PKF Francis Clark

The foreign branch exemption (also known as the foreign permanent establishment exemption) allows UK companies to exclude the profits and losses of their overseas branches from UK corporation tax. This means those profits are taxed only in the country where the branch operates, rather than in the UK. The Government has announced a change that will affect UK companies with overseas operations.

27 May 2026 Share on Facebook Share on LinkedIn One of the less publicised announcements in the 2025 Budget was the creation of a new Fair Work Agency. Launched in April 2026, it forms a key part of the Government’s wider ‘Make Work Pay’ agenda, aimed at simplifying enforcement, strengthening worker protections, and ensuring employers meet their legal obligations.

The UK independent school sector is experiencing severe financial stress. While financial fragility has long existed at the margins of the sector, recent years have seen these pressures become systemic rather than isolated. Rising costs, declining enrolment, and fundamental changes in the tax and regulatory environment have combined to create a materially heightened risk of insolvency for many independent schools. This distress is not just anecdotal.

26 May 2026 Share on Facebook Share on LinkedIn Programme director Alasdair McAlley looks at the process of becoming a B Corp™ and offers some tips for those considering or embarking on this journey I’ve been asked what it was like to lead our B Corp certification. My honest answer is that it was over four years of the most rewarding and most uncomfortable work I’ve done in my career. This piece is about the process: what it involves, what we learned and why we’d make the same choices again.

Executive summary The Court of Appeal decision in Colchester Institute Corporation (March 2026) and HMRC Revenue & Customs Brief 03/26 represent a significant development in how funding is classified for VAT purposes, particularly in distinguishing between a grant and consideration for a supply. For charities, this is especially important. Many receive funding from public bodies to deliver services for the benefit of third parties.

22 May 2026 Share on Facebook Share on LinkedIn Executive summary The Court of Appeal decision in Colchester Institute Corporation (March 2026) and HMRC Revenue & Customs Brief 03/26 represent a significant development in the VAT treatment of public funding within the further education sector.

Retirement is one of the biggest changes a law firm member will face in their career. It is not a single event, but a process that works best when it is planned early and thought through from every angle. Financial, tax and regulatory issues are closely connected. Tackling them together can make a real difference to both the member and the firm.

19 May 2026 Share on Facebook Share on LinkedIn Programme director Alasdair McAlley shares his takeaways from a professional services firm’s journey to B Corp™ certification Leading our B Corp certification, alongside our CEO and other members of the leadership team at PKF Francis Clark, has been the most rewarding work I’ve done in my career. Looking back, I can see how much the process shaped us individually and as a firm. The workload was considerable. The complexity of evidence was real.

From 6 April 2026, HMRC has fundamentally changed the way it polices CIS fraud. Contractors are no longer judged purely on whether they have complied with CIS mechanically. Instead, HMRC can now penalise businesses that “knew or should have known” that fraud was taking place somewhere in their supply chain – even where they had no direct involvement. The construction industry has been identified as a priority enforcement sector.

15 May 2026 Share on Facebook Share on LinkedIn Many businesses are missing out on money they’re entitled to and often without realising it. One of the biggest missed opportunities is the Employment Allowance, which can reduce your annual National Insurance bill. Yet every year, eligible employers fail to claim it. That means real money left unclaimed. At PKF Francis Clark, our payroll team is helping businesses uncover these missed savings and reclaim funds that should never have been lost.