All the latest breaking news on forensic matters. Browse WDF’s complete collection of articles and commentary.
Transfer Of A Business Asset On Divorce
Beware the recent changes in HMRC guidance on transfer of business assets on divorce. In one of our previous blogs we touched on the ambiguity that exists upon the transfer of business assets between individuals, on a divorce, and the application of the capital gains tax (‘CGT’) gift relief (also known as holdover relief) rules. HMRC guidance has historically been unclear in this area leaving advisers in a precarious position as to how they advise their clients.
An invitation to our webinar “Company valuation methodology and the impact of the coronavirus”
In recent weeks we have been discussing and advising instructing solicitors on how the pandemic should impact the expert’s approach to assessing the valuation, liquidity and income producing capacity of family businesses and have spoken on various webinars on this subject. As such, we thought it may be helpful to offer a similar webinar on a wider scale and are delighted to invite you and your colleagues to attend.
Business Interruption Claims In The Wake Of COVID-19
As the economic impact of the pandemic hits many businesses will now be looking at their business interruption insurance to explore if part or all the financial loss can be recovered.
Professional Negligence By Tax Advisers
Professional negligence claims can take many forms but one area which has seen its fair share of claims, is taxation. The UK tax legislation is vast and ever changing, meaning any professional working in tax, has an obligation to keep abreast of legislative changes which may impact their clients.
Quasi-Partnership in Matrimonial Cases
Whilst the concept of a quasi-partnership is particularly pertinent to cases of unfair prejudice, it is also relevant to family law cases. It is important in divorce cases and family disputes that the lawyers acting for each party and the valuer consider the relevance of a quasi-partnership.
Business Valuations In Matrimonial Matters And Other Disputes Amid The COVID-19 Pandemic
Valuing businesses in normal times can be a challenging task as there are numerous internal and external factors that can influence business value. However, there has never been a more challenging time than now for a valuation expert to give a reasoned opinion on the value of a private company or unincorporated business. Valuing businesses is both a science and an art. In volatile times valuation becomes even more complex. Some would say that the “artistic input” into the valuation process is inevitably increased. We would also say it is even more important for past experience of times of volatility and change to be brought to bear.
What Should You Consider When Instructing An Expert Witness In A Matrimonial Case Or Other Financial Dispute?
Forensic accountancy is a specialist area of accountancy. Generally forensic accountants are experienced qualified accountants in practice who have substantial commercial experience gained from decades of advising commercial and private clients and who have decided to use those skills in the specialist area of forensic accountancy. Forensic accountancy is not for the faint-hearted and critically the forensic accountant must understand they are not a ‘hired gun’. When appointed as an expert witness the forensic accountant’s first duty is to the court not their instructing party. So what should the instructing lawyer and client consider in selecting a forensic accountant to act as expert witness?
Why Should I Bother Having My Business Valued?
Whatever the size of your business and wherever you are in the life cycle of a business, understanding the value of (and the drivers of value) for your business is key to effective decision-making.
What Does A Forensic Accountant Do In Practice?
We thought it would be helpful to provide some insight into what a forensic accountant does in practice.
Frequently Asked Questions of Our Experts
We thought it would be helpful to provide answers to some of the frequently asked questions our experts are asked when first approached.
Business valuation – an art or a science?
The valuation of businesses (particularly limited companies) is a fundamental part of forensic accounting. We can be instructed to value a business in a variety of cases including family matters, shareholder disputes, to support an insurance claim or commercial disputes. Valuing businesses is both an art and a science but ultimately as we are giving an opinion on the value it is more of art than pure number crunching. It is extremely unlikely two experts valuing the same business will arrive at the same figure.
Auditor professional negligence – where do auditors go wrong?
In the last couple of years there have been a number of high profile business failures and increasingly the role of the auditor is coming under scrutiny. In the last couple of years all of the Big Four auditors have come under the spotlight due to the financial collapse of retail businesses they audit. In several cases the financial failure has been just a few months after a clean audit report was signed. The accounting watchdog, the Financial Reporting Council (FRC) has highlighted its concerns regarding the decline in audit firm standards and has levied record fines.
Capital Gains Tax on Separation of Spouses and Civil Partners
A majority of the cases referred to Walton Dodge Forensic relate to the valuation and associated tax consequences relevant to the realisation of assets as part of matrimonial proceedings. Here we discuss the issues relating to capital gains tax on the separation of spouses and civil partners.
Fiona Hotston Moore Joins The JDC Group
The JDC Group (JDC) is delighted to announce the appointment of Fiona Hotston Moore as a Director of Forensic and Advisory Services on 4 November 2019.