HMRC have announced that by 2020 they expect all businesses to upload their profit and loss quarterly and electronically. Though we are still awaiting the details of how the logistics of it will work, two things are sure:
it is definitely going to happen; and
having a cloud accounting system in place will make this as easy as clicking a button.
Charities are certainly adapting to changing funding environments. In seeking to reduce reliance on grant funding, many charities have looked to increase enterprise trading and charging for services. But the tax impacts of developing new opportunities and even delivering the same services under different arrangements have sometimes been overlooked – these need to be on a charity’s radar.
Finance Bill 2017 has now been passed, but with only 148 of the original 762 pages. Almost 90% of the tax legislation we were expecting to be passed has now been delayed. So what has changed?
In short – the general election. As Parliament was dissolved on 3 May in advance of the election it was agreed to hold over much of the more complex technical legislation.
With large sums in their office and client bank accounts, and access to sensitive information about their clients, legal firms are an attractive target for fraudsters.
Moreover, fraudsters’ methods are becoming more varied and sophisticated. Can your firm’s financial controls combat fraud, or do they need a ‘spring clean’?
Our recent experience
Last year there was a significant change to the Solicitors Accounts Rules, giving more weight to the accountant’s judgement of risk.
Making Tax Digital for Business (MTDfB) is a key part in the Government’s plan to modernise the tax system – it is the biggest change in tax administration in decades.
It will affect every business in the UK, including those with rental income, and will change the way that businesses keep their accounting records, report profits and interact with HM Revenue & Customs (HMRC).