Five things CAs need to know this week: 27 August 2018
A look ahead to some of the things happening in business, accountancy and politics this week.
1. Nine major UK accountancy firms expected to present proposals to the CMA
The heads of nine UK firms, including the Big Four, held talks last week to discuss reform in the industry. They are expected to send these proposals to the Competition and Markets Authority (CMA) on Tuesday 28 August.
BDO, Deloitte, EY, Grant Thornton, KPMG, Mazars, Moore Stephens, PwC and RSM have taken the action in response to calls for the CMA to review competition in the sector. The body is due to discuss the possibility of an investigation at a board meeting in September.
The proposals are thought to include market share caps, shared audits, an open source platform for smaller firms, and the introduction of an independent appointment body. A competition lawyer was reportedly part of the discussions to avoid collusion between the firms.
2. Consultation closes on oil and gas taxation draft legislation
HMRC is accepting responses to a consultation on investment and cluster area allowances in the oil and gas sector until 31 August.
The draft legislation is of interest to oil and gas companies operating in the UK and on the UK Continental Shelf (UKCS) who may be looking to include tariff receipts as relevant income.
The consultation closes at 11.45pm on Friday 31 August.
3. One-year countdown to PPI claims deadline begins
Wednesday 29 August marks exactly one year until the deadline for claimants to submit evidence of mis-sold payment protection insurance (PPI).
It was reported earlier this month that Lloyds Bank had set aside an additional £460m for repayments, expecting an average of 13,000 claims a week between now and 29 August 2019.
PPI complaints come from instances where the insurance was either added without a customer's knowledge, consent, or in cases where it was unsuitable on loans, mortgages and credit cards taken out in the last 10 years.
4. Bank of England publishes Money and Credit report
5. Updates from BlackRock, The Gym Group, Hays, Old Mutual Group
- Monday: Interim due from PJSC Acron.
- Tuesday: Interims due from Bunzl, Bank Of Cyprus Holdings, BlackRock Latin Am, BATM Advanced Communications Ltd, Globaltrans Investment, PJSC RusHydro and Jadestone Energy Inc. Finals due from Sylvania Platinum Ltd.
- Wednesday: Interims due from Stallergenes Greer, James Fisher & Sons, The Gym Group, Johnston Press and TCS Group Holding.
- Thursday: Interims due from AFI Development, Amigo Holdings, Arrow Global Group, Asa International Group, Chesnara, Eddie Stobart Logistics, Hunting PLC, IFG Group and Total Produce. Finals due from Hays PLC.
- Friday: Interims due from BBGI Sicav S.A., Cathay International Holdings Ltd, John Laing Infrastructure Fund Ltd, Old Mutual Group and The Restaurant Group. Finals due from FFI Holdings.