Penalty

PCAOB imposes $2.75m fine on PwC Israel for exam misconduct

The Public Company Accounting Oversight Board (PCAOB) has imposed a $2.75m (£2.18m) fine on PwC Israel for violating its quality control standards, having engaged in training exam misconduct.  According to the US industry watchdog, the firm failed to detect or prevent improper answer sharing on tests for mandatory internal training…

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Is HMRC getting more creative with Schedule 36 notices?

As part of the Finance Act 2008, Schedule 36 grants HMRC the authority to issue an ‘information notice’ to taxpayers, enabling them to request documents and data necessary to verify a taxpayer’s tax position. While the issuance of these notices has long been part of HMRC’s arsenal, there has been…

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PKF Littlejohn named liquidator of It’s OK Limited

The advisory team at PKF Littlejohn has been appointed as liquidator of It’s Okay Limited, following the presentation of a winding up petition by the Information Commissioner’s Office (ICO). Stratford Hamilton and James Sleight, who are part of the firm’s advisory team, will be undertaking the liquidation.  This comes after…

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PKF Littlejohn Advisory to oversee It’s OK liquidation

Stratford Hamilton and James Sleight from the advisory team at PKF Littlejohn have been appointed as joint liquidators of It’s OK Limited (It’s OK).Their appointment follows an investigation by the ICO which saw them issue a monetary penalty notice (MPN) of £200,000 and present a winding up petition to the…

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The Economic Crime and Corporate Transparency Act: an overview

The Economic Crime and Corporate Transparency Act 2023 (ECCTA), which received Royal Assent on 26 October 2023 and became law, covers a wide range of reforms – Companies House being one of many that have been overhauled under this act.  The act builds on the Economic Crime (Transparency and Enforcement)…

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Azets appoints UK lead for National Minimum Wage

Azets has announced that experienced employment tax specialist, Kyle Newton, will join the firm as a director to support clients across the UK in ensuring their compliance with National Minimum Wage (NMW) legislation. Based in Leeds, Newton will lead the firm’s newly formed NMW service line and help clients nationwide…

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Today’s news in brief – 8/4/2024

Dunkley’s Chartered Accountants has merged with Gillespie’s, enhancing service offerings for clients in Bristol. The move, reflecting a 20-year relationship between the firms, signifies Dunkley’s growth milestone while maintaining its Bristol headquarters. Lisa White, Dunkley’s director, emphasises seamless client transition and enhanced support for businesses across the South West. Grant…

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FRC fines Grant Thornton £40k over pension fund audit failure

The FRC’s enforcement committee has sanctioned Grant Thornton £40k after it was found that the firm failed to comply with the regulatory framework for auditing in its audit of a local authority’s pension fund for the year to 31 March 2021.  News follows an inspection by the FRC’s audit quality…

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The UK has no money. Is the HMRC crackdown set to increase?

While the headline might not be quite true, events over the last few years have certainly impacted UK borrowing. The Covid-19 pandemic resulted in public spending of between £310 billion to £410 billion. To put that into context, public sector borrowing for 2022/23 was around £130 billion according to the…

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PKF Francis Clark expands Bristol corporate tax team

PKF Francis Clark has bolstered its corporate tax team with three recent appointments at the firm’s Bristol office.Senior manager Rhiannon Baynham has joined from HMRC, where she spent eight years working as an international and corporate tax specialist focusing on large corporates and mid-sized businesses.  The firm said she brings…

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