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).
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.
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.
As we enter another new year, thoughts turn to what the future will hold. For HM Revenue & Customs (HMRC) the future is a digital revolution to fundamentally change the way that tax information is collected. These changes are being referred to ‘Making Tax Digital’ (MTD).
The requirements will start in April 2018 for some businesses, with the aim for the roll-out to be completed with a fully digital system by 2020.
The Apprentice is back on TV and the contestants are proving just how far they will go to win Lord Sugar’s latest £250,000 investment.
If that kind of challenge is not for you, here’s another option. Talk to your potential investors about Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) relief.
Tax relief (also known as ‘capital allowances’) on buying plant and machinery is fairly well understood, but far less appreciated are the capital allowances available on fixtures and fittings included in a building such as a new car showroom. These capital allowances could be available on the construction cost of a new building or on the purchase of a second-hand building.
I am sure that we are all aware that next Monday is Hallowe’en and many of you will be making preparations; carving pumpkins, trying to find where you put the costumes and hoping that you can find them, so you don’t have to ruin yet another white sheet!
However, next Monday is significant for another reason – for those who want to complete a paper tax return, this is last date that these can be received by HMRC to avoid a late filing penalty.
Taxpayers are currently experiencing significant delays when calling HMRC about their tax affairs.
It’s been revealed that the best times to call the Revenue are between 8.30am and 9.30am or 12pm and 12.30pm, when call waiting times are an average of just 4 ½ minutes.
The worst time to call HMRC, meanwhile, is between 4.