambridge Economic Crime Symposium on Wednesday night that “financial crime, specifically fraud against individuals, has reached epidemic proportions”. Randell said [...]
Forex firm hit with record £7.8m fine by HMRC for anti-money laundering failures September 4, 2019 West London money transmitter Touma Foreign Exchange has been fined a record £7.8m by HMRC for breaching anti-money laundering regulations. The taxman said today it fined the Greenford-based firm “for breaching strict regulations, which could have left them at the mercy of criminals looking to wash dirty cash”. Read more: Serious Fraud Office prosecutes just [...]