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Today’s news in brief – 23/11/2023

The accountancy sector has welcomed Chancellor Jeremy Hunt’s Autumn Budget, applauding the permanent extension of full expensing for businesses and a 2% cut in employee national insurance. ACCA sees it as a step toward stable economic growth, but concerns arise about fiscal drag effects due to unadjusted tax thresholds. Hunt also confirms the merger of R&D expenditure credit schemes and announces other measures. While R&D simplification is welcomed, concerns about winners and losers arise. Some criticise the lack of a future tax roadmap, and others highlight increased costs for certain industries due to the National Living Wage hike.

RSM UK, along with Adam Godden from 2525 Limited, has secured investment for Dorset-based Mar-Key Group from private equity investor Alcuin Capital Partners. Mar-Key Group, known for event structures, plans UK growth and international expansion. Alcuin’s investment will aid in consolidating domestic and international presence and upgrading production facilities. David Tabb, founder, steps down, focusing on international market growth. RSM’s Clodagh Tunney sees the investment enabling Mar-Key’s pursuit of growth plans globally. Mar-Key Group’s CEO, Ben Scroggie, expresses excitement about building on foundations and working with prestigious companies.

Baker Tilly Mooney Moore has appointed Rocel Asuncion as an audit senior and Tiarnan O’Brien as accounts senior. Asuncion, with international audit experience, joins from the Philippines, and O’Brien returns from London with over five years of accountancy experience. The appointments support increased demand for services, with Asuncion’s expertise benefitting the audit team, and O’Brien contributing to the business services team. The firm, operating across audit, business services, consulting, taxation, and restructuring, welcomes the additions to enhance its quality-led service.

Cambridge Cognition has appointed Crowe UK LLP as its external auditor after a competitive tender process, following Grant Thornton’s resignation. Crowe will audit the group’s financial statements for the period ending December 31, 2023. Grant Thornton had been the auditor since 2013. A proposal to reappoint Crowe for 2024 is subject to approval at the next AGM. Cambridge Cognition thanks Grant Thornton for its services, and there are no noted issues connected with the change in auditors.

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