U-Turn, one of the UK’s leading accounting firms, has made a $ 4.1 million refund to shareholders after a setback on bumper payments.
The PDO, which employs 6,000 people in the UK, said it would return the money to HM Revenue and Customs in a few days “after recognizing the general mood.”
BDO Triggered a queue last week After paying an average of $ 518,000 to its 264 partners, it decided to keep the bad money. In total, the company paid 7,137 million to its partners.
The company initially refused to repay the money, but despite a “moral debate” internally about what to do about it, the company decided that “investing in jobs” was a big responsibility.
Announcing the company’s reshuffle, Paul Eagland, the company’s managing partner, said: “The BDO has received $ 4.1 million in bad money from the government to protect jobs that are otherwise at risk. We had planned to reconsider this repayment at the end of our current financial year, which is June 2021. Recognizing the general mood requires a very quick process, which we have expedited and refunded before Christmas. ”
Last week, Eagland said the BDO’s stimulus money at the outset of the epidemic had helped save 700 people from layoffs. The BDO partners were also a success because their pay fell from the average of $ 602,000 they collected a year ago.
The high-wage center thinker said it was “very shameful” for an organization to take millions of pounds of public money while paying “huge sums” to its senior management.
It added: “While conveniently offsetting the costs of repaying a small sacrifice from each partner, the security they need to secure jobs is risky and will earn partners more than 000 500,000 a year.”
BDO operates in 10.7bn (£ 7.8bn) of revenue in 167 countries.
Under the Corona virus job retention program, the government paid a maximum of $ 2,500 a month to the salaries of 80% of enthusiastic employees. Payments were reduced from August, but rose again during the second national lockout in November.
The total cost of the plan for taxpayers reached $ 43 billion in mid-November.