Category Archives: Corporate

Accounting changes for Academies – 2017

Giles Kerkham

Summary

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.

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How to create impactful reports for your charity

Chris Yeates

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.

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Corporate criminal offences

Jordan Brown

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).

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Unannounced HMRC visits – important advice

Richard Proctor

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.

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Making Tax Digital for motor dealers

Daniel Turner

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.

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Maximising tax relief on motor dealer properties

Daniel Turner

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.

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The tax return paper deadline – a ghoulish reminder!

Hayley Stockwell

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.

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