As the regulatory and financial landscape continues to shift, insurance brokers and MGAs face growing pressure to adapt.
In this webinar our industry experts review the impact of FRS 102 changes on revenue recognition and the impact on EBITDA, share insights from our most recent bilateral meeting the FCA, and highlight common VAT issues that often confuse brokers and MGAs.
The impact of FRS 102
The upcoming changes to FRS 102 will include a new model of revenue recognition which will potentially have a big impact on insurance intermediaries. KPIs such as revenue, EBITDA and working capital may change, potentially impacting bonus arrangements, loan covenants and business valuation. Satya Beekarry helps you evaluate the impact of the impending changes on your financial reporting and your business – and discuss why it’s important to start planning for this now.
VAT traps
VAT specialist Irfaan Abdool Wabh highlights frequent areas of confusion for brokers and MGAs, including:
- The importance of VAT in the insurance sector – common pitfalls and wider opportunities to increase cash flow
- Areas of increased HMRC activity and focus
- Update and reflections on post Brexit group planning
- The VAT recovery opportunity following the Hastings 2 decision.
CASS 5 and deauthorisations
And finally, Charles Drew, shares the latest insights from the FCA following PKF’s recent bilateral meeting with the regulator on CASS 5 developments, and give an update on the preparation of cancellation letters to explain how firms can prepare for a simplified and efficient deauthorisation process.
Watch on demand – Broking Breakfast: Accounting, tax and regulatory update:
Want to discuss how these changes affect your firm?
Get in touch with our specialists, Satya Beekarry, Irfaan Abdool Wabh and Charles Drew to discuss how these updates affect your business, explore tailored solutions, especially as the evolving landscape of accounting standards, VAT regulations, and FCA compliance continues to grow more complex.
