HMRC takes tougher stance towards tax evasion following Covid and war in Ukraine July 19, 2022 The UK government is taking an increasingly tough stance towards tax evaders, according to new analysis from Pinsent Mason, in a sign HMRC is taking an increasingly tough stance towards tax evaders in its efforts to balance the UK’s books, lawyers have said. The number of individual taxpayers charged with tax evasion jumped 11 per [...]
LV= faces pressure to say whether outgoing chief Mark Hartigan will take payout on exiting firm July 19, 2022 Critics have hit out at mutual insurer LV= over its refusal to say whether it will give outgoing chief executive Mark Hartigan a payout, following his exit from the firm. LV= has so far refused to say whether Hartigan will receive a payout or how much he might take, after the insurer on Monday announced [...]
Clifford Chance partners see pay packets surge to record highs of more than £2m July 19, 2022 Partners at Clifford Chance are set to see their pay packets surge to £2m for the first time in the law firm’s history after the Magic Circle law firm revenues surged by 8 per cent to highs of £1.97bn. Clifford Chance’s equity partners will take home a record £2.04m this year after the law firm’s [...]
Virgin Money to give out £1,000 bonuses to help staff deal with cost-of-living crunch July 19, 2022 Virgin Money today told staff it will be giving out £1,000 bonuses to all workers on salaries of less than £50,000 a year to help them deal with the UK’s cost-of-living crisis. In an internal memo seen by Morning Wire, Virgin Money chief executive David Duffy told staff earning less than £50,000 that they will [...]
Criminal Barristers strike rolls into fourth week with no end in sight July 18, 2022 Criminal barristers today convened at the Palace of Westminster to mark the start of the fourth week of their strike action over legal aid fees. Striking barristers gathered inside the home of the UK’s parliament demanding to see their local MPs, as they continued to call for an immediate 25 per cent increase in the [...]
UK government strips guarantees on £400m loans paid by Greensill Capital July 18, 2022 The UK government has pulled back guarantees on £400m worth of loans paid out by collapsed financier Greensill Capital to companies linked to steel magnate Sanjeev Gupta. The withdrawal comes after the British Business Bank (BBB) – the UK’s state-owned development bank – in 2020 guaranteed £400m worth loans, given by Greensill, to companies owned [...]
UK accounting watchdog calls on top auditors to put in place measures to stop cheating on exams July 18, 2022 The UK’s accounting watchdog has called on the country’s major audit firms to put measures in place to prevent employees from cheating on exams. Following a series of high-profile cheating scandals in Canada, Australia and the US, the UK’s Financial Reporting Council (FRC) has told British auditors to set out their plans to prevent similar [...]
City bombshell: Hundreds of angry Northern Rock clients sue TSB Bank for £800m after being trapped in high-interest mortgages July 18, 2022 Morning Wire was told this morning that TSB Bank is facing a legal action worth up to £800m, brought by customers who claim they were locked into mortgages with ‘excessively high’ interest rates. Today, six years to the day since TSB bought £3.3bn mortgages from Northern Rock, approximately 200 homeowners whose mortgages have been administered [...]
Grant Thornton slapped with multi-million pound fine after FRC calls out ‘serious failings’ in Sports Direct audit July 18, 2022 The UK’s accounting watchdog today hit Grant Thornton with a £2.05m over “serious failings” in its audits of high-street retailer Sports Direct. The fines come after the UK’s Financial Reporting Council (FRC) said Grant Thornton had failed to properly scrutinize Sports Direct’s relationship with an unnamed delivery company and the impact the relationship would have [...]
UK launches innovative ‘problem-solving courts’ to tackle drug and alcohol related crime July 18, 2022 The UK’s Ministry of Justice (MoJ) has opened three “innovative” new courts specifically for those with substance abuse problems, as part of its £900m plan to tackle drug and alcohol related crime. The new “problem-solving courts” – in Liverpool, Teesside, and Birmingham – will provide services including rehabilitation services and housing support, in a bid [...]