Following the end of election purdah restrictions, the Education and Skills Funding Agency (ESFA) has issued its annual revision to the Academies Accounts Direction (AAD) 2016 to 2017, which will determine the format of accounts prepared by Academy Trusts for the year to 31 August 2017.
The changes noticed by most trusts will be limited, but there are additional disclosures and clarifications for trusts with specific circumstances.
Communication with the outside world has never been more important. Making sure you successfully communicate what you are doing and the difference you make to your beneficiaries can mean the difference between future funding being awarded or not. You should communicate not just how funds are spent, but the impact it has, that is, the public benefit you deliver.
The Criminal Finances Act has introduced a new corporate criminal offence of ‘failure to prevent the facilitation of tax evasion’. The offence is expected to be enforceable from September 2017.
Although this new offence doesn’t change the existing laws on tax evasion or the facilitation of tax evasion, it does make it easier to prosecute companies or partnerships (relevant bodies).
You may have heard that the Government recently announced a new timetable for Making Tax Digital (MTD).
Originally, the start date for many businesses was April 2018, however, they will now not be asked to keep digital records, or update HMRC quarterly, until at least 2020. This applies to all taxes except VAT.
Most landowners know exactly what the family owns, including the finer details of boundaries, tenancies and history. However, they may be less clear about exactly who owns which property and what’s on the business balance sheet. It’s not uncommon for someone to think they own land when in fact it’s still held in the names of grandparents’ executors, or for them to think it’s owned jointly with a spouse when that’s not the case.
The annual government report on agriculture has recently been issued. At 110 pages it is not easy reading, but it certainly sheds light on an industry which we, as accountants, normally only observe on a piecemeal basis.
Five interesting things
The average age of farmers rose from 56 to 59 between 2000 and 2013.
Recently the Solicitors Regulation Authority (SRA) released a consultation on the new rule book and code of conduct, which currently sit at over 430 pages combined. The consultation closed on 30 September 2016.
In June 2017, the SRA released the outcome of the consultation together with their take on the comments received.
Larking Gowen has been running a trilogy of business breakfasts on the theme of ‘How to make business fun, fulfilling and financially rewarding in 2017’. In June we presented part 2: ‘Invest in yourself’, and I thought that I would share some of the presentation with you.
Start by asking yourself some questions:
Focus on what you want to achieve; sometimes it is just not painful enough to make that change and remember, if there is no will, there will be no way!
Are you pulled by a dream or pushed by circumstances?
Have you identified your values?
What would you like to be remembered for?
What makes life worthwhile?
Stephen R Covey said: “If I really want to improve my situation, I can work on the one thing I have control over – myself.
Each year thousands of UK businesses receive a visit from HMRC. The vast majority are made through official appointments. However, increasing numbers of businesses are finding HMRC are making unannounced visits. If this happens to you, it is very important to know your rights.
There are generally two types of unannounced visit and you should clearly establish at the outset what is happening.
Data protection has always been considered a key concern for big business. High profile data breaches in recent years highlight the scale on which data is now gathered and the risks inherent with collection of data en masse.
It has been almost two decades since the UK Data Protection Act was introduced in 1998.