Expert “failed to provide objective opinion”, says High Court – Litigation Futures

Posted August 27th, 2019 in accountants, bias, evidence, expert witnesses, news by sally

‘An expert witness who said in oral evidence that he saw his role as presenting his side’s case “in the most favourable light” has been criticised by the High Court.’

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Litigation Futures, 27th August 2019

Source: www.litigationfutures.com

Expert Evidence on Share Valuations: When to use hot tubbing in unfair prejudice petitions – 4 New Square

‘A critical part of any unfair prejudice petition is the valuation of the minority shareholding. Paul Mitchell QC and Nigel Burroughs of 4 New Square were counsel on different sides in Swain v Swains Plc, a case in which the expert share valuation evidence was taken concurrently. They look at the pros and cons of hot tubbing, and offer practical advice on how to approach the way experts should give their evidence.’

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4 New Square, 22nd July 2019

Source: www.4newsquare.com

Accountancy body wins right to regulate oaths – Law Society’s Gazette

‘Chartered accountancy regulator the ICAEW has received a crumb of comfort from the lord chancellor in its long-running campaign to become a regulator of reserved legal activities. David Gauke revealed today that he has decided to grant an application for the ICAEW to become an approved regulator and licensing authority in relation to the administration of oaths.’

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Law Society's Gazette, 22nd May 2019

Source: www.lawgazette.co.uk

Accountancy watchdog criticised over legal services procurement – Law Society’s Gazette

Posted December 19th, 2018 in accountants, auditors, competition, legal services, news, ombudsmen, public procurement by sally

‘The accountancy regulator should adopt a more open procurement policy when tendering for legal and professional services, a review assessing its clout has found.’

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Law Society's Gazette, 18th December 2018

Source: www.lawgazette.co.uk

New ABS combines legal and accountancy advice – Legal Futures

Posted December 10th, 2018 in accountants, alternative business structures, legal services, news by sally

‘A litigation-focused legal and accountancy alternative business structure (ABS), which opened for business earlier this month, is set to benefit from an “explosion” in contested probate cases.’

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Legal Futures, 10th December 2018

Source: www.legalfutures.co.uk

Watchdog berates PwC over ‘misleading’ BHS accounts – The Guardian

Posted August 16th, 2018 in accountants, auditors, financial regulation, news, reports by sally

‘BHS’s accounts were misleading and featured unrealistic forecasts before Sir Philip Green sold the now collapsed department store chain, according to a report into the role of the retailer’s auditor, PwC.’

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The Guardian, 15th August 2018

Source: www.theguardian.com

Call to investigate barriers to ABSs moving into other professional services – Legal Futures

‘The Solicitors Regulation Authority (SRA) should investigate whether there are regulatory barriers to law firms that become alternative business structures (ABSs) providing other professional services such as accountancy and surveying, rather than vice versa, a report it commissioned has recommended.’

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Legal Futures, 10th May 2018

Source: www.legalfutures.co.uk

Accountants and lawyers ‘must report’ aggressive tax avoidance schemes – The Guardian

Posted March 14th, 2018 in accountants, banking, legal profession, news, notification, penalties, tax avoidance by sally

‘Accountants, bankers and lawyers will face penalties if they fail to report aggressive tax avoidance schemes that help companies or individuals move money to offshore havens, under a new European Union law.’

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The Guardian, 13th March 2018

Source: www.theguardian.com

Accountants to challenge government decision on rights to handle legal work – Legal Futures

Posted March 6th, 2018 in accountants, legal services, Ministry of Justice, news by sally

‘The Institute of Chartered Accountants in England and Wales (ICAEW) has launched judicial review proceedings against the Ministry of Justice (MoJ) over the decision to deny its members the right to conduct litigation, advocacy and legal instruments work, Legal Futures can reveal.’

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Legal Futures, 6th March 2018

Source: www.legalfutures.co.uk

Divorce: valuation of business assets and tracing hidden assets – the key facts – Family Law

Posted December 14th, 2017 in accountants, divorce, financial provision, news, valuation by sally

‘A forensic accountant has a number of functions. If they are the single joint expert (SJE) in the context of divorce proceedings, their job is usually going to be to value one or more of the parties’ business assets.’

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Family Law, 13th December 2017

Source: www.familylaw.co.uk

Watchdog calls on MPs to ease rules after being told to toughen up – Daily Telegraph

Posted December 1st, 2017 in accountants, financial regulation, news, takeovers by tracey

‘The UK’s accounting watchdog is hoping to make it easier to prosecute accountants after it was slammed for letting KPMG off the hook over its audits of HBOS just before the financial crisis.’

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Daily Telegraph, 30th November 2017

Source: www.telegraph.co.uk

You Can’t Have it Both Ways: Costs and Applications – Zenith PI Blog

Posted September 26th, 2017 in accountants, costs, news by sally

‘In Higgins and others v (1) ERC Accountants and Business Advisers Ltd and (2) Granite Tax Ltd [2017] EWHC 2190 (Ch) His Honour Judge Pelling QC, sitting as a judge of the High Court, dealt with various applications relating to service of claim forms.’

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Zenith PI Blog, 25th September 2017

Source: zenithpi.wordpress.com

Regulations broaden financial sanctions reporting obligation – OUT-LAW.com

‘New UK regulations have been published that significantly extend the duty to report financial sanctions breaches. Previously only banks, financial institutions, certain EEA credit institutions, and currency exchange businesses were obliged to report, but the duty now applies to a far broader range of professions and sectors.’

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OUT-LAW.com, 14th August 2017

Source: www.out-law.com

Solicitors lose claim over losses caused by tax mitigation schemes – Legal Futures

Posted June 5th, 2017 in accountants, law firms, negligence, news, solicitors, tax avoidance by tracey

‘Partners at a leading personal injury law firm have lost a professional negligence action against the accountants who recommended they sign up to two ultimately unsuccessful tax mitigation schemes.’

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Legal Futures, 5th June 2017

Source: www.legalfutures.co.uk

Lowick Rose LLP v. Swynson Ltd [2017] UKSC 32 – Hailsham Chambers

Posted May 16th, 2017 in accountants, appeals, negligence, news, Supreme Court by sally

‘The Supreme Court has now ruled on the tricky “no loss” arguments raised in this accountant’s negligence claim, reversing the decision of the lower courts. Nicola Rushton of Hailsham’s professional negligence team considers the implications.’

Full story (PDF)

Hailsham Chambers, 13th April 2017

Source: www.hailshamchambers.com

Lord Chief Justice “strongly opposes” accountants’ bid to handle litigation and advocacy work – Legal Futures

Posted February 21st, 2017 in accountants, advocacy, legal representation, legal services, news, taxation by sally

‘The Lord Chief Justice has outlined his “strong opposition” to a bid to allow accountants to handle tax litigation and advocacy work – and in return come under fire from the body that would regulate them.’

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Legal Futures, 21st February 2017

Source: www.legalfutures.co.uk

Former judge and assistant jailed after stealing more than £700,000 – The Guardian

‘A former judge and his law firm assistant have been jailed for six years each after siphoning off almost £700,000 from clients to hide debts, pay for holidays in Barbados and bet on races at Cheltenham.’

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The Guardian, 27th January 2017

Source: www.guardian.co.uk

PwC fined £2.3m over auditing of subprime lender Cattles – The Guardian

Posted September 1st, 2016 in accountants, auditors, costs, financial regulation, fines, news by sally

‘PricewaterhouseCoopers has been fined £2.3m by the accountancy watchdog over its auditing of the subprime lender Cattles and its biggest division, Welcome Financial Services, in 2007.’

Full story

The Guardian, 31st August 2016

Source: www.guardian.co.uk

Tax avoidance sanctions proposals “threaten rule of law” – Legal Futures

‘Government proposals to clamp down on tax avoidance by targeting advisers with sanctions if HMRC successfully challenges a scheme further blur the line between evasion and avoidance, and “threaten the rule of law”, according to a prominent tax lawyer.’

Full story

Legal Futures, 18th August 2016

Source: www.legalfutures.co.uk

Tax avoidance enablers to face tough new penalties – HM Revenue and Customs

Posted August 18th, 2016 in accountants, consultations, fines, penalties, press releases, tax avoidance by tracey

‘Accountants, tax planners and advisers who provide advice on how to avoid tax will face tough penalties under new proposals being consulted on by the government, Financial Secretary to the Treasury Jane Ellison announced today.’

Full press release

HM Revenue and Customs, 17th August 2016

Source: https://www.gov.uk/government/organisations/hm-revenue-customs