9am Lowdown: The return of Arthur Andersenby
Hello everyone, here’s the news.
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The return of Arthur Andersen
Arthur Andersen will be rising from the ashes of the Enron scandal and will relaunch in Europe next year.
“Thirteen years after the Enron scandal triggered the disintegration of Andersen, its auditor and one of the then five biggest professional services groups, “The New Arthur Andersen”, based in France, has announced it will launch in Europe next year,” reports the FT.
The new Andersen is facing a legal battle for the name with US based firm Andersen tax, however. The legal deadlock is over the name is strange considering the original firm’s disastrous collapse.
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CIOT slams MoJ tribunal fee plan
The CIOT has joined the cacophony of criticism aimed at the Ministry of Justice’s (MoJ) proposals to introduce fees for taxpayers wishing to take disputes with HMRC to tribunal.
The Institute is said that an obligatory fee for cases to be heard in the First-tier Tribunal (FTT) Tax Chamber and Upper Tribunal (UT) Tax Chamber will adversely affect access to justice and is wrong in principle.
The MoJ has proposed fees of between £50 and £200 for referring cases to the FTT, with hearing fees to range from £200 to £1,000. Appeals to the UT would incur an initial fee of £100 and up to £2,000 for a hearing.
Chris Jones, CIOT President, said: “These proposals are counter-productive and wrong in principle. Rather than meeting the Government’s stated objectives, the measures will increase bureaucracy and complexity, will fail to protect the most vulnerable taxpayers and are contrary to the interests of justice.”
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OMG Some consumers don’t know what HMRC stands for
A customer survey conducted by Nationwide building society has found that more people knew what WTF stood for than basic financial terms like HMRC or PAYE
It’s not the most scientific survey, but the figures are interesting. Four in five (79%) adults knew that LOL means ‘Laugh out loud’ in text speak, while three in five (60%) knew that Isa stands for Individual Savings Account.
More than three-quarters (77%) of consumers knew that OMG translated as ‘Oh my God’ in text language, while just under two-thirds (65%) knew that ATM stands for Automated Teller Machine. Sixty-two percent of respondents knew what the acronym HMRC stood for.