Listed below are our UK press releases, providing an overview of our activities and opinions over the last 18 months. Our most recent press releases can be found at the top of the page.
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| EU provides hope of improved VAT position on financing costs for UK business |
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24 February 2005 |
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The Advocate General has issued an opinion today encouraging the European Court of Justice (ECJ) to permit companies to recover VAT incurred on costs associated with listing on the stock market and issuing shares to new shareholders. The opinion follows the referral of the Kretztechnik case to the ECJ from an Austrian court.
The view of the Advocate General is in contrast to Customs & Excise’s current view that VAT on costs relating to the issues of shares to EU recipients cannot be recovered where the primary intention is to raise capital. Historically, as a result of the stance adopted by Customs & Excise, VAT has significantly... |
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| Major industry survey reveals key concerns in gas sector |
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23 February 2005 |
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A survey by Deloitte of over 500 delegates at this weeks FLAME 2005 conference delegates reveals the biggest issues facing the gas industry – including the concern that up to one quarter of European gas may in future be diverted to the US. The interactive voting session at the Amsterdam conference, which is attended by a broad range of companies, governments, industries and academia, gave delegates the opportunity to express their views on a number of industry topics in the largest survey of its kind.
Doug King, senior partner of Deloitte’s Energy, Infrastructure and Utilities team, commented: “Given... |
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| Deloitte present Industry Excellence Awards at FLAME 2005 conference |
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23 February 2005 |
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At the FLAME 2005 conference in Amsterdam today (Wednesday 23 February) votes were cast by delegates for the annual FLAME awards for excellence within the gas and utilities industry.
The awards recognising significant achievements within the industry were presented by Doug King, senior partner of Deloitte’s UK Energy, Infrastructure & Utilities Group. Doug commented:
“The Flame Awards reflect the news of the conference as to the most significant achievements that have been central to the development of the European gas markets over the past year. Each of them is well... |
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| Edinburgh says no to congestion charge |
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22 February 2005 |
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Edinburgh’s referendum on the introduction of a congestion charge found public opinion was not in favour of the £2 fee. Ian Simpson, transport partner at Deloitte, says:
“Further adoption of road user charging is inevitable. However, it is now less clear how it will emerge, with Edinburgh’s ‘no’ vote a definite set back to the Department for Transport’s aspirations.
“It is unlikely any local authority will hold a similar referendum on congestion charging without a high profile champion - Ken Livingstone was key to London’s successful launch. Public opinion prior to the... |
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| Connected devices under siege: Deloitte predicts new wave of viruses |
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21 February 2005 |
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Deloitte has predicted that a massive growth in the number of connected devices – from PCs and mobile phones to digital music players and gaming consoles – will cause a corresponding leap in electronic devices and other malicious attacks. The mobile phone virus reported over the weekend marks the beginning of this new era.
Tony Cooper, telecoms partner at Deloitte comments: “A growing dependence on electronic devices means that both consumers and businesses are increasingly vulnerable to attack. The proliferation of mobile devices provides a number of new entry points for hackers to gain access to private, corporate and even... |
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| World’s top 20 football clubs set to break £2 billion income mark in 2005 |
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17 February 2005 |
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Research into the world’s biggest football clubs, by income, shows the top 20 are set to break the £2 billion income mark in 2005. The research is based on the latest available information for the 2003/04 season.
Key findings from the Deloitte Football Money League (formerly the Rich List):- Manchester United maintain top position for the eighth year in a row with income of £172m
- In second place Real Madrid have halved the gap between themselves and...
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| European Court of Justice opinion supports the taxpayer on carousel fraud |
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17 February 2005 |
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The Advocate General (AG) has issued his opinion in favour of the tax payer in the combined cases of Optigen Ltd, Fulcrum Electronics Ltd, and Bond House systems Ltd. In each of the cases the taxpayers appealed because they were not permitted to recover VAT charged to them on goods they had bought because the transactions undertaken formed part of a ‘carousel’ fraud, where somewhere along the supply chain there has been a fraudulent dealer, even though they were not aware of this.
The AG rejected the idea that fraud at some point in a transaction chain “tainted” the whole series of transactions and meant that they were not subject to... |
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| Deloitte issues guidance for UK companies facing challenge of new interim reporting requirements |
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14 February 2005 |
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Deloitte today published a report revealing the impact that pending changes to corporate interim reporting will have on UK companies. The report – The half-time results: Reviewing and revising corporate interim reporting – includes guidance and model accounts to assist companies in reporting under the new requirements. Isobel Sharp, partner at Deloitte, commented: “The EU’s Transparency Directive, while watered down from its earlier drafts, and international accounting standard IAS 34 Interim Financial... |
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| ‘Big Four’ firms join forces to recruit under represented students |
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14 February 2005 |
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14th February 2005: Later this week the ‘Big Four’ professional services firms Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers, are joining forces to host 200 undergraduates at two careers events, ‘Big 4 Chances- ethnic minorities into professional services’ and ‘Big 4 Chances -women into professional services.’
The aim of these collaborative events is to increase the number of applicants from groups who may not otherwise consider a role within professional services firms. The day will provide an insight in to the varied career opportunities in this area, through business games, presentations and panel discussions. Students... |
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| 80% of manufacturing companies fail to get the most out of their global operations |
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11 February 2005 |
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Despite many global manufacturers aggressive growth initiatives to move into new markets over the last few years, more than 80% fail to make the most of their global business network. New research published today by Deloitte reveals that significant opportunities to compete on cost and quality are being lost because of a blinkered approach when it comes to the design and expansion of their businesses.
The report, Unlocking the Value of Globalisation, shows that the majority of manufacturers do not take a broad all... |
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