Traditionally, accountancy practices have concentrated on an established area of advice however, recently we have seen more and more accountancy firms diversifying the type of work they undertake.
The corporate world is awash with merger and acquisition (M&A) activity as companies look to expand into new areas, diversify their product offerings, extend their territorial reach and use economies of scale to improve their bottom line.
We are closely monitoring the COVID-19 (Coronavirus) outbreak, and will keep our clients and staff informed as we respond to the latest developments.
Lockton is closely monitoring the coronavirus outbreak on behalf of our Associates and clients. The situation is fast-developing, and local health agencies should be consulted for the latest news and directives. Our team have compiled information about key considerations for employers related to the outbreak which can be accessed by downloading the document to the right hand side.
In our last article, we reviewed the shift in the Professional Indemnity Insurance (PII) market, looking at why premiums are rising and why some accountants are finding it more difficult to obtain PII for their practices. This month we look at navigating the hardening market and how you can present your firm in the best light to secure cover at an affordable price.
For many years, premium rates for small accountancy firms have remained stable.The static market has been favourable for policyholders, with costs staying low and plenty of competition making arranging competitive cover relatively straightforward. Growth has continued, despite a lack of overall profitability for PII insurers.
Fraud-related claims are on the rise. Whether this is due to employees acting fraudulently, an accountant or auditor failing to identify fraudulent transactions, or as a result of social engineering, it is clear that fraudulent behaviour can have a significant impact on a firm’s reputation, its bottom line and its ability to find professional indemnity insurance.
It is increasingly common now to see accountants expand their activities and services. Probate work is a logical progression for many firms and is often viewed as highly complementary to the usual offerings of estate management, wealth management and tax planning.
It is no secret that HMRC have, over the past years, focused heavily on tax mitigation schemes in their drive to reduce tax avoidance. This has, in turn, had a significant impact on the professional advisers, who, often inadvertently, have been caught up in these schemes.
Since the introduction of the GDPR in May last year individuals have become much more aware of their rights of access to their personal data. It is therefore extremely important that you have a clear action plan in place to process SARs within the short statutory timescale and so avoid fines or censure. In this article we address the SAR requirement the practical impact of them and provide some top tips for dealing with these.
If a client brings a claim against you for professional negligence, it can seem daunting and stressful to resolve. Your insurance broker is there to guide you through the process, help alleviate the angst surrounding a claim and support you to achieve the best possible outcome.
