Companies House

EY took on $700m in debt for failed business split

EY reportedly borrowed more than $700m (£558m) in order to help finance the plans for its failed attempt to split its consulting and accountancy arms, according to new accounts first seen by the Financial Times. The FT said that accounts filed at Companies House show borrowing at the Big Four…

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Next Gov’t ‘must solve productivity problem’, ICAEW warns

The next government must come up with a new plan to “boost economic resilience, end weak productivity and make the UK the best place to start, run and grow a business”, chartered accountancy body ICAEW has said. In a series of recommendations made to all political parties ahead of the…

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EY resigns as Asda auditor

Big Four firm EY has reportedly resigned as auditor of supermarket giant Asda after one of its senior partners started a romantic relationship with billionaire chief executive Mohsin Issa, according to the Telegraph. The report stated that EY had informed the grocer about its decision in June, but Asda did…

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2024 industry trends to look out for 

There are changes aplenty occurring in the accounting industry as we bid 2023 adieu and look to the future. Evolving tech integration and regulation are two major topics set to shake up the accounting industry over the next 12 months. Jonathan Barber, Executive Director – UK, of the Institute of…

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Today’s news in brief – 30/10/2023

ReSolve has been appointed as joint administrators to Luxtripper Ltd, a luxury tour operator. Despite significant growth, Luxtripper faced challenging trading conditions and financial difficulties, leading to insolvency. An accelerated merger and acquisition process aimed at finding rescue funds or a buyer for the business and employees. Due to cash…

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Companies House to tackle corruption and bolster legitimate business under new bill

Robust laws to fight fraud, counter corruption and bolster legitimate business have received Royal Assent on 26 October as the Economic Crime and Corporate Transparency Act officially became law. Under the new bill, UK authorities will proactively target organised criminals and others seeking to abuse the UK’s open economy. Companies…

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How practice management software can revolutionize accounting businesses

Clients are increasingly leaning on accounting firms for a broader range of services. While clients traditionally expected the “number-crunching” of compliance and bookkeeping services, accounting professionals can also provide consultancy, strategic advice, HR and marketing services, to name a few. This expansion of services is great news for business growth,…

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New information hub launched by The Insolvency Service

The Insolvency Service announced the launch of a new online information hub to support company directors. The hub hosts guidance and information on a range of business themes commonly faced by companies. It is designed for directors of micro, small and medium-size limited companies. Directors of limited companies, unlike sole traders,…

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UK accounting services see 62% rise in new business since 2017

The UK accounting services sector has experienced consistent growth across the country, with increased demand resulting in a 62% increase in new businesses in the sector since 2017, according to a new study from Tyl by NatWest.   Tyl by NatWest, the payments partner that supports UK SMEs and micro businesses,…

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Compliance: A burden for payroll bureaus with charity, LLP, sole trader clients

Working with charities and sole traders can pose a challenge for many smaller bureaus because (with a few exceptions) these entities don’t appear on the Companies House database, which is where payment companies usually conduct automated compliance checks for Know Your Customer (KYC) in order to comply with the Money…

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