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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full story

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.’

Full story

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

Firms giving advice on aggressive tax avoidance could face large fines – The Guardian

Posted August 17th, 2016 in accountants, consultations, fines, news, tax avoidance by sally

‘Accountants, lawyers and consultants whose multibillion pound industry provides advice on how to aggressively avoid tax could face large financial penalties under government proposals.’

Full story

The Guardian, 17th August 2016

Source: www.guardian.co.uk

Court confirms that limitation of liability clauses in acquisition documentation will be interpreted strictly – OUT-LAW.com

Posted March 29th, 2016 in accountants, limitations, news, shareholders, time limits, warranties by sally

‘A 20-day time limit within which claims for breaches of warranty as part of a share purchase agreement (SPA) had to be raised only began running once the buyer was aware of the “proper basis for a claim”, the Court of Appeal has ruled.’

Full story

OUT-LAW.com, 29th March 2016

Source: www.out-law.com

‘Big Four’ audit firms never examined over illegal tax plans – The Independent

Posted January 18th, 2016 in accountants, auditors, financial regulation, news, tax avoidance by tracey

‘Audit and accountancy firms who devise tax-avoidance schemes ruled unlawful have never faced official reprimand, The Independent can reveal. None of the so-called “Big Four” firms – PricewaterhouseCoopers (PwC), KPMG, Deloitte & Touche and Ernst & Young – has ever faced regulatory investigation for such schemes. Court rulings condemning unlawful avoidance schemes are regularly overlooked by regulators.’

Full story

The Independent, 18th January 2016

Source: www.independent.co.uk

Barristers “under pressure” to agree not to act against big clients if they want their work – Legal Futures

‘Barristers need to resist pressure from big clients and government departments to agree not to act against them in the future if they want instructions, the Bar Council has said.’

Full story

Legal Futures, 11th November 2015

Source: www.legalfutures.co.uk

Swynson Ltd v Lowick Rose LLP (in liquidation) (formerly Hurst Morrison Thomson LLP) – WLR Daily

Posted June 30th, 2015 in accountants, appeals, contracts, damages, duty of care, law reports, loans, negligence by sally

Swynson Ltd v Lowick Rose LLP (in liquidation) (formerly Hurst Morrison Thomson LLP) [2015] EWCA Civ 629; [2015] WLR (D) 278

‘In a claim resulting from negligent advice the damages were not to be reduced to reflect a repayment to the claimant of debt made pursuant to a refinancing where such transaction, while arising because of the relevant breach of duty, did not arise in the ordinary course of business.’

WLR Daily, 25th June 2015

Source: www.iclr.co.uk

Companies aiding tax evaders will be criminally liable – The Guardian

Posted March 20th, 2015 in accountants, banking, news, strict liability, tax evasion by tracey

‘Banks and accountants that aid tax evasion will face criminal penalties under plans unveiled by the government. A new offence of corporate failure to prevent evasion is being created to address those who assist dodging. Such offenders could also be “named and shamed” alongside the evaders themselves.’

Full story

The Guardian, 19th March 2015

Source: www.guardian.co.uk

Cambridge University bursar jailed for stealing £300,000 to fund bingo addiction – Daily Telegraph

Posted March 17th, 2015 in accountants, false accounting, fraud, gambling, news, sentencing, theft, universities by sally

‘A woman who stole nearly £300,000 from one of Cambridge’s most famous colleges as she squandered more than £6 million on bingo has been jailed.’

Full story

Daily Telegraph, 16th March 2015

Source: www.telegraph.co.uk

“No proper justification” for challenge based on draft judgment – Litigation Futures

Posted January 14th, 2015 in accountants, causation, judgments, negligence, news, taxation by tracey

‘There was “no proper justification” for a claimant seeking to reopen an issue based on the circulation of a draft judgment, the High Court has ruled.’

Full story

Litigation Futures, 13th January 2015

Source: www.litigationfutures.com

Saved by the Cap: Third Party Costs Order – RPC Professional and Financial Risks Blog

Posted December 8th, 2014 in accountants, costs, damages, insurance, news, third parties by sally

‘On 30 June 2014 judgment was handed down by Mrs Justice Rose in Swynson Limited v Lowick Rose LLP (in liquidation) [2014] EWHC 2085 (Ch). Rose J held that the Defendant, a firm of accountants, were liable but found that they owed no duty of care to the individual investor who had provided finance for a management buy-out. She awarded damages up to the liability cap of £15million inclusive of interest and costs, on the basis that the liability cap set out in the engagement letter reflected the commercial agreement reached by the parties.’

Full story

RPC Professional and Financial Risks Blog, 4th December 2014

Source: www.rpc.co.uk