After huge uptake of voluntary liquidations, UK company insolvencies drop

The total number of UK company insolvencies have dropped by 29% in the first quarter of 2017 due to a surge of personal service companies applying for a creditors’ voluntary liquidation.

Companies House make redundancies in cost cutting measures

The UK Companies House has outlined plans to reduce costs of baseline activities by 3.5%, despite having an increased workload, and will focus investment on improvements to digital services, expecting to have digital filing options for 99% of accounts by March 2018.

Central banks are abandoning the euro in favour of the UK pound

The Financial Times has reported concerns over European weak growth, political instability, and the ECB’s negative interest rate policy has led central banks to reduce their exposure to the euro.

HMRC lacks contingency plan for new online tax repayment system

The HMRC in the UK has boldly decided not to take any contingency measures with the Treasury in the event it should run into complications with the digitisation of the tax system.

Lords seek explanation on what constitutes “true and fair”

The Financial Reporting Council (FRC) has so far not spoken out about the requests from the House of Lords Economic Affairs Select Committee to explain what constitutes ‘fair & true’.

OTS: Gig economy in the UK could result in serious tax loses

The Office of Tax Simplification warns that as a result of the ‘hidden economy’ that is growing in the UK, the lost tax could escalate due to the ad hoc nature of employment as a result.

German Finance Minister warns of UK’s tax position after leaving the EU

In an interview with the Financial Times, German Finance Minister & Politician, Mr Wolfgang Schauble has claimed that the current G20 regulations regarding tax avoidance would limit the UK’s aptitude to give tax breaks to companies where due after leaving the European Union.