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Today’s news in brief – 20/6/2024

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The Chartered Institute of Taxation (CIOT) supports the proposed UK Carbon Border Adjustment Mechanism (CBAM), which aims to impose a tax on certain imported goods from 2027 based on their greenhouse gas emissions. The CIOT emphasizes the need to balance climate goals with the administrative burden on businesses. The CBAM would apply to goods like fertilisers, cement, and aluminium. Mark Feldman from CIOT highlights the importance of setting accurate default emission values to incentivize decarbonization. The CIOT also calls for clarity on CBAM’s operation in Northern Ireland, as it is not covered by the Windsor Framework.

Accountancy firm BDO LLP has strengthened its team with three new partners: Richard Watson, Oliver Pumfrey, and Giles Watson. Richard Watson will support the tax business growth in East England, particularly in the life sciences and technology sectors, based in Cambridge. Oliver Pumfrey, with 20 years of experience, will provide corporate tax advice from Guildford. Giles Watson joins the financial services audit team in London, bringing extensive experience in the insurance sector. BDO’s managing partner, Paul Eagland, emphasises these appointments as part of BDO’s commitment to high-quality service and investment in its service offerings.

Xeinadin’s corporate finance team has successfully advised the shareholders of Scott Combustion on its sale to Mecsia, preserving the company’s legacy and securing future growth. Established in 1983, Scott Combustion is a prominent Corgi/Gas Safe registered company with locations in East Grinstead and Manchester. The sale, led by Xeinadin’s Paul Whitney and Nathan Clark, aligns with Mecsia’s national expansion strategy. Scott Combustion’s Darren Morse expressed enthusiasm for the integration, highlighting the alignment in quality and customer service philosophies. This transaction underscores a strong year for Xeinadin, marked by several significant sales and buy-outs.

PwC UK and Conga have partnered to launch a self-service Legal Operations Portal (LOP) aimed at enhancing the efficiency of legal teams. The portal integrates Conga’s Revenue Lifecycle Management solutions, such as Conga Composer and Conga Sign, to streamline document generation and e-signatures. The cloud-based LOP promises significant productivity boosts, reduced legal administration, and better strategic decision-making through real-time data insights. PwC’s Klaus Schmidt and Conga’s Grant Peterson emphasise the partnership’s potential to digitally transform legal operations, helping teams manage workflows more effectively and meet tight deadlines with limited resources.

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