Welcome to our latest issue of Broking Business. While 2020 for many could be seen as a year of survival, 2021 and beyond will prove even more challenging. With government props evaporating, banks calling in loans and HMRC claiming deferred taxes, insurance brokers will be facing a perfect storm.
The COVID-19 pandemic and its potential effect on insurance intermediaries has led the Financial Conduct Authority (FCA) to put financial resilience at the top of their agenda. In this latest edition of Broking Business, PKF Partner Paul Goldwin reviews how brokers can maintain financial stability and survive through turbulent times.
With HMRC turning its attention to international brokers, we explain why broking groups could be facing heavier tax compliance in the future. Sticking with tax, and with IR35 finally upon us, our employment taxes expert Daniel Kelly recaps on the new legislation and what it means for your business.
As a key performance indicator, client renewal and retention rates can be seen as a crucial part in assessing the health and quality of a firm. Will Lanyon, Director in PKF’s Transaction Services team, explores how building strong relationships with existing clients can boost profits and grow your business.
And finally, Jessica Wills, Head of Governance, Risk and Control Assurance explains the importance of understanding the risks associated with outsourcing. We hope you find this edition useful. As always, we are keen to hear your views and suggestions for future articles.
In recent months, the regulators have reminded firms in the insurance sector of the importance of understanding the risks associated with outsourcing, and managing the risks and pitfalls that come with operating outsourced arrangements.
Any hopes for a further delay to the introduction of off-payroll working (known as IR35) rules were dashed in the March budget. They will come into effect for medium and large private sector organisations on 6 April 2021.
Since HMRC clamped down on tax avoidance with increased emphasis on transfer pricing by multi-national companies, they’ve now turned their attention on international brokers. We take a look at making sense of it.